JSW Energy Ltd

₹ 238 3.83%
31 Jan - close price
About

JSW Energy Ltd and its subsidiaries are primarily engaged in the business of generation of power from its power assets located at Karnataka, Maharashtra, Nandyal and Salboni. It is the holding company for the JSW group's power business.
The company also has a JV company engaged in mining activities and an associate engaged in manufacturing of turbines.[1]

Key Points

Power Projects
Presently, the company has 6 electricity projects across India with a total capacity of 4,559 MW of power :

  1. Barmer - lignite - 1,080 MW
  2. Ratnagiri -coal - 1,200 MW
  3. Vijayanagar -coal & gas - 860 MW
  4. Baspa 2 - Hydro - 1,391 MW
  5. Nandyal - thermal - 18 MW
  6. Solar Capacity across locations - 10 MW[1]
  • Market Cap 39,201 Cr.
  • Current Price 238
  • High / Low 369 / 182
  • Stock P/E 19.9
  • Book Value 107
  • Dividend Yield 0.84 %
  • ROCE 12.1 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.1%
  • Debtor days have improved from 50.0 to 30.0 days.

Cons

  • The company has delivered a poor sales growth of -0.23% over past five years.
  • Company has a low return on equity of 8.53% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
1,949 1,793 1,805 1,939 1,609 1,570 1,728 2,087 1,905 2,441 3,026 2,387 2,248
1,311 1,219 1,060 1,015 1,004 937 1,029 1,158 1,102 1,309 2,004 1,498 1,623
Operating Profit 638 575 746 924 604 633 698 930 803 1,132 1,022 890 625
OPM % 33% 32% 41% 48% 38% 40% 40% 45% 42% 46% 34% 37% 28%
129 55 83 68 54 50 135 152 81 215 212 214 119
Interest 261 248 240 207 191 257 290 191 195 100 193 204 214
Depreciation 293 289 290 292 292 294 288 284 281 277 289 294 295
Profit before tax 213 92 298 493 176 132 255 607 407 969 753 605 235
Tax % -90% 3% 26% 28% 19% 20% 18% 44% 21% 9% 26% 24% 20%
Net Profit 404 90 220 356 142 105 209 337 321 877 555 457 187
EPS in Rs 2.40 0.66 1.30 2.14 0.75 0.65 1.22 2.06 1.97 5.26 3.41 2.83 1.09
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
4,259 6,057 8,870 8,648 9,347 9,824 8,263 8,049 9,138 8,273 6,922 8,167 10,103
2,687 4,659 6,069 5,394 5,723 5,796 4,939 5,336 6,283 4,746 4,009 4,596 6,434
Operating Profit 1,572 1,398 2,801 3,255 3,624 4,029 3,324 2,713 2,855 3,527 2,913 3,572 3,668
OPM % 37% 23% 32% 38% 39% 41% 40% 34% 31% 43% 42% 44% 36%
125 35 9 -179 196 340 221 47 398 376 248 575 760
Interest 433 717 963 1,206 1,137 1,498 1,685 1,456 1,192 1,051 896 777 712
Depreciation 267 503 662 810 790 854 969 966 1,164 1,738 1,167 1,131 1,155
Profit before tax 998 213 1,186 1,060 1,892 2,017 892 338 897 1,114 1,099 2,238 2,561
Tax % 16% 20% 23% 27% 27% 28% 30% 75% 24% 3% 25% 22%
Net Profit 842 171 901 760 1,358 1,460 623 85 684 1,081 823 1,743 2,076
EPS in Rs 5.13 1.04 5.51 4.60 8.23 8.83 3.84 0.48 4.24 6.70 4.84 10.51 12.59
Dividend Payout % 19% 48% 36% 43% 24% 22% 13% 0% 24% 15% 41% 19%
Compounded Sales Growth
10 Years: 3%
5 Years: 0%
3 Years: -4%
TTM: 39%
Compounded Profit Growth
10 Years: 21%
5 Years: 23%
3 Years: 36%
TTM: 104%
Stock Price CAGR
10 Years: 13%
5 Years: 23%
3 Years: 57%
1 Year: -23%
Return on Equity
10 Years: 9%
5 Years: 7%
3 Years: 9%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
1,640 1,640 1,640 1,640 1,640 1,627 1,628 1,640 1,641 1,642 1,642 1,640 1,640
Reserves 4,036 4,060 4,564 4,931 5,878 8,077 8,741 9,470 10,181 10,004 12,865 15,775 15,953
9,638 9,995 10,377 10,106 9,294 14,862 14,349 11,883 10,555 9,840 8,371 8,943 11,252
2,291 3,604 3,798 2,567 2,608 3,973 3,672 3,728 3,549 3,445 3,328 4,157 4,931
Total Liabilities 17,605 19,299 20,378 19,244 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 33,776
6,441 10,974 13,925 13,635 13,191 20,298 19,491 18,877 17,825 16,713 15,637 14,831 15,423
CWIP 7,049 3,670 977 615 454 321 531 294 400 391 473 2,091 2,677
Investments 484 497 955 888 1,619 1,012 1,579 2,415 2,451 1,854 4,052 6,623 6,658
3,630 4,157 4,521 4,107 4,157 6,908 6,789 5,135 5,251 5,974 6,045 6,970 9,018
Total Assets 17,605 19,299 20,378 19,244 19,420 28,539 28,389 26,721 25,926 24,931 26,207 30,514 33,776

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
889 2,029 1,725 2,269 3,394 3,538 3,853 3,934 2,491 2,086 3,700 2,952
-2,661 -1,820 -944 -363 -422 -3,272 -762 -215 -55 300 -1,030 -1,387
1,172 -553 -684 -1,859 -2,327 -1,622 -2,595 -3,968 -2,523 -1,965 -2,515 -781
Net Cash Flow -600 -345 96 48 645 -1,357 496 -249 -87 421 155 784

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 66 64 76 51 46 108 96 52 57 69 51 30
Inventory Days
Days Payable
Cash Conversion Cycle 66 64 76 51 46 108 96 52 57 69 51 30
Working Capital Days -73 -119 -74 -51 -54 -36 -61 -99 -72 -34 1 -61
ROCE % 10% 7% 14% 16% 18% 16% 10% 9% 9% 10% 9% 12%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
74.89 74.87 74.87 74.87 74.68 74.67 74.66 74.66 74.66 74.69 74.69 74.66
7.49 6.70 5.82 6.00 5.55 5.91 5.92 5.51 5.36 5.27 5.34 5.14
8.89 9.43 8.30 6.89 7.17 6.46 7.49 9.19 10.16 10.08 10.09 10.08
8.70 8.95 10.96 12.21 12.57 12.95 11.70 10.37 9.55 9.70 9.65 9.86
0.03 0.05 0.05 0.03 0.03 0.01 0.23 0.27 0.27 0.26 0.24 0.27

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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