Slides
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Q3 FY25 Results Presentation January 28, 2025
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2 JSW Energy Q3 FY25 Results Presentation 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 particular person. This presentation should not be construed as legal, tax, investment or other advice. This presentation is strictly confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any manner. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) government policies and regulations, and (v) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. The Potential investors shall be in compliance with the applicable Insider Trading Regulations, with respect to the Company in reference to the information provided under this presentation.
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3 JSW Energy Q3 FY25 Results Presentation Agenda Safety & Sustainability Operational & Financial Performance Appendix Business Environment Q3 FY25 Highlights Segment Wise Performance Vijayanagar Solar Power Plant
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4 JSW Energy Q3 FY25 Results Presentation Value Accretive Transactions O2 Power – 4,696 MW (One of the Largest RE Transactions in the Sector) • Signed definitive agreement on 27th Dec‘24 to acquire 4,696 MW RE Platform; one of the largest RE deals • Transaction at Enterprise Valuation of ₹12,468 crores after adjusting for net current assets • 2.3 GW to be operational by Jun’25 and additional 2.4 GW by Jun’27 reaching total capacity of 4.7 GW Hetero Group RE Assets – 125 MW • Completed the acquisition of 125 MW wind projects from Hetero Labs and Hetero Drugs Ltd on 10th Jan’25 • Transaction at Enterprise Valuation of ~₹630 crores, excl. net current assets and other adjustments under SPA KSK Mahanadi Power Company Ltd – 3,600 MW (Largest Thermal Transaction under the IBC process) • Declared as successful applicant and received Letter of Intent from the Resolution Professional for 3,600 MW KSK Mahanadi Thermal Power Plant on 13th Jan’25 • Presently, 1,800 MW (600 MW x 3 units) is operational which is 95% tied-up under long & medium-term PPAs • The plant has a firm arrangement for water and coal transportation for the entire 3,600 MW Q3 FY25 Highlights (1/3) 1. TTM EBITDA 2. Includes unencumbered bank balances, FDs, and liquid mutual funds Credit rating reaffirmed at ‘AA/Stable’ from ICRA and India Ratings, post the announcement of acquisitions of O2 Power and KSK Mahanadi
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5 JSW Energy Q3 FY25 Results Presentation Operational Performance • Net Generation: Up by 10% YoY at 6.8 BUs driven by wind capacity additions, incremental contribution from Utkal Unit -1 and higher generation at hydro plants • RE generation is up by 18% YoY at 1.6 BUs driven by 38% YoY increase in wind generation and 14% YoY increase in hydro generation • Thermal generation is up by 8% YoY at 5.1 BUs • Long Term PPA Generation: Upby 7% YoY to 5.6 BUs Q3 FY25 Highlights (2/3) ST: Short Term; LT: Long Term Q3 FY25 | Generation (MUs) ThermalRenewables Up 18% YoY Renewables Up 8% YoY Generation Up 10% YoYInstalled capacity 6,839 MW Installed capacity 8,117 MW Capacity up by 1.3 GW (19% YoY)
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6 JSW Energy Q3 FY25 Results Presentation Consolidated Financial Performance • Reported EBITDA declined 9% YoY to ₹1,115 Cr, primarily due to lower short-term spreads, despite higher overall generation • PATand Cash PATstood at ₹ 168 Cr and ₹ 507 Cr respectively • Robust Balance Sheet: Net Debt to Equity at 1.0x, Net Debt to EBITDA1 at 4.5x, Net Debt to EBITDA1 (excl. CWIP) at 2.8x • Receivables on DSO basis stood at 96 days; Cash & Cash Equivalents2 stood at ₹ 4,947 Cr Growth Projects Generation: Total locked-in capacity of 28.3 GW • 377 MW wind capacity commissioned in 3Q (872 MW in 9M), resulting in total installed capacity of 8.1 GW • Utility Scale: Received LoA for 400 MW ISTS connected solar capacity from NTPC in Dec-24 • C&I: Secured 344 MW of third party RE C&I capacity from marquee customers having presence in hard to abate sectors, resulting in locked-in RE C&I capacity of 3.1 GW Products and Services • BESS: Appealed in APTEL against the CERC order for non-adoption of tariff • Green Hydrogen: Construction in progress for the 3,800 TPA, expected commissioning by Mar-25 • Pumped Hydro Storage: Signed Energy Storage Facility Agreement for 12 GWh of Pumped Hydro Storage with MSEDCL, expected commissioning within 48 months Q3 FY25 Highlights (3/3) 1. TTM EBITDA 2. Includes unencumbered bank balances, FDs, and liquid mutual funds
