Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q2 FY25 Earnings Presentation
48 slides from Jsw Energy's earnings presentation, Oct 24, 2024
Slide 1: Q2 FY25 Results Presentation
Q2 FY25 Results Presentation October 24, 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 Q2 FY25 Highlights Operational & Financial Performance Segment Wise Performance Safety & Sustainability Business Environment Appendix Vijayanagar Solar Power Plant JSW Energy Q2 FY25 Results Presentation 3
Slide 4: Q2 FY25 Highlights (1/3)
Q2 FY25 Highlights (1/3) • Net Generation: Up by 14% YoY at 9.8 BUs driven by wind capacity additions, higher generation at thermal and hydro plants • Total RE generation is up by 14% YoY at 5.0 BUs driven by 37% YoY increase in wind generation and 5% YoY Operational increase in hydro generation; To
Slide 5: Q2 FY25 Highlights (2/3)
Q2 FY25 Highlights (2/3) • Reported EBITDA declined by 5% YoY to ₹ 1,907 Cr while underlying EBITDA increased 4% YoY primarily on account of higher generation • PAT and Cash PAT were marginally up YoY at ₹853 Cr and ₹1,190 Cr, respectively Consolidated • Best in class Balance Sheet: Net Debt to Equi
Slide 6: Q2 FY25 Highlights (3/3)
Q2 FY25 Highlights (3/3) Generation: Total locked-in capacity of 19.2 GW • 204 MW of wind capacity commissioned during the quarter; 495 MW capacity added in YTD FY25 • Commissioning of 440 MW of 454 MW SECI X Wind Project • Won RE bids to install 3.7 GW taking the total locked-in generation capacity
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 16% 2% • Net Generation: Up by 14% YoY at 9.8 BUs driven 2% 14% by wind capacity additions, higher generation at 17,721 6,401 6,502 9,840 15,336 3,387 3,459 thermal and hydro plants. LT PPA generation is up 8,6
Slide 9: EBITDA Bridge
EBITDA Bridge Q2 FY25 Particulars in ₹ Cr Thermal Renewables 2,008 174 * ST Thermal Hydro Impact of ₹ 61 Cr Underlying EBITDA increased 4% YoY JSW Energy Q2 FY25 Results Presentation * Hydro true up impact in Q2 FY24 9
Slide 10: Consolidated Financial Results
Consolidated Financial Results H1 FY25 H1 FY24 Particulars in ₹ Crore Q2 FY25 Q2 FY24 6,502 6,401 Total Revenue 3,459 3,387 3,488 3,316 EBITDA 1,907 2,008 54% 52% EBITDA Margin(%) 55% 59% 767 807 Depreciation 392 409 1029 999 Finance Cost 518 514 1,691 1,510 Profit Before Tax 997 1,086 1,375 1,140 P
Slide 11: Net Debt Movement
Net Debt Movement Particulars in ₹ Cr Capital Work- in-Progress (CWIP) Operational Projects 1,527 18 324 85 399 24,875 23,339 10,175 11,706 ND/EBITDA# 13,164 13,169 (excl. CWIP) at 2.2x Net Debt as on New Debt Taken Forex Repayment Movement in Change in Cash Net Debt as on Jun 30,2024 restatement sh
Slide 12: Generation Capacity - Locked-in 19 GW
Generation Capacity - Locked-in 19 GW Generation (MW) Installed Capacity to Double 2.1 GW to be PPAs signed 19 GW commissioned by FY2025 10 GW Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Q2 FY25 Results Presentation ^ Pipeline: Projects where LoA/LoI is
Slide 13: Exclusively Renewable Project Pipeline
Exclusively Renewable Project Pipeline PPA Signed Letter of Award/Intent Received (PPA to be Signed) 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 700 700 Total Solar 560 560 GUVNL 30
Slide 14: Energy Storage - Locked in 16.2 GWh
Energy Storage - Locked in 16.2 GWh BESS Plant to be PSP for MSEDCL to commissioned by be commissioned in June 2025 48 months 48 Months 40 Target 40 GWh by 2030 Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 JSW Energy Q2 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 27,970 24,260 23,339 24,875 26,929 22,904 20,976 20,832 19,111 19,877 20% 20% 21% 18% 20,972 21,553 14,859 15,336 15,501 16% 16% 14,061 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Jun-23 Sep-23 Dec-23 Ma
Slide 16: Healthy Trade Receivables
