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JSW Energy, an independent power producer, posted a net profit of Rs 2.32 billion (~$27.9 million) in the third quarter (Q3) of the financial year (FY) 2023-24, marking a 29% YoY increase. The growth was fuelled by a robust performance in the renewables sector and reduced fuel costs. The company's total revenue rose by 13% YoY to Rs 26.61 billion (~$320 million), propelled by higher generation in both thermal and renewables segments. Renewable generation saw a remarkable 71% YoY expansion, reaching 1.4 billion units (BU), driven by capacity additions and contributions from an acquired renewable portfolio. This was partly offset by decreased generation in hydropower projects. JSW Energy commenced the commissioning of its largest standalone wind project, boasting a capacity of 810 MW, with the first 51 MW phase already operational. Earnings before interest, taxes, and depreciation (EBITDA) witnessed a substantial 69% YoY surge, reaching Rs 12.29 billion ($147.9 million) in the quarter. The increase was primarily attributed to higher merchant volumes and contributions from the 1,200 MW Ratnagiri thermal plant, although it was partially offset by lower generation at the 860 MW Vijayanagar plant. For the first nine months (9M) of FY24, JSW Energy reported a net profit of Rs 13.71 billion (~$165.03 million), reflecting a 13.68% YoY increase. The revenue surged by 12.42% to Rs 90.62 billion (~$1.09 billion), while EBITDA increased by 54.8% to Rs 45.45 billion (~$547.09 million). JSW Energy's renewable portfolio currently boasts a total capacity of 5,934 MW, with 3,681 MW being operational, including hydropower (1,391 MW), wind (1,615 MW), and solar (675 MW). An additional 2,253 MW of assets are under construction. The company also holds a 3.4 GWh storage capacity, with the Battery Energy Storage System accounting for 29% and the Pumped Hydro Storage System accounting for 71%. In the preceding month, JSW Energy's wholly-owned subsidiary, JSW Neo Energy, participated in the bidding for Solar Energy Corporation of India's tender to establish production facilities for green hydrogen, targeting an annual output of 450,000 metric tons.