Q2 2025 JSW Energy Ltd Earnings Call Transcript
Key Points
- JSW Energy Ltd (BOM:533148) reported a 14% year-on-year increase in net generation, driven by both renewable and thermal generation.
- The company has secured new renewable energy projects with a capacity of 3.7 gigawatts in the current quarter, taking the total locked-in capacity to 19.2 gigawatts.
- JSW Energy Ltd is on track to reach its target of 10 gigawatts of capacity by FY25 and 20 gigawatts before 2030.
- Significant progress has been made on energy storage, with a power purchase agreement signed for a 12 gigawatt-hour pump storage project in Maharashtra.
- The company maintains a strong liquidity profile with cash and cash equivalents of close to INR5,700 crores at the end of the quarter.
- Despite a 14% increase in net generation, revenue for the quarter only increased by 2% year-on-year, partly due to changes in depreciation affecting tariffs and EBITDA.
- The EBITDA for the quarter was down by 5% year-on-year on a headline basis.
- The net debt increased by almost INR1,500 crores sequentially, largely due to debt drawdown for projects under construction.
- The merchant market prices trended lower, resulting in lower spreads for volumes sold in short-term markets.
- There are concerns about potential delays in project commissioning, which could impact growth expectations.
Ladies and gentlemen, good day. And welcome to Q2 FY25 earnings conference call of JSW Energy Limited hosted by Investec Capital Services. As a reminder, all participant lines will be in the listen-only mode. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Anuj Upadhyay from Investec Capital Services. Thank you and over to you.
Thank you, [HSP]. Good evening, everybody on behalf of Investec Capital Services. I welcome you all to the Q2 FY25 post Reserve conference call of JSW Energy Limited. We have become the leadership team from the company including Mr. Sharad Mahendra, Joint MD and CEO; Mr. Pritesh Vinay, Director of Finance and CFO; and Mr. Vikas Choudhary, Head of Industrial Relations and Treasury.
And now without any further delay, I will hand over the call to Mr. Sharad Mahendra for his opening remarks which will be followed by Q&A. Over to you, sir.
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