JSW Energy (533148) Q3 24/25 earnings summary

Executive summary

• Power demand in India grew 4.5% in the first nine months of FY25, with Q3 growth moderating to 2.7% on a high base; medium-term demand outlook remains strong.

• Major acquisitions include O2 Power (4,696 MW renewable platform) at ₹12,468 Cr EV, KSK Mahanadi (3,600 MW thermal plant), and 125 MW wind projects from Hetero Group, enhancing capacity and cash flow profile.

• Installed capacity increased by 1.3 GW (19% YoY) to 8,242 MW, with a target to reach 10 GW by FY25 and 20 GW by FY30; 28.3 GW of generation capacity is now logged-in.

• Renewable energy additions and strategic inorganic growth are prioritized to overcome sectoral challenges like transmission and land constraints.

• Consolidated revenue from operations for Q3 FY25 was ₹2,400 crore, down from ₹2,542.77 crore in Q3 FY24; nine-month revenue was ₹8,350 crore, slightly down year-over-year.

Financial highlights

• Q3 net generation rose 10% year-over-year to 6.8 billion units, driven by 18% growth in renewables and higher thermal output.

• Q3 EBITDA was ₹1,115 crore, down 9% year-over-year; profit after tax was ₹168 crore, down 27% year-over-year; consolidated net profit for Q3 FY25 was ₹157.45 crore.

• Nine-month EBITDA was ₹4,600 crore (flat), with profit after tax at ₹1,543 crore, up 12% year-over-year; nine-month net profit was ₹1,568.37 crore.

• Total revenue flat YoY at ₹2,640 crore as RE and Utkal gains offset by lower short-term realisation.

• Net debt at December-end was ₹26,500 crore, with cash and equivalents just under ₹5,000 crore.

Outlook and guidance

• On track to reach 10 GW by FY25 and 20 GW by FY30, with 7.8 GW under construction and 3.9 GW awaiting PPAs; 28.3 GW locked-in capacity, 16.3 GWh energy storage secured.

• 2.3 GW of O2 Power to be operational by June 2025, additional 2.4 GW by June 2027.

• Green hydrogen plant (3,800 TPA) expected commissioning by March 2025; 12 GWh pumped hydro storage to be commissioned within 48 months.

• The resolution plan for KSK Mahanadi Power Company Limited (3.6 GW thermal plant) has received a Letter of Intent, pending regulatory approvals.