India's JSW Energy hits 10-month low on Q3 profit drop

JSW ENERGY

29/01/2025 04:51

** Shares of JSW Energy  JSWE.NS  down 7.2% to 467.95
rupees, their lowest levels since mid-March 
    ** The power producer reported an over 27% y/y drop in Q3
consol net profit at 1.68 bln rupees ($19.4 mln) on tepid
domestic power demand  
    ** Analysts at Jefferies retain "buy" on stock, cut price
target (PT) by ~21% to 680 rupees - a 35% upside on last close 
    ** Q3 EBITDA was sharply lower than expected as reduced
prices and flattish fuel costs hurt - Jefferies 
    ** Drop in earnings due to overall softness in the merchant
market due to sluggish power demand growth - Antique Stock
Broking 
    ** Slashes PT by ~11% to 563 rupees, keeps "hold" rating 
    ** Stock eyes busiest trading session in a month, volumes at
3.3x the 30-day avg 
    ** Stock gained 57% in 2024 vs ~28% rise in Nifty next 50
index  .NN50  
    
    ($1 = 86.6000 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))