Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q4 FY2023 Earnings Presentation
97 slides from Jsw Energy's earnings presentation, May 23, 2023
Slide 1: Exchange filing cover letter
Energy Limited Regd. Office : JSW Centre Bandra Kurla Com plex Bandra (East), Mumbai - 400 051 CIN: L74999MH1994PLC077041 Phone: 022 – 4286 1000 Fax: 022 – 4286 3000 Website: www.jsw.in SEC / JSWEL 23rd May, 2023 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchang
Slide 2: Q4 and FY23 Results Presentation
Q4 and FY23 Results Presentation May 23, 2023
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: FY2023 – A Year of Delivering Promises
FY2023 – A Year of Delivering Promises Operating Capacity Enhanced by 44% (~2GW) in FY23 2nd highest Operating EBITDA and Adjusted PAT ever Won the largest single location BESS project of 1GWh Won Hydro Pump Storage project of 2.4GWh Contracted India’s largest commercial scale Green H2 Backward Inte
Slide 5: Delivering Sustainable Growth – Resilient Business Model
Delivering Sustainable Growth – Resilient Business Model 2 GW of Renewable Led Capacity Addition in FY23 (GW) 44% 6,564 6,615 Increased capacity by 4,531 4,541 4,559 4,559 4,559 ~2GW (44%) YoY 1,730 FY10 FY18 FY19 FY20 FY21 FY22 FY23 Current 2nd highest operating EBITDA and adjusted PAT ever 2nd Hig
Slide 6: Acquired 1,753 MW of Mytrah RE Assets
Acquired 1,753 MW of Mytrah RE Assets JSW Energy Completed the Acquisition of RE Portfolio of Mytrah Energy Largest acquisition by the Company. 1,753 MW comprises of 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar • Acquisition of 15 SPVs and 13 ancillary SPVs having 1,449MW of total inst
Slide 7: Asset Optimisation & Performance Improvement Plan underway
Asset Optimisation & Performance Improvement Plan underway Generation Improvement O&M Optimisation Wind Solar O&M Action Plan Action Plan Action Plan • Improve Machine Availability (MA) • DC Capacity augmentation (38 MW) • Self O&M team • Restoration of WTGs to add ~20 MU’s • Resource management • F
Slide 8: Normalised EBITDA will be achieved ahead of articulated time
Normalised EBITDA will be achieved ahead of articulated time 1,187 Focused interventions driving encouraging initial response Wind Solar • Total 109 WTG’s restored since April-23, remaining 25WTGs to • Solar Trackers availability and better spare management be restored by June-23. led to improved PR
Slide 9: Attractive Refinancing driving Finance Cost Saving
Attractive Refinancing driving Finance Cost Saving of > ₹ 240 Cr p.a. Benchmarked Refinancing Package in place at the time of Consummation of Deal Delivering significant value immediately upon acquisition Interest cost Maturity life to savings of more match the useful Payment to Restoration Co-oblig
Slide 10: Mytrah – Underlying Normalised Net Debt/EBITDA at 5.2x
Mytrah – Underlying Normalised Net Debt/EBITDA at 5.2x Pre-Acquisition FY 23 Normalised EBITDA ₹1,237 Cr ₹1,187 Cr ₹1,650 Cr Net Debt/EBITDA 7.7x 7.2x 5.2x JSW Energy Q4 FY23 Results Presentation 9
Slide 11: Receivables Cycle Improving – Focused Collection Efficiency in Play
Receivables Cycle Improving – Focused Collection Efficiency in Play Strong collection in Mytrah Portfolio’s Receivables underway Monthly Collection consistently above the billing, JSW’s strong collection efficiency in play leading to lower receivables 223% • Monthly collection rate consistently abov
Slide 12: Post Merger Integration – Progressing on track
Post Merger Integration – Progressing on track People Safety & Sustainability SAP and IDCC • 102 employees on-boarded • JSW’s HSE & Sustainability • SAP Integration Completed; IT Systems • Additional 20% lateral hires and standards rolled out Upgradation underway internal transfers to drive integrat
Slide 13: Ind-Barath 700 MW – Revival On Track
