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In a meeting on Friday, JSW Energy board of directors approved the appointment of Parth Jindal as the non-independent director of the company. Also, the board okayed fundraising to the tune of ₹2,500 crore via non-convertible debentures. The company has announced its Q2 results for FY23 where it garnered growth on a year-on-year basis but sequentially declined in both revenue and profitability terms.
As per the regulatory filing, the company’s board approved the raising of long-term funds up to ₹2,500 crore through, inter-alia, the issuance of non-convertible debentures by way of private placement.
Also, the board authorised the Finance Committee to decide on all matters relating to the issuance of the Debentures from time to time, including finalization and approval of the detailed terms of issue.
Meanwhile, Parth Sajjan Jindal has been appointed as an Additional and NonExecutive, Non-Independent Director of the company with effect from October 28, 2022. Parth, 32 years of age, is the son of Sajjan Jindal who is the chairman and managing director of JSW Energy.
Parth is not debarred from holding the office of Director under any SEBI order or any such authority. Upon n joining the JSW Group, Mr. Parth Jindal was appointed as an Economic Analyst within the Group’s Corporate Strategy team to lead all strategic projects. He was instrumental in devising a new retail strategy for JSW Steel and additionally took up the challenging task of turning around some of JSW Group’s loss-making entities where he continues to remain involved namely, JSW Cement and JSW Steel USA.
Parth is the Managing Director of JSW Cement, Managing Director of JSW Paints, and founder of JSW Sports, and is the chairman and co-owner of IPL team Delhi Capitals. He is also the founder of Inspire Institute of Sports, Director of JSW Ventures, and Director of JSW USA along with being a Director on Boards of other companies.
He earned MBA from Harvard Business School in 2016 and his Bachelor of Arts in Economics and Political Science from Brown University in 2012.
In Q2FY23, JSW Energy posted a consolidated net profit of ₹465.67 crore. This PAT is attributable to the owners of the company. The Q2 PAT surged from a profit of ₹339.24 crore witnessed in Q2FY22, however, declined from ₹560.43 crore in Q1FY23.
During Q2 of FY23, JSW Energy’s consolidated revenue stood at ₹2,387 48 crore increasing from ₹2,087 46 crore in Q2FY22. However, the latest revenue declined from ₹3,026.27 crore of the preceding quarter.
On BSE, JSW Energy shares closed at ₹317.85 apiece up by 1.08%. The company’s market cap is around ₹52,255.55 crore.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
