JSW Energy Q4 Results Review - Transitioning Into A Leading RE Player: ICICI Securities

ICICI Securities Report

JSW Energy Ltd. reported revenues of Rs 27.6 billion (flat YoY) and operating profit (Ebitda) of Rs 11.7 billion (+57% YoY or Rs 4 billion) led by acquisition of renewable assets and high merchant sales. As a result, profit for the quarter came in at Rs 3.5 billion, up 29% YoY.

Profit for the fiscal year stood at Rs 17.2 billion, up 27% YoY. JSW won a bid for 3.4 giga watt of renewables in Q4 FY24. As a result, total capacity of renewables under development stood at 8.5 GW.

It is also looking to fully revive the thermal stressed asset of 700 mega watt with open capacity. JSW has aims to reach renewable capacity of 20 gw by FY30.

Note that it has locked into a capacity of 13.2 GW and is looking to supply further 6.2 GW to JSW Steel. However, current prices factor in all the positives. Resume coverage with Hold and an SoTP-based target price of Rs 570.

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