Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q4 FY24 Earnings Presentation
52 slides from Jsw Energy's earnings presentation, May 7, 2024
Slide 1: Q4 and FY24 Results Presentation
Q4 and FY24 Results Presentation May 7, 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: Delivering Sustainable Growth
Delivering Sustainable Growth 2.7 GW of Capacity Addition in FY23 & FY24 (GW) 26% CAGR 7,245 6,564 4,531 4,541 4,559 4,559 4,559 1,730 FY10 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Highest ever EBITDA and 2nd Highest PAT Highest ever EBITDA (₹ Cr) 2nd Highest PAT (₹ Cr) 1,729 1,723 5,837 FY10 FY11 FY12 FY
Slide 4: FY2024 – Key Achievements
FY2024 – Key Achievements Qualified Institutional Placement Raised ₹ 5,000 Cr Growth Capital through QIP from marquee institutional investors to accelerate growth Built Robust Project Pipeline Won RE bids of 3.4 GW; 36% increase in locked-in capacity to 13.2 GW Fastest Revival of Stalled Thermal Pow
Slide 5: Agenda
Agenda Q4 FY24 Highlights Operational & Financial Performance Segment Wise Performance Safety & Sustainability Business Environment Appendix JSW Energy Q4 FY24 Results Presentation Vijayanagar 225MW Solar Power Plant 5
Slide 6: Q4 FY24 Highlights (1/2)
Q4 FY24 Highlights (1/2) • Net Generation: Up by 26% YoY at 6.4 BUs driven by contribution from acquired and greenfield RE capacity additions and higher thermal generation. • Total RE generation is up by 124% YoY at 1.3 Bus; Total thermal generation is up by 14% YoY at 5.1 BUs Operational • Long Ter
Slide 7: Q4 FY24 Highlights (2/2)
Q4 FY24 Highlights (2/2) • EBITDA of ₹ 1,292Cr surged 47% YoY resulting in 29% YoY increase in PAT to ₹351 Cr. Cash PAT during the quarter increased 17% YoY to ₹686 Cr • Receivables (excl. acquired RE portfolio) on DSO basis stood at 54 days; one of the lowest in recent times Consolidated Financial
Slide 8: Operational & Financial Performance
Operational & Financial Performance Ratnagiri Power Plant
Slide 9: Consolidated Performance
Consolidated Performance Net Generation (MUs) Operational Highlights Total Revenue (₹ Cr) Q4 FY24 26% 27% 3% 10% 27,862 • Net Generation: Up by 26% YoY at 6.4 BUs driven by 6,397 2,806 2,879 11,941 10,867 contribution from acquired RE portfolio and greenfield 5,067 21,866 RE capacity additions, and
Slide 10: EBITDA Bridge
EBITDA Bridge Q4 FY24 Particulars in ₹ Cr Thermal Solar/Wind +47% YoY JSW Energy Q4 FY24 Results Presentation 10
Slide 11: Consolidated Financial Results
Consolidated Financial Results FY24 FY23 Particulars in ₹ Crore Q4 FY24 Q4 FY23 11,941 10,867 Total Revenue 2,879 2,806 5,837 3,817 EBITDA 1,292 881 49% 35% EBITDA Margin(%) 45% 31% 1,633 1,169 Depreciation 427 291 2,053 844 Finance Cost 533 233 2,150 1,924 Profit Before Tax 332 357 1,723 1,478 Prof
Slide 12: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 2,759 15 419 180 1,824 26,286 26,636 7,890 9,841 ND/EBITDA# 18,396 (excl. CWIP) at 2.9x 16,795 Net Debt as on New Debt Taken Forex restatement Repayment Movement in short Change in Cash Net Debt as on Dec 31,
Slide 13: Robust Growth Pipeline
Robust Growth Pipeline Generation (GW) Energy Storage (GWh) 19.44 20.00 Under-construction 6.20 3.40 0.24 0.30 9.84 LoA/LoI 77.1 0.72 0.21 0.74 7.29 0.35 received 40.0 2.4 3.4 2.7 1.0 PCKL SECI 2030 Target Locked-in with states PSP MoU MoU with JSW Steel Ind-Barath SECI X Operational SECI XII Total
Slide 14: Superior Financial Risk Profile
