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Private power producer JSW Energy on Tuesday reported over 68 per cent dip in its consolidated net profit to Rs 272 crore in the March quarter of 2022-23 compared to the year-ago period.

JSW Energy had reported a consolidated net profit of Rs 864 crore in the quarter ended on March 31, 2022, mainly due to exceptional gains, the company stated.

A company official stated that the results were not comparable as the company last year “got a one-time benefit of Rs 492 crore due to a hydropower regulatory adjustment leading to Rs 864 crore profit in FY22 Q4 (January-March 2022)”.

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During the quarter under review, total revenue increased by 6 per cent YoY (year on year) to Rs 2,806 crore from Rs 2,655 crore due to higher generation and an increase in renewable capacity.

Finance costs during the quarter increased to Rs 233 crore vis-a-vis Rs 170 crore in Q4 FY22 due to additional borrowings (for ongoing growth capex) and increase in weighted average cost of debt (excl. Mytrah) to 8.36 per cent with the rising rates cycle, it explained.

The consolidated net profit in the fiscal 2022-23 also dipped to Rs 1,477.76 crore from Rs 1,728.62 crore in the previous financial year.

During FY’23 fiscal, total revenue increased by 24 per cent YoY to Rs 10,867 crore from Rs 8,736 crore, due to higher realisation (as higher fuel costs are pass through in nature for LT PPAs) and an increase in renewable capacity, it explained.

The board in its meeting also recommended a dividend of Rs 2 per equity share of Rs 10 (20%) to the Members of the Company for declaration at the forthcoming 29th Annual General Meeting.

The board also decided to convene the 29th Annual General Meeting of the Members of the Company on Friday, 30th June 2023.

The board also approved the re-appointment and remuneration of Sajjan Jindal as the Chairman and Managing Director of the Company for a period of 5 years with effect from 1st January 2024, subject to the approval of the Members of the Company.