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JSW Energy Q1 PAT decline 47.66% YoY at Rs 290 crore

Jul 17, 2023

By: BlinkX Research Team

JSW Energy Ltd recorded a Profit After Tax (PAT) at Rs 290 crore with a decline of 47.66% YoY for the first quarter ended June 30 as compared to Rs 440 crore (after adjusting for one-offs) in the corresponding period of the previous year. Higher profitability from Mytrah and RE assets was more than offset by the drag from lower short-term sales, lower hydrology, lower profits at international coal assets and one-off charges due to debt refinancing at Mytrah, the company said in the filing on Friday.

During the quarter, total revenue decreased by 3% YoY to Rs 3,013 crore from Rs 3,115 crore YoY as the incremental revenue from Mytrah and renewable capacity additions was offset by lower realization in thermal assets on account of decline in coal prices (which are pass-through in nature). 

EBITDA stood at Rs 1,307 crore was higher by 18% YoY driven by robust EBITDA contribution from renewable assets.

The Consolidated Net Worth and Net Debt as on Jun 30, 2023, were at 19,111 Crore and Rs 22,904 Crore respectively, resulting in a Net Debt to Equity ratio of 1.2x and Net Debt/EBITDA (Proforma TTM) of 4.7x. Receivables improved 21% QoQ with DSO of 58 days (excl Mytrah).

Liquidity continues to be strong with Cash balances at Rs 2,572 crore as of Jun 30, 2023. The Company has one of the strongest balance sheets among its peers which gives the headroom to pursue value accretive growth opportunities.

Source: Media reports