JSW Energy (533148) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw exceptional performance with India's power demand growing 11% year-on-year, reaching a record peak of 250 GW in May 2024, and total installed capacity at 446 GW, driving sector-wide opportunities and challenges.

• Net generation rose 18% year-on-year to 7.9 billion units, led by a 44% increase in renewables and a 61% surge in hydro generation, with 291 MW of wind capacity added and 2,025 MW of new RE PPAs signed.

• Profit after tax increased 80% year-on-year to INR 522 crore, with EBITDA up 21% to INR 1,581 crore, and cash PAT rising 29% to INR 958 crore.

• The company is progressing on major projects, including Asia's largest 1 GWh battery storage and India's largest green hydrogen plant, both set for commissioning before June 2025.

• 45 MW wind asset acquired and 900 MW RE bids won; total comprehensive income for Q1 FY25 was ₹1,152.70 crore.

Financial highlights

• Total revenue was flat year-on-year at ₹3,043 crore, with consolidated Q1 FY25 revenue at ₹2,879.46 crore and net profit at ₹534.16 crore.

• EBITDA margin improved to 52% from 43% year-on-year; consolidated EBITDA margin for Q1 FY25 was 35.68%.

• Net debt reduced by INR 3,300 crore sequentially, aided by a INR 5,000 crore QIP capital raise; cash balance at quarter-end exceeded INR 6,100 crore.

• Receivables remained healthy at 65 days sales outstanding, with payment security mechanisms in place.

• Basic EPS (consolidated) for Q1 FY25 was ₹3.00, up from ₹1.77 in Q1 FY24.

Outlook and guidance

• On track to achieve 10 GW capacity by FY25 and targeting 20 GW well before FY30, with a robust 5.7 GW project pipeline and 3.3 GW of PPAs expected to be commissioned in 18–24 months.

• Targeting 40 GWh energy storage by 2030; 1.7 GW wind and 240 MW hydro under construction, with commissioning expected in FY25.

• CapEx for FY25 is guided at INR 15,000 crore; FY26 guidance will be provided later in the year.

• The hydro power business is seasonal, making Q1 results not fully comparable with the preceding quarter.