Integrated power company JSW Energy posted a profit after tax (PAT) of ₹4.66 billion (~$56.31 million) in the second quarter (Q2) of the financial year (FY) 2023, a year-over-year (YoY) increase of 37%.

The revenue was up 16% YoY at ₹25.69 billion (~$310.43 million).

The increase is primarily attributable to the contribution from the 225 MW solar capacity addition at Vijayanagar and uprating at Karcham Wangtoo hydro project, partially offset by lower short-term sales.

The earnings before interest, taxes, depreciation and amortization (EBITDA) stood at ₹10.98 billion (~$132.69 million), a YoY increase of 2%.

Currently, 2.2 GW of greenfield renewable energy capacity is under construction. Phase-wise commissioning of 810 MW under Solar Energy Corporation of India’s Tranche IX and 450 MW under Tranche X will start next quarter.

The company has a total project portfolio of 8,896 MW. Renewables constitute 61%. Wind represents 36.6%, hydro 17.8%, and solar 6.6%. Of the total locked-in capacity, 48.3% is installed, while 22.6% is under construction.

The Competition Commission of India recently approved the acquisition of 18 subsidiaries of renewable energy company Mytrah Energy by JSW Neo Energy, a wholly-owned subsidiary of JSW Energy. The agreement presents an opportunity for JSW Neo Energy to acquire an operational portfolio of 1,753 MW of renewables. In May this year, JSW signed an agreement to buy renewable energy producer Mytrah Energy in a deal worth $1.8 billion to $2 billion.

Earlier this year, JSW Neo Energy signed a memorandum of understanding with the Telangana government to develop the Komoram Bheem Pump Storage Project. It has tied up resources for 5 GW hydro pump storage projects with the governments of  Maharashtra, Chhattisgarh, Telangana, and Rajasthan.

JSW Renew Energy Five, a special purpose vehicle of JSW Energy, won SECI’s auction to set up pilot projects of 500 MW/1000 MWh standalone battery energy storage systems under a build, own, operate, and transfer model.