May 16, 2025: JSW Energy Limited (“JSW Energy” or the “Company”) reported robust operational and financial performance for the quarter (“Q4 FY25” or the “Quarter”) and the financial year (“FY25” or the “Year”) ended March 31, 2025.
Summary of Consolidated Operational & Financial Performance
Operational
- Total installed capacity at the end of FY25 stands at 10,875 MW, up 50 % YoY. Added 2,758 MW during Q4 FY25
- Net generation rose 24% YoY in Q4 FY25 to 7.9 BUs while FY25 generation increased 16% YoY to 32.4 BUs
- RE generation during the quarter increased by 32% YoY to 1.7 BUs
- Net long-term PPA generation grew by 28% YoY to 6.9 BUs during the quarter
- Vijayanagar 860 MW thermal plant now fully tied up
- Company’s open capacity reduced to 976 MW which is 9% of the operational portfolio of 10.9 GW as of FY25. 790 MW of the open capacity is now based on domestic coal.
Consolidated Financials
- EBITDA for Q4 FY25 increased 17% YoY to ₹1,512 Crore while FY25 EBITDA increased 5% YoY
to ₹6,115 Crore
- Q4 FY25 PAT at ₹408 Crore increased by 16% YoY while FY25 PAT increased 13% YoY to ₹1,951 Crore
- Annual Cash PAT generation continues to be ~ ₹ 3,400 Crore (₹ 4,679 Crore on Proforma)
- Receivables on DSO basis stood at 76 days; Cash & Cash Equivalents1 stood at ₹ 5,660 Crore
- Includes unencumbered bank balances, FDs, and liquid mutual funds
Consolidated Operational Performance
Total Net Generation at various locations/plants is as follows: (Figures in million units)
|
Location/ Plant |
Q4 FY25 |
Q4 FY24 |
|
Thermal |
|
|
|
Vijayanagar |
1,325 |
1,018 |
|
Ratnagiri |
1,950 |
2,097 |
|
Barmer |
1,562 |
1,754 |
|
KSK Mahanadi |
790 |
NA |
|
Utkal |
531 |
196 |
|
Nandyal |
23 |
23 |
|
Renewable |
|
|
|
Hydro |
383 |
369 |
|
Solar |
372 |
357 |
|
Wind |
974 |
584 |
|
Total |
7,912 |
6,397 |
Operational Capacity
Installed capacity surged by 2.8 GW in Q4 FY25, driven by 478 MW of greenfield wind additions and 2,150 MW of thermal capacity addition. This included the strategic acquisition of the 1,800 MW operational capacity at KSK Mahanadi and commissioning of the 350 MW Unit-2 at JSW Utkal. Strengthening baseload thermal footprint, the Company also signed a PPA with WBSEDCL for a 1,600 MW greenfield ultra supercritical thermal project at Salboni.
Generation
During the quarter, Net Generation stood at 7,912 MUs, up 24% YoY driven by driven by wind capacity additions, contributions from the 1,800 MW KSK Mahanadi and Utkal power plant. Total generation under long-term PPA in Q4 FY25 increased by 28% driven by wind capacity additions, contributions from the 1,800 MW KSK Mahanadi and tie-up at Vijayanagar thermal power plant. Short-term thermal sales at 1,017 MUs were marginally up as the higher generation at Utkal was offset by lower merchant volume at the Vijayanagar thermal plant as the plant gets fully tied up.
Net Generation in FY25 increased by 16% YoY to 32.4 BUs, supported by capacity additions in both RE and thermal. RE Generation increased 24% YoY to 11.6 BUs in FY25 due to 1.3 GW wind capacity addition and better hydrology resulting in incremental generation of 949 Mus at Hydro plants.
