JSW Energy (533148) Q2 24/25 earnings summary

Executive summary

• Net generation rose 14% year-over-year to 9.8 billion units, driven by wind, thermal, and hydro growth.

• Locked-in generation capacity reached 19.2 GW, with 204 MW wind commissioned in the quarter 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 project under construction.

• Green hydrogen plant (3,800 tons/year) and battery storage projects expected to be operational by March and 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 increased 2% year-over-year to ₹3,459 crore, supported by wind additions and Utkal Unit-1.

• EBITDA was just over INR 1,900 crore, down 5% YoY; underlying EBITDA (excluding hydro true-up) rose 4%.

• Profit after tax for the quarter was INR 853 crore, marginally up from INR 850 crore last year; consolidated net profit for Q2 FY25 was ₹876.76 crore.

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

• Net debt to EBITDA (normalized) at 2.2x; net debt to equity at 0.9x; liquidity remains strong with INR 5,700 crore in cash.

Outlook and guidance

• On track to achieve 10 GW capacity by FY 2025 and 20 GW before 2030, with 40 GWh energy storage targeted by 2030.

• 5,388 MW of contracted capacity to be commissioned over 24 months; clock starts post-PPA signing.

• CapEx for FY 2025 targeted at INR 15,000 crore, with INR 4,500 crore for projects to reach 10 GW.

• Group captive PPAs expected to be signed by March 2025.

• Green hydrogen and BESS projects expected to be operational by Mar-25 and Jun-25, respectively.