Q3 FY25: JSW Energy EBITDA Decline 9% YoY To Rs. 1,115 Cr.

Mumbai-based JSW Energy (JSW Energy), in its quarterly results (Q3 FY25) ended December 31, 2024, reported a decline in its EBITDA by 9% YoY to ₹1,115 Cr. The company attributed this decline primarily to lower short-term spreads, despite higher overall generation. Meanwhile, its Profit After Tax (PAT) and Cash PAT stood at ₹168 Cr and ₹507 Cr, respectively.

JSW Energy compared to last year reported a drop in its Profit After Tax (PAT), which was down to ~₹168 Crore, from  ~₹231 Crore in the same period last year. Its Cash PAT for the quarter was ~₹507 Crore. Meanwhile, the company’s consolidated Net Worth and Net Debt as of Dec 31, 2024, were ~₹27,152 Crore and ~₹26,448 Crore, respectively, resulting in a Net Debt to Equity ratio of 1.0x and Net Debt/EBITDA of 4.5x, well within the guardrails set by credit rating agencies. Receivables on a DSO basis stood at 96 days. Liquidity continues to be strong with cash balances at ~₹4,947 Crore as of Dec 31, 2024.

JSW Energy Revenue

JSW Energy’s total revenue during the quarter decreased by 1% YoY to ~₹2,640 Crore from ~₹2,661 Crore in the corresponding period last year. Its finance cost for the quarter rose to ~₹565 Crore from ~₹521 Crore in Q3 FY25 as a result of the capitalization of projects, with the weighted average cost of debt standing at 8.87%.

Company’s Energy Generation:

JSW Energy attained a total locked-in capacity of 28.3 GW. Some of the key projects undertaken by the company include:

• 377 MW wind capacity commissioned in 3Q (872 MW in 9M), with SECI X fully commissioned, resulting in a total installed capacity of 8,117 MW.
• Utility Scale: Received a letter of award for 400 MW ISTS-connected solar capacity from NTPC on Dec-24.
• C&I: Secured 344 MW of third-party RE C&I capacity from marquee customers in hard-to-abate sectors, resulting in a locked-in RE C&I capacity of 3.1 GW.
• Products and Services:
  • BESS: Appealed in APTEL against the CERC order for non-adoption of tariff.
  • Green Hydrogen: Construction in progress for the 3,800 TPA, with expected commissioning by Mar-25.
  • Pumped Hydro Storage (PSP): Signed Energy Storage Facility Agreement for 12 GWh of PSP with MSECL, expected commissioning in 48 months.

Net Generation:

JSW Energy’s Net generation for the quarter stood at 6,751 MUs, a 10% YoY increase, driven by wind capacity additions, the incremental contribution from Utkal Unit-1 (350 MW), and hydro plants. The sale of power generated under long-term PPAs rose by 7% YoY due to higher generation from the RE portfolio. PLFs achieved during Q3 FY25 at various locations/sources are as follows:

• Vijayanagar: The plant operated at an average PLF of 59% (59% in the quarter) compared to 61% (62%) in Q3 FY24.
• Ratnagiri: The plant operated at an average PLF of 82% (96%) compared to 85% (100%) in Q3 FY24.
• Barmer: The plant operated at an average PLF of 70% (77%) compared to 74% (77%) in Q3 FY24.
• Utkal: The plant operated at an average PLF of 79% (79%) in the quarter.
• Hydro: The plants operated at an average long-term PLF of 24% for the quarter, compared to 22% in Q3 FY24, due to better hydrology.
• Solar: The solar plants achieved an average CUF of 19% in the quarter, compared to 20% in Q3 FY24.
• Wind: The wind portfolio achieved CUF of 13% in the quarter, compared to Q3 FY24. Phase-wise commissioning of the wind projects is underway.