Indian power producer JSW Energy on Tuesday reported a 29.1% year-on-year jump in fourth-quarter profit, driven by increased power generation capacity and rising demand for electricity. electricity.
WHY IT IS IMPORTANT
Extreme heatwaves and a resumption of economic activity helped India’s power generation increase by an average of about 8% per year after the 2020/21 pandemic year, outpacing growth of electricity demand in all major global economies.
The Indian government has taken steps to meet the growing demand for electricity and the deficit between energy demand and availability in the country has narrowed to 0.2% in 2023-24 from 0.5%. in 2022-23.
Last week, its peer Adani Power announced an increase in its profits for the fourth quarter. NEXT STEP
India’s weather bureau has predicted more heatwave days than normal between April and June this year, which could boost electricity consumption and production.
BY THE NUMBERS
JSW Energy’s consolidated net profit increased to 3.51 billion rupees (about $42 million) in the quarter ended March 31, from 2.72 billion rupees a year ago.
Operating revenue reached 27.56 billion rupees, compared to 26.7 billion rupees the previous year.
On Tuesday, the company approved a fundraising of Rs 100 billion and a dividend of Rs 2 per share.
JSW Energy’s net generation during the fourth quarter was 6,397 million KWh, up 26.2% year-on-year, driven by increased capacity in thermal segments and renewable. CHART
($1 = 83.4949 Indian rupees)
