JSW Energy, a private power producer and a part of the JSW Group, reported a 24.36 percent year-on-year increase in consolidated net profit for the third quarter owing to a robust contribution from its thermal portfolio and merchant sales.

Profit rose to Rs 232.24 crore in the three months ended December 31, 2023, the Sajjan Jindal-led company said in a BSE filing on January 23. JSW Energy posted a profit of Rs 186.74 crore in the corresponding quarter last year.

Revenue rose to Rs 2,661.41 crore in Q3 (FY24) from Rs 2,349.79 crore a year earlier. This was due to incremental contribution from renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 69 percent to Rs 1,229.43 crore from Rs 727.63 crore a year earlier. The EBITDA margin was 46 percent compared to 31 percent during the same quarter last year.

The company had an installed operational capacity of 7.19 GW, according to an investor presentation issued on January 23 and an additional 2.6 GW of capacity under construction. By calendar year 2024, JSW Energy will have a total operational capacity of 9.79 GW, it said.

In Q3 of FY24, JSW Energy’s net generation rose 43 percent YoY to 6.1 billion units (BUs). Net renewable generation was up by 71 percent YoY at 1.4 BUs and total thermal generation was up 37 percent YoY at 4.7 BUs, according to the company’s presentation.

The results came after market hours. Shares of JSW Energy closed 5.02 percent to Rs 485 a piece on the NSE on January 23.