Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q3 FY24 Earnings Presentation
55 slides from Jsw Energy's earnings presentation, Jan 23, 2024
Slide 1: Q3 FY24 Results Presentation
Q3 FY24 Results Presentation January 23, 2024
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 FY24 Highlights Operational & Financial Performance Segment Wise Performance Safety & Sustainability Business Environment Appendix JSW Energy Q3 FY24 Results Presentation Vijayanagar 225MW Solar Power Plant 3
Slide 4: Q3 FY24 Highlights (1/2)
Q3 FY24 Highlights (1/2) • Overall Net Generation: Up by 43% YoY at 6.1 BUs driven by higher thermal generation (both long term and short term volumes), contribution from acquired* and greenfield RE capacity additions • Total Renewable generation is up by 71% YoY at 1.4 BUs while total thermal gener
Slide 5: Q3 FY24 Highlights (2/2)
Q3 FY24 Highlights (2/2) • EBITDA of ₹1,229 Cr surged 69% YoY resulting in PAT of ₹231 Cr up 29% YoY; Cash PAT stood at ₹628 Cr • Receivables (excl. acquired RE portfolio) on DSO basis stood at 69 days; healthy collection trend sustained Consolidated • Best in class Balance Sheet: Net Debt to Equity
Slide 6: Ind-Barath 700 MW - Commissioned Unit 1 (350MW)
Ind-Barath 700 MW - Commissioned Unit 1 (350MW) Location Unit 1 Turbine Generator set Fastest turnaround of a stalled thermal power project JSW Energy Q3 FY24 Results Presentation 6
Slide 7: Operational & Financial Performance
Operational & Financial Performance Sholtu Hydro Power Plant - Turbine
Slide 8: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue (₹ Cr) Operational Highlights 28% 12% • Overall Net Generation: Up by 43% YoY at 6.1 13% 43% BUs driven by higher thermal generation, 21,464 2,661 9,062 6,128 2,350 8,061 contribution from acquired* RE portfolio and 16,799 4,274 greenfield
Slide 9: EBITDA Bridge
EBITDA Bridge Q3 FY24 Particulars in ₹ Cr Utilising Open Capacity Solar/Wind 9M FY24 Particulars in ₹ Cr Utilising Open Capacity Solar/Wind JSW Energy Q3 FY24 Results Presentation 9
Slide 10: Consolidated Financial Results
Consolidated Financial Results 9M FY24 9M FY23 Particulars in ₹ Crore Q3 FY24 Q3 FY23 9,062 8,061 Total Revenue 2,661 2,350 4,545 2,936 EBITDA 1,229 727 50% 36% EBITDA Margin(%) 46% 31% 1,207 878 Depreciation 400 295 1520 611 Finance Cost 521 214 1,818 1,567 Profit Before Tax 309 218 1,371 1,206 Pro
Slide 11: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 2,580 4 1,095 113 424 26,286 24,260 7,890 5,850 18,410 18,396 ND/EBITDA# (excl. CWIP) at 3.2x Net Debt as on New Debt Taken Forex restatement Repayment Movement in short Change in Cash Net Debt as on Sep 30,2
Slide 12: Progress on Strategy 2.0
Progress on Strategy 2.0 2.21 20.00 Generation Capacity (GW) 1.80 6.20 2.6 GW under construction 0.24 0.30 9.79 0.76 0.73 0.35 0.22 7.19 4.56 18% CAGR 38% CAGR MoUs with JSW Steel FY21 Current Ind-Barath SECI X SECI IX Group Kutehr SECI XII Operational Generation RE for Projects 2030 Operational Win
Slide 13: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 26,286 19,877 20,976 24,260 18,392 18,629 19,111 22,180 22,904 17,593 21% 20% 20% 20% 18% 18% 9,840 13,491 13,446 14,859 15,336 7,874 14,177 14,061 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Sep-22 Dec-22 Mar-23 Jun-
Slide 14: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Operational Highlights • Receivables (excl. acquired RE Portfolio) increased by 14% 14% YoY on back of increased revenue, however receivables in 1,857 DSO terms was stable YoY at 69 days 1,628 • All plants placed favourably in States’ Merit Order
Slide 15: Segment Wise Performance
