JPPOWER · Power
Jaiprakash Power Ventures Ltd. reported revenue of ₹1,226 cr for July to September 2024, −9.2% on the year and −30.1% on the quarter.
Operating profit (EBITDA) was ₹386 cr, a margin of 31.5%, +104 bps on the year and −1,353 bps on the quarter. Over the last 6 quarters the margin has ranged from 26.3% to 48.0%, averaging 35.3%. Operating costs grew −10.5% against revenue growth of −9.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹183 cr, +165.2% on the year and −47.6% on the quarter, with earnings per share of ₹0.27. Profit before other income, one-offs and tax fell 12.9%, so 178 points of the headline growth came from outside the core business. The tax rate was 22% against an average of 39% over the previous 4 quarters, which lifted profit this quarter.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹1.89 over the last four quarters, the stock at ₹15.00 trades at 7.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +165.2% on the year; profit before other income, exceptional items and tax −12.9%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 22.0% against 39.7% over the previous quarters, worth about ₹41.3 cr of profit.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 34% of profit before tax, against −65% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,190 cr | ₹1,515 cr | ₹1,755 cr | ₹1,226 cr | ₹1,140 cr | ₹1,341 cr | ₹1,583 cr | ₹1,438 cr | ₹1,156 cr | ₹1,386 cr | ₹1,724 cr | ₹1,512 cr |
| YoY | — | — | +3% | −9% | −48% | −11% | −10% | +17% | +1% | +3% | +9% | +5% |
| EBITDA margin | 26.3% | 48.0% | 45.0% | 31.5% | 25.4% | 28.9% | 38.0% | 32.8% | 15.1% | 8.7% | 44.0% | 43.5% |
| Other income, % of PBT | −19% | 8% | 4% | 34% | 60% | 13% | 11% | 14% | 295% | 4,200% | −43% | −4,440% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 42% | −7% | 41% | 22% | 34% | 23% | 36% | 38% | 80% | — | −24% | — |
| Net profit | ₹173 cr | ₹589 cr | ₹349 cr | ₹183 cr | ₹127 cr | ₹156 cr | ₹278 cr | ₹182 cr | ₹4.0 cr | −₹13.0 cr | ₹469 cr | ₹33.0 cr |
| YoY | — | — | +82% | +165% | −27% | −74% | −20% | −1% | −97% | −108% | +69% | −82% |
| Core profit YoY | — | — | +97% | −13% | −78% | −65% | −31% | +63% | −148% | −147% | +40% | +80% |
| EPS | ₹0.25 | ₹0.86 | ₹0.51 | ₹0.27 | ₹0.18 | ₹0.23 | ₹0.41 | ₹0.27 | ₹0.01 | −₹0.02 | ₹0.68 | ₹0.05 |
| Flags | · | 1 | ✓ | 3 | 1 | 1 | 1 | ✓ | 2 | 3 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jaiprakash Power Ventures Ltd. reported revenue of ₹1,226 cr (−9.2% on the year) and net profit of ₹183 cr (+165.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −12.9% on the year, against +165.2% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.