JSW Energy (533148) Q4 10/11 earnings summary

Executive summary

• FY2011 gross generation reached 9.85 billion units, up 62% YoY; 735 MW of capacity was commissioned at Ratnagiri and Barmer.

• Consolidated revenue rose 82.26% to ₹4,427.54 crore, EBITDA increased 31.82% to ₹1,697.35 crore, and PAT grew 12.92% to ₹841.82 crore.

• Expansion and fuel-security initiatives advanced across generation, transmission, hydro, and coal assets; the Ratnagiri subsidiary merger made FY2011 results non-comparable with the prior year.

Financial highlights

• Standalone total income increased 63.09% to ₹3,981.15 crore; EBITDA rose 21.09% to ₹1,642.07 crore and PAT grew 4.60% to ₹885.61 crore.

• Standalone PBT was ₹1,089.48 crore versus ₹969.41 crore; diluted EPS was ₹5.40 versus ₹5.86, while total tax provision rose to ₹203.87 crore.

• Consolidated PBT reached ₹998.02 crore versus ₹867.85 crore; PAT before minority interest was ₹841.75 crore and PAT after minority interest was ₹841.82 crore.

• Standalone power-generation income increased 64.40% to ₹3,661.84 crore; net realization was ₹4.45/unit versus ₹4.44/unit.

Outlook and guidance

• The remaining 2 × 300 MW Ratnagiri units were targeted for commercial operation in H1 FY2012; the remaining 6 × 135 MW Barmer units were scheduled for commissioning during FY2012.

• The 240 MW Kutehr hydro project had techno-economic and environment clearances and an implementation agreement; financial closure and major equipment orders were targeted for FY2012.

• Planned projects included 660 MW at Vijayanagar, 3,200 MW at Ratnagiri, 1,320 MW at Raigarh, phased capacity in Bengal, and a proposed 1,620 MW Jharkhand plant.

• Ratnagiri–Karad transmission line was expected in Q1 FY2012; Toshiba JSW expected complete turbine-generator manufacturing to commence from July 2012.