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JSW Energy Presentation JSW Energy Limited Investor Presentation August 2019 Agenda Overview Value Proposition Operational Appendix Highlights 2 JSW Group – Overview USD 14 Billion group with presence across the core sectors JSW Steel*: India’s leading integrated steel JSW Energy*: Engaged across the value chain producer (Steel making capacity: 18MTPA) of power business (Operational plants’ capacity: 4,559MW) JSW Infrastructure: Engaged in development JSW Cement: Manufacturer of PSC, OPC and operations of ports (Operational capacity: and GGBS cement (Operational plants’ 75MTPA) capacity: 12.8MTPA) Group Market Cap (USD 9,048 Million**) JSW Energy 1,579 JSW Steel 7,470 As on August 6, 2019 *Listed company. ** USD/ INR = 70.4 3 JSW Energy – Presence across the Value Chain . Currently Operational . Operational Transmission Line – JV with Capacity: 4,559 MW Power Power MSETCL: two 400KV transmission lines Generation Transmission . JV with Toshiba, Japan for Equipment . Rajasthan (Lignite): Kapurdi and manufacturing of super-critical Mining Jalipa mines (operational with steam turbines and generators Manufacturing capacity of 4.5MTPA and 6MTPA respectively) Power Trading . Engaged in power trading since June 2006 . Handled trading volume of 2 Bn units in FY19 4 Established Energy Company with 4,559 MW Operational Capacity Barmer: 1,080MW Baspa II (300MW) & Karcham Wangtoo (1,091MW) • Configuration: 8 X 135MW • Units operating: Baspa II since 2003 and Karcham Wangtoo since 2012 • Units operating: since 20103 • Technology & Fuel Source: Hydro • Technology: Sub-critical pithead Lignite based TPP • Power Offtake: Long Term PPA 2 • Fuel Source: Captive Lignite mines of BLMCL1 • Asset Value to JSW Energy: INR 92,750mn/ $1,317mn • Power Offtake: Long Term PPA 2 • Project Cost: INR 71,650mn/ $1,018mn Nandyal: 18 MW Commissioned 18 MW thermal capacity in Q1FY20 at Renewable Energy: 10 MW (Solar) Nandyal with LT PPA under Group captive scheme Commissioned ~10 MW solar power projects across various Under-construction capacity locations within JSW Group, and exploring other opportunities in RES segment 18 MW thermal capacity under construction at Salboni (W.B.); to be tied under Group Captive LT PPA Ratnagiri: 1,200MW Vijayanagar: 860 MW • Configuration: 4 X 300MW • Units operating: since 20113 • Configuration: 2 X 130MW and 2 X 300MW • Technology: Sub-critical TPP • Units operating: since 20003 • Fuel Source: Imported Thermal Coal • Technology: Sub-critical TPP • Power Offtake: Long Term PPA & Merchant • Fuel Source: Gas & Imported Thermal Coal • Project Cost: INR 55,161mn/ $784mn2 • Power Offtake: Long Term PPA & Merchant • Project Cost: INR 30,957mn/ $440mn2 Proximity to load centre/fuel source/infrastructural facilities 1) Long term FSA with BLMCL for supply of lignite from its captive mines; BLMCL is a 49:51 JV between JSW Energy (Barmer) Ltd (subsidiary of JSW Energy) and Rajasthan Government undertaking, 2) USD/ INR = 70.4 3) denotes start of first unit in respective fiscal year; TPP – Thermal Power Plant 5 Proven Track Record FY12 FY19 Capacity (MW) 2,600 4,541 . CAGR FY12–19: 8% Net Generation (MUs) 13,594 22,088 . CAGR FY12–19: 7% Total Revenue INR 62,654mn / $890mn INR 95,056mn / $1,350mn . CAGR FY12–19: 6% EBITDA INR 15,944mn/ $226mn INR 32,211mn/ $458mn . CAGR FY12–19: 11% PAT INR 1,701mn/ $24mn INR 6,845mn/ $97mn . CAGR FY12–19: 22% Thermal Coal, Lignite, Hydro, Fuel Type Thermal Coal . Diversifying fuel sources Solar Power Generation, O&M, Power Generation, O&M, Business Segment . Presence across the value chain Transmission, Trading, Coal Mining Transmission, Trading, Coal Mining Despite turbulent sector dynamics, delivering sustainable growth driven by focused execution and balanced strategy USD/ INR = 70.4 6 Sound Corporate Governance Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, compliance with Audit Committee applicable regulations by the Company and its subsidiaries Comprises of four Independent Directors and one Non-Executive Director Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors Compensation and Responsible for drafting policy on specific remuneration packages for Executive Directors and approving the payment Nomination & of remuneration to managerial personnel Remuneration Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity Committee Comprises of three Independent Directors and one Non-Executive Director Stakeholders Responsible for the functioning of the investor grievances redressal system Relationship Comprises of one Independent Director, one Non-Executive Director and one