JSW Energy (533148) Q4 12/13 earnings summary

Executive summary

• FY13 resilience came from higher generation, firm merchant realisations, easing imported coal prices and a blend of merchant sales and long-term PPAs.

• Commissioned all eight 135 MW Barmer units, taking operational capacity to 3,140 MW; net generation reached a record 18,780 MU, up 38% YoY.

• Consolidated revenue rose 46% to ₹9,147.73 crore, EBITDA before exceptional items rose 89% to ₹3,006.62 crore, and PAT rose 431% to ₹903.65 crore.

Financial highlights

• Standalone total revenue increased 31% to ₹6,701.23 crore; EBITDA before exceptional items rose 81% to ₹2,410.52 crore and PAT rose 323% to ₹993.03 crore.

• Consolidated revenue from operations was ₹8,934.30 crore; total revenue was ₹9,147.73 crore, versus ₹6,265.44 crore in FY12.

• Consolidated profit before tax increased to ₹1,185.71 crore from ₹212.54 crore; exceptional net FX loss was ₹196.59 crore, versus ₹161.27 crore in FY12.

• Consolidated operating cash flow was ₹1,769.50 crore; net cash used in investing activities was ₹988.99 crore.

Outlook and guidance

• Most expansion projects were put on hold pending policy and regulatory clarity; the 240 MW Kutehr hydro project remained the exception and was progressing.

• Growth plans prioritize organic opportunities, competitive bids and lower merchant-capacity exposure; inorganic opportunities to be evaluated for strategic fit.

• Expansion locations identified in Chhattisgarh, Jharkhand, Vijayanagar and Ratnagiri await reasonable clarity on fuel supply and power offtake; stated combined capacity target was 11,770 MW.