Shares of JSW Energy gained over 6 per cent today after the firm reported a 179 per cent rise in net profit for the June quarter. Net profit rose to Rs 560 crore in Q1, on the back of higher revenues.
Profit after tax for the corresponding quarter of the previous fiscal stood at Rs 201 crore.
Buoyed by the strong earnings, JSW Energy stock opened with a gain of 4.91 per cent at Rs 245.70 today against the previous close of Rs 234.20 on BSE.
The stock touched an intraday high of Rs 250.05, gaining 6.77 per cent. The share trades higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.
The stock has gained 10.06 per cent in a year and lost 20.51 per cent in 2022. In a month, JSW Energy stock has climbed 16.21 per cent. Total 1.39 lakh shares of the firm changed hands amounting to a turnover of Rs 3.43 crore on BSE. Market cap of the firm rose to Rs 39,374 crore.
Total revenue climbed 68 per cent YoY to Rs 3,115 crore from Rs 1,860 crore in the first quarter of FY22.
The increase in revenue is backed by higher contribution from short-term sales, solar capacity addition at Vijayanagar and 45MW uprating at Karcham Wangtoo.
Underlying finance costs during the quarter fell 2.5 per cent YoY to Rs 193 crore on the back of 18 bps (basis points) reduction in the weighted average cost of debt partially offset by increase in gross debt, the company said.
JSW Energy posted an over eight-fold jump in consolidated net profit at Rs 864 crore for the fourth quarter ended March 2022, on the back of higher revenues. The company had reported a consolidated net profit of Rs 107 crore in the year-ago period.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today