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Operational & Financial Performance Sholtu Hydro Plant
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8 JSW Energy Q3 FY25 Results Presentation Consolidated Performance * Computed as PAT+ Depreciation+ Deferred Taxes +/(-) Exceptional items for operational assets. Strong EBITDA and Cashflow generation from Long-term portfolio Operational Highlights – Q3 FY25 • Net Generation: Up by 10% YoY at 6.8 BUs driven by wind capacity additions, incremental generation at Utkal Unit-1 and hydro plants. Generation under LT PPA is up 7% YoY • RE generation is up by 18% YoY at 1.6 BUs driven by 38% YoY increase in wind generation and 14% YoY increase in hydro generation. • Thermal generation is up by 8% YoY at 5.1 BUs Financial Highlights – Q3 FY25 • Total Revenue remains largely flat at ₹ 2,640 Cr as incremental sales from RE capacity addition and Utkal Unit -1 were offset by lower short-term realisation at Ratnagiri and Vijayanagar • Reported EBITDA declined 9% YoY to ₹1,115 Cr due to lower short-term spreads, despite a 28% increase in short-term generation. EBITDA margin remains robust at 50% for 9MFY25 • PAT and Cash PAT stood at ₹ 168 Cr and ₹ 507 Cr respectively 628 507 Q3 2,551 2,655 9M FY24 FY25 1,229 1,115 Q3 4,545 4,602 9M FY24 FY25 9,062 9,142 9M FY24 FY25 2,661 2,640 Q3 1% 1% 86% 5,241 83% 5,616 6,128 6,751 Q3 FY24 Q3 FY25 89% 19,010 86% 21,001 21,464 24,471 9M FY24 9M FY25 Short Term Long Term EBITDA (₹ Cr) and Margins (%) Cash Profit After Tax * (₹ Cr) Total Revenue (₹ Cr)Net Generation (MUs) 10% 9% 46% 42% 19% 14% 50% 50% 1% 4%
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9 JSW Energy Q3 FY25 Results Presentation EBITDA Bridge Particulars in ₹ Cr Q3 FY25 ₹ 217 Crore impact of ST Thermal
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10 JSW Energy Q3 FY25 Results Presentation Consolidated Financial Results 1 - Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items; 2 - Not Annualized 9M FY25 9M FY24 Particulars in ₹ Crore Q3 FY25 Q3 FY24 9,142 9,062 Total Revenue 2,640 2,661 4,602 4,545 EBITDA 1,115 1,229 50% 50% EBITDA Margin(%) 42% 46% 1,173 1,207 Depreciation 406 400 1,594 1,520 Finance Cost 565 521 1,836 1,818 Profit Before Tax 145 309 1,543 1,371 Profit After Tax 168 231 2,655 2,551 Cash Profit After Tax 1 507 628 8.84 8.34 Diluted EPS2 (₹) 0.96 1.41
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11 JSW Energy Q3 FY25 Results Presentation Net Debt Movement * Includes unencumbered bank balances, FDs, and liquid mutual funds. # ND/TTM EBITDA excluding debt on under-construction projects Particulars in ₹ Cr Net Debt / EBITDA at 4.5x, well within the guardrails of credit rating agencies ND/EBITDA# (excl. CWIP) at 2.8x13,169 16,250 11,706 889 99 425 237 774 10,199 Net Debt as on Sep 30,2024 New Debt Taken Forex restatement Repayment Movement in short term borrowings Change in Cash & Cash Eq.* Net Debt as on Dec 31,2024 26,44824,875 Operational Projects Capital Work- in-Progress (CWIP)
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12 JSW Energy Q3 FY25 Results Presentation ^ Pipeline: Projects where LoA/LoI is received and PPA to be signed (Project details in slide 13) Generation (MW) Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030 Generation Capacity - Locked-in 28.3 GW To be operational by FY25 Transaction in progress Under construction / PPA Signed 7,570 MW 10 GW 14 GW 22 GW
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13 JSW Energy Q3 FY25 Results Presentation Under-construction and pipeline projects PPA Signed - Under construction 7,570 MW Letter of Award/Intent Received – Pipeline 6,714 MW Project Contracted (MW) Installed (MW) Total 6,370 6,714 SECI XV (Solar +ESS) 500 Adani Energy – Wind 250 Total Solar 960 960 Total Wind 250 250 SECI (Hybrid VIII) SJVN (Hybrid –II) NTPC (Hybrid VI) 300 300 300 330 330 330 Total Hybrid/FDRE 2,540 2,730 SECI – FDRE IV 230 330 Group Captive 1,410 1,410 500 250 Group Captive 60 60 Project Installed (MW) Total 7,570 SJVN GUVNL PAVAGADA SECI XVI Total Solar 2,934 Total Wind GUVNL (Phase II) MSEDCL (Hybrid III & IV) Group Captive 234 1,600 125 Total Hybrid 700 300 300 1,025 2,934 1,025 1,025 2,148 C&I 189 C&I 155 SECI XIII 700 NTPC Solar II 700 Group Captive Contracted (MW) 6,447 700 300 300 1,025 192 1,200 125 1,706 189 155 700 700 79 79 NTPC Solar III 400 400 O2 Power – transaction in progress 1,463782 O2 Power 820 974 KSK Mahanadi Power 1,800 1,800 Transaction in progress
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14 JSW Energy Q3 FY25 Results Presentation Energy Storage - Locked in 16.3 GWh Target 40 GWh by 2030 40 BESS Plant PSP for MSEDCL to be commissioned in 48 months from PPA Strategy 2.0 – Generation Capacity 20 GW & Energy Storage of 40 GWh before 2030
