JSW Energy reported a 162% surge in its net profit for the third quarter at Rs 324 with a 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.
Also, the company’s total revenue increased by 20% to Rs 1,984 crore from Rs 1,659 crore and 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.
Jain also said that the central government should bring a legislation to bar states like Andhra Pradesh and Punjab from revoking executed power purchase contracts. “Reneging of contracts is a big setback to investors and lenders and the long-term growth of the sector,” he said.
Thus, JSW Energy targets to reach 20 Gw of power generation capacity by 2030, with about 85% of this capacity via renewable energy.
