JSW Energy shares gain 3% after Q1 results, order wins

Revenue increased by 1% YoY to ₹3,043 crore during the reporting quarter from ₹3,013 crore in the corresponding period last year. The incremental revenue from capacity additions was offset by lower realisation in thermal assets on account of decline in coal prices (which are pass through in nature).

EBITDA (earnings before interest, taxes, depreciation, and amortisation) was higher by 21% YoY at ₹1,581 crore in the quarter, primarily driven by higher energy generation at newly-added renewable capacities and contribution from Utkal Unit 1. Besides this, the stock reacted positively to new order wins by the company.

The power company, in its exchange filing on Monday, said that JSW Neo Energy Limited (or “JSW Neo”), a wholly-owned subsidiary of JSW Energy Limited (or “The Company”), has received Letter of Award (or “LoA”) for setting up 500 MW ISTS-connected Solar Power Project along with 250 MW / 500 MWh of Energy Storage Systems from Solar Energy Corporation of India Limited (or “SECI”).

With this project, the company further strengthens its energy solution offerings while moving towards an energy products and services company.

In addition, the subsidiary has also received another Letter of Award (or “LoA”) from Karnataka Renewable Energy Development Limited (or “KREDL”) for setting up a 300 MW Solar Power Project at Pavagada Solar Park, Karnataka.