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15 JSW Energy Q3 FY25 Results Presentation Superior Financial Risk Profile * Net Worth is impacted by change in value of listed equity investments through Other Comprehensive Income ** Adjusted for value of investments (net of taxes) # ND/TTM EBITDA excluding debt on under-construction projects; FY24 EBITDA on proforma basis as two SPVs were acquired during Q1FY24 Robust balance sheet & best-in-class financial metrics Net Debt (₹ Cr) Net Worth (₹ Cr)* & Cash Returns (%) Leverage Ratios Wt. Average Cost of Debt # 24,260 26,286 26,636 23,339 24,875 26,448 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 14,859 15,336 15,501 20,972 21,553 21,504 19,877 20,976 20,832 26,929 27,970 27,152 20% 20% 21% 16% 16% 16% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Adjusted Net Worth (₹ Cr) ** Net Worth (₹ Cr) Cash Return on Adj. Net Worth (%) 4.6 4.6 4.5 3.8 4.1 4.5 3.5 3.2 2.9 2.2 2.2 2.8 1.2 1.3 1.3 0.9 0.9 1.0 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 ND/TTM Proforma EBITDA ND/EBITDA ND/Equity 8.51% 8.58% 8.64% 8.75% 8.81% 8.87% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
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16 JSW Energy Q3 FY25 Results Presentation 2,260 2,501 Dec 31, 2023 Dec 31, 2024 Healthy Trade Receivables *Includes Unbilled Revenue. Operational Highlights • Receivables on a DSO terms came at 96 days • 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 bad debts from routine long term trade receivables • Payment security mechanism in force for power tied under long term PPA with discoms • Recovery of late payment surcharge in case of delayed payments from discomsReceivable Days 82 96 Trade Receivables* (₹ Cr )
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Segment Wise Performance Segment Wise Performance Present across all modes of generation
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18 JSW Energy Q3 FY25 Results Presentation Thermal Assets | Q3 FY25 Highlights Rajasthan, 28% MSDECL, 8% Group Captive, 30% Open, 34% 3,858 MW* Operational Assets Ratnagiri Barmer Vijayanagar Utkal PPA tied Fuel Type Installed Capacity Net Generation (MUs) LT Total PLF/(Deemed PLF) LT Total 1,105MW Imported Coal 1,200 MW 1,639 MUs (-3% YoY) 1,984 MUs (-4% YoY) 74%/(90%) 82%/(96%) 1,080 MW Lignite 1,080 MW 1,487 MUs (-5% YoY) 1,487 MUs (-5% YoY) 70%/(77%) 70%/(77%) 338 MW Imported Coal 860 MW 863 MUs (52% YoY) 1,042 MUs (-3% YoY) 100%/(100%) 59%/(59%) Merchant Domestic Coal 700 MW Unit 1 operational & Unit 2 synchronized - 571 MUs - 79%/(79%) ~72% of Current Installed Thermal Capacity of 3,508 MW is tied-up under Long-Term PPA Offtaker Profile *Including 18 MW TPP at Nandyal Excludes KSK Mahanadi (3.6 GW)
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19 JSW Energy Q3 FY25 Results Presentation 1 Thermal Assets exclude JPTL and foreign assets Thermal Assets| Q3 FY25 Highlights (2/2) Operational Highlights • Total Net Generation up 8% YoY at 5.1 BUs, driven by contribution from Utkal Unit-1 • Short Term generation at 1,095 MUs was up 23% YoY vs 888 MUs in Q3 FY24 • Long Term generation was up 4% YoY in the quarter. LT PLF remains healthy at 80% Financial Highlights • Total operating thermal Revenue decreased 5% YoY to ₹1,845 Cr as incremental contribution from Utkal Unit-1 offset by lower ST revenue at Ratnagiri and Vijayanagar • EBITDA excl other income declined 25% YoY to ₹ 513 Cr on account YoY reduction in spreads on short term sales 1,951 1,845 Q3FY24 Q3 FY25 5,857 5,677 9M FY24 9M FY25 Net Generation (MUs) Thermal : PLF – long term EBITDA Excl. Other Income (₹ Cr) and Margins (%)Segmental Revenue from Operations (₹ Cr) 5% 3% 25% 684 513 Q3FY24 Q3 FY25 1,796 1,656 9M FY24 9M FY25 8% 81%, 3,841 79%, 4,010 4,729 5,105 Q3 FY24 Q3 FY25 82% 11,066 79% 11,494 13,438 14,590 9M FY24 9M FY25 Short Term Long Term 34% 28% 30% 29% 8% 9% 74% 85%77% 85% PLF Deemed PLF 9M FY24 9M FY25 77% 86%80% 90% PLF Deemed PLF Q3 FY24 Q3 FY25