Ind-Barath 700 MW – Revival On Track – Commissioning in FY24 Status and Plan Mechanical Works Unit 1 • Turbine-Generator coupling run out and free run out completed • 11 kV Line Supply for Construction Works and readings are within limit • Turbine, generator, boilers & auxiliaries to finish in Sept
Slide 14: Energy Storage – Unique Value Proposition as an Early Mover
Energy Storage – Unique Value Proposition as an Early Mover Battery Energy Storage System (BESS) Hydro Pump Storage (PSP) • Received LoI for 2.4GWh (300 MW x 8 hours) PSP from Power LoA received for 500MW/1000 MWh SECI project in Jan-23 Company of Karnataka Ltd (PCKL) • Build Own Operate Transfer (B
Slide 15: Green Hydrogen Opportunity – JSW Energy’s Unique Positioning
Green Hydrogen Opportunity – JSW Energy’s Unique Positioning G R E E N H2 RTC RE Power at Monetization of Co-location with Project Mutually competitive Scalability byproducts Offtaker Experience Beneficial prices • Power is ~65-70% of • Valorization of • JSWEL’s backward • Co-location of • Ability t
Slide 16: Contracted India’s Largest Commercial Scale Green Hydrogen Project
Contracted India’s Largest Commercial Scale Green Hydrogen Project India’s First Plant to Produce Green Hydrogen for Production of Green Steel India’s largest Commercial Scale Plant H2 & O2 Green H2 Green Power 3,800 TPA 25 MW RTC power Surety of Offtake Secured land for plant Cost plus Offtake Gree
Slide 17: Solar Module Manufacturing – Supply Chain De-risking
Solar Module Manufacturing – Supply Chain De-risking NEED FOR BACKWARD INTEGRATION BACKWARD INTEGRATION AT JSW ENERGY Solar power is critical to transition towards green power Allocated 1 GW of capacity under PLI for W-C-M Tariff policy (BCD) restrictive, leading to high landed cost of Supply Chain
Slide 18: 2030 Road Map for Integrated and Sustainable Growth
Vijayanagar Solar Power Plant Company Overview 2030 Road Map for Integrated and Sustainable Growth 17
Slide 19: In 2021 – we crafted our Growth road map till 2030 under Strategy 1.0
In 2021 – we crafted our Growth road map till 2030 under Strategy 1.0 Strategy 1.0 – Focus on Generation only Financial Projections in 2021 20.0 EBITDA ~5x 20% CAGR ~2.5x 4x (FY21-30) ~ ₹3,000-3,200 Cr 2x 10.0 4.6 GW 10 GW 20 GW (Current) PAT 4.6 22% CAGR ~6x (FY21-30) ~3x ~ ₹800 Cr FY21 FY25e FY 30
Slide 20: Robust Delivery - Outperformed our 2025 Milestone
Robust Delivery - Outperformed and Broad-Based our 2025 Milestone 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
Slide 21: Well Diversified Portfolio – Focused on Maximising Cash Returns
Well Diversified Portfolio – Focused on Maximising Cash Returns Capacity Breakdown Diversified Offtakers Open Capacity, Group Captive, Generation 9,770 MW 15% 22% Installed Current Exposure to Under-construction Others, 7% Group Captive - 6,615 MW 21% 3,155 MW Thermal 3,158 MW HP, 3% Wind 2,215 MW 3
Slide 22: Developed a Pan India Footprint of Operating Locations
Developed a Pan India Footprint of Operating Locations Installed Capacity by Location (6,615 MW) Punjab Himachal Pradesh JSW Energy Solar: 50 MW Hydro: 1391 MW Mytrah Energy Rajasthan Madhya Pradesh Wind: 30 MW Wind: 258 MW Thermal: 1080 MW Gujarat Telangana Wind: 78 MW 101 MW Wind: Solar: 327 MW Ma
Slide 23: 25% CAGR growth in Installed Generation Capacity by 2024
25% CAGR growth in Installed Generation Capacity by 2024 + 1 GWh BESS Under Construction 3.2 GW, to be Commissioned by CY24 Under-Construction 0.3 9.8 0.7 0.2 0.7 0.8 0.4 6.6 4.6 20% CAGR 25% CAGR FY21 Current SECI - X SECI- IX Group Captive Kutehr Ind Barath SECI- XII Operational by Operational Win
Slide 24: Opportunity to Accelerate Growth – Proven Execution Capability
