JSW Energy Q1 Results Review - Strong Accretion In Renewables Portfolio: ICICI Securities

ICICI Securities Report

JSW Energy Ltd. has reported operating profit (Ebitda) of Rs 14.2 billion, up 16% YoY in Q1 FY25, aided by new capacity addition - thermal at 0.4 giga watt and renewables at 0.5 GW and an increase in hydro power plant generation (+61% YoY).

Also, other income was up 100% YoY (plus Rs 0.8 billion). As a result, JSW Energy reported a profit of Rs 5.2 billion (Rs 2.4 billion, +81% YoY). In Q1, it added 2.3 GW in renewables portfolio – 1.3 GW from power purchase agreement with JSW Steel, a group company, and 1 GW from utilities.

As a result, renewables locked in portfolio in megawatt terms has increased from 6.2 GW to 8.4 GW. We believe locked-in Ebitda from RE has increased by 25% to Rs 78 billion.

JSW Energy may finalise another 4.6 GW of PPA with group companies in FY25E. Maintain 'Hold' with SoTP-based revised target price of Rs 708.

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