JSW Energy tumbles after poor Q3 results

JSW Energy lost 4.18% to Rs 42.40 at 14:47 IST after consolidated net profit fell 34.72% to Rs 203 crore on 9.04% decline in total income from operations to Rs 2151 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 30 January 2014.

Meanwhile, the S&P BSE Sensex was down 276.81 points or 1.34% at 20,370.49.

On BSE, so far 2.53 lakh shares were traded in the counter as against average daily volume of 2.29 lakh shares in the past one quarter.

The stock hit a high of Rs 44.35 and a low of Rs 42.15 so far during the day. The stock had hit a record low of Rs 33.80 on 6 August 2013. The stock had hit a 52-week high of Rs 74.40 on 29 January 2013.

The stock had underperformed the market over the past one month till 29 January 2014, sliding 20.27% compared with the Sensex's 2.58% fall. The scrip had also underperformed the market in past one quarter, declining 3.38% as against Sensex's 1.35% fall.

The mid-cap company has equity capital of Rs 1640.05 crore. Face value per share is Rs 10.

JSW Energy's consolidated EBITDA (before exceptional items) declined 2.3% to Rs 847 crore in Q3 December 2013 over Q3 December 2012, primarily due to improved realisation which has partially offset the increase in the fuel cost due to increase in the landed cost of fuel.

JSW Energy said that an impairment charge provided on the assets of the South African subsidiary of Rs 54 crore has been considered as exceptional item during the quarter.

The consolidated net debt as on 31 December 2013 stood at Rs 10134 crore. Debt equity ratio stood at 1.49 as on 31 December 2013.

With regard to future business outlook, JSW Energy said that the company expects the demand for power to pick up with improvement in economic scenario while the costs are expected to be remaining benign. The improving supply from commissioning of new plants as also de-bottlenecking of transmission corridors are expected to put pressure of merchant off-take and realisations unless the demand scenario improves, JSW Energy said in a statement.

JSW Energy is a full-spectrum integrated power company with presence across the power value chain of power generation, power transmission, mining, power plant equipment manufacturing and power trading.

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