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Energy Limited Regd Energy Limited Regd. Office: JSW Centre Bandra Kurla Complex Bandra (East), Mumbai - 400 051 CIN: L74999MH1994PLC077041 Phone : 022-4286 1000 Fax : 022-4286 3000 Website: www.jsw.in SEC/ JSWEL 20th July, 2019 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street Bandra - Kurla Complex, Bandra (E) Mumbai - 400001 Mumbai - 400 051 Scrip Code: 533148 Scrip Code: JSWENERGY- EQ Fax No.: 022 - 2272 2037 / 39 Fax No.: 022 - 2659 8237 / 38 Dear Sirs, Sub: Annual Report of the Company for the Financial Year 2018-19 Ref: Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Pursuant to Regulation 34(1) of the Listing Regulations, we hereby submit the Annual Report of the Company for the Financial Year 2018-19 along with the Notice of the 25th Annual General Meeting of the Company. You are kindly requested to take note of the above. Yours faithfully, For JSW Energy Limited Monica Chopra Company Secretary Encl: As above 1 Part of O. P. Jindal Group Integrated Annual Report 2018-19 Inside this Report About this Report The JSW Energy Integrated Annual Report (Report) FY2019 provides an extensive outline Corporate Overview of the Company’s holistic approach to developing the nation and creating value for all 02 Powering India’s Future stakeholders by presenting its strategy, governance, performance and prospects. 03 Introducing Our Capitals 04 About JSW Energy Scope 08 Key Performance Indicators JSW Energy Limited (JSW Energy) is pleased to present its first Integrated Annual Report. 10 Message from the Chairman and In FY2019, JSW Energy adopted the Integrated Reporting <IR> framework prescribed by the Managing Director International Integrated Reporting Council (IIRC). Through this Report, we aim to provide 12 Value-creation Model a holistic picture of our financial and non-financial performance, with respect to the 14 Stakeholder Engagement six capitals of <IR>, to our stakeholders. We also aim to provide an enhanced understanding and Materiality of the economic, social and environmental impacts on the Company, the governance 16 Business Environment framework that regulates the conduct of the business and the Company’s approach 18 Strategic Focus Areas and Enablers towards long-term sustainability. It includes measures of engagement with identified 20 Transitioning to a Green Future material stakeholder groups and outlines the organisation’s governance framework, 22 Robust Balance Sheet to Aid Growth along with its risk mitigation strategy. The Report provides information covering the period 24 Steadily Improving Operational from April 1, 2018 to March 31, 2019. Excellence 26 Consolidation in the Power Sector Responsibility Statement 28 Performance by Capitals – Financial The contents of this Report have been reviewed by the Company’s Senior Management, 30 Performance by Capitals – Manufactured under the guidance of the Board. This has ensured the integrity, accuracy and 34 Performance by Capitals – Human completeness of the information disclosed in the Report. 38 Performance by Capitals – Intellectual 40 Performance by Capitals – Social and Reporting Framework Relationship The financial and statutory data presented in the Report is in accordance with leading and 46 Performance by Capitals – Natural international frameworks. These include reporting requirements under the Companies Act, 50 Corporate Governance 2013 and the rules made thereunder, Indian Accounting Standards (IndAS), the Securities Framework and Exchange Board of India (Listing Obligations and Disclosure Requirements), the Global Reporting Initiative (GRI) Standards, the National Voluntary Guidelines (NVGs) for Business 52 Board of Directors Responsibility Reporting (BRR) and UN Sustainable Development Goals (UN SDGs), among 56 Risk Management Framework others. The non-financial data in the Report is guided by the IIRC framework. 58 Business Performance Mapping with UN SDGs Reporting Boundary 59 Corporate Information The information presented in the Report is material to our stakeholders and presents an overview of our businesses and associated activities that help in creating value in the 60 GRI Content Index short, medium and long term. We have also presented information on our subsidiaries both 65 Assurance Statement within India and overseas.The Report also covers our Joint Venture and Associate Company. Statutory Reports Independent Assurance 68 Management Discussion The performance by capitals section of the Report contains Key Performance Indicators and Analysis (KPIs) presented under various capitals. Deloitte Haskins & Sells LLP has provided a 86 Director’s Report limited assurance statement on select KPIs for FY2019 as mentioned in their assurance 124 Corporate Governance Report statement included as a part of this report.