Segment Wise Performance Vijayanagar Thermal Power Plant- Control Room
Slide 16: Thermal Assets | Q3 FY24 Highlights (1/2)
Thermal Assets| Q3 FY24 Highlights (1/2) Overview Offtaker Profile Operational Assets Rajasthan , 28% Total Thermal Open, Capacity 34% 3,858 MW 3,858* MW Group MSDECL, Captive, 8% Ratnagiri Barmer Vijayanagar Ind - Barath 30% Operational Installed Capacity 1,200 MW 1,080 MW 860 MW 700 MW Unit 1 (350
Slide 17: Thermal Assets | Q3 FY24 Highlights (2/2)
Thermal Assets| Q3 FY24 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 37% 19% 90% 86% • Total Net Generation +37% YoY at 4.7 BUs, 4,729 83% 85% 13,438 77% 74% supported by strong ST volumes, higher LT 68% 69% 3,458 11,337 generation at Ratnagiri, partly offse
Slide 18: Renewable Assets | Presence across all modes of generation
Renewable Assets | Presence across all modes of generation Total 5,934 MW Offtaker Profile Operational Assets – 3,681 MW Under Construction – 2,253 MW Expected to be operational by CY 2024 3,628 MW Haryana, Open Capacity, 2% HYDRO WIND WIND Raj, 4% 4% 61% SECI, HP, 5% 31% Wind AP, SOLAR 6% 5,934 HYD
Slide 19: Renewable Assets | Q3 FY24 Highlights
Renewable Assets |Q3 FY24 Highlights Installed Green Capacity (MW) Net Generation (MUs) 2.2x 71% Operational Highlights 47% 3,681 • Net generation increased 71% YoY to 1,399 8,026 1.4 BUs driven by capacity additions Short Term and contribution from Acquired RE 816 5,462 1,653 100% 99% portfolio; pa
Slide 20: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 21: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence All Figures are for Q3 FY24 Awards & Zero severe injuries/fatalities for all operational plants LTIFR = 0.125 including under-construction projects; 1 Fatality at Sandur under- Recognitions construction Wind project 88% of contractors covered by JSW CARE
Slide 22: 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 23: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy SD Targets FY20 FY30 Improvement Strategic Initiatives and Approach Actuals Targets TCFD – Identified associated short tem , medium term and Long term risks GHG Emissions Supply Chain Sustainability – development of Digital Platform is in progress for value
Slide 24: Sustainability: Q3 FY24 Performance
Sustainability: Q3 FY24 Performance Key Highlights Performance • Increased share of renewable energy for deep decarbonisation Ash Utilisation (%) Climate • Wind Projects – Tuticorin – generation started and commissioned 232.2 Change MW till Q3 FY 24. 100% 100% 100% 100% • Continuous focus on process
Slide 25: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Sholtu, Shikhar Initiative JSW Energy Q3 FY24 Results Presentation 25
Slide 26: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Education • Doorstep healthcare services provided • Science laboratory renovated at the through medical health units (MHUs) and government school in Dharapuram health camps • Education infrastructure(government • 40,000+ consultations c
Slide 27: Awards and Recognition
Awards and Recognition JSW Energy Limited, Vijayanagar Received Green Vijayanagar Plant received CEE Best Maple Foundation Received British Energy Efficient Wellness at work Safety Council Sword Award for CPP-4 unit Diamond Award in of Honor at London in Dec 23 Nov 23 in Nov 23 “Platinum Award in th
Slide 28: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Ratnagiri 28
Slide 29: Business Environment
Business Environment JSW Barmer
Slide 30: Indian Economy
Indian Economy Real GDP Growth (%) 20.1 13.1 8.4 6.2 7.8 7.6 5.4 4.0 4.5 6.1 3.2 2.8 0.7 2.5 • Indian economy continues to see resilient growth amid slow global recovery and growing regional divergences o Real GDP continues to be robust with 7.6% YoY growth -6.6 for Sep-23 quarter -23.8 o PMI: Manuf
