JSW Energy Ltd.'s profit for the first quarter of fiscal 2024 declined by close to half on higher expenses.
Net profit for the quarter ended June was down 47.66% to Rs 290.35 crore, according to its exchange filing.
JSW Energy Q1 FY24 Highlights (YoY)
Net profit in the year-ago period had a one-time gain on reversal of loss on a loan in FY22. Adjusted for that, net profit fell 33.21%.
Revenue from operations declined 3.25% to Rs 2,927.85 crore.
Operating profit or Ebitda rose 19.57% to Rs 1,222 crore on account of higher contribution from Mytrah Energy business integration and higher renewable energy contribution.
Operating margin was up 796 basis points to 41.73% during the quarter led by higher realisation on per unit of power sale.
The overall generation during the quarter was up 14% YoY to 6.7 billion units. This was led by higher generation at the Ratnagiri plant and higher renewable capacity additions, including that from Mytrah Energy, the company said in a statement.
The net long-term generation was up 18% YoY, while the net renewable generation gained 35% YoY to 2.3 billion units.
Shares of JSW Energy closed 1.84% up as compared with a 0.77% gain in the benchmark Sensex.
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