Foray into Electric Vehicle Manufacturing Biz A Big Challenge JSW Energy (JSWEL) has reported a subdued performance in 1QFY18 largely due to lower generation from thermal plants and lower merchant realisation. Its revenue dipped by 8.9% YoY to Rs22.3 bn owing to 4.4% YoY decline in generation and lower average realisation of Rs3.5/unit vs. Rs3.6/unit in 1QFY17. In line with our estimate, its PAT declined by 38.9% led by lower generation and higher fuel cost. Net generation declined by 8.9% YoY to 4,017mn units mainly due to lower system demand. JSWEL announced foraying into electric vehicle business with investment of Rs40bn in next 3...