Net profit of JSW Energy rose 11.72% to Rs 352.98 crore in the quarter ended September 2019 as against Rs 315.96 crore during the previous quarter ended September 2018. Sales declined 12.84% to Rs 2118.55 crore in the quarter ended September 2019 as against Rs 2430.76 crore during the previous quarter ended September 2018.

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JSW Energy has allotted 4,38,540 equity shares to the JSW Energy Employees ESOP Trust pursuant to the JSW Employees Stock Ownership Plan 2016. The Company is in the process of completing all the related formalities, including listing, in respect of the aforesaid allotment. With this, the issued and paid-up equity share capital of the Company is Rs.1642,35,99,650 divided into 164,23,59,965 equity shares of Rs.10 each.

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JSW Energy will hold a meeting of the Board of Directors of the Company on 1 November 2019.

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CARE has placed the ratings on Long-Term Bank facilities, Short-TermBank facilities and Non-Convertible Debentures of JSW Energy (JEL), JSW Energy (Barmer) , JSW Hydro Energy, Jaigad Power Transco, Barmer Lignite Mining Company and JSW Power Trading Company on 'Credit watchwith negative implications'.

The ratings revision is on account of recent announcement of proposed acquisition of thermal power assets of GMRKamalanga Energy (GKEL, rated CARE D) which owns and operates a 1,050 MW thermal power plant in Odisha andapproval of JEL's resolution plan submitted for Ind-Barath Energy (Utkal) (IEUL, rated CARE D; Issuer Not Cooperating)by the Committee of Creditors.

CARE in light of the above events is engaging with management to understand its implications on overall financial risk profileof the company and its group/associate companies. As per the initial discussion with the management, CARE understandsthat these acquisitions might be largely debt funded. As a result of this, overall gearing ratio of the company at consolidatedlevel might increase significantly from 0.78 times as on 31 March 2019.

CARE continues to take consolidated approach while arriving credit profile of JEL. Further, the credit risk profile of group/associate companies of JEL might be impacted in case of upstreaming of free cashflows or availing of additional debt at group/associate companies level.

CARE would be monitoring closely and evaluate the impact of the above developments on the credit quality of JEL and itsgroup/associate companies and would take a view on the rating when the exact implications of the above are clear.

The ratings on Commercial Papers of JSW Energy, JSW Energy (Barmer) and JSW Hydro Energy have been reaffirmed at 'CARE A1+'.

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