Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q3 FY25 Earnings Presentation
47 slides from Jsw Energy's earnings presentation, Jan 28, 2025
Slide 1: Q3 FY25 Results Presentation
Q3 FY25 Results Presentation January 28, 2025
Slide 2: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any parti
Slide 3: Agenda
Agenda Q3 FY25 Highlights Operational & Financial Performance Segment Wise Performance Safety & Sustainability Business Environment Appendix Vijayanagar Solar Power Plant JSW Energy Q3 FY25 Results Presentation 3
Slide 4: Q3 FY25 Highlights (1/3)
Q3 FY25 Highlights (1/3) O2 Power – 4,696 MW (One of the Largest RE Transactions in the Sector) • Signed definitive agreement on 27th Dec‘24 to acquire 4,696 MW RE Platform; one of the largest RE deals • Transaction at Enterprise Valuation of ₹12,468 crores after adjusting for net current assets • 2
Slide 5: Q3 FY25 Highlights (2/3)
Q3 FY25 Highlights (2/3) • Net Generation: Up by 10% YoY at 6.8 BUs driven by wind capacity additions, incremental contribution from Utkal Unit -1 and higher generation at hydro plants • RE generation is up by 18% YoY at 1.6 BUs driven by 38% YoY increase in wind generation and 14% YoY increase in h
Slide 6: Q3 FY25 Highlights (3/3)
Q3 FY25 Highlights (3/3) • Reported EBITDA declined 9% YoY to ₹1,115 Cr, primarily due to lower short-term spreads, despite higher overall generation • PAT and Cash PAT stood at ₹ 168 Cr and ₹ 507 Cr respectively Consolidated Financial • Robust Balance Sheet: Net Debt to Equity at 1.0x, Net Debt to
Slide 7: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Plant
Slide 8: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue (₹ Cr) Operational Highlights – Q3 FY25 14% 1% 1% • Net Generation: Up by 10% YoY at 6.8 BUs driven 10% by wind capacity additions, incremental generation 24,471 9,062 9,142 6,751 21,464 2,661 2,640 at Utkal Unit-1 and hydro plants. Generat
Slide 9: EBITDA Bridge
EBITDA Bridge Q3 FY25 Particulars in ₹ Cr ₹ 217 Crore impact of ST Thermal JSW Energy Q3 FY25 Results Presentation 9
Slide 10: Consolidated Financial Results
Consolidated Financial Results 9M FY25 9M FY24 Particulars in ₹ Crore Q3 FY25 Q3 FY24 9,142 9,062 Total Revenue 2,640 2,661 4,602 4,545 EBITDA 1,115 1,229 50% 50% EBITDA Margin(%) 42% 46% 1,173 1,207 Depreciation 406 400 1,594 1,520 Finance Cost 565 521 1,836 1,818 Profit Before Tax 145 309 1,543 1,
Slide 11: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 889 99 425 237 774 26,448 24,875 10,199 11,706 16,250 ND/EBITDA# 13,169 (excl. CWIP) at 2.8x Net Debt as on New Debt Taken Forex Repayment Movement in Change in Cash Net Debt as on Sep 30,2024 restatement sho
Slide 12: Generation Capacity - Locked-in 28.3 GW
Generation Capacity - Locked-in 28.3 GW Generation (MW) 22 GW 14 GW 10 GW Under construction / PPA Signed To be operational by FY25 Transaction in progress 7,570 MW Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Q3 FY25 Results Presentation ^ Pipeline: Pro
Slide 13: Under-construction and pipeline projects
Under-construction and pipeline projects PPA Signed - Under construction 7,570 MW Letter of Award/Intent Received – Pipeline 6,714 MW Project Contracted (MW) Installed (MW) Project Contracted (MW) Installed (MW) SJVN 700 700 SECI XV (Solar +ESS) 500 500 SECI XIII 700 700 Group Captive 60 60 NTPC Sol
Slide 14: Energy Storage - Locked in 16.3 GWh
Energy Storage - Locked in 16.3 GWh PSP for MSEDCL to BESS Plant be commissioned in 48 months from PPA 40 Target 40 GWh by 2030 Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Q3 FY25 Results Presentation 14
Slide 15: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 26,286 26,636 26,448 24,260 23,339 24,875 26,929 27,970 27,152 20,976 20,832 19,877 20% 20% 21% 20,972 21,553 21,504 14,859 15,336 15,501 16% 16% 16% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Sep-23 Dec-23 Mar-24 Ju
Slide 16: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Operational Highlights • Receivables on a DSO terms came at 96 days 2,501 • All plants placed favourably in States’ Merit Order Dispatch. 2,260 o Further, Hydro plants under ‘Must-run status’ with no scheduling risk • No history of any bad debts f
Slide 17: Segment Wise Performance
Segment Wise Performance Segment Wise Performance Present across all modes of generation
Slide 18: Thermal Assets | Q3 FY25 Highlights
Thermal Assets | Q3 FY25 Highlights Offtaker Profile Operational Assets Open, Rajasthan, 34% 28% 3,858 MW* Group MSDECL, Captive, 8% 30% Ratnagiri Barmer Vijayanagar Utkal Excludes KSK Mahanadi (3.6 GW) 700 MW Installed Capacity 1,200 MW 1,080 MW 860 MW Unit 1 operational & Unit 2 synchronized PPA t
Slide 19: Thermal Assets | Q3 FY25 Highlights (2/2)
Thermal Assets| Q3 FY25 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 8% 86% 90% 85% 85% • Total Net Generation up 8% YoY at 5.1 BUs, 5,105 9% 77% 80% 74% 77% driven by contribution from Utkal Unit-1 4,729 13,438 14,590 • Short Term generation at 1,095 MUs wa
Slide 20: Renewable Assets | Q3 FY25 Highlights
Renewable Assets | Q3 FY25 Highlights Offtaker Profile Wind – 4,951 MW Hydro - 1,631 MW Solar – 4,569 MW Hybrid – 4,878 MW Presence across all modes of generation Open C&IOthers GJ 4% 0% Group Captive 3% HP 4% 17% 2% MH 10% AP ▪ Acquired Wind 1,331 - 1,331 Operational 4.609 MW 2% ▪ ▪ Vijayanagar Cap
Slide 21: Renewable Assets | Q3 FY25 Highlights
Renewable Assets |Q3 FY25 Highlights Installed Green Capacity (MW) Net Generation (MUs) 23% 25% 18% Operational Highlights 4,609 9,881 • Renewable generation was up 18% YoY 3,681 1,399 1,646 8,026 • Wind generation at 639 MUs increased by Short Term 38% YoY due to capacity additions 96% Long Term 10
Slide 22: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 23: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence All Figures are for Q3 FY25 British Safety Council Award for OH&S Safety Performance LTIFR of 0.25 upto Q3 FY25 Contractor Safety Management ▪ Vertigo test conducted at barrage site at Kutehr to Identify fit persons for ‘Work at height’ ▪ 131 Contractors
Slide 24: Sustainability: Framework and Policies
Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets from 2020 as Base Year Governance & Oversight by Sustainability Committee Climate Change Renewable Power Biodiversity Mr. Sunil Goyal ▪ Committed to being carbon Enhance the renewable power No Net Loss for Biodiversity Independe
Slide 25: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Actuals (FY20 to FY30) Targets Strategic Initiatives and Approach ▪ TCFD – Identified associated short term , medium term and Long term risks ▪ Supply Chain Sustainability – development of Digital Platform for value chain partners
Slide 26: Sustainability: Q3 FY25 Performance
Sustainability: Q3 FY25 Performance Key Highlights Performance ▪ Supply chain sustainability assessment –ESG assessment of registered vendors in progress. Ash Utilisation (%) ▪ TCFD (physical risk assessment) for Hydro plants is in progress. 100% 100% 97% 100% Climate Change ▪ Addition of 377 MW (Q3
Slide 27: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q3 FY25 Results Presentation 27
Slide 28: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition • 43,826 health consultations carried out through Mobile Health Units, special camps Sports Promotion • Eye Screening camps at 10 sites, 17 health camps across Tuljapur and Latur • 103 sports person getting regular training under Shikha
Slide 29: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar 29
Slide 30: Business Environment
Business Environment JSW Hydro - Sholtu
Slide 31: Indian Economy
Indian Economy Real GDP Growth (%) 22.6 12.8 9.9 8.2 8.1 8.6 7.8 4.5 5.5 6.2 6.7 5.4 5.5 4.3 • India continues to see resilient growth amid global headwinds -5.81.8 3.3 o Real GDP growth stood at 5.4% in Q2 FY25; RBI forecasts 6.6% growth in GDP for FY25 -23.1 o PMI: Manufacturing (Jan-25: 58) and S
Slide 32: Power Demand grew by 2.7% YoY in Q3 FY25 on a High Base
Power Demand grew by 2.7% YoY in Q3 FY25 on a High Base Power Demand in BUs Power Demand Growth (% YoY) 165 40% 155 145 30% • India’s power demand grew by 2.7% YoY 135 20% to 393 BUs in Q3 FY25, due to lower 125 10% 115 cooling demand and high base. 105 0% 95 However, power demand during 9M -10% Apr
Slide 33: Overall Generation Increased by 3.7% YoY in Q3 FY25
