28 July 2018 JSW Energys (JSWE) 1QFY19 EBITDA was down 11% YoY to INR7.8b (est. PAT however increased 5% YoY to INR2.3b (est. ~INR1.5b) on lower interest cost and tax rate, partly offset by lower other income and higher depreciation. Net debt (ex-acceptances) was unchanged QoQ. Generation declined ~5% YoY (+40% QoQ) to 6.1BU, driven by ~26% YoY decline in hydro generation due to unfavorable hydrology. Water flow is expected to be low this year due to weather, which will impact generation at its hydro assets. Generation at Ratnagiri increased ~31% YoY (~41% QoQ) to ~2BU, on higher merchant sales. Fuel cost in standalone (S/A) increased ~2% QoQ to INR3.5/kWh on higher imported coal prices and currency depreciation.