JSW Energy March quarter profit rises 29%, declares Rs 2 per share dividend

JSW Energy Q4 earnings: JSW Energy, led by Sajjan Jindal, announced 29 per cent surge in its consolidated net profit to Rs 351 crore for the March quarter, buoyed by elevated revenues. The company's consolidated net profit stood at Rs 272 crore during the corresponding period last year.

Total revenue for the quarter witnessed a 3 per cent year-on-year rise, reaching Rs 2,879 crore compared to Rs 2,806 crore in Q4FY23. Similarly, the profit after tax for fiscal year 2023-24 saw a 17 per cent annual increase to Rs 1,723 crore, up from Rs 1,478 crore in FY23. Annual total revenue also witnessed growth, climbing 10 per cent to Rs 11,941 crore from Rs 10,867 crore in FY23.

The company's board has proposed a dividend of Rs 2 per equity share of Rs 10 (20 per cent) to be declared at the upcoming 30th Annual General Meeting. Additionally, the board approved an alteration of the Memorandum of Association (MoA) to expand the Objects Clause, providing clarity and specificity regarding non-conventional and renewable energy businesses.

The revision aims to encompass newer areas of energy-related businesses, including energy storage, renewable equipment, green hydrogen, and electric vehicle components, among others. The alteration is subject to members' approval and is intended to align with the company's evolving focus on sustainable energy solutions.

Furthermore, the board announced plans to convene the 30th Annual General Meeting on Friday, June 28, 2024, to discuss fundraising initiatives and the proposed alteration of the MoA.

During the quarter, JSW Energy reported a 26 per cent YoY increase in net power generation, totalling 6,397 million units (MUs), driven by acquisitions and greenfield renewable energy capacity expansions. Long-term power purchase agreement (PPA) generation surged by 21 per cent YoY, primarily led by enhanced output at Ratnagiri and renewable energy capacity additions.

For the fiscal year 2023-24, net generation rose by 27 per cent YoY to 27.9 billion units (BUs), propelled by renewable energy capacity expansions and robust thermal performance. Renewable energy generation increased significantly by 54 per cent YoY, reaching 9.3 BUs, while long-term generation accounted for 88 per cent of the total net generation.

(With PTI inputs)