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20 JSW Energy Q3 FY25 Results Presentation Group Captive 17% SECI 29% RJ 2% PTC 6% SJVN 6% NTPC 9% TS 3% KA 3% AP 2% MH 10% HP 2% GJ 4% C&I 3% Others 4% Open 0% Renewable Assets | Q3 FY25 Highlights 16 GW Offtaker Profile Excludes O2 Power (4.7 GW) Presence across all modes of generation All under construction projects are tied-up with long term PPA Solar – 4,569 MW Hybrid – 4,878 MW Wind – 4,951 MW ▪ Acquired Wind 1,331 - 1,331 ▪ SECI X 454 - 454 ▪ SECI IX 810 -459 ▪ Captive JSW Steel 737 - 254 ▪ Vashpet 45 - 45 ▪ SECI Projects 2,135 – 1,676 ▪ Captive JSW Steel 737 - 482 Hydro - 1,631 MW ▪ Karcham Wangtoo 1,091 - 1,091 ▪ Baspa 300 - 300 Operational 4.609 MW Under construction 7,480 MW ▪ Vijayanagar Captive 225 - 225 ▪ Acquired Solar 422 - 422 ▪ Others 28 - 28 ▪ Kutehr 240 - 240 ▪ SJVN 700- 700 ▪ SECI XIII 700 - 700 ▪ NTPC 700 - 700 ▪ GUVNL 300 - 300 ▪ Pavagada 300 - 300 ▪ Group Captive/C&I 234 -234 ▪ GUVNL 234 - 234 ▪ MSEDCL 1,600 - 1,600 ▪ Group Captive 125 - 125 ▪ C&I 189 -189 Net Generation (MUs) LT Total PLF LT Total 639 MUs (38% YoY) 639 MUs (38% YoY) 13% 13% 682 MUs (8% YoY) 723 MUs (14% YoY) 24% 25% 284 MUs (-5% YoY) 284 MUs (-5% YoY) 19% 19% Pipeline 3,940 MW ▪ 250 - ▪ 960 ▪ 2,730 ▪ NA
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21 JSW Energy Q3 FY25 Results Presentation 3,681 4,609 Q3 FY24 Q3 FY25 Renewable Assets |Q3 FY25 Highlights 1 Includes consolidation adjustments For additional details refer appendix section Operational Highlights • Renewable generation was up 18% YoY • Wind generation at 639 MUs increased by 38% YoY due to capacity additions • Total Hydro generation at 723 MUs increased 14% YoY on account of better hydrology. Financial Highlights • Total operating revenue at ₹ 538 Cr remained flat on YoY basis as contribution from organic capacity additions was offset by lower revenue at hydro plants (tariff revision) and wind impact at acquired RE portfolio • As a result EBITDA decreased 2% YoY to ₹ 382 Cr Installed Green Capacity (MW) EBITDA Excl. Other Income1 (₹ Cr)Segmental Revenue from Operations1 (₹ Cr) 100% 1,399 98% 1,606 1,399 1,646 Q3 FY24 Q3 FY25 99% 7,944 96% 9,507 8,026 9,881 9M FY24 9M FY25 Short Term Long Term 1% 25% 2% Net Generation (MUs) 18% 23% 545 538 Q3FY24 Q3 FY25 2,709 2,732 9M FY24 9M FY25 1% 389 382 Q3FY24 Q3 FY25 2,336 2,304 9M FY24 9M FY25 1%
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Safety & Sustainability JSW Energy, Barmer
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23 JSW Energy Q3 FY25 Results Presentation Continued Focus on Health & Safety Excellence All Figures are for Q3 FY25 Safety Performance LTIFR of 0.25 upto Q3 FY25 Contractor Safety Management ▪ Vertigo test conducted at barrage site at Kutehr to Identify fit persons for ‘Work at height’ ▪ 131 Contractors evaluated by Pre-Qualification Assessment at various project sites Comprehensive Worker Training Programs at Project Sites ▪ Subject Matter Expert (SME) certification training conducted at Vijayanagar & Hyderabad locations covering critical safety standards i.e. WAH, LOTOTO, scaffolding and machine (200+ employees) ▪ Southern wind sites have conducted the GWO training on working at height, fire safety and rescue Emergency Response and Preparedness ▪ Sites has conducted the various mock drill i.e. Electrocution, WAH, etc.to enhanced the our emergency system and team. ▪ Periodical Mock drill plan as per calendar and enhanced the emergency system at site. British Safety Council Award for OH&S Prestigious ‘Sword of Honour’ Award received by Vijayanagar, Ratnagiri and Barmer Plants Recognizing exemplary performance in OH&S Management from around the Globe
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24 JSW Energy Q3 FY25 Results Presentation Sustainability: Framework and Policies 17 Focus Areas with 2030 Targets from 2020 as Base Year Climate Change ▪ Committed to being carbon neutral by 2050 ▪ Reduce our carbon emissions by more than 50% Biodiversity No Net Loss for Biodiversity Renewable Power Enhance the renewable power to 2/3rd of our Total Installed Capacity Water Resources Reduce our water consumption per unit of energy produced by 50% Waste 100% Ash (Waste) utilization Waste Water Zero Liquid Discharge Aligned to National & International Frameworks Governance & Oversight by Sustainability Committee ESG Ratings – best amongst peers CDP : Climate A- (Leadership) | Water Security B (Management) Sustainalytics: 23.2 (Medium Risk) S & P Global (DJSI - ESG) : 77/100 FTSE4Good Index constituent Executive Director Mr. Sharad Mahendra Independent Directors Mr. Sunil Goyal Ms. Rupa Devi Singh Carbon Neutrality by 2050 Committed to keep global warming to 1.5°C in line with Paris Agreement - UN Climate Change Conference FY19 FY20 FY21 FY22 FY23 FY24 Integrated Reporting since FY19 ESG Data book Supply Chain Sustainability Employee Wellbeing Air Emissions Business Ethics Cultural Heritage Energy Operational Health & Safety Resources Social Sustainability Local Considerations Indigenous People Human Rights MSCI : A
