Lower Generation & Weak Merchant Realisation Dent Profits Net sales of JSW Energy (JSWEL) was impacted by lower generation, lower realisation which declined by 26.5% in line with our estimates. Revenue, EBITDA and reported PAT of JSWEL declined 26.7% yoy, 42.6% yoy & 90% yoy in 3QFY17, respectively. Net generation dipped by 23% yoy to 4,644mn units, primarily due to lower system demand and shutdown of Unit-I of 300MW at Ratnagiri plant due to turbine variations. JSWEL has lost 40% due to weak operational performance. Considering recent correction in stock price, we believe that the negatives relating to weak merchant...