Superior Financial Risk Profile Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 26,286 26,636 19,877 20,976 20,832 24,260 18,392 18,629 19,111 22,180 22,904 20% 21% 20% 20% 18% 18% 9,840 13,446 14,177 14,859 15,336 15,501 14,061 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Dec-22 Mar-23 Jun-23 Sep
Slide 15: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Operational Highlights • Receivables (excl. acquired RE Portfolio) decreased by 21% 21% YoY and receivables in DSO terms also improved YoY to 54 1,799 days 1,429 • All plants placed favourably in States’ Merit Order Dispatch. o Further, Hydro plan
Slide 16: Segment Wise Performance
Segment Wise Performance Vijayanagar Thermal Power Plant- Control Room
Slide 17: Thermal Assets | Q4 FY24 Highlights
Thermal Assets | Q4 FY24 Highlights Overview Offtaker Profile Operational Assets Open, Rajasthan, 34% 28% Total Thermal 3,858 Capacity 3,858* MW MW MSDECL, 8% Ratnagiri Barmer Vijayanagar Ind - Barath Group Captive, 30% Installed Capacity 1,200 MW 1,080 MW 860 MW 700 MW Unit 1 (350 MW) operational O
Slide 18: Thermal Assets | Q4 FY24 Highlights (2/2)
Thermal Assets| Q4 FY24 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 14% 17% 94% 90% • Total Net Generation up 14% YoY at 5.1 BUs, 85% 86% 5,088 18,526 79% 82% 76% driven by higher LT generation across all plants 4,482 72% 15,819 and increased ST volumes Sho
Slide 19: Renewable Assets | Presence across all modes of generation
Renewable Assets | Presence across all modes of generation Total 9,382 MW Operational Assets – 3,782 MW Under Construction – 2,200 MW Pipeline – 3,400 MW Expected to be operational by CY 2024 4,676 3,075 1,631 MW MW MW Solar MW Wind Solar Hydro SJVN 700 Offtaker Profile Wind SECI XIII 700 Pipeline,
Slide 20: Renewable Assets | Q4 FY24 Highlights
Renewable Assets |Q4 FY24 Highlights Installed Green Capacity (MW) Net Generation (MUs) 124% 54% Operational Highlights 3,737 9,336 • Net generation during Q4FY24 1,309 3,406 increased by 124% YoY and 54% YoY 6,047 Short Term during FY24 driven by contribution 585 100% 99% from acquired and greenfie
Slide 21: Safety & Sustainability
Safety & Sustainability JSW Energy, Barmer
Slide 22: Continued Focus on Health & Safety Excellence
Continued Focus on Health & Safety Excellence Awards & LTIFR of 0.15 considering all operational plants of JSW Energy for FY24 Recognitions Contractor Safety Management All contractors of major JSW Plants evaluated under the JSW CARES program 85% contractors have achieved 3 Star rating or more in th
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 FY24 Strategic Initiatives and Approach SD Targets Actuals (FY20 to FY30) Targets Actuals TCFD – Identified associated short tem , medium term and Long term risks GHG Emissions Supply Chain Sustainability – development of Digital Platf
Slide 25: Sustainability: Q4 FY24 Performance
Sustainability: Q4 FY24 Performance Key Highlights Performance • Increased share of renewable energy for deep decarbonisation Ash Utilisation (%) Climate • Addition of 374 MW (FY24) renewable portfolio mix to reduce the GHG emission, Change a step towards our “ Net Zero” commitment by 2050 or earlie
Slide 26: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Ratanagiri JSW Energy Q4 FY24 Results Presentation 26
