BENGALURU (Reuters) – Indian power producer JSW Energy reported a 29.1% year-on-year jump in fourth-quarter profit on Tuesday, helped by increased power generation capacity and rising power demand.
WHY IT’S IMPORTANT
Searing heatwaves and an uptick in economic activity have resulted in India’s electricity generation growing at an annual average of about 8%, following the pandemic year of 2020/21, outpacing power demand growth in every major global economy.
Indian government has been taking steps to meet the ever rising power demand and the shortfall between energy demand and availability in the country has narrowed to 0.2% in 2023-2024 from 0.5% in 2022-23.
Peer Adani Power last week reported a fourth-quarter profit rise on Wednesday.
WHAT’S NEXT
India’s weather office has forecast more heatwave days than normal between April and June this year, which will potentially boost power use and generation.
BY THE NUMBERS
JSW Energy’s consolidated net profit rose to 3.51 billion rupees (about $42 million) in the quarter ended March 31 compared with 2.72 billion rupees a year ago.
Revenue from operations rose to 27.56 billion rupees from 26.7 billion rupees a year earlier.
On Tuesday, the company approved a fund raise of up to 100 billion rupees and a dividend of 2 rupees per share.
JSW Energy’s net generation during the fourth-quarter stood at 6,397 million KWh, up 26.2% year-on-year, helped by capacity addition in both its thermal and renewable segments.
GRAPHIC
($1 = 83.4949 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru; Editing by Sohini Goswami and Mrigank Dhaniwala)
