4 February 2020 JSWEs results highlight the impact of lower merchant volumes and prices amidst subdued power demand. EBITDA declined 14% YoY in 3QFY20. The company remains keen on tie-up of capacities, but the cancellation of the pilot scheme PPA and the delay in the commissioning of Dolvi will push back the same. Details/successful closure of proposed acquisitions are still awaited. Interest cost though declined 11% YoY to INR2.6b led by debt repayment. PBT was down 31% YoY at INR1.5b. Adj. PAT declined ~12% Standalone generation was down ~14% YoY at 2.6BU on the back of lower short-term (ST) sales volumes. ST volumes almost halved to 541MUs from 1,112MUs in the year-ago period. Hydros generation was ~6% higher YoY and helped offset the impact of new CERC norms. Hydro EBITDA was up 2% YoY at INR1.