Slide 27: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Sports Promotion • 80,000+ people benefitted • 4,500+ lives touched • 11,000 people in 16 remote villages • 94 trainees supported under Project reached through a Mobile Health Unit in Shikhar, 115 participants in competitions Barmer • 3
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 (%) 22.6 12.8 9.9 8.2 8.1 8.4 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 for quarter Dec-23 stood at 8.4% YoY -5.8 o PMI: Manufacturing (Mar-24: 59.1) and Services (Mar- -23.1 24: 60.3) GST collection for Mar’24 witn
Slide 31: Power Demand increased by 7.5% in FY24
Power Demand increased by 7.5% in FY24 Power Demand in BUs Power Demand Growth (% YoY) 165 40% • All India demand during Q4 FY24 at 402 BUs 155 30% increased by 7.4% YoY because of heating 145 139 BUs 135 20% requirements in Jan/Feb due to cold waves 125 10% 8% 115 in the North followed by cooling 1
Slide 32: Overall Generation Increased by 7.1% YoY in FY24
Overall Generation Increased by 7.1% YoY in FY24 Power Generation in BUs Power Generation Growth (% YoY) 30% 165 155 148 BUs 20% 145 • Overall generation during Q4 FY24 at 135 8% 10% 430 BUs increased by 7.3% YoY. For 125 115 0% FY24 generation grew at 7.1% YoY. 105 95 -10% Apr May Jun Jul Aug Sep O
Slide 33: India's installed capacity stands at 442 GW as on Mar-24
India’s installed capacity stands at 442 GW as on Mar-24 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 144 2% 16 11% 24% 24% State Thermal 46 Other RES Nuclear Wind Private 442 GW 442 GW 33% Solar Hydro 55% 82 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 FY24 12 10 9.0 • Day Ahead Market (DAM) prices were down 8 7.0 by 12% YoY as the average tariff recorded for 6 5.0 FY24 was ₹ 5.24/KWh vs ₹5.94/KWh in the 4 ₹ 3.9 3.0 correspondin
Slide 35: Appendix
Appendix Barmer Thermal Power Plant
Slide 36: Operational Performance – Net Generation
Operational Performance – Net Generation Net Generation (MUs) Capacity Q4 FY24 Q4 FY23 Change YoY FY24 FY23 Change YoY Location (Current Capacity) % % % LT 91% 1,668 1,506 11% 6,491 5,123 27% Ratnagiri (1,200 MW) Total 100% 2,097 1,752 20% 7,850 5,713 37% Barmer (1,080 MW) LT 100% 1,754 1,730 1% 6,3
Slide 37: Operational Performance – PLF
Operational Performance – PLF PLF/CUF Capacity Q4 FY24 Q4 FY23 FY24 FY23 Location (Current Capacity) % % % % % LT 91% 76 (*90) 71 (*98) 74 (*93) 60 (*87) Ratnagiri (1,200 MW) Total 100% 87 (*100) 74 (*98) 81 (*98) 59 (*84) Barmer (1,080 MW) LT 100% 83 (*87) 82 (*87) 75 (*78) 77 (*80) LT 37% 99 (*100
Slide 38: Entity-wise Financial Results
Entity-wise Financial Results Entity-wise Revenue from Operations Particulars in ₹ Crore Q4 FY24 Q4 FY23 FY24 FY23 Standalone 1,236 1,647 5,129 5,739 JSW Energy (Barmer) 809 748 2,880 3,026 Ind-Barath 123 NA 127 NA JSW Hydro Energy 171 186 1,370 1,328 Acquired RE Portfolio 294 4 1,574 4 JSW Renewabl
Slide 39: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Reported PAT 560 466 180 272 290 850 231 351 Add: Depreciation 289 294 295 291 398 409 400 427 Add/(less): Deferred Taxes 84 42 14 24 55 89 (4) (92) (Less): Divi
Slide 40: Finance Cost & PAT Movement
Finance Cost & PAT Movement Finance Cost (YoY; ₹ Cr) Profit After Tax (YoY; ₹ Cr) JSW Energy Q4 FY24 Results Presentation 40
Slide 41: 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 3.4 GWh of locked in capacity Solar Module & Green H2 Wind, Thermal, Green H
Slide 42: Developed a Pan India Footprint of Diverse Asset Base
