(T.E.T)
JSW Energy NSE -0.27 % reported a 162% surge in its net profit for the third quarter at Rs 324 crore on the back of higher revenues. The consolidated net profit of the company was Rs 124 crore in the corresponding quarter a year ago.
Its joint managing director and chief executive officer Prashant Jain said the company is soon expected to announce its first green hydrogen project.
During the quarter, the company’s total revenue increased by 20% to Rs 1,984 crore from Rs 1,659 crore of the corresponding period of last year. Jain said the company witnessed an increase in short-term sales and realisation in the third quarter.
“We could increase our short-term sales in October and we made the highest EBIDTA in any quarter in the last five years. Our O&M costs have been under control and our interest costs have been lower because we have been consistently deleveraging our balance sheet,” Jain said.
JSW Energy targets to reach 20 Gw of power generation capacity by 2030, with about 85% of this capacity via renewable energy.
The company’s board approved re-organisation of the company’s renewable and thermal businesses in November last year. All the existing and upcoming renewable energy businesses will be housed under JSW Energy Neo Ltd, a wholly owned subsidiary of the company.