Opportunity to Accelerate Growth – Proven Execution Capability Enhanced Value creation Opportunities JSW Energy Edge India requires ~ 40 RE+ Storage to plug Delivering Promises- GW of RE capacity increasing Peak Reached 10 GW ahead Demand-Supply Gap of the stated timelines addition per year Largest
Slide 25: Revising 2030 Guidance under Strategy 2.0
Revising 2030 Guidance under Strategy 2.0 (2023-2030) Strategy 2.0 H2 ELECTRONS TO MOLECULES Green Hydrogen Production Forward integration of & downstream derivatives RE generation ENERGY STORAGE : Large Portfolio of Resources Pump Hydro Storage Battery Energy Storage GENERATION CAPACITY Locked in S
Slide 26: Strategy 2.0 – 20 GW Generation + 40 GWh of Storage by FY30
Strategy 2.0 – 20 GW Generation + 40 GWh of Storage by FY30 Capacity 20 Pillars for Self sustainable and Integrated road map 3.0x 40GWh/5GW Energy Storage by FY30 • Sustainable value creation focused on Cash Returns 6.6 1GW Solar Module Manufacturing Apr-25 • Internal Accruals and BS Headroom (no ex
Slide 27: Revised Guidance 2.0 (2023-2030) – No Equity Dilution Needed
Revised Guidance 2.0 (2023-2030) – No Equity Dilution Needed Growth to be driven by internal accruals Net Debt/EBITDA <4.5x <4.0x 3.5x-4.0x Targets FY30 Strategy 1.0 (2021) Strategy 2.0 (2023) Generation Capacity 20 GW 20 GW 2x Energy Storage ------ 40 GWh/ 5GW Solar Module ------ 1 GW module W-C-M
Slide 28: Agenda
Agenda Q4FY23 Highlights Operational & Financial Performance Safety & Sustainability Business Environment Appendix JSW Energy Q4 FY23 Results Presentation Vijayanagar 225MW Solar Power Plant 27
Slide 29: Q4 FY23 Highlights (1/3)
Q4 FY23 Highlights (1/3) • Overall Net Generation: Up by 16% YoY at 5.1 BUs on back of strong merchant volumes and RE capacity addition Operational • Net Renewable Generation: Up by 32% YoY aided by commissioning of Vijayanagar solar power Performance plant • Net Long Term Generation: Up by 7% YoY a
Slide 30: Q4 FY23 Highlights (2/3)
Q4 FY23 Highlights (2/3) Under • 1.26 GW SECI IX & X Wind projects : Progressive commissioning of SECI X project under progress with construction – part CoD for 78 MW as of Apr’23; WTG foundation and balance of plant works in-progress for SECI IX. Generation Projects • 240 MW Kutehr HEP: Project wel
Slide 31: Q4 FY23 Highlights (3/3)
Q4 FY23 Highlights (3/3) • Mytrah RE assets o Completed the acquisition of 1,753 MW of renewable assets from Mytrah Energy (India) Private Limited at an Enterprise Value of ₹10,150 Cr, , after adjusting for net current assets and Update on other adjustments under the SPAs (Share Purchase Agreements)
Slide 32: Operational & Financial Performance
Operational & Financial Performance Barmer TPP 1,080 MW
Slide 33: Consolidated Performance
Consolidated Performance Net Generation (MUs) Total Revenue* (₹ Cr) Operational Highlights 5% • Total Net Generation: +16% YoY in Q4 FY23 at 5.1 16% 6% 24% BUs due to strong merchant volumes and RE 5,067 20,787 21,866 4,363 2,806 10,867 capacity addition. +5% YoY in FY23 at 21.9 BUs on 2,655 Short 8
Slide 34: Thermal Assets | Q4 FY23 Highlights (1/2)
Thermal Assets| Q4 FY23 Highlights (1/2) Total Thermal Assets Operational Assets - 3,158* MW Under Construction Total Thermal Capacity 3,858 MW Ratnagiri Barmer Vijayanagar Ind - Barath Operational Capacity Installed Capacity 1,200 MW 1,080 MW 860 MW 700 MW 3,158 MW PPA tied 1,095MW 1,080 MW 338 MW
Slide 35: Thermal Assets | Q4 FY23 Highlights (2/2)
Thermal Assets| Q4 FY23 Highlights (2/2) Net Generation (MUs) Thermal : PLF – long term 14% 4% 94% Operational Highlights 4,482 85% 3,920 15,251 15,819 63% 79% 69% 72% 68% • Total Net Generation +14% YoY at 4.5 BUs, as 60% Short merchant volumes soar ~3x in the quarter. Term (94%) (86%) (94%) (89%)
Slide 36: 4.3x Growth in Renewables Capacity