Slide 31: India's installed capacity 428 GW as of Dec-23
India’s installed capacity 428 GW as of Dec -23 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 134 7 47 16 24% 25% State Other RES Thermal 45 Wind Private 428 GW Nuclear 428 GW 134 Solar Hydro Central 240 73 Renewables 51% Overall segment wise net capacit
Slide 32: Power Demand increased by 10% YoY in Q3 FY24
Power Demand increased by 10% YoY in Q3 FY24 Power Demand in BUs Power Demand Growth (% YoY) 155 30% 145 20% • Pan India demand during Q3 FY24 135 125 10% increased by 10% YoY to 382 Bus (up 8% 115 0% for 9M FY24) due to surge in economic 105 -10% activities 95 Oct Jan Sep Feb Apr May Aug Nov Dec Ma
Slide 33: Overall Generation Increased by 9% YoY in Q3 FY24
Overall Generation Increased by 9% YoY in Q3 FY24 Power Generation in BUs Thermal PLF 175 70% 155 • Overall generation in Q3 FY24 stood at 60% 135 410 Bus, an increase of 9% YoY 50% 115 • Share of thermal in overall generation 95 40% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Au
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 9.0 10 7.0 8 • Day Ahead Market (DAM) prices averaged at 5.0 6 ₹5/unit during Q3 FY24 and increased by 3.0 4 10% YoY 1.0 2 Dec-13 Dec-09 Dec-11 Dec-15 Dec-17 Dec-19 Dec-21 Dec-
Slide 35: Appendix
Appendix Acquired RE portfolio Solar Plant (Hungund, Karnataka)
Slide 36: Operational Performance – Net Generation
Operational Performance – Net Generation Net Generation (MUs) Capacity Q3 FY24 Q3 FY23 Change YoY 9M FY24 9M FY23 Change YoY Location (Current Capacity) % % % LT 91% 1,682 1,110 52% 4,822 3,617 33% Ratnagiri (1,200 MW) Total 100% 2,062 1,133 82% 5,753 3,961 45% Barmer (1,080 MW) LT 100% 1,564 1,609
Slide 37: Operational Performance – PLF
Operational Performance – PLF PLF/CUF Capacity Q3 FY24 Q3 FY23 9M FY24 9M FY23 Location (Current Capacity) % % % % % LT 91% 76 (*93) 51 (*98) 74 (*93) 56 (*83) Ratnagiri (1,200 MW) Total 100% 85 (*100) 47 (*88) 79 (*97) 55 (*79) Barmer (1,080 MW) LT 100% 74 (*77) 75 (*77) 72 (*75) 75 (*78) LT 36% 89
Slide 38: Entity-wise Financial Results
Entity-wise Financial Results Entity-wise Revenue from Operations Particulars in ₹ Crore Q3 FY24 Q3 FY23 9M FY24 9M FY23 Standalone 1,276 955 3,893 4,093 JSW Energy (Barmer) 705 994 2,071 2,277 JSW Hydro Energy 211 246 1,199 1,142 Acquired RE Portfolio 254 NA 1,280 NA JSW Renewable Energy (Vijayanag
Slide 39: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Reported PAT 864 560 466 180 272 290 850 231 Add: Depreciation 277 289 294 295 291 398 409 400 Add/(less): Deferred Taxes (7) 84 42 14 24 55 89 (4) (Less): Divid
Slide 40: Finance Cost & PAT Movement
Finance Cost & PAT Movement Finance Cost (YoY; ₹ Cr) Q2 FY24: ₹514 Cr Profit After Tax (YoY; ₹ Cr) JSW Energy Q3 FY24 Results Presentation 40
Slide 41: Developed a Pan India Footprint of Diverse Asset Base
Developed a Pan India Footprint of Diverse Asset Base Operational Capacity by CY 24 (9,792 MW) Punjab Himachal Pradesh Wind Hydro 50 MW 1,631 MW Solar BESS Rajasthan Thermal PSP 258 MW Madhya Pradesh 30 MW Green Hydrogen 1,080 MW 1,000 MWh Gujarat 78 MW Odisha 700 MW Maharashtra Telangana 447 MW And
Slide 42: 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 9.8 GW Installed Capacity by CY24 3.4 GWh of locked in capacity Solar Module
Slide 43: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Capacity Breakdown Diversified Offtakers Current open Open Capacity, Generation 9,792 MW capacity – 10% Group 14% Captive, 22% Installed 7,189 MW Under-construction Others, 7% 30% Current Exposure to 2,603 MW Thermal 3,508 MW* HP, 3% Gr
