Private power producer JSW Energy Ltd on Friday (July 14) reported a 48.3 percent year-on-year (YoY) decline in net profit at Rs 289.9 crore for the first quarter that ended June 30, 2023.

This was due to lower short-term sales, lower hydrology, lower profits at international coal assets, and one-off charges due to debt refinancing at Mytrah Energy.

In the corresponding quarter last year, the company posted a net profit of Rs 560 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 2,927 crore during the period under review, down 3.3 percent against Rs 3,026.3 crore in the corresponding period of the preceding fiscal as the incremental revenue from Mytrah and renewable capacity additions was offset by lower realisation in thermal assets on account of a decline in coal prices.

At the operating level, EBITDA increased 19.6 percent to Rs 1,222.1 crore in the fourth quarter of this fiscal over Rs 1,022 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 41.7 percent in the reporting quarter against 33.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The consolidated net worth and net debt as on June 30, 2023, were Rs 19,111 crore and Rs 22,904 crore, respectively, resulting in a net debt to equity ratio of 1.2x and net debt/EBITDA of 4.7x. The liquidity continues to be strong, with cash balances standing at Rs 2,572 crore as of June 30, 2023.

Net generation during the quarter stands at 6,699 MUs, up 14 percent year-on-year on the back of contributions from new assets like Mytrah and RE capacity additions.

Total long-term sales in the quarter increased 18 percent year-on-year due to higher LT generation at Ratnagiri and contribution from RE portfolio, while short-term sales decreased 5 percent year-on-year in the quarter.

The results came after the close of the market hours. Shares of JSW Energy Ltd ended at Rs 304.55, up by Rs 5.50, or 1.84 percent on the BSE.

(Edited by : Shoma Bhattacharjee)