4.3x Growth in Renewables Capacity JSW Neo 5,902 MW Operational Assets * – 3,447 MW Under Construction – 2,455 MW Expected to be operational by CY 2024 3,624 MW (incl. Mytrah Assets: Wind 1,331 MW) WIND WIND HYDRO Hydro 1,631 MW SOLAR SECI IX (810) SECI X (372) HYDRO Karcham Mytrah Wind Captive JSW
Slide 37: Green Assets | FY23 Highlights
Green Assets| FY23 Highlights Installed Green Capacity 1 (MW) Net Generation (MUs) Operational Highlights FY23 3,396 9% • Capacity addition of ~2 GW in the year 6,047 • Net generation +9% YoY to 6 BUs driven 2.4x Long by capacity additions and steady Term Short generation at hydro plants 1,391 5,535
Slide 38: Consolidated Financial Results
Consolidated Financial Results FY23 FY22 Particulars in ₹ Crore Q4 FY23 Q4 FY22 10,867 8,736 Total Revenue 1 2,806 2,655 3,817 4,138 EBITDA 881 1346 35% 47% EBITDA Margin(%) 31% 51% 3,817 3,542 EBITDA (Adjusted) 2 881 821 35% 44% EBITDA Margin(%) (Adjusted) 2 31% 39% 844 777 Finance Cost 233 100 844
Slide 39: EBITDA Bridge
EBITDA Bridge Particulars in ₹ Cr Q4 1,346 True-up 524 822 822 Reported EBITDA incl. true-up FY23 4,138 True- up 596 3,542 3,542 Reported EBITDA incl. true-up JSW Energy Q4 FY23 Results Presentation * Adjusted for true-up order impact of Karcham-Wangtoo subject to consolidation adjustments 38
Slide 40: Net Debt Movement (Proforma | Incl. Mytrah Debt)
Net Debt Movement (Proforma | Incl. Mytrah Debt) Particulars in ₹ Cr Leverage Net Debt (₹ Cr) EBITDA (₹ Cr) ND/EBITDA (x) Under-Construction Operating (Excl. Mytrah) 9,990 3,817 2.6x Mytrah Mytrah (Normalised EBITDA) 8,576 1,650 5.2x Combined (Excl. Under construction) 18,566 5,467 3.4x Operational
Slide 41: Superior Financial Risk Profile (Incl. Mytrah)
Superior Financial Risk Profile (Incl. Mytrah) Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) 22,180 17,415 17,593 18,392 18,629 16,082 16,638 21% 21% 19% 20% 18% 9,840 18% 7,720 7,874 11,830 12,688 12,952 13,491 13,446 14,177 6,021 6,963 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Dec-21 Mar-22
Slide 42: Healthy Trade Receivables (Excl. Mytrah)
Healthy Trade Receivables (Excl. Mytrah) Consolidated Trade Receivables* (₹ Cr ) • Receivables days in Q4 FY23 at 60 days down on YoY basis from 63 days o Receivables (in ₹ Cr) increase YoY due to higher fuel costs. 1,979 • All plants placed favourably in States’ Merit Order Dispatch. True up impact
Slide 43: Sustainability
Sustainability Baspa Reservoir
Slide 44: Continuing our Health & Safety Excellence Journey
Continuing our Health & Safety Excellence Journey Health & Safety Zero severe injuries/fatalities Lost Time Injury Frequency Rate of zero at all the operational plants during FY23 Training Conducted at Plant Locations 89% of contractors covered by JSW CARES audit 18 Contractors (34%) achieve 5 Star
Slide 45: 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 to No Net Loss for Biodiversity Mr. Sunil Goyal Indep
Slide 46: Sustainability: Targets and Strategy
Sustainability: Targets and Strategy SD Targets FY20 FY30 Improvement Strategic Initiatives and Approach Actuals Targets Increased share of renewable energy for deep decarbonization GHG Emissions Process efficiency improvements Climate Change 0.76 0.215 * 60% tCO2e/ MWh Replacement of conden
Slide 47: Sustainability: FY23 Performance
Sustainability: FY23 Performance Key Highlights Performance • TCFD – Peer group assessment completed by ESG consultant Ash Utilisation (%) • ESG survey of suppliers in progress for assessment of supply chain sustainability Climate of the value chain Change • Deep decarbonization – Share of renewable
Slide 48: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities JSW Energy Q4 FY23 Results Presentation 47
Slide 49: Sustainability: Empowering Our Communities
