JSW Energy Q4 Review - Good Print; Solar Capacity Commissioned On Time: ICICI Securities
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ICICI Securities Report
JSW Energy Ltd.’s Q4 FY22 reported consolidated revenues / Ebitda /profit after tax were Rs 24.4 billion / 11.3 billion / 8.6 billion (up 55% / up 79% / up 711% YoY) respectively.
However, there was a one-time gain of Rs 5.2 billion / Rs 4.9 billion at Ebitda /profit after tax levels respectively due to the tariff true-up order for Karcham Wangtoo hydro electric project for the period FY15-FY22; adjusting for this, Ebitda/profit after tax were Rs 5.8 billion / 3.2 billion (down 8.6% / up 196% YoY).
Net generation was 15% higher YoY at 4.4 billion units. Post March 15, 2022, when electricity prices on exchanges began firming up again, JSW Energy has been among the top beneficiaries.
In fact, it has sold the highest volumes among independent power producers in the merchant market in April 2022.
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