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JSW Energy Reports 27% YoY Dip in Q3 FY25 Profit Amid Lower Thermal and Hydro Revenues
Jan 30, 2025
Independent power producer JSW Energy posted a net profit of Rs1.68 billion. The decrease is attributed to reduced revenues from thermal and hydropower projects. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also dropped by 9% YoY to Rs11.15 billion. Meanwhile, earnings per share (EPS) dropped to Rs0.96 in the same quarter last year.
Despite the decline in overall profits, JSW Energy’s total power generation rose by 10% YoY to 6.8 billion units (BUs), driven by the addition of wind capacity and higher hydro generation. Renewable energy generation surged by 18% YoY to 1.6 BUs. Notably, wind power generation grew 38% YoY to 639 million units (MUs), while hydro generation increased 14% YoY to 723 MUs, supported by favorable hydrological conditions.
EBITDA for the period rose slightly by 1% YoY to Rs46.02 billion. The company reported an EPS of Rs8.84 in the same period last year.
The company’s installed renewable energy capacity reached 8,117 MW, comprising 2,543 MW of wind, 675 MW of solar, 3,508 MW of thermal, and 1,391 MW of hydro. JSW Energy also reported a locked-in generation capacity of 28,308 MW, with 6,717 MW in the pipeline. The pipeline includes 26% thermal and hybrid, 22% solar, 20% wind, and 6% hydro capacity.
JSW Energy is advancing its renewable energy initiatives, including the development of a green hydrogen project with a capacity of 3,800 tons per annum. The project is slated for commissioning by March 2025. The company’s energy storage portfolio stands at 16.3 GWh, comprising 14.4 GWh of pumped hydro storage and 1.9 GWh of battery storage.
In December, JSW Neo Energy, a subsidiary of JSW Energy, finalized an agreement to acquire a 4,696 MW renewable energy platform from O2 Power for Rs124.68 billion (~$1.46 billion). Of the acquired capacity, 2.3 GW is expected to become operational by June 2025, with the remaining 2.4 GW slated for completion by June 2027.
Additionally, JSW Neo Energy acquired three wind projects from Hetero Wind Power, totaling 125 MW, for Rs6.3 billion.