Sustainability: Empowering Our Communities Health & Nutrition Education & Learning o Completed upgradation of Modular Operation Theater & o Wall painting work at Government School in Barmer for constructed Modern Post Operation Ward; handed over to awareness generation and promotion of tradition fol
Slide 50: Sustainability: Recognition of Global Best Practices
Sustainability: Recognition of Global Best Practices Leadership’ (A-) rating in CDP Climate Program 2022. League of American Communication Professional (LACP): Integrated Annual The Sword and Globe of Honour by British Report 2022 received a ‘Gold Award’ in the Safety Council spotlight competition o
Slide 51: Investor Relations Contact
Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link Vijayanagar TPP 50
Slide 52: Business Environment
Business Environment Baspa Hydro Power Plant
Slide 53: Indian Economy
Indian Economy Real GDP Growth (%) • India continues to see resilient growth amid headwinds from slowing global growth and trade 20.1 13.5 o Real GDP growth for quarter Dec-22 stood at 4.4% YoY. 8.4 6.3 3.2 2.8 5.4 4.1 4.4 0.7 2.5 o PMI: Manufacturing (Mar-23: 56.4) and Services (Mar- 23: 57.8) PMI
Slide 54: Power Demand grew by 10% in FY23
Power Demand grew by 10% in FY23 Power Demand in BUs Power Demand Growth YoY 140 40% 127.0 • The total demand recorded in FY23 was 30% 120 20% 1,512 BUs up 10% YoY 10% 100 • On a quarterly basis India witnessed a 0% -1.7% demand of 374 BUs in Q4 FY23 vs 350 BUs 80 -10% Apr May Jun Jul Aug Sep Oct No
Slide 55: Overall Generation grew by 9% in FY23
Overall Generation grew by 9% in FY23 Power Generation Growth YoY Thermal PLFs 40% 85 • Overall generation during FY23 at 1,624 30% 75 68.0 BUs increased by 9% YoY led by higher 20% 65 generation across sources; with 10% 0% 55 renewable generation registering 20% YoY -0.5% -10% 45 growth Apr May Jun
Slide 56: India’s installed capacity stands at 416 GW as on Mar-23
India’s installed capacity stands at 416 GW as on Mar-23 Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown 2% 125.2 11% 15.7 24.0% 25.4% State Thermal 42.6 Other RES Private 416 GW Nuclear 416 GW 30% Wind Central Hydro Solar 57% 66.8 50.5% Overall segment wi
Slide 57: Merchant Power – Day Ahead Market
Merchant Power – Day Ahead Market Monthly Average Merchant Tariff (₹/unit) Linear Trend - Monthly Avg Price (₹/kwh) 11 FY23 12 9 • Day Ahead Market (DAM) prices were up 10 8.23 7 36% YoY as the average tariff recorded for 8 5 FY23 was ₹ 5.90/KWh vs ₹4.39/KWh in the 6 5.44 corresponding period last y
Slide 58: Appendix
Appendix Hydro Power Plant - Turbine
Slide 59: JSW Energy Company Overview – Broad Structure
JSW Energy Company Overview – Broad Structure Ratnagiri – 1,200 MW Vijayanagar – 860 MW JSW Energy Limited Nandyal – 18 MW Hydro Entities Solar – 10MW 9,770 MW Solar/Wind Entities JSWEBL – 1,080 Products & Services Ind-Barath- 700 Total – 3,868 MW JSW Neo Energy * 5,902 MW Energy Generation Portfoli
Slide 60: Entity-wise Financial Results
Entity-wise Financial Results Entity-wise Revenue from Operations Particulars in ₹ Cr Q4 FY23 Q4 FY22 FY23 FY22 Standalone 1,647 1,081 5,739 3,643 JSW Energy (Barmer) 748 740 3,026 2,667 JSW Hydro Energy 186 812 1,328 1,856 JPTL 19 18 71 72 Consolidated* 2,670 2,441 10,332 8,167 Entity-wise EBITDA P
Slide 61: Operational Performance – Net Generation
Operational Performance – Net Generation Net Generation Capacity Q4 FY23 Q4 FY22 Change YoY FY23 FY22 Change YoY Location % % % LT 89% 1,506 1,290 17% 5,123 5,270 -3% Ratnagiri (1,200 MW) Total 100% 1,752 1,355 29% 5,713 5,514 4% Barmer (1,080 MW) LT 100% 1,730 1,608 8% 6,544 6,515 0% LT 36% 615 770
Slide 62: Operational Performance – PLF