Healthy Trade Receivables Trade Receivables* (₹ Cr ) Operational Highlights • Receivables on a DSO terms remain at an heathy level 2,291 2,571 • All plants placed favourably in States’ Merit Order Dispatch. o Further, Hydro plants under ‘Must-run status’ with no scheduling risk • No history of any b
Slide 17: Segment Wise Performance
Segment Wise Performance Segment Wise Performance Present across all modes of generation
Slide 18: Thermal Assets | Q2 FY25 Highlights
Thermal Assets | Q2 FY25 Highlights Offtaker Profile Operational Assets Open, Rajasthan, 34% 28% 3,858 MW MSDECL, Utkal 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 338 MW Merchant Fuel Typ
Slide 19: Thermal Assets | Q2 FY25 Highlights (2/2)
Thermal Assets| Q2 FY25 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term Operational Highlights 14% 9% 83% 86% 85% • Total Net Generation up 14% YoY at 4.8 BUs, 4,847 9,485 83% 8,709 72% 76% 73% 75% driven by higher generation at Ratnagiri and 4,269 Vijayanagar plants and contribution
Slide 20: Renewable Assets | Q2 FY25 Highlights
Renewable Assets |Q2 FY25 Highlights Offtaker Profile Wind – 4,701 MW Hydro - 1,631 MW Solar – 3,454 MW Hybrid – 2,026 MW Presence across all modes of generation Group Captive 17% PTC 6% Others 3% GJ 4% Total - Operational - MW Total - Operational - MW Total - Operational - MW TS 3% 15,352 * AP 3% •
Slide 21: Renewable Assets | Q2 FY25 Highlights
Renewable Assets |Q2 FY25 Highlights Installed Green Capacity (MW) Net Generation (MUs) Operational Highlights 21% 14% 24% • Renewable generation was up 14% YoY 4,356 8,236 • Wind generation at 1.8 BUs increased by 3,613 4,993 6,627 37% YoY due to capacity additions 4,369 96% Short Term • Total Hydr
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 Q2 FY25 British Safety Council Award for OH&S Safety Performance LTIFR of 0.18 upto Q2 FY25 Contractor Safety Management Wind Projects: Pre-Qualification Assessment (PQA) assessment completed for contractors ▪ 93 contractors evaluated
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: Q2 FY25 Performance
Sustainability: Q2 FY25 Performance Key Highlights Performance ▪ Supply chain sustainability assessment – Registration of vendors in advanced stage; ESG assessment of registered vendors in progress. Ash Utilisation (%) ▪ TCFD (physical risk assessment) at Hydro plants – Site visit completed at JSW H
Slide 27: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy, Barmer JSW Energy Q2 FY25 Results Presentation 27
Slide 28: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health and Nutrition Sports Promotion • High altitude boxing training imparted to 95 • Doorstep healthcare services provided sportspersons under Project Shikhar through medical health units (MHUs) and health camps • 417 National and international level meda
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 • India continues to see resilient growth amid global 5.5 4.5 5.5 6.2 6.7 2.9 3.3 4.3 headwinds o Real GDP growth stood at 6.7% in Q1 FY25; RBI forecasts 1.8 -5.8 7.2% growth in GDP for FY25 -23.1 o PMI: Manufacturing (Sep-24: 56.5) an
Slide 32: Power Demand Remained Flat YoY in Q2 FY25 on a High Base
Power Demand Remained Flat YoY in Q2 FY25 on a High Base Power Demand in BUs Power Demand Growth (% YoY) 165 40% 155 145 30% • India’s power demand remained flat YoY 135 20% at 435 BUs in Q2 FY25, due to sporadic 125 10% 115 rainfall leading to lower cooling 105 0% 95 requirements. However, power de
Slide 33: Overall Generation Increased by 1% YoY in Q2 FY25
Overall Generation Increased by 1% YoY in Q2 FY25 Power Generation in BUs Power Generation Growth (% YoY) • Overall generation during Q2 FY25 30% 175 stood at 466 Bus, increasing by 1.1% 20% 155 YoY. 135 10% • Share of thermal in overall generation 115 0% decreased to 68% in Q2 FY25 with net 95 -10%
Slide 34: India's installed capacity stands at 453 GW as on Sep 24
