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JSW Energy Limited Investor Presentation May 2015 Agenda

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JSW Energy Limited Investor Presentation May 2015 Agenda JSW Energy Limited Investor Presentation May 2015 Agenda Overview Value Proposition Business Appendix Environment 2 JSW Group – presence across the core sectors JSW Steel*: India’s leading integrated steel producer (Steel Capacity: 14.3MTPA ) JSW Energy*: Engaged across the value chain of power business (Operational Capacity: 3,140MW) JSW Cement: Slag cement plant of 5.3MTPA capacity JSW Infrastructure: Engaged in development and operations of ports (Goa, Jaigarh, and Dharamtar Port) JSoft Solutions: An IT & ITES arm of JSW group * Listed company 3 JSW Energy – Presence across the value chain . Currently operational . Operational transmission line – JV with capacity: 3,140MW* MSETCL: two 400KV transmission lines Power Power generation transmission . JV with Toshiba, Japan for Equipment . Rajasthan (lignite): Kapurdi manufacturing of super- Mining (operational with capacity of critical steam turbines and manufacturing 7MTPA) and Jalipa (under generators development) mines; mineable reserves of 441mn tonnes Power trading . Engaged in power trading since June 2006 . Handled trading volume of ~9 bn units in FY15 * Capacity would increase to 4,531MW upon completion of Baspa II & Karcham Wangtoo Hydro Assets’ acquisition under the scheme of arrangement 4 pending before the Himachal Pradesh High Court and receipt of other approvals Established energy company with 3,140 MW operational capacity…. proposed increase to 4,531 MW1 Baspa II (300MW) & Karcham Wangtoo (1,091MW) 1 . Units operating: Baspa II since 2003 and Karcham Wangtoo since 2012 Barmer: 1,080MW . Technology & Fuel Source: Hydro . Power Offtake: Long Term PPA and Merchant . Configuration: 8 X 135MW . Enterprise Value to JSW Energy4: INR 97,000mn/ $1,617mn3 . Units operating: since 20105 . Technology: Sub-critical pithead lignite based TPP . Fuel Source: Captive lignite mines of BLMCL2 . Power Offtake: Long Term PPA . Project Cost4: INR 71,660mn/ $1,194mn Ratnagiri: 1,200MW . Configuration: 4 X 300MW . Units operating: since 20115 . Technology: Sub-critical TPP . Fuel Source: Imported thermal coal Vijayanagar: 860MW . Power Offtake: Long Term PPA & Merchant . Project Cost4: INR 54,942mn/ $916mn . Configuration: 2 X 130MW and 2 X 300MW . Units operating: since 20005 . Technology: Sub-critical TPP . Fuel Source: Gas & imported thermal coal Operational . Power Offtake: Merchant & Long Term PPA 1 Subject to acquisition of the assets . Project Cost4: INR 30,960mn/ $516mn Proximity to load centre/fuel source/infrastructural facilities 1) Capacity would increase to 4,531MW upon completion of Baspa II & Karcham Wangtoo Hydro Assets’ acquisition under the scheme of arrangement pending before the Himachal Pradesh High Court and receipt of other approvals, 2) Long term FSA with BLMCL for supply of lignite from its captive mines; BLMCL is a 49:51 JV between Raj WestPower Ltd (subsidiary of JSW Energy) and Rajasthan government undertaking, 3) 5 Subject to mutually agreed adjustments, 4) USD/ INR = 60, 5) denotes start of first unit in respective fiscal year; TPP – Thermal Power Plant Proven track record FY12 FY15 Capacity (MW) 2,600 3,140 . CAGR FY12–15: 6% Net Generation (MUs) 13,594 20,307 . CAGR FY12–15: 14% Total Revenue INR 62,654mn / $1,044mn INR 96,103mn / $1,602mn . CAGR FY12–15: 15% EBITDA INR 15,944mn/ $266mn INR 38,535mn/ $642mn . CAGR FY12–15: 34% . CAGR FY12–15: 99% PAT INR 1,701mn/ $28mn INR 13,495mn/ $225mn . Profitable and dividend paying since listing Fuel Type Thermal Coal Thermal Coal & Lignite . Diversifying fuel sources Power generation, O&M, Power generation, O&M, Business Segment transmission, trading, coal mining transmission, trading, coal mining . Presence across the value chain and equipment manufacturing and equipment manufacturing Despite turbulent sector dynamics, delivering sustainable growth driven by focused execution and balanced strategy USD/ INR = 60 6 Corporate strategy Efficient capital allocation for organic growth Selective Pursue selective inorganic growth opportunities which will enhance cash flows and be Growth RoE accretive Diversification of Fuel Mix and Off- Increasing proportion of Long Term PPAs – goal to reach over 85% of total take Arrangements Diversify both fuel mix and source – thermal coal, lignite and hydro Focus on Resource Optimization Committed to robust mix of sustainable eco-friendly technologies Focus on prudent O&M practices and higher plant efficiencies Strengthening Presence Across the Value Continue to evaluate opportunities across the value chain – Chain from mining, equipment manufacturing, generation, transmission and