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May 17, 2012, 12.27 PM IST | Source: Moneycontrol.com

Jaiprakash Power Ventures Q4 PAT seen up 58% at Rs 27 cr

Jaiprakash Power Ventures, a part of Jaypee Group, is expected to report a growth of 58% year-on-year in its profit after tax of Rs 27 crore for the fourth quarter of FY12, according to CNBC-TV18 poll.

Jaiprakash Power Ventures , a part of Jaypee Group, is expected to report a growth of 58% year-on-year in its profit after tax of Rs 27 crore for the fourth quarter of FY12, according to CNBC-TV18 poll.

Net sales are seen going up by 1.32 times to Rs 343 crore in January-March quarter of 2012 from Rs 148 crore in a year ago period.

EBITDA too is likely to jump 1.52 times to Rs 310 crore from Rs 123 crore year-on-year.

Operating profit margin is seen improving at 90.32% versus 83.15% during the same period.

Results are not comparable YoY due to significant capacity addition. Company added 1000MW Karcham Wangtoo hydro power project

Results are not comparable QoQ either as Q4 is an off season for hydro power generation.

Expectations

- Q4 is an off season for hydro power and therefore merchant sales likely to be impacted from Karcham Wangtoo

- However, net generation is expected to increase 2 times YoY due to addition of Karcham Wangtoo

- Revenue growth also driven by merchant realizations (constituting 75% of the volumes from Karcham)

- Bottom line growth impacted due to high interest costs
*** Interest costs in Q3FY12 were up 1.29 times YoY at Rs 238 crore

- Bottom line could also see further erosion due to higher depreciation costs YoY due to new capacities having been commissioned in FY12
*** Q3FY12 depreciation expenses were up 1.74 times YoY at Rs 66 crore

Key factors to watch for

- Merchant realizations and future off take plans from Karcham Wangtoo

- Fund raising activity and current debt management

- Status of under construction projects

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