India’s installed capacity stands at 453 GW as on Sep 24 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 2% 155 16 10% 23% 24% State Thermal 47 Other RES Nuclear 34% Wind Private 453 GW 453 GW Hydro Solar 54% 91 Central Renewables 53% 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 Q2 FY25 6 5.0 • DAM prices were down 24% YoY as the 4 3.0 average tariff recorded for Q2 FY25 was 2 1.0 ₹ 4.48/KWh vs ₹5.89/KWh in the Oct Jan Feb Sep Apr Aug Nov
Slide 36: Appendix
Appendix Ratnagiri Thermal Power Plant
Slide 37: Operational Performance – Thermal
Operational Performance – Thermal Net Generation (MUs) PLF/CUF (%) Location (Current Capacity Change Change Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 Capacity) (%) YoY YoY LT 91% 1,698 1,478 15% 3,327 3,140 6% 77 (*88) 67 (*88) 75 (*87) 72 (*94) Ratnagiri (1,200 MW) Total 100%
Slide 38: Operational Performance – Renewables
Operational Performance – Renewables Net Generation (MUs) PLF/CUF (%) Location (Current Capacity Change Change Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 Capacity) (%) YoY YoY LT 97% 2,683 2,694 0% 4,422 3,828 16% 94 95 78 68 * Hydro (1,345 MW) Total 100% 2,916 2,766 5% 4,756 3,
Slide 39: Financial Results – Major Entities
Financial Results – Major Entities Entity-wise Revenue from Operations Particulars in ₹ Crore Q2 FY25 Q2 FY24 H1 FY25 H1 FY24 Standalone 967 1,133 2,017 2,617 JSW Energy (Barmer) 746 727 1,385 1,367 JSW Energy Utkal 266 0 530 4 JSW Hydro Energy 466 691 786 988 Acquired RE Portfolio 559 607 991 1,025
Slide 40: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Reported PAT 180 272 290 850 231 351 522 853 Add: Depreciation 295 291 398 409 400 427 375 392 Add/(less): Deferred Taxes 14 24 55 89 (4) (92) 61 (4) (Less): Div
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 16.2 GWh of locked in capacity Solar Module & Green H2 Thermal, Hybrid+ FDRE, 3.9 GW, Green Hydrogen 4.8 GW, 25
Slide 42: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Capacity Breakdown Diversified Offtakers Generation Open capacity in 7.9 GW – 13% Open Capacity, 8% Pipeline 3,540 MW Others, 3% Group Captive, 20% Solar 560 MW Installed 7,740 MW 22% GJ, 3% Group Captive in Wind 250 MW HP, 2% 7.9 GW -
Slide 43: JSW Hydro - Q2 FY25 Highlights
JSW Hydro - Q2 FY25 Highlights Net Generation (MUs) Hydro : PAF and PLF Revision in two-part tariff at Karcham- 22% Wangtoo during the year on account of 5% 4,756 106% 104% lower depreciation rate in accordance with 2,916 3,910 2,766 105% 106% 81% Short 94% 99% CERC Regulations. Term 67% 93% 97% 92%
Slide 44: Under Construction Projects
Under Construction Projects JSW SECI X, Tuticorin JSW Energy Q2 FY25 Results Presentation 44
Slide 45: JSW Neo - Under construction Wind Power Projects – 1.5 GW
JSW Neo - Under construction Wind Power Projects – 1.5 GW Wind Projects (SECI IX, X, XII and Group Captive) ▪ SECI IX (810MW) : 205 MW Commisioned till date ▪ SECI X (454 MW) : 440 MW Commisioned till date ▪ Group Captive (737 MW) : 144 MW Commisioned till date ▪ Approx 1.5 GW is under construction
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 95% • Unit 1 &2 – Box up completed • Intake 1&2 - Concreting completed • Unit 3 – Turbine erection completed; Generator assembly in progress • GIS – Installation work completed Tunneling &
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 • Steam Blowing Completed • Transmission line stringing work in progress • Station Transformer Charging Completed • Locomotive procurement done • Railway track laying in
Slide 48: Energy Products and Services
Energy Products and Services 3,800 TPA Green Hydrogen Plant 1,000 MWh Battery Energy Storage Plant Largest Green Hydrogen Plant for Production of Green Steel Largest Standalone Battery Energy Storage Project • Equipment deliveries started • Equipment deliveries started • Civil work in progress • Civ