JSW Energy (533148) Q2 24/25 earnings summary

Executive summary

• Net generation increased 14% year-over-year in Q2 FY25 to 9.8 billion units, driven by wind, thermal, and hydro segments.

• Locked-in capacity reached 19.2 GW, with 204 MW wind commissioned in Q2 and 495 MW added YTD FY25.

• Major progress in energy storage, including a 12 GWh pumped storage PPA and Asia's largest 1 GWh battery storage system under construction.

• Green hydrogen and battery storage projects are progressing, with commissioning expected by March-June 2025.

• Consolidated revenue for Q2 FY25 was ₹3,237.66 crore, up from Q1 FY25 and nearly flat year-over-year.

Financial highlights

• Revenue grew 2% year-over-year in Q2, supported by wind additions and Utkal Unit-1, but impacted by lower hydro tariffs.

• Reported EBITDA was just over INR 1,900 crore, down 5% year-over-year; underlying EBITDA rose 4% after adjusting for hydro impacts.

• Profit after tax for Q2 was INR 853 crore, marginally up from last year; H1 profit after tax up 20% to INR 1,375 crore.

• Consolidated net profit for Q2 FY25 was ₹876.76 crore, up from Q1 FY25 and Q2 FY24.

• Net debt increased by INR 1,500 crore sequentially to INR 24,875 crore, mainly due to project drawdowns.

Outlook and guidance

• On track to achieve 10 GW operational capacity by FY25 and targeting 20 GW before 2030, with 40 GWh energy storage.

• 2.1 GW to be commissioned by FY25; all under-construction projects tied up with long-term PPAs.

• CapEx for FY25 targeted at INR 15,000 crore, with INR 4,500 crore allocated to projects needed to reach 10 GW.

• Major green hydrogen and BESS projects expected to be operational by Mar-25 and Jun-25.

• Raised ₹5,000 crore via QIP in April 2024 to support growth and expansion.