Jul 24
JSW Energy Grew the Most It Ever Has, and Earned Less
JSW Energy's June-quarter net profit fell about 36% to Rs 533 crore from Rs 836 crore, even as EBITDA edged up 2% to Rs 3,103 crore at a 57% margin. The drop is the cost of growth: depreciation and finance charges on new plant, weak hydrology, and a force-majeure at Mahanadi. Capacity rose 1,081 MW to 14,535 MW, its biggest-ever organic quarter, with renewables at 61%. It raised about Rs 10,150 crore and kept buying, signing for the 300 MW Maruti Clean Coal plant. Net-debt to EBITDA is 5.53x. Pay now, earn later.
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