In Monday’s trading session, the shares of one of the leading Private sector power producers in India surged by 3.03 percent on BSE to hit an intraday high at Rs. 725.55, after the company secured two Letters of Award (LoA) from different entities to set up Solar Power Projects.
At 01:25 p.m., the shares of JSW Energy Limited were trading in the green at Rs. 707.1, up by 0.4 percent, as against its previous closing price of Rs. 704.2, with a market capitalisation of Rs. 1.23 lakh crore.
What’s the News:
According to the latest regulatory filings with the stock exchanges, JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, received Letter of Award (LoA) from two different entities namely, Karnataka Renewable Energy Development Limited (KREDL) as well as Solar Energy Corporation of India Limited (SECI).
From KREDL, JSW Neo Energy has secured a LoA to set up a 300 MW Solar Power Project at Pavagada Solar Park, Karnataka.
From SECI, the subsidiary has received another LoA to set up a 500 MW ISTS-connected Solar Power Project along with 250 MW/500 MWh of Energy Storage Systems.
This particular project was won through a tariff-based competitive bid in a SECI auction for setting up 1,200 MW ISTS-connected Solar Power Projects, along with 600 MW/1,200 MWh of energy storage systems.
Following these awards, JSW Energy’s total locked-in generation capacity has now risen to 16 GW, with its total locked-in energy storage capacity increasing to 4.2 GWh.
Financials:
The company experienced significant growth in its net profit, showing a year-on-year rise of around 84 percent from Rs. 290.4 crore in Q1 FY23-24 to Rs. 534.2 crore in Q1 FY24-25.
However, its revenue from operations fell during the same period from Rs. 2,927.8 crore to Rs. 2,879.5 crore, indicating a decline of 1.6 percent YoY.
The company expects to have an installed generation capacity of 10 GW by FY24-25, a significant rise from its current 7.5 GW. The company targets further growth to achieve 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030.
Additionally, JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
Stock Performance:
The stock has delivered multibagger returns of nearly 146.3 percent in one year, and around 45.5 percent of positive returns in the last six months. So far in 2024, the shares of JSW Energy have given about 72 percent of positive returns.
About the Company:
Incorporated in 1994, JSW Energy Limited, a part of the $24 billion JSW Group, has a presence across the value chains of the power sector with diversified assets in power generation and transmission.
The company is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).
Written by Shivani Singh
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