Operational Performance – PLF PLF Capacity Q4 FY23 Q4 FY22 FY23 FY22 Location % % % % % LT 89% 71 (*98) 85 (*104) 60 (*87) 61 (*79) Ratnagiri (1,200 MW) Total 100% 74 (*98) 57 (*69) 59 (*84) 57 (*73) Barmer (1,080 MW) LT 100% 82 (*87) 76 (*81) 77 (*80) 76 (*81) LT 36% 99 (*100) 118 (*118) 98 (*98) 1
Slide 63: Green Assets | Hydro Q4 FY23 Highlights
Green Assets| Hydro Q4 FY23 Highlights Net Generation (MUs) Hydro : PAF and PLF 1% -8% 107% 104% Operational Highlights 439 5,520 5,595 100% 95% 403 • Net generation at Hydro Assets Short Term (Karcham and Baspa) down 8% YoY due 48% 48% (100%) (99%) (98%) Long (100%) to lower water flow in Q4 FY23.
Slide 64: Cash Returns on Adjusted Net Worth
Cash Returns on Adjusted Net Worth ₹ Cr (Unless mentioned otherwise) Quarter ended Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Reported PAT 201 339 324 864 560 466 180 272 Add: Depreciation 288 284 281 277 289 294 295 291 Add/(less): Deferred Taxes 21 32 26 (7) 84 42 14 24 (Less): Divide
Slide 65: Independent Auditor's Report – Standalone
Deloitte Chartered Accountants One International Center Tower 3, 27th-32nd Floor Haskins & Sells LLP Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: +91 22 6185 4000 Fax: +91 22 6185 4101 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS
Slide 66: Independent Auditor's Report – Standalone (cont.)
Deloitte Haskins & Sells LLP Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2023 under the provisions of the Act and the Rules thereun
Slide 67: Independent Auditor's Report – Standalone (cont.)
Deloitte Haskins & Sells LLP • Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a ba
Slide 68: Independent Auditor's Report – Standalone (cont.)
Deloitte Haskins & Sells LLP communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. (b) Review of the Standalone Financial Results for the quarter ended March 31,2023 We conducted our review of t
Slide 69: Statement of Standalone Financial Results
ENERGY LIMITED Registered Office : JSW Centre, Sandra Kurla Complex, Sandra (East), Mumbai-400051 CIN : L74999MH1994PLC077041 Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2023 ~ crore Quarter Ended Year Ended Sr. 31.03.2022 31.03.2023 31.03.2022 Particulars 31.0
Slide 70: Standalone Statement of Assets and Liabilities
Standalone Statement of Assets and Liabilities ~ Crore As at Particulars 31.03.2023 31.03.2022 Audited A.ASSETS 1. Non-current assets: (a) Property, plant and equipment 3,706 42 3,954 46 (b) Capital work-in-progress 15.53 23 44 (c) Other Intangible assets 2.21 2 20 (d) Investments in subsidiaries an
Slide 71: Standalone Statement of Cash Flows
Standalone Statement of Cash Flows ~ Crore For the year ended Particulars 31 .03.2023 31 .03 .2022 Audltod Audited A CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 1,029.61 818.08 Adjusted for: Depreciation and amortisation expense 317.42 327 69 Interest income earned on financial assets that
Slide 72: Additional information pursuant to Regulation 52(4)
Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Reaulremenfs) Re9ulatlons 2015, as amended: As at/ As at/ Sr. Particulars Quarter Ended Year Ended No. 31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022 1Debt-Equity
Slide 73: Notes to Standalone Results
Notes: 1 Exceptional item of~ 120 crore comprises reversal of loss allowance on a loan, recognised in an earlier year, upon recovery during the quarter ended June 30, 2022. 2 The Code on Social Security, 2020 ("the Code') received presidential assent on September 28, 2020 However, the date on which
Slide 74: Independent Auditor's Report – Consolidated
Chartered Accountants Deloitte One International Center Tower 3, 27th-32nd Floor Haskins & Sells LLP Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: +91226185 4000 Fax: +91226185 4101 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AN
Slide 75: Independent Auditor's Report – Consolidated (cont.)