(The Report is defined earlier as the Integrated Financial Statements Annual Report). Standalone 144 Independent Auditor’s Report Forward-looking Statement 152 Balance Sheet In this Report, we have disclosed forward-looking information to enable investors 153 Statement of Profit and Loss to comprehend our prospects and take investment decisions. This Report and other 154 Statement of Changes in Equity statements – written and oral – that we periodically make contain forward-looking 156 Statement of Cash Flows statements that set out anticipated results based on the management’s plans 158 Notes to Financial Statements and assumptions. Consolidated We have tried, wherever possible, to identify such statements by using words such as 215 Consolidated Independent ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of Auditor’s Report similar substance in connection with any discussion of future performance. We cannot 222 Consolidated Balance Sheet guarantee that these forward-looking statements will be realised, although we believe 223 Consolidated Statement of we have been prudent in our assumptions. The achievements of results are subject to Profit and Loss risks, uncertainties and even inaccurate assumptions. Should known or unknown risks 224 Consolidated Statement of Changes in or uncertainties materialise, or should underlying assumptions prove inaccurate, actual Equity results could vary materially from those anticipated, estimated or projected. Readers 226 Consolidated Statement of Cash Flows should keep this in mind. We undertake no obligation to publicly update any forward-looking 228 Notes to Consolidated Financial statement, whether as a result of new information, future event or otherwise. Statements 295 Information of Subsidiaries, JVs and Associates (AOC-1) 297 Financial Highlights (Standalone) 298 Financial Highlights (Consolidated) 299 Notice JSW Energy Limited | Integrated Annual Report 2018-19 At JSW Energy, we aim to utilise our resources most efficiently and contribute towards making Powering India one among the leading power players in the world. We are relentlessly striving to achieve the following: > A vision where every corner of the country is India’s powered by JSW Energy > Reducing our carbon footprint to a bare minimum by significantly scaling up in Future Renewable Energy > Positively impacting the lives of a large strata of people through our social engagement initiatives Nation building remains our core mission and this spirit is reflected in all our activities – in our business operations as well as in our social initiatives. Our cutting-edge operations, constantly improving plant efficiencies, high environmental consciousness and relentless social commitments form the tiny steps that propel us towards our larger intent. At JSW Energy, we are motivated to dream big and challenge ourselves every day, have the courage to take risks, stick to our core values and show compassion towards the society. We will pursue growth relentlessly till we power up the future of our people, our society and our nation. Our Robust Business Performance FY2019 Highlights Net Power Generation EBITDA 22.09 I3,221 Billion Units Crore Turnover EBITDA Margin I9,506 34% Crore 2 Powering India’s Future. Better Everyday. Corporate Overview Statutory Reports Financial Statements Introducing Our Capitals The Six Capitals that Drive Our Value Creation Story Financial Manufactured Human Capital Capital Capital Refers to the pool of funds and Refers to the production facilities and Includes the skills, knowledge, monetary resources that the Company equipment used for power generation experience, competencies and needs to establish and operate and transmission, mining and capabilities of employees that help in its business. These include debt, equipment manufacturing, including creating value for the Company and equity, revenue, internal accruals the infrastructure used in the plants. its stakeholders. It also includes the and investments, among others. Manufactured capital depends on training and development programmes Financial capital plays a crucial role in the flow of financial capital to allow undertaken for the employees. generating, deploying and accessing resources to be deployed to build it. other forms of capital. Turnover Operational Capacity Employees Permanent Contractual I9,506 4,541 1,807 2,935 Crore MW Read more on Page 34 Read more on Page 28 Read more on Page 30 Intellectual Social and Natural Capital Relationship Capital Capital Covers R&D, innovation, design, Refers to the Company’s trust-based Includes multiple
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