JPPOWER · Power
Jaiprakash Power Ventures Ltd. reported revenue of ₹1,341 cr for January to March 2025, −11.5% on the year and +17.6% on the quarter. Over the last four quarters revenue comes to ₹5,462 cr, −19.2% on the four before.
Operating profit (EBITDA) was ₹388 cr, a margin of 28.9%, −1,905 bps on the year and +350 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.4% to 48.0%, averaging 33.3%. Operating costs grew +20.9%, faster than revenue at −11.5%, so operating profit grew less than sales.
Net profit was ₹156 cr, −73.5% on the year and +22.8% on the quarter, with earnings per share of ₹0.23. Profit before other income, one-offs and tax grew faster, at −65.1%; other income, one-offs or tax held the headline back. The tax rate was 23% against an average of 35% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹815 cr, −20.3% on the four before.
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 ₹1.19 over the last four quarters, the stock at ₹15.00 trades at 12.6 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 28.9%, −1,905 bps on the year (+350 bps on the quarter).
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 ₹1,341 cr (−11.5% on the year) and net profit of ₹156 cr (−73.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −65.1% on the year, against −73.5% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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