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25 JSW Energy Q3 FY25 Results Presentation Sustainability: Targets and Strategy SD Targets Strategic Initiatives and Approach FY20 Actuals Improvement (FY20 to FY30) FY30 Targets Climate Change ▪ GHG Emissions tCO2e / MWh ▪ TCFD – Identified associated short term , medium term and Long term risks ▪ Supply Chain Sustainability – development of Digital Platform for value chain partners under progress. ▪ Increased share of RE for decarbonization - Total RE operational capacity increased from 3,681 MW in Q3 FY24 to 4,609 MW in Q3 FY25 0.76 71% 0.215 Water Security ▪ Specific fresh water intake (m3/MWh) ▪ Maintaining zero liquid discharge across operations ▪ Optimising utilisation of rain water harvesting system ▪ Installation of technology for operating cooling towers with higher Cycles of Concentration with modified chemical regime ▪ Reuse of treated effluent of Sewage Treatment Plan for horticulture 1.10 46% 0.591 Waste ▪ Specific Waste (Ash) Generation (t/MWh) ▪ Waste Recycled – Ash (%) ▪ Integrated Strategy towards efficient waste management – Ash Management , recycling of waste water , handling hazardous waste through authorized recycler. ▪ Utilisation of low ash coal in Ratnagiri and Vijayanagar ▪ Re-utilisation of pond ash as well as Bottom ash in Boiler ▪ 45,000 MT Capacity ash silo constructed in Ratnagiri to export the Fly Ash through sea route. 0.070 54% 0.032 100 - 100 Air Emissions ▪ PM ▪ SOx ▪ NOx ▪ Ensuring ESP (Electrostatic Precipitator) Fields availability ▪ Optimizing lime dozing system efficiency ▪ Process efficiency improvements 0.053 0.683 0.373 67% 61% 63% 0.16 1.78 1.01 Specific process emissions(Kg/MWh) Biodiversity ▪ Biodiversity at our operating sites ▪ Implementation of Biodiversity Assessment plan at our operating plants in a phase wise manner to achieve No Net Loss of Biodiversity by 2030. ▪ Increased green cover across operations ▪ Implementation of Biodiversity Management plan at Barmer Plant. Achieve ‘no net loss’ of biodiversity -
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26 JSW Energy Q3 FY25 Results Presentation Sustainability: Q3 FY25 Performance Key Highlights Performance Ash Utilisation (%) 100% 100% 97% 100% FY23 FY24 9M FY25 FY30 Target CO2 intensity (tCO2e/MWh) PM Emissions (kg/MWh) 0.68 0.63 0.55 0.59 FY23 FY24 9M FY25 FY25 Target 0.122 0.107 0.096 0.095 FY23 FY24 9M FY25 FY25 Target SOx Emissions (kg/MWh) 1.23 1.19 1.15 1.00 FY23 FY24 9M FY25 FY25 Target NOx Emissions (kg/MWh) 0.69 0.655 0.667 0.58 FY23 FY24 9M FY25 FY25 Target Climate Change ▪ Supply chain sustainability assessment –ESG assessment of registered vendors in progress. ▪ TCFD (physical risk assessment) for Hydro plants is in progress. ▪ Addition of 377 MW (Q3 FY25) renewable portfolio mix to reduce the GHG emission, a step towards our “ Net Zero” commitment by 2050 or earlier. Water Security ▪ Maintained zero liquid discharge across operations ▪ Optimizing utilization of rain water harvesting system ▪ Reuse of treated effluent of Sewage Treatment Plant for horticulture ▪ Adopting Dry cleaning instead of Wet module cleaning leading to substantial groundwater savings. Waste ▪ Reutilising pond ash as well as bottom ash in Boiler. ▪ Ensuring 100% Ash utilization initiatives at all plants through tie-ups with cement factories & similar businesses ▪ Ensuring ESP (Electrostatic Precipitator) Fields availability ▪ Process efficiency improvements are being implemented across all plant locations ▪ Lime Dozing system availability and parameters optimization at Barmer to reduce air emissions ▪ An Advanced Online Emission monitoring system installed at Utkal Air Emissions Biodiversity ▪ Increase in green cover at all operations to achieve ‘No Net Loss’ of Biodiversity by 2030. ▪ Plantation is continuous activity in all our operating plants ▪ Biodiversity Assessment is stated in JSW Energy (Utkal) Plant.
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27 JSW Energy Q3 FY25 Results Presentation Sustainability: Empowering Our Communities JSW Energy, Barmer
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28 JSW Energy Q3 FY25 Results Presentation Sustainability: Empowering Our Communities Health & Nutrition Water, Environment & Sanitation Waste Management Agriculture and Allied Livelihoods Education Skills & Livelihoods Art, Culture & Heritage Sports Promotion Education • 4,000 farmers benefitted through cattle improvement programme in Ratnagiri & Chiplun • 916 women benefitted through handicraft as livelihood projects in Barmer,Sholtu,Kutehr. • 11,310 individuals have been provided access to safe drinking water in Barmer, Jharsuguda and Dharampuram • 43,826 health consultations carried out through Mobile Health Units, special camps • Eye Screening camps at 10 sites, 17 health camps across Tuljapur and Latur • 14,689 students are supported through improving quality education and school infrastructure development at Dharampuram, Vijaynagar, Kutehr and Ratnagiri. • 103 sports person getting regular training under Shikhar Programme in Sholtu. • More than 2,500 sports person participated in sports competition organized by JSW in Vijayanagar to promote sports culture among youths. Skills and Livelihoods Health and Nutrition Water and Sanitation Initiatives Sports Promotion
