Independent power producer JSW Energy reported an 80% year-on-year surge in net profit for the first quarter of fiscal year 2025, reaching ₹5.22 billion (~$63.3 million), helped by higher power generation across its portfolio and improved operational efficiencies.

Total net generation for the quarter increased by 18% to 7,881 million units (MUs), compared to 6,699 MUs in the same period last year. This growth was powered by a 44% rise in renewable energy generation, which reached 3,242 MUs. The company’s thermal power generation also saw an uptick of 4%, contributing 4,638 MUs to the total output.

JSW Energy’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by 21% year-on-year to ₹15.81 billion (~$191.6 million). However, total revenue remained relatively flat at ₹30.43 billion (~$368.8 million), primarily due to lower fuel costs.

Growth in the Mumbai-based company’s renewable energy segment was driven by a 61% increase in hydro generation due to better hydrology, as well as wind capacity additions. The thermal segment also performed well, with long-term Power Purchase Agreement (PPA) generation up by 16% compared to the previous year.

JSW Energy’s cash and cash equivalents stood at ₹61.18 billion (~$741.6 million) at the end of the first quarter.

During the quarter, the company added 291 MW of capacity, including the acquisition of 45 MW of wind assets. It also signed PPAs for 2,025 MW of renewable energy capacity and won bids for an additional 900 MW of projects.

The company said it has begun construction on a 1 GWh battery energy storage system project and is progressing with its 3,800 TPA green hydrogen project, both of which are expected to be commissioned in the coming year.

In the previous quarter, the company reported a net profit of ₹3.43 billion (~$41.07 million), a 22% jump compared to the same period last year, driven by its renewable segment.

JSW Energy recently completed a ₹50 billion (~$598.74 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors. The QIP, marking the company’s first-ever equity raise since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement.