Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q1 FY25 Earnings Presentation
47 slides from Jsw Energy's earnings presentation, Jul 19, 2024
Slide 1: Exchange filing cover letter for results presentation
Energy Limited Regd. Office : JSW Centre Bandra Kurla Complex Bandra (East), Mumbai - 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in SEC / JSWEL 19th July, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchang
Slide 2: Q1 FY25 Results Presentation
Q1 FY25 Results Presentation July 19, 2024
Slide 3: 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 4: Agenda
Agenda Q1 FY25 Highlights Operational & Financial Performance Segment Wise Performance Safety & Sustainability Business Environment Appendix JSW Energy Q1 FY25 Results Presentation Vijayanagar 225MW Solar Power Plant 3
Slide 5: Q1 FY25 Highlights (1/2)
Q1 FY25 Highlights (1/2) • Net Generation: Up by 18% YoY at 7.9 BUs driven by higher generation at hydro, wind capacity additions and higher thermal generation • Total RE generation is up by 44% YoY at 3.2 BUs driven by 61% YoY increase in Hydro generation; Total thermal Operational generation is up
Slide 6: Q1 FY25 Highlights (2/2)
Q1 FY25 Highlights (2/2) • PAT grew by 80% YoY to ₹ 522 Cr while cash PAT during the quarter increased 29% YoY to ₹ 958 Cr • EBITDA increased 21% YoY to ₹ 1,581 Cr primarily on account of higher generation • Best in class Balance Sheet: Net Debt to Equity at 0.9x, Net Debt to EBITDA1 at 3.8x, Net De
Slide 7: Operational & Financial Performance
Operational & Financial Performance Ratnagiri Power Plant
Slide 8: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue (₹ Cr) Operational Highlights 18% • Net Generation: Up by 18% YoY at 7.9 BUs 1% driven by higher generation at hydro plants, 3,013 3,043 7,881 6,699 wind capacity additions and higher thermal Short Term generation. LT PPA generation is up 1
Slide 9: EBITDA Bridge
EBITDA Bridge Q1 FY25 Particulars in ₹ Cr Thermal Renewables +21%YoY JSW Energy Q1 FY25 Results Presentation 8
Slide 10: Consolidated Financial Results
Consolidated Financial Results Particulars in ₹ Crore Q1 FY25 Q1 FY24 Total Revenue 3,043 3,013 EBITDA 1,581 1,307 EBITDA Margin(%) 52% 43% Depreciation 375 398 Finance Cost 511 486 Profit Before Tax 694 424 Profit After Tax 522 290 Cash Profit After Tax 1 958 743 Diluted EPS2 (₹) 3.00 1.76 JSW Ener
Slide 11: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 821 5 1,652 26,636 1,043 1,427 23,339 9,841 10,175 16,795 ND/EBITDA# 13,164 (excl. CWIP) at 2.2x Net Debt as on New Debt Taken Forex Repayment Movement in Change in Cash Net Debt as on Mar 31,2024 restatement
Slide 12: Robust Growth Pipeline
Robust Growth Pipeline Generation (GW) 20 20 Under-construction (2.3 GW) 4.88 5.65 1.32 1.32 Secured 1.32 GW out of 4.33 MoU of 6.2 GW 0.24 0.30 10 0.14 0.63 7.54 0.35 0.64 Current Ind-Barath SECI IX SECI X Group Kutehr SECI XII Operational Pipeline Groupwith MoU Total FY2030 Operational Wind Wind C
Slide 13: Pipeline Projects - 5,650 MW
Pipeline Projects - 5,650 MW Project Type Capacity (MW) LoA/LoI PPA Signed SJVN 700 (CoD in 18-24 months) GUVNL 300 (CoD in 18-24 months) SECI XIII 700 NTPC 700 KREDL 300 Total Solar 2,700 2,700 1,000 SECI XVI 1,025 (CoD in 18-24 months) Total Wind 1,025 1,025 1,025 SECI Hybrid VIII 300 Solar / Wind
Slide 14: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 26,286 26,636 26,929 24,260 20,976 20,832 22,180 22,904 23,339 18,629 19,111 19,877 20% 20% 21% 18% 18% 20,972 14,859 15,336 15,501 16% 14,177 14,061 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Mar-23 Jun-23 Sep-23 De
Slide 15: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Operational Highlights • Receivables (incl. acquired RE Portfolio) increased by 6% YoY, 2,266 however, receivables in DSO terms improved YoY to 65 days 2,132 • All plants placed favourably in States’ Merit Order Dispatch. o Further, Hydro plants u
Slide 16: Segment Wise Performance
Segment Wise Performance Vijayanagar Thermal Power Plant- Control Room
Slide 17: Thermal Assets | Q1 FY25 Highlights
Thermal Assets | Q1 FY25 Highlights Offtaker Profile Operational Assets Open, Rajasthan, 34% 28% 3,858 MW MSDECL, Utkal (formerly Ind-Barath) Ratnagiri Barmer Vijayanagar 8% Group Captive, 30% 1,200 MW 1,080 MW 860 MW 700 MW Installed Capacity Unit 1 (350 MW) operational PPA tied 1,105MW 1,080 MW 33
Slide 18: Thermal Assets | Q1 FY25 Highlights (2/2)
Thermal Assets| Q1 FY25 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 4% • Total Net Generation up 4% YoY at 4.6 BUs, 4,440 4,638 86% 80% driven by capacity addition at Utkal and 73% 73% higher ST generation at Ratnagiri 82%, 78%, Short Term • Short Term gene
Slide 19: Renewable Assets | Presence across all modes of generation
Renewable Assets | Presence across all modes of generation Offtaker Profile Wind (3,676 MW) Hydro (1,631 MW) Solar (675 MW) Pipeline – 5,650 MW Project Capacity (MW) Solar SJVN 700 NTPC 6% SECI XIII 700 SJVN 9% Open Capacity SECI 33% 1% Operational Operational Operational GUVNL 300 KA 4% ▪ Vijayanag
Slide 20: Renewable Assets | Q1 FY25 Highlights
Renewable Assets |Q1 FY25 Highlights Installed Green Capacity (MW) Net Generation (MUs) 15% 44% 4,028 Operational Highlights 3,242 • Hydro generation increased 61% 2,259* YoY on account of better hydrology 3,509 97%, Short Term • Total wind generation increased 100%, 3,142 Long Term 40% YoY due to c
Slide 21: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 22: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence All Figures are for Q1 FY25 Awards & Safety Performance Recognitions LTIFR of Zero considering all operational plants of JSW Energy Contractor Safety Management Wind Projects: PQA assessment at four wind projects ✓ Hand holding for safety system implemen
Slide 23: 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: Committed to being carbon Enhance the renewable power No Net Loss for Biodiversity Independent Mr. Sunil Go
Slide 24: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy FY20 Improvement FY30 SD Targets Strategic Initiatives and Approach Actuals (FY20 to FY30) Targets ▪ TCFD – Identified associated short tem , medium term and Long term risks ▪ GHG Emissions ▪ Supply Chain Sustainability – development of Digital Platform for value
Slide 25: Sustainability: Q1 FY25 Performance
Sustainability: Q1 FY25 Performance Key Highlights Performance • Increased share of renewable energy for deep decarbonisation Ash Utilisation (%) Climate • Addition of 291 MW (Q1 FY25) renewable portfolio mix to reduce the GHG Change emission, a step towards our “ Net Zero” commitment by 2050 or ear
Slide 26: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Ratanagiri JSW Energy Q1 FY25 Results Presentation 25
Slide 27: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Skills and Livelihood • 15 Integrated Livelihood Development • Access of doorstep healthcare services Centre (ILDC) has been established at has been provided through medical Ratnagiri to benefit 6,000 farmers health units (MHU) and heal
Slide 28: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Ratnagiri 27
Slide 29: Business Environment
Business Environment JSW Barmer
Slide 30: Indian Economy
Indian Economy Real GDP Growth (%) 22.6 12.8 9.9 8.2 8.1 8.4 7.8 5.5 4.5 5.5 4.3 6.2 3.3 2.9 1.8 3.3 • India continues to see resilient growth o Real GDP growth stood at 7.8% in Q4 FY24 and 8.2% for -5.8 FY24 -23.1 o PMI: Manufacturing (Jun-24: 58.3) and Services (Jun-24: 60.5) Mar-20 Mar-21 Mar-22
Slide 31: Power Demand increased by 11% in Q1 FY25
Power Demand increased by 11% in Q1 FY25 Power Demand in BUs Power Demand Growth (% YoY) 165 • All India demand during Q1 FY25 of 452 40% 155 BUs increased by 11% YoY due to 30% 145 135 20% increase in use of cooling appliances 125 10% 115 with surge in temperature, particularly 105 0% prevalent in
Slide 32: Overall Generation Increased by 11% YoY in Q1 FY25
Overall Generation Increased by 11% YoY in Q1 FY25 Power Generation in BUs Power Generation Growth (% YoY) 30% 175 20% 155 • Overall generation during Q1 FY25 10% 135 stood at 484 Bus, increasing by 0% 115 10.5% YoY. 95 -10% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Slide 33: India's installed capacity stands at 446 GW as on Jun 24
