Jsw Energy Limited · NSE:JSWENERGY
Jsw Energy — Q2 FY2018 Earnings Presentation
20 slides from Jsw Energy's earnings presentation, Nov 1, 2017
Slide 1: JSW Energy Limited Q2 FY 2018 Results Presentation
JSW Energy Limited Q2 FY 2018 Results Presentation November 1, 2017
Slide 2: Key highlights for Q2FY18
Key highlights for Q2FY18 Long term PPA (LTPPA) tie-up LTPPA proportion at ~65% in Q2FY18 - secured group captive contract of 4MW at Ratnagiri Net debt reduced by ` 1,705 crore in H1FY18 after adjusting for JPVL liability; cost of debt dips by 84bps from Q4FY17 level Optimisation of debt pro
Slide 3: Agenda
Agenda Business Environment Operational and Financial Performance 3
Slide 4: Demand growth steady at ~5% in H1FY18
Demand growth steady at ~5% in H1FY18 Region Q1FY18 YoY Q2FY18 YoY H1FY18 YoY Remarks (MUs) change % (MUs) change % (MUs) change % North 96,515 4.9% 1,06,758 8.4% 2,03,273 6.7% Driven by UP (Q2: 18%, H1: 15% YoY growth) West 94,762 5.2% 85,117 3.1% 1,79,879 4.2% Maharashtra (Q2: 8%, H1: 9%) South 79
Slide 5: Thermal PLF picks up in H1FY18 compared to last year
Thermal PLF picks up in H1FY18 compared to last year Gross Q1FY18 YoY Q2FY18 YoY H1FY18 YoY Remarks Generation (MUs) change % (MUs) change % (MUs) change % Thermal 2,61,299 2.2% 2,47,668 8.5% 5,08,967 5.2% Growth picks YoY but sequential decline Hydro 36,243 17.6% 45,105 -3.7% 81,348 4.7% Weak Q2 gr
Slide 6: Merchant tariff spikes up in Q2FY18
Merchant tariff spikes up in Q2FY18 IEX Average Market Clearing Price - Rs/kWh Q1FY18 Q2FY18 H1FY18 4.50 4.00 Merchant Volume IEX+PXIL 12,018 13,169 25,188 (MUs) 3.50 Merchant Volume growth YoY 15.8% 18.2% 17.1% 3.00 2.50 Merchant Volume as % of 3.6% 4.0% 3.8% Total Generation 2.00 1.50 Jul-15 Jul-1
Slide 7: Reversal in trend as capacity declines 975MW QoQ
Reversal in trend as capacity declines 975MW QoQ Sector-wise Installed Capacity – 329 GW Mode-wise Installed Capacity (as on Sep 30, 2017) (as on Sep 30, 2017) -520 MW*, Total: 58 GW # Total: 81 GW # -835 MW*, RES -1,126 MW *, Central Total: 103 GW # 18% State Total: 219 GW # 25% 31% +151 MW *, Tota
Slide 8: Indian economy and thermal coal prices
Indian economy and thermal coal prices Industrial Production growth has remained range-bound for Thermal coal prices firming up again, while INR appreciated last 1 year slightly during Q2 FY18 Govt’s package of ` 2.11 trillion to recapitalise PSU banks and Indexed API 4 Coal (monthly avg.) USD/I
Slide 9: Agenda
Agenda Business Environment Operational and Financial Performance 9
Slide 10: Power generation
Power generation Q2 plant-wise net generation 6M plant-wise net generation -3% -3% 6,276 12,924 6,117 12,517 -4% -21% 7% 2% 4% -20% 43% 4% 2,667 2,565 4,775 4,601 1,826 1,950 3,686 2,917 2,811 2,875 1,699 1,361 1,377 1,430 533 760 Ratnagiri Vijayanagar Barmer Hydro Total Ratnagiri Vijayanagar Barmer
Slide 11: Long term PPAs
Long term PPAs 2950 2900 2,866MW 2,870MW in MW 64.5% * 4MW 64.6% * 2850 2800 2750 2700 Q1FY18 Addition in Q2FY18 Q2FY18 Availability under long term PPA remained above normative in Q2FY18 4MW tied under “Group Captive” scheme at Ratnagiri plant in Q2FY18 In HBPCL: Long term PPAs for both Haryana
Slide 12: Consolidated financial results
Consolidated financial results ` Crore Q2 FY17 Q2 FY18 Particulars 6M FY17 6M FY18 2,099 2,220 Turnover 4,590 4,554 1,014 1,053 EBITDA 2,173 2,029 48% 47% EBITDA Margin(%) 47% 45% 436 391 Interest 865 792 247 245 Depreciation 487 488 332 417 Profit Before Tax 821 749 217 297 Profit after Tax 584 514
Slide 13: Consolidated financial highlights
Consolidated financial highlights Particulars Mar 31, 2017 Jun 30, 2017 Sep 30, 2017 Net Worth (` Crore) 10,368 10,696 11,259 Net Debt (` Crore) 13,384 13,686 12,679 Net Debt to Equity Ratio (x) 1.29 1.28 1.13 Weighted average cost of debt 10.17% 10.05% 9.33% Debt gearing continues to show declining
Slide 14: Sustained reduction in net debt
Sustained reduction in net debt 14500 in ` crore JPVL related liability 14000 ` 1,000 cr (non-funded) 13500 13000 12500 Net debt Net debt Net debt ` 13,384 cr ` 13,686 cr ` 12,679 cr 12000 11500 11000 Q4FY17 Q1FY18 Q2FY18 Non-funded liability wrt JPVL of ` 1,000 crore in Q4FY17 converted to funded l
Slide 15: Entity wise summary financial performance
Entity wise summary financial performance ` Crore Q2 FY17 Q2 FY18 Income from Operations 6M FY17 6M FY18 815 939 Standalone 2,114 2,061 645 532 RWPL 1,243 1,069 523 518 HBPCL 968 1,031 305 456 JSW PTC 1,125 713 23 22 JPTL 49 45 2,047 2,049 Consolidated * 4,497 4,281 * After inter-company adjustments
Slide 16: Entity wise summary financial performance (contd.)
Entity wise summary financial performance (contd.) ` Crore Q2 FY17 Q2 FY18 EBITDA 6M FY17 6M FY18 240 349 Standalone 799 656 306 223 RWPL 582 449 493 502 HBPCL 887 1,001 6 16 JSW PTC 8 16 24 22 JPTL 53 44 1,014 1,053 Consolidated * 2,173 2,029 * After inter-company adjustments and eliminations 16
Slide 17: Update on EV business
Update on EV business MoU signed with Gujarat state government to set up manufacturing facilities for electric car and battery Company is in process of developing: Product and technology strategies Business partnerships for technology and engineering Organisation structure including hiring
Slide 18: New initiatives
New initiatives New thermal generation capacity of 36MW to be set-up with long term PPA tie-up 2 units of 18MW thermal power capacity each at two locations of JSW Cement viz. in Nandyal and Salboni Building capability in the Renewable Energy space Setting up 7MW solar power units 6MW for J
Slide 19: 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 20: Thank you
Thank you 20