JSW Energy’s net profit for the third quarter increased 162 percent to Rs 324 crore, owing to greater revenues. In the same quarter a year before, the company’s consolidated net profit was Rs 124 crore.
Prashant Jain, the business’s joint managing director and chief executive officer, said the company would shortly reveal its first green hydrogen project.
The company’s overall sales climbed by 20% to Rs 1,984 crore in the quarter, compared to Rs 1,659 crore in the same time previous year. In the third quarter, Jain added, the business saw an increase in short-term sales and realization.
“In October, we were able to raise our short-term revenues, and we had the greatest EBIDTA of any quarter in the past five years.” Because we’ve been continually deleveraging our financial sheet, our O&M expenditures have been under control, and our interest payments have been reduced,” Jain added. He claimed that the firm was able to cut receivables from power distribution providers by 20% year over year.
Jain suggested that energy should be placed under GST and that states that announce power pricing cuts should make direct subsidy payments to target customers ahead of the Union Budget and election season. “At the moment, it’s through budgetary allocations to discoms, and the delay results in a cash flow mismatch.”
Jain also suggested that the federal government introduce legislation prohibiting states like Andhra Pradesh and Punjab from canceling power purchase agreements that have already been completed. “Reneging on contracts is a major setback for investors and lenders, as well as the sector’s long-term growth,” he added.
JSW Energy aims to attain 20 Gw of power generating capacity by 2030, with renewable energy accounting for around 85% of the capacity.
In November of last year, the company’s board of directors approved a reorganization of the company’s renewable and thermal operations. JSW Energy Neo Ltd, a fully owned subsidiary of the corporation, will contain all of the company’s present and future renewable energy companies.
In July of last year, the business also established a framework agreement to collaborate on green hydrogen generation with Australian Fortescue Future Industries.
