JSW Energy shares fell more than 4% intraday after it announced its third-quarter earnings on January 23.

On January 20, JSW Energy reported a 45% drop in its consolidated net profit to Rs 180 crore for the December 2022 quarter. Its consolidated profit after tax (PAT or net profit) was Rs 180 crore (for the quarter that ended December 31), down from Rs 324 crore net a year ago, according to a statement from the company.

JSW Energy said its total revenue rose 18% to Rs 23.50 crore in the October-December 2022 quarter from Rs 1,984 crore a year earlier due to long-term power purchase agreements (LTPPA).

EBITDA for the quarter fell 18% to Rs 727 crore compared to Rs 882 crore a year earlier.

Finance costs in the quarter increased by 9% to Rs 214 crore due to additional borrowings (for growing capex). The weighted average cost of debt rose to 8.29% amid the rising interest rate cycle.

JSW Energy was quoted at Rs 249.90 on the BSE at 10:36 am, down Rs 12.30 or 4.69%. It had touched an intraday high of Rs 256.00 and an intraday low of Rs 246.