PLFs: PLFs achieved during Q4 FY25 at various locations/plants are as follows:
|
Thermal |
|
|
Vijayanagar |
Average PLF of 77% (77%1) in the Q4FY25 vis-a-vis 59% (59%1) in Q4 FY24 as LT volumes grew. |
|
Ratnagiri |
Average PLF of 82% (93%1) in the quarter vis-a-vis 87% (100%1) in Q4 FY24 |
|
Barmer |
Average PLF of 76% (83%1) in the quarter vis-a-vis 83% (87%1) in corresponding quarter last year. |
|
KSK Mahanadi |
Average PLF of 79% (99%1) post-acquisition starting from 6th March 2025 |
|
Utkal |
Average PLF of 64% (64%1) in the quarter vis-a-vis 63% (70%1) in corresponding quarter last year |
|
Renewables |
|
|
Hydro |
Average long term PLF of 13% for the quarter same as Q4 FY24 |
|
Solar |
Average CUF of 26% in Q4 FY25 higher vs 24% achieved in Q4 FY24 |
|
Wind |
Average CUF of 16% in Q4 FY25 vis-a-vis 17% in Q4 FY24 |
Energy Products and Services
Construction is underway for the 3,800 TPA green hydrogen project, set for commissioning by July 25. The locked-in energy storage capacity jumped by 13 GWh, bringing the total to 29.3 GWh.
Consolidated Financial Performance
- During the quarter, Total Revenue increased by 21% YoY to ₹3,497 Crore from ₹2,879 Crore resulting into EBITDA growth of 17% YoY from ₹1,292 Crore to ₹1,512 Crore, driven by contributions from the 1,800 MW KSK Mahanadi thermal power plant and organic wind capacity additions.
- Finance costs during the quarter increased to ₹675 Crore vis-à-vis ₹533 Crore in Q4 FY24 due to additional borrowings for ongoing capital expenditure and acquisitions, along with a slight increase in the weighted average cost of debt to 9.05% vs 8.64% in Q4 FY24.
- Profit after tax increased 16% YoY from ₹351 Crore in Q4 FY24 to ₹408 Crore in Q4 FY25 while
Cash PAT grew by 8% from ₹686 Crore in Q4 FY24 to ₹744 Crore in Q4 FY25.
- For FY25 Total Revenue increased 6% YoY to ₹12,639 Crore from ₹11,941 Crore in FY24. EBITDA for the year grew by 5% YoY to ₹6,115 Crore driven by RE capacity additions, contributions from the Utkal and KSK Thermal plants. PAT increased by 13% YoY to ₹1,951 Crore as compared to ₹1,723 Crore in FY24. Cash PAT for the full year stands at ₹ 3,399 Crore and ₹ 4,679 Crore on proforma basis.
- The Board recommended a dividend of ₹2.0 per share subject to approval of the shareholders.
Balance Sheet
The Consolidated Net Worth and Net Debt as on Mar 31, 2025 were ₹27,362 Crore and ₹43,962 Crore respectively, resulting in a Net Debt to Equity ratio of 1.6x. Net Debt to EBITDA1 stood at 5.0x, with Net Debt to EBITDA1 (excl. CWIP) at a healthy 3.9x. Receivables in DSO terms are at a healthy level of 76 days in the quarter.
Cash and Cash Equivalent
Liquidity continues to be strong with Cash balances2 at ₹5,660 Crores as of Mar 31, 2025.
Strategic Transactions
• Hetero Group RE Assets 125 MW – 10th Jan 2025
Consummated the transaction at an enterprise value of ~₹630 Crore
• KSK Mahanadi Power Company Ltd – 3,600 MW – 6th Mar 2025
Successfully completed acquisition of KSK Mahanadi Power Ltd, for a total resolution amount of ₹16,084 Cr. Presently, 1,800 MW (600 MW x 3 units) is operational and is 95% tied-up under long & medium-term PPAs. Additionally, the plant has a firm arrangement for water and coal transportation for the entire 3,600 MW
• O2 Power – a 4.7 GW RE Platform – 9th April 2025
Completed one of the largest RE deal, a 4.7 GW RE platform valued at an enterprise valuation
of ₹12,468 Cr. As of FY 2025, O2 Power’s installed capacity stands at 1,343 MW
ESG Stewardship & Awards:
Achieved sector leading ‘A’ Rating for ESG from globally acclaimed MSCI. The Company has been certified as a ‘Great Place to Work’ for the third time in a row and has been recognized among India’s Top 25 Best Workplaces in Manufacturing for the second consecutive year.