Monday, 23 January 2017

JSW Energy drops after poor Q3 outcome : 23 Jan 2017


On the BSE, 10.32 lakh shares were traded on the counter so far as against the average daily volumes of 5.52 lakh shares in the past one quarter. The stock had hit a high of Rs 62 and a low of Rs 58.90 so far during the day.

The stock had hit a 52-week high of Rs 86.20 on 30 June 2016 and a 52-week low of Rs 53.50 on 9 November 2016. The stock had outperformed the market over the past one month till 20 January 2017, advancing 3.72% compared with the Sensex`s 2.76% rise. The scrip had, however, underperformed the market over the past one quarter, declining 14.55% as against the Sensex`s 3.89% fall.
The large-cap company has equity capital of Rs 1640.05 crore. Face value per share is Rs 10.

The decline in the company`s turnover in Q3 December 2016 was primarily on account of lower generation coupled with lower tariff. The company`s net generation declined 23.26% to 4,644 units in Q3 December 2016 over Q3 December 2015, primarily on account of poor power demand across all thermal plants besides shutdown of one unit of 300 megawatts (MW) at Ratnagiri due to turbine vibrations.

JSW Energy`s consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) declined 39.69% to Rs 708 crore in Q3 December 2016 over Q3 December 2015. Lower EBITDA was due to lower generation, lower average tariff realisation and higher variable cost per unit.

On the future business outlook, JSW Energy said that while margins are expected to be under pressure in the short term due to subdued demand for power coupled with the firming up of international coal prices, the impending pickup in economic activity coupled with lower interest rate regime is expected to provide opportunities to optimise cost and secure power purchase agreements in the longer term.

The company believes that given the Government of India`s firm resolve to push the economy on the fast track, issues related to low per capita consumption of power and non-availability of 24x7 power to almost 70% of the population will necessarily have to be addressed, leading to a huge surge in the demand for power in the medium term.

JSW Energy is a part of JSW Group and is a integrated power company. 

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