JSW Energy's (JSWE) 1QFY17 EBITDA rose 37% YoY to INR11.2b, led by contribution from the acquisition of hydro assets (+INR3.9b). Reported PAT increased 32% YoY to INR3.7b. Reported net debt to equity stood at 1.35x as of June 2016, down from the revised 1.5x as of March 2016 (1.77x under earlier GAAP). Other key changes on account of the adoption of Ind-AS are highlighted later. Realization down 9.4% QoQ: Power generation rose 43% YoY to 6.4bu. Long-term sales formed 62% of total sales (+~700bp YoY). Reported realization fell 8.1% YoY/9.4% QoQ to INR3.84/kWh due to a higher share of hydro volumes (which...