Overall Generation Increased by 3.7% YoY in Q3 FY25 Power Generation in BUs Power Generation Growth (% YoY) 30% 175 155 20% • Overall generation during Q3 FY25 stood 135 10% at 426 BUs, increasing by 3.7% YoY. 115 0% • Share of thermal in overall generation 95 -10% decreased to 77% (vs 80% YoY) in Q
Slide 34: India's installed capacity stands at 462 GW as on Dec-24
India’s installed capacity stands at 462 GW as on Dec-24 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 162 2% 16 10% 23% 24% State Thermal 48 Other RES Nuclear 35% Wind Private 462 GW 462 GW Hydro Solar 53% 98 Central Renewables 54% Overall segment wise
Slide 35: Merchant Power – Day Ahead Market
Merchant Power – Day Ahead Market Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) 11.0 12 10 9.0 8 7.0 Q3 FY25 6 5.0 • DAM prices were down 26% YoY as the 4 3.0 average tariff recorded for Q3 FY25 was 2 1.0 ₹ 3.71/KWh vs ₹5.0/KWh in the Oct Jan Feb Sep Apr Aug Nov M
Slide 36: Appendix
Appendix Mytrah Solar
Slide 37: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Capacity Change Change Location (Current Capacity) Q3 FY25 Q3 FY24 9M FY25 9M FY24 Q3 FY25 Q3 FY24 9M FY25 9M FY24 (%) YoY YoY LT 91% 1,639 1,682 -3% 4,965 4,822 3% 74 (*90) 76 (*93) 75 (*88) 74 (*93) Ratnagiri (1,200 MW) Total 100%
Slide 38: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Change Change Location (Current Capacity) Capacity (%) Q3 FY25 Q3 FY24 9M FY25 9M FY24 Q3 FY25 Q3 FY24 9M FY25 9M FY24 YoY YoY LT 97% 682 634 8% 5,104 4,462 14% 24 22 60 52 * Hydro (1,345 MW) Total 100% 723 634 14% 5,479 4,544 21%
Slide 39: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q3 FY25 Q3 FY24 9M FY25 9M FY24 Standalone 977 1,276 2,994 3,893 JSW Energy (Barmer) 667 705 2,052 2,071 JSW Energy Utkal 245 0 775 4 JSW Hydro Energy 179 211 964 1,199 Acquired RE Portfolio 206 254 1,197 1
Slide 40: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Reported PAT 272 290 850 231 351 522 853 168 Add: Depreciation 291 398 409 400 427 375 392 406 Add/(less): Deferred Taxes 24 55 89 (4) (92) 61 (4) (66) (Less): D
Slide 41: JSW Energy – Presence Across the Value Chain
JSW Energy – Presence Across the Value Chain Well placed to achieve 20 GW of generation capacity ahead of stated timeline of 2030 Power Generation Energy Storage Energy Products & Services Hybrid+ FDRE, Thermal, 7.5 GW, 16.3 GWh of locked in capacity Solar Module & Green H2 7.4 GW, 26% 26% Green Hyd
Slide 42: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Generation – 28.3 GW Diversified Offtakers** Open Capacity, 7% Open capacity in 8.1 GW – 13% Installed 8,117 MW Others, 3% Organic Pipeline C&I, 2% 3,940 MW 14% Wind 2,543 MW GJ, 3% Wind 250 MW 29% Solar 675 MW HP, 2% Group Captive, 19%
Slide 43: JSW Hydro – Q3 FY25 Highlights
JSW Hydro – Q3 FY25 Highlights Net Generation (MUs) Hydro : PAF and PLF Revision in two-part tariff at Karcham- 21% Wangtoo during the year on account of 14% 5,479 104% 102% lower depreciation rate in accordance with 723 4,544 634 Short 99% 97% CERC Regulations. Term 62% 52% 98% 93% Long Operational
Slide 44: Under Construction Projects
Under Construction Projects JSW SECI X, Tuticorin JSW Energy Q3 FY25 Results Presentation 44
Slide 45: JSW Neo - Under construction Wind Power Projects – 1.1 GW
JSW Neo - Under construction Wind Power Projects – 1.1 GW JSW SECI X, Tuticorin JSW Group Captive - Sandur Wind Projects (SECI Projects and Group Captive) ▪ SECI X (454 MW) : Fully Commisioned in Q3 FY25 ▪ SECI IX (810MW) : 459 MW Commisioned by Q3 FY25 ▪ Group Captive (737 MW) : 254 MW Commisioned
Slide 46: JSW Neo - Kutehr Hydro Power Plant – 240 MW
JSW Neo - Kutehr Hydro Power Plant – 240 MW Barrage & Intake Power - House works • Barrage concreting completed 97% • Unit 1 &2 – Box up completed • All the bays concreting work completed • Unit 3 – Turbine erection completed; Generator assembly in progress • GIS – Installation work completed Tunnel
Slide 47: JSW Energy Utkal (700 MW)
JSW Energy Utkal (700 MW) Revival works in Progress Unit 1 (350 MW) Unit 2 (350 MW) Others • Synchronised with grid on 13th Jan 24 • Synchronised with grid on 15th Jan 25 • Railway locomotive trial completed on new track JSW Energy Q3 FY25 Results Presentation 47