JSW Energy Ltd. share price target

Lower fuel cost, higher hydro gen. aid earnings Visibility on earnings improving; Maintain Neutral JSW Energy's (JSWE) EBITDA increased 9% YoY to INR9.4b (our estimate: INR9.8b) in 2QFY20, led by lower fuel cost and strong hydro generation, partly offset by the impact from the new CERC norms. PBT grew 21% YoY to INR4.8b on the back of a...

Revenue grew 2% YoY to INR24.1b in 1QFY20. Generation was down 4% YoY to 5.9BU, while realization increased 6% YoY to INR4.11/kWh led by certain one-offs. EBITDA grew 4% YoY to INR8.1b (in-line), as the benefit of lower fuel cost/higher...

JSW Energy (JSWE) is part of the JSW Group of companies headed by Sajjan Jindal. Company is looking to add more capacity through in-organic growth initiatives like its recent MoU with Government of Gujarat. The company also has operational transmission assets (165kms) in Maharashtra, owns a stake (93.3%) in a coal...

Revenue grew 8% YoY to INR19.2b (in-line) in 4QFY19. Generation was down 3% YoY to 4.2BU, while realization grew 12% YoY to INR4.56/kWh due to higher merchant prices and an increase in fuel prices (resulting in higher cost passthrough). EBITDA grew 13% YoY to INR4.7b (our estimate: INR5.7b), led by higher merchant prices. Finance cost declined 15% YoY/6% QoQ to INR2.7b as it repaid debt of ~INR6b during the quarter. Adj. PAT of INR39m (our estimate: INR196m) improved from a loss of INR634m in the year-ago period. Standalone realization declined 10% QoQ (+3% YoY) to INR4.55/kWh. Fuel cost was down 4% QoQ (2% YoY) to INR3.53/kWh. Generation increased 6.5% YoY...

Net generation increased 3.5% yoy to 5.1bn units, while average realization was up by a robust 17.3% yoy at Rs4.8/unit. Consequently, revenue increased 21.5% yoy to Rs24.2bn (above our estimate of Rs22.9bn). EBITDA increased by 27.2% yoy to Rs7.4bn, driven by higher revenue and lower other expenses. This was offset by higher fuel expenses which increased 23.6% yoy to Rs14.5bn. Interest expenses declined 13.4% yoy to Rs2.9bn, leading to a robust 191% yoy rise in PAT to Rs1.5bn, surpassing our and consensus expectations. Net debt, including short-term buyer's credit, declined by Rs2.96bn qoq to Rs106.9bn in...

5 November 2018 JSW Energys (JSWE) EBITDA was down 2% YoY to INR8.6b, but ~9% ahead of estimate. Generation increased ~9% YoY to 6.7BU, but higher fuel costs offset the gains. Interest cost is down ~21% YoY (-1% QoQ) as it continues to deleverage. acceptances) has reduced by ~INR9.8b to INR120b in 1H, as FCF generation is used to repay debt. 0.9b) was aided by late payment surcharge income (non-recurring). PAT has increased 6% YoY to INR3.2b (est.

Dismal Show on Rising Global Spot Coal Prices & Lower PLF JSW Energy (JSWEL) continued to report a dismal performance in 1QFY19 with its PBT declining by 27% YoY to Rs2.4bn in line with our estimates. Reported PAT grew by 5.7% YoY to Rs2.2bn owing to lower effective tax rate of 9.8% (vs. 33.5% in 1QFY18) on deferred tax benefits. We maintain our REDUCE recommendation on the stock with a revised Target Price of Rs62. Higher Realisation Drives Revenue Growth; Consolidated PLF Declines JSWEL's revenue rose by 4% YoY to Rs24.4bn owing to 11% YoY rise in overall realisation to Rs3.9/ unit despite 4.7% YoY fall in generation. It generated 6,086mn units in 1QFY19 (vs. 6,400mn units...

Revenue grew by 32.98% to Rs. 2360.56 Cr in Q1FY19 when compared to the previous quarter. JSW Energy Ltd Q1FY19 results Comment

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.

JSW Energy (JSWE) is part of the JSW Group of companies headed by Sajjan Jindal. JSWE operates 4,531 MW (Thermal 3140 MW & Hydel - 1,391 MW) of power generation capacity with the vision to achieve 10,000 MW in power generation by 2020. Company is looking to add more capacity through in-organic growth initiatives. In addition, the company also has operational transmission assets (165kms) in Maharashtra, owns a majority stake (93.3%) in a coal mining company in South Africa and a power-trading arm. In a JV with Toshiba, JSWE has established a power equipment manufacturing unit...