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29 Investor Relations Contact: ir.jswenergy@jsw.in ESG Data Profile: Link JSW Energy, Barmer and Vijayanagar Solar
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Business Environment JSW Hydro - Sholtu
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31 JSW Energy Q3 FY25 Results Presentation Indian Economy Source: Reserve Bank of India (RBI), Monetary Policy Committee (MPC), IMF, Press Information Bureau India • India continues to see resilient growth amid global headwinds o Real GDP growth stood at 5.4% in Q2 FY25; RBI forecasts 6.6% growth in GDP for FY25 o PMI: Manufacturing (Jan-25: 58) and Services (Jan-25: 56.8) o GST revenue collection at ₹ 1.77 trillion in Dec-24,up 7.4% YoY. • Inflation o CPI inflation stood at 5.22% in Dec-24 showing a slight dip from 5.48% in November and remains within the RBI’s tolerance mark GST Collection (₹ Lakh Cr) 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 PMI – Manufacturing & Services -23.1 -5.81.8 3.3 22.6 9.9 5.5 4.5 12.8 5.5 4.3 6.2 8.2 8.1 8.6 7.8 6.7 5.4 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Real GDP Growth (%) 45 50 55 60 65 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 PMI Manufacturing PMI Service
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32 JSW Energy Q3 FY25 Results Presentation Source: Central Electricity Authority (CEA) 95 105 115 125 135 145 155 165 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Demand in BUs FY 2025 FY 2024 FY 2023 Power Demand grew by 2.7% YoY in Q3 FY25 on a High Base • India’s power demand grew by 2.7% YoY to 393 BUs in Q3 FY25, due to lower cooling demand and high base. However, power demand during 9M FY25 at 1,280 BUs grew by 4.5% YoY. • Demand in North (116 BUs) increased by 9.5% YoY ,followed by East (44.5 BUs) where demand increased by 3.7% while demand in West (130 BUs) was marginally up. • Peak demand of 224 GW was witnessed during Q3 FY25 in Dec’24 -10% 0% 10% 20% 30% 40% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Demand Growth (% YoY) FY 2025 FY 2024 Power Demand by Region in BU 120 140 160 180 200 220 240 260 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Peak Demand in GW 4 year range FY 2025 FY 2024 FY 2023 369 409 384 390 307 309 165 172 1,225 1,280 YTD 2024 YTD 2025 106 116 129 130 100 97 48 49 383 393 Q3 FY2024 Q3 FY2025 East & NE South West North India
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33 JSW Energy Q3 FY25 Results Presentation Source: Central Electricity Authority (CEA), National Power Portal Overall Generation Increased by 3.7% YoY in Q3 FY25 • Overall generation during Q3 FY25 stood at 426 BUs, increasing by 3.7% YoY. • Share of thermal in overall generation decreased to 77% (vs 80% YoY) in Q3 FY25 with net generation of 326 BUs. • Generation from Renewables (excluding large hydro) increased by 15% YoY in Q3 FY25, strongly supported by solar generation with increase of generation by 26% YoY in Q3 FY25. • Hydro generation during Q3 FY25 at 30 BUs grew by 28% YoY. 95 115 135 155 175 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Generation in BUs FY 2025 FY 2024 FY 2023 Power Generation by Source in BU -10% 0% 10% 20% 30% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q1 Q2 Q3 Q4 Power Generation Growth (% YoY) FY 2025 FY 2024 75% 74% 9% 9% 13% 14% 1,309 1,378 YTD 2024 YTD 2025 80% 77% 6% 7% 11% 12% 411 426 Q3 FY2024 Q3 FY2025 Others Renewables Hydro Thermal India
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34 JSW Energy Q3 FY25 Results Presentation 1.4 1.2 5.9 2.8 1.2 15.5 15.3 18.5 8.7 18.8 0.5 0.1 0.1 0.1 0.017.3 16.6 25.9 12.2 20.0 FY 2022 FY 2023 FY 2024 9M FY2024 9M FY2025 Thermal Renewables Hydro Nuclear Total 1.1 2.3 3.3 2.1 2.3 13.9 12.8 15.0 6.5 16.1 0.4 0.2 0.2 0.1 0.515.5 15.3 18.5 8.7 18.8 FY 2022 FY 2023 FY 2024 9M FY2024 9M FY2025 Wind Solar Other RES Total RES 98 48 16 162 Other RES Wind Solar 53% 2% 10% 35% Thermal Nuclear Hydro Renewables 462 GW 24% 54% 23% State Private Central 462 GW India’s installed capacity stands at 462 GW as on Dec-24 Source: Central Electricity Authority (CEA) Sector-wise Installed Capacity Segment-wise Installed Capacity Renewable Capacity Breakdown Overall segment wise net capacity additions (GW) Renewable Capacity Additions (excl. Hydro) GW
