JSW Energy lost 1.96% to Rs 52.50 at 9:57 IST on BSE after consolidated net profit fell 47.91% to Rs 175 crore on 10.56% decline in total income from operations to Rs 2058 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced after market hours on Wednesday, 30 April 2014. The stock market was closed on Thursday, 1 May 2014, on account of May Day.
Meanwhile, the S&P BSE Sensex was up 50.63 points or 0.23% at 22,468.43.
On BSE, so far 1.44 lakh shares were traded in the counter as against average daily volume of 8.13 lakh shares in the past two weeks.
The stock hit a high of Rs 53.40 and a low of Rs 51.50 so far during the day.
JSW Energy attributed the decline in net profit in Q4 March 2014 to higher charge of interest and depreciation on capitalization of units.
The company's consolidated EBITDA (before exceptional items) declined 13.05% to Rs 746 crore in Q4 March 2014 over Q4 March 2013, primarily due to lower generation, even though the margins improved at EBITDA level.
JSW Energy's consolidated net profit fell 16.48% to Rs 755 crore on 2.56% decline in total income from operations to Rs 8705 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
EBITDA (before exceptional items) rose 15% to Rs 3454 crore in FY 2014 over FY 2013. The increase in EBITDA is despite a lower generation during the year which was offset by improved realizations, JSW Energy said in a statement.
JSW Energy's consolidated net worth stood at Rs 6571 crore as of 31 March 2014. Consolidated debt as of 31 March 2014 stood at Rs 10106 crore. Debt equity ratio works out to 1.54 as on 31 March 2014.
With regard to its future business outlook, JSW Energy said that in the power sector, while on the one hand generation capacities are getting added, on the other hand issues on demand, adequate fuel availability and transmission continue to persist. The recent decisions of the regulatory bodies indicate a trend for grant of compensatory tariffs of projects rendered unviable, JSW Energy said. However, the sector continues to reel under the low off-take, falling tariff and fuel uncertainty, the company added. Accordingly, the merchant prices are expected to be under pressure primarily due to low demand and no signs of a pick-up in the economic growth outlook in the near term, JSW Energy said in a statement.
JSW Energy's board of directors at its meeting held on Wednesday, 30 April 2014, recommended dividend of Rs 2 per share for FY 2014 out of distributable profits of the company, subject to approval of members. The board has considered providing dividend higher than the threshold of 20% of the distributable profits of the company in the current year as well, as no major capital expenditure is envisaged in the short term.
JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement and information technology.
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