JSW Energy shares decline in trade on July 17 by nearly 4 percent as the company declares weak performance in the first quarter of FY24. Revenues are 3 percent lower at Rs 2,927 crore, while net profits tumbled 48 percent to Rs 290 crore versus 560 crore in the corresponding quarter of last year.

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The realisations in the quarter under review were impacted by coal price decline. Though, incremental revenue came from Mytrah Energy and renewable capacity additions. However, revenue were offset by lower realization in the thermal assets as coal prices declined.

The reported finance costs for first quarter stood at Rs 486 crore versus Rs 193 crore year on year. The company said interest cost rose due to Mytrah - Rs 170 crore.

The stock rose 15 percent in the past one month and is now trading at Rs 293 per share on NSE. The Street has assigned a sell rating on the stock given the expensive valuations. Elara Capital assigned a target price of Rs 242 per share, while Citi has Rs 222 as the target price.

Prashant Jain, Joint MD and CEO at JSW Energy in an interaction with CNBC-TV18 on July 17 said the Rs 1,600-1,650 crore EBITDA target for Mytrah Energy will be achieved ahead of schedule. Jain adds, power demand growth was muted in April and May, but rose in July.

(Edited by : Vahishta Unwalla)