JSW Energy - Lower Merchant Volumes Impact Q3 Performance: Motilal Oswal
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Motilal Oswal Report
JSW Energy Ltd.’s results reflect the impact of lower merchant sales volumes due to subdued merchant prices.
However, this was partly offset by operational efficiency measures. At the consolidated level, Ebitda was down 5% YoY at Rs 6.0 billion.
Debt reduction continues, with net debt (including acceptances) coming in at Rs 73.4 billion (versus Rs 98.1 billion at the end of FY20). Interest cost has also decreased 27% YoY.
Furthermore, free cash flow generation would remain strong given approximately 80% of the company’s capacity is tied up in long-term power purchase agreements.
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