JSW Energy Ltd. reported a fall in consolidated net profits in the third quarter of financial year 2025, missing analysts' estimates.
The power generation company's net profit fell 27.4% on an annual basis to Rs 168 crore in the quarter ended December. This compares to the Rs 347-crore consensus estimate of Bloomberg analysts.
The company's board also approved a long term fund raise of Rs 3,000 crores via the issuance of rated and listed non-convertible debentures on a private placement basis.
JSW Energy Q3 FY25 Highlights (Consolidated, YoY)
Revenue down 4.1% to Rs 2,438 crore versus Rs 2,542 crore (Bloomberg estimate: Rs 2,958 crore).
Ebitda down 18% to Rs 912.85 crore versus Rs 1,110.79 crore (Bloomberg estimate: Rs 1,303 crore).
Margins at 36.4% versus 43.7% (Bloomberg estimate: 44.1%).
Net profit down 27.4% to Rs 167.83 crore versus Rs 231.33 crore (Bloomberg estimate: Rs 347 crore).
What Impacted Earnings?
Despite JSW Energy's net generation increasing 10% year on year to 6751 million units, the company's revenues decreased as the incremental sales from renewable capacity additions were offset by lower short-term realisations at Ratnagiri and Vijayanagar.
The company's reported Ebitda and margins were under pressure due to an 18% uptick in employee costs and a 26% year-on-year increase in other expenses.
The company's net profits saw a 27% downtick due to a total comprehensive loss of Rs 980.98 crore versus a profit of Rs 788.34 crore a year ago.
Capacity
As of Q3FY25, JSW Energy's total operational capacity stands at 8.1 GW, with a locked-in capacity of 28.3 GW.
The company currently has 6714 MW of capacity under pipeline. Out of this, 1848 MW of capacity will be operational by FY25. 4059 MW of capacity curtails to two acquisitions currently under transaction, while the remainder stands under construction.
In terms of energy storage, JSW Energy now has 16.3 GWh of capacity locked in. The company targets 40 GWh of energy storage capacity by 2030.
Debt Profile
JSW Energy's net debt increased 6% on a quarter-on-quarter basis due to Rs 26448 crore. The increase in debt was on the back of new debt undertaken of Rs 889 crore. It is key to note that the company did repay borrowings worth Rs 425 crore. Furthermore, the company's net debt to Ebitda ratio stands at 4.5x, well within the guardrails of credit agencies.
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