450 per cent returns and FIIs increase stake: This multibagger power sector stock secures major order for a 700 MW Solar Project!
Shares of the company gained more than 20 per cent in the last six months.
JSW Energy is making significant strides towards renewable energy dominance. The company’s subsidiary, JSW Neo Energy, just secured a 700 MW solar project, boosting their total expected capacity to 9.8 GW by the end of 2024. With this win, the company’s locked-in generation capacity reaches 11.7 GW, including 2.1 GW of solar.
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JSW Energy is further strengthening its position by securing 1.9 GW of additional capacity through SECI and SJVN, developing 3.4 GWh of energy storage, and aiming for 20 GW generation capacity and 40 GWh of energy storage by 2030. Additionally, to ensure a reliable supply of wind turbines for their 3.6 GW wind projects (2 GW under construction), JSW has signed a licensing agreement to manufacture them in India, reducing overall project costs and supporting their ambitious goal of a 50% carbon footprint reduction by 2030 and achieving carbon neutrality by 2050.
In the recent quarter Q3FY24, the company posted a 13.11 per cent 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.
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, aluminum, cement, and information technology. The stock has delivered multibagger returns of over 450 per cent in the last three years and FIIs increased their stake in the company in December 2023.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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