Deloitte Haskins & Sells LLP 2023, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33, Re
Slide 76: Independent Auditor's Report – Consolidated (cont.)
Deloitte Haskins & Sells LLP of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and of its associate and joint venture are respon
Slide 77: Independent Auditor's Report – Consolidated (cont.)
Deloitte Haskins & Sells LLP • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33, Regulation 52 and Regulation 54 of the Listing Regulations. • Conclude on the appropriateness of the Board of Direc
Slide 78: Independent Auditor's Report – Consolidated (cont.)
Deloitte Haskins & Sells LLP reasonably be thought to bear on our independence, and where applicable, related safeguards. (b) Review of the Consolidated Financial Results for the quarter ended March 31, 2023 We conducted our review of the Consolidated Financial Results for the quarter ended March 31
Slide 79: Independent Auditor's Report – Consolidated (cont.)
Deloitte Haskins & Sells LLP • The consolidated financial results includes the unaudited financial statements/ financial information of 8 subsidiaries, whose financial statements / financial information reflect total assets of Rs. 158.67 crores as at March 31, 2023, and total revenues of Rs. 2.86 cr
Slide 80: Appendix A – List of entities consolidated
Deloitte Haskins & Sells LLP Appendix A Ust of entities included in co nso lidated financial results I. Parent JSW Energy Limited II. Subsidiaries 1) JSW Hydro Energy Limited (formerly known as Himachal Baspa Power Company Limited) 2) JSW Energy (Kutehr) Limited 3) JSW Energy (Raigarh) Limited 4) JS
Slide 81: List of entities consolidated (cont.)
Deloitte Haskins & Sells LLP 49) Mytrah Adarsh Power Private Limited (w.e.f. on March 29, 2023) 50) Mytrah Agriya Power Private Limited (w .e.f. on March 29, 2023) 51) Mytrah Advaith Power Private Limited (w.e.f. on March 29, 2023) 52) Mytrah Akshaya Energy Private Limited (w.e.f. on March 29, 2023)
Slide 82: Statement of Consolidated Financial Results
__ysi,v ENERGY LIMITED Registered Office : JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai 400051 CIN: L74999MH1994PLC077041 Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2023 ( i!' crore) Quarter Ended Year Ended Sr. Particulars 31.03.2023 31.12.2022 3
Slide 83: Consolidated Statement of Assets and Liabilities
Consolidated Statement of Assets and Liabilities ( f crore) Asat Sr. Particulars 31.03.2023 31.03.2022 No. Audited Audited A ASSETS 1 Non-current assets: (a) Property, plant and equipment 23,065.01 13,422.82 (b) Capital work-in-progress 4,779.50 2,090.60 (c) Goodwill 639.82 639.82 (d) Other intangib
Slide 84: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows ( l!: crore) Sr. Particulars For the year ended For the year ended No. 31.03.2023 31.03.2022 Audited Audited I. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax and deferred tax adjustable in future tariff 1,942.84 2,238.27 Adjusted for: Depreciation and amo
Slide 85: Cash and cash equivalents; Additional Information
Sr. Particulars For the year ended For the year ended No. 31.03.2023 31.03.2022 Audited Audited CASH AND CASH EQUIVALENTS -AT THE BEGINNING OF THE 1,835.12 1,051.07 YEAR Additions through business combination and asset acquisition 224.94 - Fair value gain on liquid investments 7,17 4.50 Effect of ex
Slide 86: Consolidated Segment Information
Sr. Particulars As at/ Quarter Ended As at/ Year Ended No. 31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022 10 Inventory Turnover (no. of days) 46 51 59 57 65 (Average Inventory / {Fuel cost+ Purchase of stock-in-trade+ Stores and spares consumed} • No of days in the reporting period / year) 1
Slide 87: Notes to Consolidated Results
