Motilal Oswal: JSW Energy’s Q1 Results Reflect Impact Of Lower Merchant Sales
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Motilal Oswal Report
JSW Energy Ltd.’s results reflected the impact of lower merchant sales volumes due to lower power demand and merchant prices.
At a consolidated level, Ebitda was down 8% YoY to Rs 7.5 billion. Debt reduction continues, with net debt (including acceptances) declining approximately Rs 1.6 billion during the quarter.
Interest cost also decreased by 11% YoY. Furthermore, free cash flow generation would continue to be strong given approximately 80% of JSW Energy’s capacity is under long-term power purchase agreements.
Hydro generation was down 13% YoY and Ebitda 2% YoY to Rs 3.3 billion. Ebitda at Barmer Ltd. was up 10% YoY to Rs 2.8 billion. Across plants, lower other expenses aided Ebitda.
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