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35 JSW Energy Q3 FY25 Results Presentation Merchant Power – Day Ahead Market Source: Indian Energy Exchange (Day-Ahead Market); *Cleared Total Volume includes DAM, TAM and RTM for conventional power 1.0 3.0 5.0 7.0 9.0 11.0 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Linear Trend - Monthly Avg Price (₹/kwh) 2 4 6 8 10 12 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthly Average Merchant Tariff (₹/unit) FY 2025 FY 2024 FY 2023 2500 3500 4500 5500 6500 7500 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar DAM Market Cleared Volume (MUs) FY 2025 FY 2024 FY 2023 5500 6500 7500 8500 9500 10500 11500 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Cleared Volume (MUs) FY 2025 FY 2024 FY 2023 Q3 FY25 • DAM prices were down 26% YoY as the average tariff recorded for Q3 FY25 was ₹ 3.71/KWh vs ₹5.0/KWh in the corresponding period last year • The cleared volume in DAM was 16.7 BUs, increasing by 13.8% YoY and total cleared volumes stood at 30.4 BUs, up 16% YoY
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Appendix Mytrah Solar
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37 JSW Energy Q3 FY25 Results Presentation Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q3 FY25 Q3 FY24 Change YoY 9M FY25 9M FY24 Change YoY Q3 FY25 Q3 FY24 9M FY25 9M FY24 Ratnagiri (1,200 MW) LT 91% 1,639 1,682 -3% 4,965 4,822 3% 74 (*90) 76 (*93) 75 (*88) 74 (*93) Total 100% 1,984 2,062 -4% 5,930 5,753 3% 82 (*96) 85 (*100) 82 (*94) 79 (*97) Barmer (1,080 MW) LT 100% 1,487 1,564 -5% 4,438 4,575 -3% 70 (*77) 74 (*77) 70 (*75) 72 (*75) Vijayanagar (860 MW) LT 37% 863 568 52% 2,032 1,607 26% 100 (*100) 89 (*90) 100 (*100) 85 (*89) Total 100% 1,042 1,076 -3% 2,759 3,049 -9% 59 (*59) 61 (*62) 53 (*54) 58 (*60) Utkal (350 MW) Total 100% 571 NA NA 1,404 NA NA 79 (*79) NA 66 (*66) NA Nandyal (18 MW) LT 100% 21 27 -23% 59 62 -5% 59 (*100) 76 (*97) 56 (*100) 58 (*99) Total Thermal (3,508 MW) LT 72% 4,010 3,841 4% 11,494 11,066 4% 80 (*90) 77 (*86) 77 (*85) 74 (*85) Total 100% 5,105 4,729 8% 14,590 13,438 9% 72 (*79) 74 (*82) 69 (*76) 71 (*80) Operational Performance – Thermal LT : Long Term; ST: Short Term, NM : Not meaningful, * denotes Deemed PLF Figures rounded off to nearest units digit
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38 JSW Energy Q3 FY25 Results Presentation Net Generation (MUs) PLF/CUF (%) Location (Current Capacity) Capacity (%) Q3 FY25 Q3 FY24 Change YoY 9M FY25 9M FY24 Change YoY Q3 FY25 Q3 FY24 9M FY25 9M FY24 Hydro (1,345 MW)* LT 97% 682 634 8% 5,104 4,462 14% 24 22 60 52 Total 100% 723 634 14% 5,479 4,544 21% 25 22 62 52 Solar (675 MW) LT 100% 284 300 -5% 914 955 -4% 19 20 21 22 Wind (2,152 MW) LT 100% 639 465 38% 3,489 2,527 38% 13 14 26 28 Total Renewables (4,172 MW) LT 99% 1,606 1,399 15% 9,507 7,945 20% NA NA NA NA Total 100% 1,646 1,399 18% 9,882 8,027 23% NA NA NA NA Operational Performance – Renewables LT : Long Term; ST: Short Term, Figures rounded off to nearest units digit
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39 JSW Energy Q3 FY25 Results Presentation Financial Results – Major Entities * After inter-company adjustments and eliminations Entity-wise Revenue from Operations Particulars in ₹ Crore Q3 FY25 Q3 FY24 9M FY25 9M FY24 Standalone 977 1,276 2,994 3,893 JSW Energy (Barmer) 667 705 2,052 2,071 JSW Energy Utkal 245 0 775 4 JSW Hydro Energy 179 211 964 1,199 Acquired RE Portfolio 206 254 1,197 1,280 JSW Renewable Energy (Vijayanagar) 60 39 200 129 JSW Renew Energy (SECI IX) 42 1 135 1 JSW Renew Energy Two (SECI X) 40 35 188 91 JPTL 17 17 50 52 Consolidated* 2,439 2,543 8,556 8,730 Entity-wise EBITDA (Including Other Income) Particulars in ₹ Crore Q3 FY25 Q3 FY24 9M FY25 9M FY24 Standalone 386 529 1,305 1,407 JSW Energy (Barmer) 188 225 633 655 JSW Energy Utkal 45 1 190 1 JSW Hydro Energy 151 197 906 1,168 Acquired RE Portfolio 183 201 1,075 1,132 JSW Renewable Energy (Vijayanagar) 53 35 184 118 JSW Renew Energy (SECI IX) 39 1 128 1 JSW Renew Energy Two (SECI X) 34 34 179 88 JPTL 16 17 49 53 Consolidated* 1,115 1,229 4,602 4,545
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40 JSW Energy Q3 FY25 Results Presentation Cash Returns on Adjusted Net Worth * ₹144 Cr for Sep-23 represents after-tax effects of Hydro True-up ** Adjustment in net worth by excluding the value of shares of JSW Steel Quarter ended Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Reported PAT 272 290 850 231 351 522 853 168 Add: Depreciation 291 398 409 400 427 375 392 406 Add/(less): Deferred Taxes 24 55 89 (4) (92) 61 (4) (66) (Less): Dividend Received - - (24) - - - (51) - Add/(less): One-offs* - - (144) - - - - - Cash PAT 587 743 1,180 628 686 958 1,190 507 Cash PAT (TTM) 2,570 2,500 2,999 3,138 3,237 3,452 3,462 3,341 Adjusted Net Worth** 14,177 14,061 14,859 15,336 15,501 20,972 21,553 21,504 Cash Returns on Net Worth (%) 18% 18% 20% 20% 21% 16% 16% 16% ₹ Cr (Unless mentioned otherwise) Strong Cash Generation of > ₹3,300 Crore