Notes: 1 The Board of Directors has recommended dividend of 20% ( ~ 2 per equity share of~ 10 each) for the financial year 2022-23 subject to the approval of shareholders in the Annual General Meeting. 2 Exceptional item of ~ 120 crore comprises reversal of loss allowance on a loan, recognised in an
Slide 88: Press Release – Financial Results Q4 and FY23
~ ___ISH'Energy Press Release May 23, 2023 Financial Results for the Quarter and Year ended March 31, 2023 Mumbai, India: JSW Energy Limited ("JSW Energy" or the "Company") today reported its results for the quarter ("Q4 FY23" or the "Quarter") and the financial year ("FY23" or the "Year") ended Mar
Slide 89: Unveiling Strategy 2.0 (2023-2030)
The strategic intent is to utilise the solar modules for captive usage and thus de-risking the supply chain. The plant will be commissioned by April 2025. Unveiling Strategy 2.0 (2023-2030) In 2021, the company had unveiled a strategy to increase generation capacity to 20 GW by 2030. Unveiling its s
Slide 90: Key Achievements of FY23
Key Achievements of FY23: • Leadership Band (A-} in climate change rating - Highest rating in the power sector in India for 2nd consecutive year. Sustainability • Sword of Honour received from the British Safety Council for excellence in Operational Health and Safety at Ratnagiri Plant • Increased o
Slide 91: Key Highlights of Q4 FY23 (Consolidated)
Key Highlights of Q4 FY23 (Consolidated): Operational: • Overall Net Generation: Up by 16% YoY at 5.1 BUs driven by strong long term and merchant volumes and RE capacity addition. • Net Long Term Generation: Up by 7% YoY at 4.4 BUs driven by higher generation at Ratnagiri (Unit-1) and RE capacity ad
Slide 92: Consolidated Operational Performance
Consolidated Operational Performance The net generation on the back of LT and merchant volumes at various locations/plants is as follows: (Figures in Million Units) Location/ Plant Q4 FY23 Q4 FY22 Vijayanagar 998 932 Ratnagiri 1,752 1,355 Barmer 1,730 1,608 Nandyal 2 26 Himachal Pradesh (Hydro) 403
Slide 93: Consolidated Financial Performance Review and Analysis
■ Himachal Pradesh (Hydro): The plants operated at an average long term PLF of 14% for the quarter vis-a-vis 15% in Q4 FY22 due to lower water flow. ■ Solar: The solar plants achieved an average CUF of 29% vis-a-vis 24% in Q4 FY22. Consolidated Financial Performance Review and Analysis: During the q
Slide 94: Adjusted Profit After Tax and Net Worth
Adjusted Profit After Tax (PAT) stood at ~1,358 Crore up 15% YoY vis-a-vis ~1,180 Crore in FY22. Cash PAT at ~2,570 Crore was up by 7% YoY vis-a-vis ~2,395 Crore in FY22. The Board recommended a dividend of ~2 per share subject to approval of the shareholders. The Consolidated Net Worth and Proforma
Slide 95: Growth Strategy and Projects Under Construction
The stable cash flow generation is sufficient to drive the current growth plans with no equity raise required to deliver this growth. With one of the strongest balance sheets and a profitable cash generative operating portfolio, the Company is well positioned to pursue its growth aspirations. Curren
Slide 96: Industry Overview and Outlook
by solar generation, up 40% YoY and wind generation up 5% YoY. Thermal generation increased 5% and 8% in the Q4 FY23 and FY23 respectively. • On the supply side, installed capacity stood at 416 GW as on March 2023. In Q4 FY23, net installed capacity increased by 5.7 GW, due to addition in 4.7 GW of
Slide 97: About JSW Energy
ABOUT JSW ENERGY: JSW Energy Ltd is one of the leading Private sector power producers in India and part of the USO 22 billion JSW Group which has significant presence in sectors such as steel, energy, infrastructure, cement, sports among others. JSW Energy Ltd has established its presence across the