JSWENERGY · Power
JSW Energy Ltd. reported revenue of ₹2,439 cr for October to December 2024, −4.1% on the year and −24.7% on the quarter.
Operating profit (EBITDA) was ₹914 cr, a margin of 37.5%, −621 bps on the year and −1,456 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 37.5% to 57.7%). Operating costs grew +6.5%, faster than revenue at −4.1%, so operating profit grew less than sales.
Net profit was ₹157 cr, −32.3% on the year and −82.1% on the quarter, with earnings per share of ₹0.96. Profit before other income, one-offs and tax fell 129.5%, so 97 points of the headline growth came from outside the core business. The tax rate was −5% against an average of 23% over the previous 5 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 ₹10.97 over the last four quarters, the stock at ₹523.15 trades at 47.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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.
| 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 | ₹2,543 cr | ₹2,756 cr | ₹2,879 cr | ₹3,238 cr | ₹2,439 cr | ₹3,189 cr | ₹5,143 cr | ₹5,177 cr | ₹4,082 cr | ₹4,499 cr | ₹5,207 cr | ₹6,368 cr |
| YoY | — | — | −2% | −1% | −4% | +16% | +79% | +60% | +67% | +41% | +1% | +23% |
| EBITDA margin | 43.7% | 42.4% | 49.3% | 52.0% | 37.5% | 37.8% | 54.2% | 57.9% | 49.7% | 50.0% | 55.2% | 56.8% |
| Other income, % of PBT | 39% | 38% | 24% | 23% | 137% | 87% | 27% | 19% | — | 189% | 33% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | −2% | 24% | 13% | −5% | −15% | 18% | 14% | — | — | 23% | 15% |
| Net profit | ₹232 cr | ₹345 cr | ₹534 cr | ₹877 cr | ₹157 cr | ₹415 cr | ₹836 cr | ₹824 cr | ₹529 cr | ₹574 cr | ₹533 cr | ₹1,141 cr |
| YoY | — | — | +84% | +2% | −32% | +20% | +57% | −6% | +237% | +38% | −36% | +38% |
| Core profit YoY | — | — | +57% | −19% | −129% | −77% | +40% | −1% | — | −450% | −38% | +38% |
| EPS | ₹1.41 | ₹2.14 | ₹2.99 | ₹4.88 | ₹0.96 | ₹2.33 | ₹4.25 | ₹4.03 | ₹2.40 | ₹2.11 | ₹2.57 | ₹5.76 |
| Flags | 1 | 2 | 1 | 3 | 3 | 4 | 2 | 1 | 1 | 3 | ✓ | ✓ |
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.
JSW Energy Ltd. reported revenue of ₹2,439 cr (−4.1% on the year) and net profit of ₹157 cr (−32.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −129.5% on the year, against −32.3% for reported profit.
3 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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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.