India’s installed capacity stands at 446 GW as on Jun 24 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 148 2% 16 11% 23% 24% 47 State Thermal Other RES Nuclear Wind Private 446 GW 446 GW 33% Solar Hydro 54% 85 Central Renewables 52% Overall segment wise
Slide 34: 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 Q1 FY25 6 5.0 • DAM prices were up 2% YoY as the 4 3.0 average tariff recorded for Q1FY25 2 1.0 was ₹ 5.27/KWh vs ₹5.17/KWh in the Oct Jan Feb Sep Apr Aug Nov May
Slide 35: Appendix
Appendix Barmer Thermal Power Plant
Slide 36: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q1 FY25 Q1 FY24 Change YoY Q1 FY25 Q1 FY24 LT 91% 1,629 1,663 -2% 74 (*86) 77 (*99) Ratnagiri (1,200 MW) Total 100% 2,117 1,939 9% 88 (*99) 81 (*100) Barmer (1,080 MW) LT 100% 1,388 1,418 -2%
Slide 37: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q1 FY25 Q1 FY24 Change YoY Q1 FY25 Q1 FY24 LT 97% 1,739 1,133 53% 62 40 * Hydro (1,345 MW) Total 100% 1,840 1,144 61% 63 39 Solar (675 MW) LT 100% 356 366 -3% 24 25 Wind (1,847 MW) LT 100%
Slide 38: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q1 FY25 Q1 FY24 Standalone 1,050 1,485 JSW Energy (Barmer) 639 640 JSW Energy (Utkal) 265 4 JSW Hydro Energy 320 298 Acquired RE Portfolio 432 418 JSW Renewable Energy (Vijayanagar) 63 50 JSW Renew Energy (
Slide 39: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Reported PAT 466 180 272 290 850 231 351 522 Add: Depreciation 294 295 291 398 409 400 427 375 Add/(less): Deferred Taxes 42 14 24 55 89 (4) (92) 61 (Less): Divi
Slide 40: JSW Energy – Presence Across the Value Chain
JSW Energy – Presence Across the Value Chain Well placed to achieve 10 GW of generation capacity ahead of stated timeline of 2025 with foray into New Age Businesses Power Generation Energy Storage Energy Products & Services 3.7 GWh of locked in capacity Solar Module & Green H2 Hybrid, Thermal, 1.9 G
Slide 41: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Capacity Breakdown Diversified Offtakers Generation 15,490 MW Open Capacity, 9% Others, 4% Group Captive, 22% Pipeline 5,650 MW GJ, 2% Installed 7,536 MW Open Installed Solar 2,700 MW capacity – 14% HP, 2% Current Exposure Wind 1,025 MW
Slide 42: JSW Energy Company Overview – Broad Corporate Structure
JSW Energy Company OverviewStructure – Broad Corporate Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 14,165 MW Solar/Wind Entities Solar – 10MW Products & Services Total – 2,088 MW JSW Neo Energy JSWEBL – 1,080 MW 11,632 MW Utkal – 700 MW Energy Generati
Slide 43: JSW Hydro - Q1 FY25 Highlights
JSW Hydro - Q1 FY25 Highlights Net Generation (MUs) Hydro : PAF and PLF 61% Operational Highlights 108% 1,840 102% • Net generation at Hydro Assets 63% (Karcham and Baspa) for the quarter 1,144 Short Term 39% 95%, was up 61% YoY due to better 99%, 1,739 Long Term 1,133 hydrology PAF PLF • Plant Avai
Slide 44: Under Construction Projects
Under Construction Projects JSW SECI X JSW Energy Q1 FY25 Results Presentation 43
Slide 45: JSW Neo - Under construction Wind Power Projects – 1.7 GW
JSW Neo- Under construction Wind Power Projects – 1.7 GW Wind Projects (SECI IX, X, XII and Group Captive) ▪ SECI IX (810MW) : 168 MW Commisioned till date ▪ SECI X (454 MW) : 316 MW Commisioned till date ▪ Group Captive (737 MW) : 103 MW Commisioned till date ▪ Approx 1.7 GW is under construction a
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 90% • Unit 1 – Erection work and box up activity completed • Intake service gates & bulkhead gates erection in progress • Unit 2 – Turbine erection and stator rotor building work in progress
Slide 47: JSW Energy – Utkal Unit 2 (350 MW)
JSW Energy – Utkal Unit 2 (350 MW) Revival works in Progress Unit 1 (350 MW) Unit 2 (350 MW) Others • Synchronised with grid on 13th Jan 24 • Boiler mock light-up done • Locomotive procurement done • Boiler steam blowing completed • Railway track laying at advance stage • Turbine final box-up done •