JSW Energy Profit Up 29% to Rs 351 Cr in Q4, Declares Dividend
By Rediff Money Desk, New Delhi May 07, 2024 18:29
JSW Energy's net profit rose 29% to Rs 351 crore in the March quarter, driven by higher revenue. The company declared a dividend of Rs 2 per share.
![JSW Energy Profit Up 29% to Rs 351 Cr in Q4, Declares Dividend](https://im.rediff.com/news/2012/aug/01power.jpg)
New Delhi, May 7 (PTI) Sajjan Jindal-led JSW Energy on Tuesday posted a 29 per cent rise in its consolidated net profit to Rs 351 crore in the March quarter compared to a year ago mainly on the back of higher revenues.
The company had reported a consolidated net profit of Rs 272 crore in the quarter ended on March 31, 2023, according to a BSE filing.
"Profit after Tax ( consolidated net profit) increased by a robust 29 per cent YoY (year on year) to Rs 351 Crore," it stated.
During the quarter, total revenue increased by 3 per cent YoY to Rs 2,879 crore from Rs 2,806 crore in Q4 FY23, it stated.
The profit after tax increased by 17 per cent YoY to Rs 1,723 crore in fiscal year 2023-24 crore compared to Rs 1,478 crore in FY23.
For FY24, total revenue increased 10 per cent YoY to Rs 11,941 crore from Rs 10,867 crore in FY23, it said.
The board has also recommended a dividend of Rs 2 per equity share of Rs 10 (20%) to the members of the company for declaration at the forthcoming 30th Annual General Meeting.
The board also approved the raising of funds not exceeding Rs 10,000 crore in one or more tranches, through the issuance of eligible securities of the company by way of private offerings or on a preferential allotment basis or a qualified institutional placement or any other method or combination thereof.
The board also approved an alteration of the Main Objects of the MoA, subject to Members' approval, to broad-base the Objects Clause of the MoA to provide more clarity and specific details encompassing the terminologies of the non-conventional / renewable energy businesses, to mention newer areas of business related to the energy sector.
The alteration in MoA is also aimed at covering main objects or areas of business in which its subsidiaries are engaged or the new non-conventional energy business to be entered into like energy storage, renewable equipment like photo voltaic panels or wind turbine generators, batteries, green hydrogen, battery cell, battery module, battery packs for all kinds of transportation including electric vehicles, etc.
The board also decided to convene the 30th Annual General Meeting of the Members of the Company on Friday, 28th June, 2024 to consider, among other things, the raising of funds and alteration of the Objects Clause of the MoA.
During the quarter, net power generation stood at 6,397 MUs (million units), up 26 per cent YoY driven by higher contribution from acquired and greenfield RE capacity additions and higher thermal generation.
Total generation under Long Term PPA (power purchase agreement) in Q4 FY24 increased by 21 per cent YoY driven by higher generation at Ratnagiri and RE capacity additions.
Short-term sales surged during the quarter with strong underlying power demand growth in the country.
Net generation in FY24 increased 27 per cent YoY to 27.9 BUs (billion units) driven by contribution from RE (renewable energy) capacity addition and strong thermal performance.
The RE generation increased 54 per cent YoY to 9.3 BUs in FY24 while Long Term generation increased 22 per cent YoY representing 88 per cent of the total net generation.
The company had reported a consolidated net profit of Rs 272 crore in the quarter ended on March 31, 2023, according to a BSE filing.
"Profit after Tax ( consolidated net profit) increased by a robust 29 per cent YoY (year on year) to Rs 351 Crore," it stated.
During the quarter, total revenue increased by 3 per cent YoY to Rs 2,879 crore from Rs 2,806 crore in Q4 FY23, it stated.
The profit after tax increased by 17 per cent YoY to Rs 1,723 crore in fiscal year 2023-24 crore compared to Rs 1,478 crore in FY23.
For FY24, total revenue increased 10 per cent YoY to Rs 11,941 crore from Rs 10,867 crore in FY23, it said.
The board has also recommended a dividend of Rs 2 per equity share of Rs 10 (20%) to the members of the company for declaration at the forthcoming 30th Annual General Meeting.
The board also approved the raising of funds not exceeding Rs 10,000 crore in one or more tranches, through the issuance of eligible securities of the company by way of private offerings or on a preferential allotment basis or a qualified institutional placement or any other method or combination thereof.
The board also approved an alteration of the Main Objects of the MoA, subject to Members' approval, to broad-base the Objects Clause of the MoA to provide more clarity and specific details encompassing the terminologies of the non-conventional / renewable energy businesses, to mention newer areas of business related to the energy sector.
The alteration in MoA is also aimed at covering main objects or areas of business in which its subsidiaries are engaged or the new non-conventional energy business to be entered into like energy storage, renewable equipment like photo voltaic panels or wind turbine generators, batteries, green hydrogen, battery cell, battery module, battery packs for all kinds of transportation including electric vehicles, etc.
The board also decided to convene the 30th Annual General Meeting of the Members of the Company on Friday, 28th June, 2024 to consider, among other things, the raising of funds and alteration of the Objects Clause of the MoA.
During the quarter, net power generation stood at 6,397 MUs (million units), up 26 per cent YoY driven by higher contribution from acquired and greenfield RE capacity additions and higher thermal generation.
Total generation under Long Term PPA (power purchase agreement) in Q4 FY24 increased by 21 per cent YoY driven by higher generation at Ratnagiri and RE capacity additions.
Short-term sales surged during the quarter with strong underlying power demand growth in the country.
Net generation in FY24 increased 27 per cent YoY to 27.9 BUs (billion units) driven by contribution from RE (renewable energy) capacity addition and strong thermal performance.
The RE generation increased 54 per cent YoY to 9.3 BUs in FY24 while Long Term generation increased 22 per cent YoY representing 88 per cent of the total net generation.
Source: PTI
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