JSW Energy Q3 Results: Profit Falls 59% Sequentially On Lower Sales

JSW Energy's revenue from operations fell 5.8% to Rs 2,248.09 crore against an estimate of Rs 2,049.2 crore.

<div class="paragraphs"><p>JSW Energy's plant in Vijayanagara, Karnataka. (Source: Company website)</p></div>
JSW Energy's plant in Vijayanagara, Karnataka. (Source: Company website)

JSW Energy Ltd.'s third-quarter net profit dropped sequentially on lower sales, missing analysts' estimates.

The Sajjan Jindal-led power firm's consolidated net profit fell 59.1% sequentially to Rs 186.74 crore in the quarter ended December, according to its exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 300.2 crore.

JSW Energy Q3 FY23 Highlights (QoQ)

  • Revenue from operations fell 5.8% to Rs 2,248.09 crore against an estimate of Rs 2,049.2 crore.

  • Ebitda fell 29.71% to Rs 624.93 crore, compared with the Rs 777-crore forecast.

  • Ebitda margin stood at 27.8%, against 37.3% as of September.

Total power generated by JSW Energy during the third quarter dropped by 4.93% year-on-year to 4,274 million units (427.4 crore) on a flat-to-lower long-term as well as merchant sales, the company said. 

Merchant sales in Q3 FY23 dropped to 95 million (9.5 crore) units compared with 323 million (32.3 crore) units a year earlier, largely on weak merchant demand, JSW Energy said. 

Long-term sales during the quarter stood at 4,179 million units, flat YoY, as incremental generation from Vijayanagar Solar of 225 MW and additional 27 MW SECI X project was offset by lower hydro generation due to weaker hydrology YoY.

The plant load factor or the utilisation level dropped across most of the power plants on a yearly basis. 

The Ratnagiri power plant's PLF stood at 47%, against 51% a year earlier. 

The Vijayanagar power plant in Karnataka operated at a lower PLF of 41%, compared with 46% a year earlier, as higher long-term sales were offset by lower short-term sales, the company said.  

The Barmer plant operated at flat 75% PLF compared with year earlier, the company said. 

Shares of JSW Energy closed 1.45% down before the results were announced, compared with a 0.39% drop in the benchmark Sensex.