Jaiprakash Power Ventures - March 2013 Results Preview - Motilal Oswal

- In 4QFY13E, we expect Jaiprakash Power Venture (JPVL) to post revenue of INR4.5b, up 54.6% YoY, EBITDA of INR3b, up 21.7% YoY and net loss of INR663m.

- Karcham Wangtoo's generation was 60.2MU in Jan/Feb-13, compared to 214MU for the same period last year. The decline was due to plant's maintenance shutdown. Generation from Baspa and Vishnuprayag was 133MU for Jan/Feb-13 v/s 172MU in Jan/Feb-12, a decline due to poor monsoon. Bina generated 204MU in Jan/Feb-13.

- During the quarter, JPVL raised INR9.5b by diluting 12% of its equity through a QIP issue of 313m shares.

- Nigrie (1.3GW) is expected to be commissioned during FY14 and Bara I (2GW) in FY15, providing delta in FY14/15 earnings.

- We expect JPVL to post net profit of INR4.2b in FY13E (up 5% YoY) and INR7.9b in FY14E (up 86.6% YoY). The stock trades at a reported PER of 5.9x FY15E.

Source : Equity Bulls

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