distribution for creating long term value Retain prudent financial profile Prudent Balance Sheet Management Manage growth and debt profile to capture market opportunities without excessive risk 7 Business challenges and mitigation strategies Barmer: Received environmental clearance from Ministry of Environment, Fuel availability, PLF Forests & Climate Change (MoEFCC) for Kapurdi mine to increase Final tariff order the mining capacity from 3.75 MTPA to 7 MTPA until FY18 Expect to operationalize Jalipa mine in FY16 Barmer plant consistently operating above normative PLF Expect final tariff order by FY16, current provisional tariff order covers ~96%1 of fixed cost petitoned Ratnagiri: FY15 PLF – 73% (versus 71% in FY14) – Lower demand impacting • LT PPA proportion improved to 773 MW on CERC norms scheduling and PLF Filed petition for compensatory tariff with MERC under “force- Under-recovery on PPA mejure” clause of the PPA with state Discom Vijayanagar: While demand for merchant power remains strong, opportunity to Reliance on merchant tie up long term PPA looks promising over the next two years sales Exposure to imported coal Thermal coal price corrected in sync with global energy prices prices and currency volatility Prudent Hedging policy for coal imports 1) Calculated as INR 2.38/unit as per the interim tariff order against our tariff petition of INR 2.48/ unit 8 Sound Corporate Governance Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, Audit Committee compliance with regulations by the Company and its subsidiaries Comprises of four Non-Executive Directors Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors Nomination and Responsible for drafting policy on specific remuneration packages for Executive Directors and Remuneration approving the payment of remuneration to managerial personnel Committee Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity Comprises of three Non-Executive Directors Stakeholders Responsible for the functioning of the investor grievances redressal system Relationship Comprises of two Non-Executive Directors Committee Risk Management Periodically reviews risk assessment and minimization procedures Committee Corporate Social Formulates and recommends to the Board a CSR Policy including list of projects and programs Responsibility Strong commitment towards CSR (CSR) Committee Comprises of four Non-Executive Directors All key committees in place, having adequate independent director representation 9 Agenda Overview Value Proposition Business Appendix Environment 10 Value proposition 1 Efficient Capital Allocation and Execution Capabilities 2 Portfolio of Efficient Operating Assets 3 Diversified Fuel Tie-up 4 Balanced Mix of Off-take Arrangements 5 Robust Financial Profile 11 1 Efficient Capital Allocation and Execution Capabilities Barmer (2010-2013): Ratnagiri 1,080 MW @ (2011-2012): INR 66.36mn1 /MW 1,200 MW @ (~$1.11mn/MW) Vijayanagar INR 45.78mn/MW (2010): (~$0.76mn/MW) 600 MW @ INR 32.78mn/MW (~$0.55mn/MW) Vijayanagar (2000-2001): 260 MW @ INR 43.42mn/MW (~$0.72mn/MW) Leveraging upon strong project execution and project management expertise, and infrastructure 1) High capital cost due to CFBC boilers for lignite based power plant USD/ INR = 60 12 2 Portfolio of Efficient Operating Assets 4 4 JSW Energy Standalone PLF All India private sector thermal power plants' PLF* 93% Among the best run thermal power plants in 81% 81% 83% India on a consistent basis 70% 64% 62% 61% Vijayanagar plant has been consistently recognised as a top performing operating power plant by the Ministry of Power for 7 consecutive years2 FY12 FY13 FY14 FY15 JSW Energy Energy Stand alone JSW 1 87% 92% 88% 87% Benchmark O&M practice resulting in 78% 73% 77% consistently higher PLFs 34%3 Raj West Power PLF Power West Raj 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 Industry leading PLFs driven by O&M and execution expertise *Source-CEA 1) Deemed PLF, 2) Vijaynagar’s SBU I (260MW) or SBU II (600MW) received either the Bronze Shield or the Silver Shield in the category of ‘Performance of Thermal Power Stations’ for FY07/FY08/ FY09/ FY10/ FY11 and the Gold Shield for FY12 and FY13, 3) 4QFY14 PLF was lower due to fuel availability related back-down during Feb-Mar’2014, 4) Includes Vijaynagar (860MW) and Ratnagiri (1,200MW) plants 13 Diversified Fuel Tie-up and balanced Mix of Off- 3 4 take Arrangements Fuel sources – Power off-take arrangements – optimal mix of long term o Thermal coal contracts & merchant power sales (return optimization) …. o Lignite, and Short term: o Hydro 41% Ability to capitalise on better 34% realisations Ability to respond to demand fluctuations and shortages 34% 31% 66% 59% Long term: Stable cashflows, pre-defined 66% 24% returns Insulated from inflation and 45%
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