Developed a Pan India Footprint of Diverse Asset Base Operational Capacity by CY 24 (9,840 MW) Punjab Himachal Pradesh Wind Hydro 50 MW 1,631 MW Solar BESS Rajasthan Madhya Pradesh Thermal PSP 258 MW 1,080 MW 30 MW Green Hydrogen 1,000 MWh Gujarat Odisha 78 MW 700 MW Maharashtra Telangana 492 MW 1,2
Slide 43: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Capacity Breakdown Diversified Offtakers Generation 13,240 MW PPA to be Group signed *, Captive, Pipeline 26% 16% Installed 7,290^ MW 3,400 MW 26% Solar 2,400 MW Open Installed Wind 1,000 MW Thermal 3,508 MW Current Exposure capacity –
Slide 44: JSW Energy Company Overview – Corporate Structure
JSW Energy Company Overview – Corporate Structure Ratnagiri – 1,200 MW JSW Energy Limited Vijayanagar – 860 MW Hydro Entities Nandyal – 18 MW 13,240 MW Solar/Wind Entities Solar – 10MW Products & Services Total – 2,088 MW JSW Neo Energy * JSWEBL – 1,080 MW 9,372 MW Ind-Barath – 700 MW Energy Generat
Slide 45: JSW Neo - Acquired RE Portfolio
JSW Neo - Acquired RE Portfolio Net Generation (MUs) PLF Wind Solar Operational Highlights 594 613 3,337 • Net generation increased 3% YoY in 2,980 Q4 FY24 driven by higher machine 208 199 756 721 Solar availability in wind, partly offset by Wind lower solar radiation 414 2,581 386 2,259 • For FY24
Slide 46: Acquired RE – FY24 Performance Improvement On Track
Acquired RE – FY24 Performance Improvement On Track Wind Generation (MUs) 36 Wind Machine Availability (%) 302 2,581 3 9 4 +900 bps 96.9% +710 bps 2,259 96.1% 87.9% 89.0% 335 MUs increased due to focused interventions FY 2023 MA Benefit GA Loss Maniyachi Cyclone Wind FY 2024 Q4 FY23 Q4 FY24 FY2023 F
Slide 47: Receivables Cycle Improving
Receivables Cycle Improving Strong collection in Acquired RE Portfolio’s Receivables* Particulars in ₹ Cr 797 50% YoY improvement 403 399 Mar-23 Dec-23 Mar-24 Focused O&M Interventions leading to strong billing/collection growth 158% 145% Strong generation and billing 97% 106% growth Continued focus
Slide 48: JSW Neo - Hydro Q4 FY24 Highlights
JSW Neo - Hydro Q4 FY24 Highlights Net Generation (MUs) Hydro : PAF and PLF 12% 8% Operational Highlights 5,595 95% 92% 4,913 104% 101% 403 • Net generation at Hydro Assets 369 Short Term (Karcham and Baspa) for 4QFY24 was 98% 48% 98% Long 42% 100% 100% 5,510 down 8% YoY and down 12% YoY for 4,831 T
Slide 49: Under Construction Projects
Under Construction Projects JSW SECI X JSW Energy Q4 FY24 Results Presentation 49
Slide 50: JSW Neo - Under construction Wind Power Projects – 2.0 GW
JSW Neo- Under construction Wind Power Projects – 2.0 GW Wind Projects (SECI IX,X, XII and Group Captive) SECI IX (810MW) : 92 MW Commisioned SECI X (454 MW) : 248 MW Commisioned Approx 2 GW is under construction and to be commissioned by CY24 JSW Energy Q4 FY24 Results Presentation 50
Slide 51: JSW Neo - Kutehr Hydro Power Plant – 240 MW
JSW Neo - Kutehr Hydro Power Plant – 240 MW Barrage & Intake Power-House works • Barrage concreting completed 89% • Unit 1 - Boxing up of unit-1 in progress • Unit 2 – Erection of turbine in progress • Intake 1&2 concreting completed • Unit 3 – Generator barrel concreting in Tunneling & Concreting p
Slide 52: JSW Energy - Ind-Barath Unit 2 (350 MW)
JSW Energy - Ind-Barath Unit 2 (350 MW) Revival works in Progress Unit 1 (350 MW) Unit 2 (350 MW) • Synchronised with grid on 13th Jan 24 • Turbine box up work completed • Boiler steam blowing preparation under progress • Generator rotor thread in completed • Switchgear commissioning in progress JSW