JSW Energy secures major order win for a 700 MW Solar Project

JSW Energy’s subsidiary, JSW Neo Energy, has secured a major win with a 700 MW solar project award from SECI (Solar Energy Corporation of India). This project adds to JSW Energy’s existing 7.2 GW capacity, bringing their expected total capacity to 9.8 GW by the end of 2024.

With this addition, JSW Energy’s locked-in generation capacity reaches 11.7 GW, including 2.1 GW of solar power. They also have 1.9 GW of additional capacity from SECI and SJVN under development and 3.4 GWh of energy storage in the pipeline. JSW Energy has ambitious goals to reach 20 GW generation capacity and 40 GWh of energy storage by 2030, alongside a 50% carbon footprint reduction target by the same year and achieving carbon neutrality by 2050.

Recently, JSW Renewable Technologies Limited, a subsidiary of JSW Energy, signed a licensing agreement with SANY Renewable Energy to manufacture wind turbine generators (WTGs) in India. This move aims to secure a reliable supply of WTGs for JSW Energy’s wind projects (total capacity: 3.6 GW, with 2 GW under construction) and reduce overall project costs.

Financial Performance

In Q3FY24, the company posted a 13.11% increase in its consolidated revenue at Rs 2542.77 crore compared to Rs 2248.09 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 1229.43 crore, while the PAT of the company stood at Rs 230.62 crore, from Rs 169.70 crore last year in the same quarter.

Business Overview

JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement, and information technology.

Stock Price Movement

Today, the stock opened at Rs 463.00, with a high and low of Rs 474.45 and Rs 452.05, respectively. The stock is currently trading at Rs 472.25, which increased by 2.34%. The stock has a 52-week high of Rs 537.90 and a 52-week low of Rs 220.65.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.