Slide 44: JSW Energy Company Overview – Broad Structure
JSW Energy Company Overview – Broad Structure Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 9,792 MW Solar/Wind Entities Solar – 10MW Products & Services Total – 2,088 MW JSW Neo Energy * JSWEBL – 1,080 MW 5,924 MW Ind-Barath – 700 MW Energy Generation P
Slide 45: JSW Neo - Pan India Footprint of Diverse Asset Base
JSW Neo - Pan India Footprint of Diverse Asset Base Operational Capacity by CY 24 (5,924 MW) Punjab Himachal Pradesh 50 MW 1,631 MW Wind Hydro Rajasthan Madhya Pradesh Solar BESS 1,000 30 MW 258 MW MWh Green H2 PSP Gujarat 78 MW Telangana Maharashtra 101 MW Andhra Pradesh 447 MW 365 MW 327 MW 10 MW
Slide 46: JSW Neo – Presence across the value chain
JSW Neo – 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 & JSW NEO - Assets Services Captive Solar, 243 Kutehr HEP, 240 SECI XII Wind, 300 5.9 GW 3
Slide 47: JSW Neo – Multiple Growth Drivers
JSW Neo – Multiple Growth Drivers Generation (GW) 8.0 MoU with JSW Steel 0.3 5.9 0.7 0.2 0.8 3.7 0.2 5.9 Current SECI - X SECI- IX Group Kutehr SECI- XII Operational Operational Captive by CY24 Wind Energy Products & Services Green Hydrogen H2 • Contracted 3,800 TPA with JSW Steel 79.5 • MoU with JS
Slide 48: JSW Neo - Acquired RE Portfolio
JSW Neo - Acquired RE Portfolio Net Generation (MUs) PLF Wind Solar 2,724 507 2,386 435 557 176 513 Operational Highlights 164 Solar • Net generation increased 16% YoY 2,167 Wind 330 1,873 driven by 22% increase in wind 271 generation Q3 FY23 Q3 FY24 9M FY23 9M FY24 Financial Highlights Segmental Re
Slide 49: Acquired RE - Progress on track
Acquired RE - Progress on track Wind Generation (MUs) Wind Machine Availability (%) 3 97% 96% 330 +XXX bps +XXX +801 bpsbps +1031 bps 271 73 1 4 12 88% 86% 75 MUs increased due to focused interventions Q3 FY23 MA Benefit GA Loss Maniyachi Cyclone Wind Q3 FY24 Site Machaung impact Q3 FY23 Q3 FY24 9M
Slide 50: Receivables Cycle Improving
Receivables Cycle Improving Strong collection in Acquired RE Portfolio’s Receivables* Particulars in ₹ Cr 1,859 31% YoY improvement 1,532 1,279 Dec-22 Sep-23 Dec-23 Focused O&M Interventions leading to strong billing/collection growth 158% Operating efficiency 145% reflecting in strong 97% generatio
Slide 51: JSW Neo - Hydro Q3 FY24 Highlights
JSW Neo - Hydro Q3 FY24 Highlights Net Generation (MUs) Hydro : PAF and PLF 12% 12% Operational Highlights 5,192 107% 104% 721 634 4,544 106% 99% • Net generation at Hydro Assets Short 98% Term 59% (Karcham and Baspa) down due to 98% 52% 99% 100% 5,10 Long 4,46 lower water flow 712 634 7 Term 24% 22
Slide 52: Under Construction Projects
Under Construction Projects Acquired RE Solar Plant (Hungund, Karnataka) JSW Energy Q3 FY24 Results Presentation 52
Slide 53: JSW Neo- Wind Power Projects – 2.3 GW
JSW Neo- Wind Power Projects – 2.3 GW Wind Projects (SECI IX,X, XII and Group Captive) SECI IX (810MW) : 51 MW Commisioned SECI X (450 MW) : 232 MW Commisioned Approx 2 GW is under construction and to be commissioned by CY24 JSW Energy Q3 FY24 Results Presentation 53
Slide 54: JSW Neo - Kutehr Hydro Power Plant – 240 MW
JSW Neo - Kutehr Hydro Power Plant – 240 MW Barrage & Intake Tunneling & Concreting Power-House works • Barrage concreting completed 86% Completed tunneling work ~100% • Power house civil works completed for • Erection of spillway radial gate in Completed HRT lining ~25% Unit-1 & Unit-2 advanced
Slide 55: JSW Energy - Ind-Barath Unit 2 (350 MW)
JSW Energy - Ind-Barath Unit 2 (350 MW) Revival works in Progress JSW Energy Q3 FY24 Results Presentation 55