JSW Energy will invest Rs 10,000 crore on capex every year for next 10 years: CEO

ByMedilytix

Jan 20, 2022

Medilytix News:

Sajjan Jindal-led JSW Energy is in the process of reorganising its business into two entities—the parent which will house all the conventional energy projects and a subsidiary for its renewable energy business, with the aim to unlock value going ahead.

The company aims to scale up its capacity to 20 gigawatts (GW) by FY2030 from 4,559 megawatts (MW) now, primarily through the new renewable energy arm, said Joint Managing Director and Chief Executive Officer Prashant Jain.

The company reported profit after tax of Rs 324 crore in the third quarter on January 19, up 162% on year, while its total income rose to 1,984 crore in the quarter from Rs 1,659 crore a year ago. After the quarterly result, Jain said that the power utility will invest around Rs 10,000 crore on capital expenditure every year for the next ten years.

He said, the profits we have reported in the nine months of FY22 is more than profit we reported in the whole year in FY21. A major highlight of the quarter was that we managed to reduce our receivable year-on-year by 20% in spite of a challenging environment.