JSW Energy's (JSWEL) Q2 FY11 results are significantly lower than our estimate. This was on account of lower short term realizations, lower sales and higher fuel cost. Net generation was lower due to 1) annual maintenance and 2) higher auxiliary consumption. We reduce our FY11 estimates to reflect delays in capacity addition and higher fuel cost. Re-iterate SELL with a reduced target price of Rs112/share.
Higher auxiliary consumption and maintenance shutdown hampers net generation
Lower realisations and higher fuel cost impact margins
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