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Last Updated : May 21, 2020 12:42 PM IST | Source: Moneycontrol.com

JSW Energy share price climbs 3% after Q4 results; CLSA, Motilal Oswal maintain buy

As per CNBC-TV18, CLSA said the company had a stellar Q4 led by 47 percent expansion in its dark spread.

 
 
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Shares of JSW Energy climbed over 3 percent in morning trade on BSE on May 21, a day after the company reported a 28-fold jump in its consolidated net profit to Rs 108.44 crore in the fourth quarter ended March.

According to the statement, total income stood Rs 1,847.65 crore in the quarter as compared to Rs 2,018.16 crore a year ago.

It also reported a consolidated net profit of Rs 1,081.18 crore for FY20 as against Rs Rs 684.49 crore in 2018-19.

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Global brokerage firm CLSA maintained a buy call on the stock but cut the target price to Rs 75 from Rs 85.

As per CNBC-TV18, CLSA said the company had a stellar Q4 led by 47 percent expansion in its dark spread.

CLSA has lowered EPS estimates by 5 percent due to COVID-led demand destruction and lower asset values.

Motilal Oswal Financial Services has a buy recommendation on the stock with a target price of Rs 64.

The brokerage estimates a 16 percent decline in PAT for FY21, building in lower merchant volumes and realisations.

However, strong FCF generation would continue, said Motilal, aided by tied-up capacities.

"Nearly 80 percent of JSW’s 4.4GW capacity is under long-term PPAs, which generate strong free cash flows. Furthermore, these tied up PPAs contribute about 95 percent to the company’s EBITDA," said Motilal.

Shares of the company traded 0.49 percent up at Rs 40.90 on BSE at 12:10 hours.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on May 21, 2020 12:19 pm
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