Private power producer JSW Energy Ltd on Tuesday reported a 68.5 percent year-on-year (YoY) decline in net profit at Rs 272.1 crore for the fourth quarter that ended March 31, 2023.

In the corresponding quarter last year, the company posted a net profit of Rs 864.4 crore, JSW Energy said in an exchange filing.

In the March quarter, total revenue stood at Rs 2,670 crore during the period under review, up 9.4 percent against Rs 2,440.7 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 34.1 percent to Rs 745.3 crore in the fourth quarter of this fiscal over Rs 1,131.7 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 27.9 percent in the reporting quarter as compared to 46.4 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

During FY23, total revenue increased by 24 percent year-on-year to Rs 10,867 crore from Rs 8,736 crore year-on-year, due to higher realisation (as higher fuel costs are passed through in nature for LT PPAs) and an increase in renewable capacity.

Adjusted EBITDA stood at Rs 3,817 crore, up 8 percent year-on-year against Rs 3,542 crore in FY22. The finance costs during the year increased to Rs 844 crore against Rs 777 crore in FY22 due to additional borrowings (for ongoing growth capex) and an increase in the weighted average cost of debt with the rising rates cycle.

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The company increased its operating capacity by 44 percent from 4,559 MW in FY22 to 6,564 MW in FY23, adding 2 GW during the year through a mix of organic and inorganic capacity additions.

It has been allocated production linked incentive (PU) for lGW (Wafer+ Cell + Module) capacity under the PLI scheme. The company is eligible for PLI benefits amounting to Rs 320 crore.

The board recommended a dividend of Rs 2 per share subject to approval of the shareholders. The results came after the close of the market hours. Shares of JSW Energy Ltd ended at Rs 246.20, up by Rs 1.25, or 0.51 percent on the BSE.

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(Edited by : Pradeep John)