Electric Utilities company JSW Energy announced Q2FY24 results: Operational Performance: Overall net generation increased by 29% YoY to 8.6 billion units (BUs) due to strong merchant sales, organic renewable energy (RE) capacity additions, and contributions from acquired RE portfolios. Net renewable generation surged by 47% YoY to 4.4 BUs, while total thermal generation increased by 15% YoY to 4.3 BUs. Net long-term generation showed a growth of 22% YoY, primarily driven by higher generation at Ratnagiri (Unit-1) and RE capacity additions. Consolidated Financials: The company reported its highest-ever quarterly EBITDA at Rs 2,008 crore, with a reported PAT of Rs 850 crore, both showing an 83% YoY increase. Cash PAT reached Rs 1,180 crore. On a sequential basis, EBITDA increased by 54%, and PAT doubled. Receivables improved by 10% YoY, with a Days Sales Outstanding (DSO) of 56 days (excluding the acquired RE portfolio and hydro true-up impact), indicating a healthy collection trend. The company maintained a best-in-class balance sheet, with a net debt-to-equity ratio of 1.2x and Net Debt to (Proforma TTM) EBITDA at 4.6x. Cash and cash equivalents stood at Rs 3,291 crore. Strategic Initiatives: The company signed Memorandums of Understanding (MoUs) with JSW Steel to provide renewable energy solutions progressively by 2030, including a RE generation capacity of approximately 6.2 GW and energy storage projects of around 2.7 GWh. The MoUs also include agreements for supplying 85,000-90,000 tons per annum (TPA) of Green H2 and 7,20,000 TPA of Green O2, coupled with associated RE power solutions. Under Construction - Utility Scale Generation Projects: 2.1 GW Wind projects are in progress, with part Commissioning on Declaration (CoD) received for 216 MW as of September 2023. Wind Turbine Generator (WTG) erection and Balance of Plant (BoP) works are underway for SECI IX and Group Captive plant. WTG supplier has been finalized for SECI XII, and BoP works are under tendering. The 240 MW Kutehr Hydroelectric Power (HEP) project reports substantial progress, with tunneling at 99% completed and powerhouse and control room concreting at 55%. Acquired Assets: The Ind-Barath Thermal Power Plant (TPP) Unit 1 has completed Boiler light-up and critical piping steam-blowing activities, with expected commissioning in the current quarter. Unit 2 revival activities are in progress and expected to be commissioned in Q4FY24. The acquired RE portfolio witnessed a 27% YoY increase in generation, resulting in an EBITDA of approximately Rs 557 crore. Result PDF
Conference Call with JSW Energy Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.