Sajjan Jindal-led JSW Energy Ltd on Friday (October 20) reported an 85.6% year-on-year (YoY) jump in net profit at ₹850.2 crore for the second quarter that ended September 30, 2023.

It explained that the higher profitability was driven by robust contribution from the acquired RE portfolio, merchant sales, and hydro truing up impact, meaning better output. In the corresponding quarter last year, JSW Energy posted a net profit of ₹465.7 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at ₹3,259.4 crore during the period under review, up 36.5% against ₹2,387.5 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA stood at ₹1,880.4 crore in the second quarter of this fiscal compared to ₹889.7 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 57.7% in the reporting quarter as compared to 37.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Net (power) generation during the quarter under review stands at 8,638 million units, up 29% year-on-year driven by generation at the acquired RE portfolio and higher thermal generation, partly offset by lower generation at hydro assets, it stated.

Total long-term sales in the quarter increased by 22% year-on-year driven by higher generation at Ratnagiri (Unit-1) and RE capacity additions while short-term sales surged to 735 million units, it stated.

The board also decided to appoint Ashok Ramachandran as the Chief Operating Officer of the company with effect from Friday. Ramachandran, 43, has an overall experience of 18 years in various senior/top management positions with Schindler not only in India but overseas.

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He has been the President and CEO at Schindler India from July 2018 onwards. From 2016-2018, he was the managing director, Antah Schindler Malaysia, Kuala Lumpur, and from 2012-2016, he was the managing director, Jardine Schindler Vietnam.

The results came after the close of the market hours. Shares of JSW Energy ended at ₹388.15, down by ₹13.45, or 3.35 percent on the BSE.

First Published:Oct 20, 2023 7:47 PM IST