Executive Director Committee Risk Management Periodically reviews risk assessment and minimisation procedures Committee Comprises of two Independent Directors, one Non-Executive Director and two Executive Directors Corporate Social Formulates and recommends to the Board a CSR Policy including list of projects and programs Responsibility (CSR) Periodically reviews the progress of CSR activities and programs Committee Comprises of two Independent Directors, one Non-Executive Director and one Executive Director All key committees in place, having adequate Independent Director representation 7 Agenda Overview Value Proposition Operational Appendix Highlights 8 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 Sound Financial Profile 9 Efficient Capital Allocation and Execution Capabilities Project cost of select power plants set up by other players in the industry Power project Capacity Project cost 1st COD MW INR mn/MW $mn/MW Year Lanco (Amarkantak) 600 52.3 0.74 2009 Lanco (Udupi) 1,200 46.7 0.66 2010 Aryan Coal (Kasaipalli) 270 50.0 0.71 2011 Barmer Tata Power/DVC (Maithon) 1,050 52.4 0.74 2011 (2010-2013): Adhunik (Padampur) Ratnagiri 1,080 MW @ 540 61.8 0.88 2013 (2011-2012): 1 INR 66.34mn /MW GMR EMCO (Warora) 600 62.5 0.89 2013 Vijayanagar 1,200 MW @ (~$0.94mn/MW) GMR (Kamalanga ) 1,050 2013 (2010): INR 45.97mn/MW 62.1 0.88 600 MW @ (~$0.65mn/MW) Dhariwal (Chandrapur) 600 62.2 0.88 2014 Vijayanagar INR 32.78mn/MW DB Power (Janjgir-Champa) 1,200 70.2 1.00 2014 (2000-2001): (~$0.47mn/MW) JPVL (Nigrie) 1,320 79.2 1.13 2014 260 MW @ 1 INR 43.42mn/MW Neyveli (Barsingsar) 250 70.0 0.99 2010 1 (~$0.62mn/MW) Giral (Rajasthan) 250 76.9 1.09 2011 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 = 70.4 10 Portfolio of Efficient Operating Assets JSW Energy Standalone PLF 1 All India Private Sector Thermal PLF* 93% Among the best-run private sector power plants in India 81% 83% 84% 64% 65% 62% 61% 61% 61% 59% 64%60% 56% 55% 55% Sound operating efficiency characterised by one among the lowest O&M expenses in the sector JSW Energy Standalone Energy JSW FY13 FY14 FY15 FY16 FY17 FY18 FY19 Q1FY20 JSW Energy (Barmer) - Deemed PLF JSW Hydro Energy Ltd 66% 2 86% 3 85% 84% 84% 84% 81% 50% 52% 46% Hydro Barmer FY15 FY16 FY17 FY18 FY19 Q1FY20 FY17 FY18 FY19 Q1FY20 Healthy PLFs driven by O&M and execution expertise *Source-CEA 1) Includes Vijaynagar (860MW) and Ratnagiri (1,200MW) plants 2) Deemed PLF 11 3) Lower PLF in FY19 due to lower water availability in Sutlej Basin Diversified Fuel Tie-up and Balanced Mix of Off-take Arrangements Fuel sources – Power off-take arrangements – optimal mix of Long term PPAs o Imported coal and short term/ merchant sales.... o Lignite Long term: o Hydro 18.6% Stable cashflows, pre-defined o Renewable (RE) returns 81.4% Insulated from inflation and forex/fuel price movement 0.2% Short term: 30.5% RE Ability to capitalise on better realisations 23.7% Hydro Ability to respond to demand Lignite fluctuations and shortages 45.6% Imported coal Long Term Short Term … with clear visibility to increase the LT PPA proportion to 4,559 MW over 88% from April, 2020 Low fuel and forex risk; Approval to blend upto 50% of domestic coal at Vijaynagar and Ratnagiri plants 12 Sound Financial Profile (1/2) FY19 EBITDA Margin1 FY19 Return on Capital Employed2,3 (RoCE) 50% 9.7% 9.1% 8.6% 7.2% 34% 6.8% 6.5% 28% 28% 27% 23% JSW Energy Reliance Adani Power CESC NTPC Tata Power JSW Energy CESC Adani Power NTPC Reliance Tata Power Power Power Healthy Margins and Return Ratios Source: Stock exchange filings – FY19 results; (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income, (2) Calculated as EBIT/ Average Capital Employed 13 (3) CPLTD for FY19 is basis FY18 for Reliance Power Sound Financial Profile (2/2) FY19 Net Debt1/Equity (x) FY19 Net Debt/EBITDA2 (x) 7.0 7.1 6.1 6.2 6.3 4.5 3.1 2.3 1.8 1.5 1.5 0.9 JSW Energy CESC NTPC Reliance Tata Power Adani Power JSW Energy CESC NTPC Adani Power Tata Power Reliance Power Power Well capitalised Balance Sheet, adequately positioned to tap growth opportunities Source: Stock exchange filings – FY19 results (1) CPLTD for FY19 is basis FY18 for Reliance Power (2) EBITDA includes Other Income 14 Agenda Overview Value Proposition Operational Appendix Highlights 15 Key Highlights for Q1FY20 Commenced power supply from Vijayanagar plant to Telangana under 300 MW short term PPA Added 41 MW under long term PPA (LT PPA) at Ratnagiri plant under Group Captive scheme increasing the consolidated LT PPA proportion to 81.4% Commissioned 18 MW thermal power plant at Nandyal with LT
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