JSW Energy net profit rises 82% to Rs 850 crore in Q2

New Delhi: JSW Energy on Friday posted an 82 per cent rise in its consolidated net profit to Rs 850 crore for the September quarter on the back of higher revenues.

"Profit After Tax (PAT, or consolidated net profit) was Rs 466 crore in the corresponding period of previous year," a company statement said.

It explained that the higher profitability was driven by robust contribution from Acquired RE portfolio, merchant sales and hydro truing up impact, meaning better output.

During the quarter, total revenue increased 30 per cent year-on-year (y-o-y) to Rs 3,387 crore from Rs 2,596 crore in the year-ago period due to incremental revenue from renewable, portfolio and strong thermal performance on the back of a buoyant merchant market, it stated.

Net (power) generation during the quarter under review stands at 8,638 million units, up 29 per cent y-o-y driven by generation at 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 per cent y-o-y 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. He has been the President and CEO at Schindler India 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.