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JSW Energy (JSWEL) announced its Q1 results wherein the company published a 179% YoY growth in profits to reach Rs 560 crores against Rs 201 crores in the corresponding quarter last year.
Total revenues of the company jumped 68% to Rs 3,115 crores as EBITDA jumped 34% to Rs 1,111 crores. Revenues and EBITDA surged on account of higher short-term sales. In its presentation, the company noted that power demand in Q1 was up 18.6% YoY, mainly due to the heatwave in North India and a low base last year.
JSW steel Q1 results are live, read more.
The standalone revenues of JSWEL were up 163% to Rs 1,997 crores. Revenues from its hydropower subsidiary jumped 23% while revenues from all other subsidiaries declined. Stronger sales in the hydro business helped offset the reduced sales in the thermal sector.
Long-term sales during the quarter, at 4,976 million units, were down marginally. According to the statement, stronger sales at the Vijayanagar and Ratnagiri facilities were the reason for the quarter's short-term sales, which totaled 874 million units against 147 million units last year.
However, the EBITDA margin contracted to 36% from 45% last year. The company had a net worth of Rs 16,638 crores while its net debt was Rs 7,720 crores. Its D/E ratio was down to 0.46 which assisted the company to bring down its finance costs by 33%.
Receivables turnover halved to 45 days. The company reported a cash return to the net worth of 21%, translating to yearly cash profits of nearly Rs 2,300 crores.
The stock of JSWEL was down 2.52% as it closed at Rs 235.55 per share on Friday.
Article by Aman Agarwal.
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