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41 JSW Energy – Presence Across the Value Chain Well placed to achieve 20 GW of generation capacity ahead of stated timeline of 2030 Thermal, 7.5 GW, 26% Solar, 6.3 GW, 22% Hydro, 1.6 GW, 6% Wind, 5.6 GW, 20% Hybrid+ FDRE, 7.4 GW, 26% Power Generation Energy Storage 16.3 GWh of locked in capacity Energy Products & Services Solar Module & Green H2 Battery Storage 1.9 GWh Hydro Pump Storage 14.4 GWh Solar Module manufacturing 1.0 GW Green Hydrogen & Derivatives 3,800 TPA Wind Turbine Manufacturing – Technology licensing agreement with SANY Renewable Energy 28.3 GW* * Includes capacity of O2 power (RE- 4.7 GW) and KSK Mahanadi Power Company (3.6 GW) where transaction is in progress
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42 Group Captive, 19% SECI, 24% RJ, 7%PTC, 5% SJVN, 5% NTPC, 7% TS, 2% KA, 2% AP, 2% MH, 10% HP, 2% GJ, 3% C&I, 2% Others, 3% Open Capacity, 7% 29% 30% 28% 14% 11% 89% Installed 8,117 MWOrganic Pipeline 3,940 MW Hydro PSP 14.4 GWh Diversified Offtakers** Under-construction 7,830 MW Group Captive in 8.1 GW - 21% Generation – 28.3 GW BESS 1.3 GWh 16.3 GWh Well Diversified Portfolio – Focused on Maximising Cash Returns 16.3 GWh Open capacity in 8.1 GW – 13% Under-Acquisition 8,421 MW (Transaction in progress) Wind 250 MW Solar 960 MW Hybrid 2,730 MW Wind 2,158 MW Solar 2,934 MW Hybrid 2,148 MW Thermal 350 MW Hydro 240 MW Wind 2,543 MW Solar 675 MW Thermal 3,508 MW Hydro 1,391 MW O2: 4,696 MW KSK: 3,600 MW Hetero *: 125 MW * Transaction completed on 10th January 2025, ** Excluding the O2 Power and KSK Mahanadi Energy Storage – 16.3 GWh Diversified Offtakers PCKL 15% SECI 7% JSW Steel 2% Open 2% MSEDCL 74%
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43 JSW Energy Q3 FY25 Results Presentation Hydro Assets include: Karcham-Wangtoo and Baspa. * Hydro true up impact in 9M FY24 JSW Hydro – Q3 FY25 Highlights Revision in two-part tariff at Karcham- Wangtoo during the year on account of lower depreciation rate in accordance with CERC Regulations. Operational Highlights • Net generation at Hydro Assets (Karcham and Baspa) for the quarter was up 14% YoY due to better hydrology • Plant Availability Factor remains above the normative PAF for Q3 FY25 (97%) Financial Highlights • Revenue from operation for Q3 FY25 stood at ₹ 178 Cr, impacted by two-part tariff revision in FY25 offsetting the positive contribution of higher generation. Consequently, EBITDA stood at ₹ 152 Cr 197 151 Q3 FY24 Q3 FY25 1,168 906 9M FY24 9M FY25 Net Generation (MUs) Hydro : PAF and PLF EBITDA (₹ Cr)Segmental Revenue from Operations (₹ Cr) 100% 634 94% 682 634 723 Q3 FY24 Q3 FY25 98% 4,462 93% 5,104 4,544 5,479 9M FY24 9M FY25 Short Term Long Term 14% 16% 21% 1,199 964 9M FY24 9M FY25 211 178 Q3FY24 Q3 FY25 20% 23% 22% 99% 22% 97% 25% PAF PLF Q3 FY24 Q3 FY25 104% 52% 102% 62% PAF PLF 9M FY24 9M FY25 174* 174*
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44 JSW Energy Q3 FY25 Results Presentation Under Construction Projects JSW SECI X, Tuticorin
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45 JSW Energy Q3 FY25 Results Presentation JSW Neo - Under construction Wind Power Projects – 1.1 GW ▪ SECI X (454 MW) : Fully Commisioned in Q3 FY25 ▪ SECI IX (810MW) : 459 MW Commisioned by Q3 FY25 ▪ Group Captive (737 MW) : 254 MW Commisioned by Q3 FY25 ▪ Approx 1.1 GW is under construction and will be commissioned by FY25 Wind Projects (SECI Projects and Group Captive) JSW SECI X, Tuticorin JSW Group Captive - Sandur
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46 JSW Energy Q3 FY25 Results Presentation Power - House works JSW Neo - Kutehr Hydro Power Plant – 240 MW • Completed tunneling work ~100% • Completed tunnel lining works 86% Tunneling & Concreting • Unit 1 &2 – Box up completed • Unit 3 – Turbine erection completed; Generator assembly in progress • GIS – Installation work completed • Pothead yard – Completed Barrage & Intake • Barrage concreting completed 97% • All the bays concreting work completed
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47 JSW Energy Q3 FY25 Results Presentation JSW Energy Utkal (700 MW) Revival works in Progress Unit 2 (350 MW) • Synchronised with grid on 15th Jan 25 Unit 1 (350 MW) • Synchronised with grid on 13th Jan 24 • Railway locomotive trial completed on new track Others