{"id":155195,"date":"2023-10-23T10:51:34","date_gmt":"2023-10-23T14:51:34","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155195"},"modified":"2023-10-23T10:51:37","modified_gmt":"2023-10-23T14:51:37","slug":"jsw-energy-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jsw-energy-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"JSW Energy Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from JSW Energy Ltd (JSWENERGY) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>High Power Demand and Deficit<\/strong>\n<ul>\n<li>The power demand has increased significantly, with 30% growth in Q2 and 19% growth year-to-date in October.<\/li>\n<li>The increase in demand led to high power deficits, similar to 2004-2006 levels despite much higher grid capacity now.<\/li>\n<\/ul>\n<\/li>\n<li><strong>JSW Energy Financial Performance<\/strong>\n<ul>\n<li>JSWENERGY\u2019s power generation increased 29% to 8.6 BU, leading to highest ever EBITDA of INR2,008 crores and PAT of INR850 crores.<\/li>\n<li>Key factors were higher renewable generation, higher merchant sales at higher tariffs, and improved performance of Mytrah acquisition.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Progress on Capacity Expansion<\/strong>\n<ul>\n<li>JSW commissioned 86 MW renewable capacity in Q2, taking total to 216 MW for the year.<\/li>\n<li>On track to commission 2.4 GW pipeline as per schedule, including Ind-Barath and Mytrah projects.<\/li>\n<\/ul>\n<\/li>\n<li><strong>New Growth Phase with JSW Steel<\/strong>\n<ul>\n<li>Signed MoU with JSW Steel for 6.2 GW renewable capacity, 2.7 GWh storage and 85-90 KT green hydrogen by 2030.<\/li>\n<li>Will require additional 1.8 GW renewable and 1 GWh storage.<\/li>\n<li>Historically done all projects at minimum mid-teen IRRs.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Strong Receivables Management<\/strong>\n<ul>\n<li>Receivables increased only 10% YoY despite major capacity expansion.<\/li>\n<li>Performance expected to further improve in 3-6 months.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Merchant Power Sales Driving Profitability<\/strong>\n<ul>\n<li>Company sold 660 million units in short-term markets.<\/li>\n<li>Taking advantage of power shortage and high prices.<\/li>\n<li>Helping boost revenues and margins.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Imported Coal Prices Declining<\/strong>\n<ul>\n<li>API4 index down 65% year-over-year to $113 per ton in Q3.<\/li>\n<li>Leading to lower fuel costs for Ratnagiri and Vijayanagar plants, enabling better profit margins.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tight Power Market Conditions<\/strong>\n<ul>\n<li>Discoms trying to block power due to supply shortages.<\/li>\n<li>Leading to more short-term PPAs rather than long-term.<\/li>\n<li>Market expected to remain tight for months or quarters ahead.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Mytrah Acquisition Update<\/strong>\n<ul>\n<li>Ramp-up ahead of schedule.<\/li>\n<li>Generation up 25-27% year-over-year due to higher availability.<\/li>\n<li>Lower interest costs from debt refinancing and rephasing.<\/li>\n<li>Receivables down 50% from last year.<\/li>\n<li>On track to meet or exceed EBITDA guidance sooner than expected.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Green Hydrogen Plans Underway<\/strong>\n<ul>\n<li>Recently increased target from 10 GW to 20 GW.<\/li>\n<li>Ordered electrolyzer equipment from Chinese supplier.<\/li>\n<li>Construction started on first green hydrogen plant and is expected to be operational by March 2025.<\/li>\n<li>MOU with JSW Steel provides advantage in participating in green hydrogen tenders under National Mission.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Outlook<\/strong>\n<ul>\n<li>Visibility on 80% of 20 gigawatt by 2030 target with JSW Steel and other deals.<\/li>\n<li>Upside potential seen to exceed this based on financial position and partnerships.<\/li>\n<li>Guidance may be revised upwards in 1-1.5 years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Pumped Storage Projects (PSP) Status and Timeline<\/strong>\n<ul>\n<li>Six projects totaling 6.5 gigawatts under development with average 6.5 hours storage time.<\/li>\n<li>Currently working on regulatory approvals and equipment ordering.<\/li>\n<li>Expect to start construction in early FY24 once bids won and financial closure achieved.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from JSW Energy Ltd (JSWENERGY) Q2 FY24 Earnings Concall High Power Demand and Deficit The power demand has increased significantly, with 30% growth in Q2 and 19% growth year-to-date in October. The increase in demand led to high power deficits, similar to 2004-2006 levels despite much higher grid capacity now. JSW Energy Financial [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5746],"tags":[10169,8161,12002],"class_list":["post-155195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-energy-stocks","tag-earnings","tag-energy","tag-power-generation"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171678,"url":"https:\/\/alphastreet.com\/india\/jsw-energy-q2-fy26-earnings-results\/","url_meta":{"origin":155195,"position":0},"title":"JSW Energy Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 21, 2025","format":false,"excerpt":"JSW Energy Ltd, part of the diversified JSW Group, is engaged in the generation, transmission, and trading of power, with core assets across Karnataka, Maharashtra, Nandyal, and Salboni. The company also operates joint ventures in mining and an associate company engaged in turbine manufacturing, reinforcing its integrated power business model.\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/JSE.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":148774,"url":"https:\/\/alphastreet.com\/india\/jsw-energy-transition-to-green\/","url_meta":{"origin":155195,"position":1},"title":"JSW Energy: Transition to Green?","author":"Karan_Singh","date":"June 21, 2023","format":false,"excerpt":"JSW Energy has unveiled its 'Strategy 2.0' where the company has revealed its growth targets and is strengthening its presence in Energy Products and Services. 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China's steel production flat, but exports up 32% on weak domestic demand. India's steel production up 12%, consumption up 12% in Q3FY24. 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