JSW Energy Limited Investor Presentation February 2020 Agenda - - PowerPoint PPT Presentation

JSW Energy Limited

Investor Presentation

February 2020

2

Agenda Overview Value Proposition Quarterly Highlights Appendix

3

JSW Group – Overview

JSW Steel1: India’s leading integrated steel producer (Installed Crude Steel Production Capacity: ~18 MTPA)

• Market Cap2: USD 9.8 Bn

JSW Energy1: Engaged across the value chain of power business (Installed Capacity: ~4.5 GW)

• Market Cap2: USD 1.5 Bn

JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational Plants’ Capacity: 14 MTPA) JSW Infrastructure: Engaged in development and

• perations of ports (Operational Capacity: 93 MTPA)

JSW Paints: Commenced operations in March 2019 (Annual Capacity: 125 KL); Only fully-automated, water-based plant in India

USD 14 Billion Group – Amongst India’s Largest Conglomerates

(1) Listed companies (2) USD/ INR = 71.3 Source: RBI reference rate as on Feb 10, 2020

JSW Ventures: Early-stage, tech-focused, venture capital fund based in Mumbai (Portfolio: Purplle, IndusOS, Limetray, Homelane) JSW Sports: Supporting Indian athletes and sports ecosystem (Teams Owned: Bengaluru FC, Delhi Capitals, Haryana Steelers) JSW Foundation: Social development arm of JSW Group, committed towards empowerment

• f

communities, with a footprint across 11 states

4

JSW Energy – Presence Across The Value Chain

Power Generation Power Transmission Power Trading Mining

• Handling trading volume of

~2 Bn units3

• Operational Transmission Line –

JV with MSETCL1: two 400KV transmission lines

• Current

Installed Capacity: 4,559 MW

• Producing 6-7 MTPA Lignite in

Barmer through BLMCL2

(1) Maharashtra State Transmission Company Ltd. (2) BLMCL is a 49:51 JV between JSW Energy (Barmer) Ltd (100% subsidiary of JSW Energy) and Rajasthan Government undertaking (3) During FY2018-19

Amongst the Largest Private Independent Power Producers in India

5

(1) Long term FSA with BLMCL for supply of lignite from its captive mines (2) USD/ INR = 71.3 Source: RBI reference rate as of Feb 10, 2020 (3) Denotes start of first unit in respective fiscal year; TPP – Thermal Power Plant

Leading IPP with ~4.5 GW of Installed Generation Capacity

Solar: 10 MW

• Commissioned ~10 MW solar power projects across various

locations within JSW Group, and exploring

• ther
• pportunities in Renewable segment

Barmer: 1,080MW

• Configuration: 8 X 135MW
• Units operating: since 20103
• Technology: Sub-critical pithead Lignite based TPP
• Fuel Source: Captive Lignite mines of BLMCL1
• Power Offtake: Long Term PPA
• Project Cost: INR 7,165 Crore/ $1,005mn2

Ratnagiri: 1,200MW

• Configuration: 4 X 300MW
• Units operating: since 20113
• Technology: Sub-critical TPP
• Fuel Source: Imported Thermal Coal
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 5,516 Crore/ $774mn2

Baspa II: 300MW & Karcham Wangtoo: 1,091MW

• Units operating: Baspa II since 2003 and Karcham Wangtoo

since 2012

• Technology & Fuel Source: Hydro
• Power Offtake: Long Term PPA
• Asset Value to JSW Energy: INR 9,275 Crore/ $1,301mn2
• 240 MW hydro plant under construction at Kutehr

(Himachal Pradesh) awaiting regulatory approval for PPA with Haryana Discom

Kutehr: 240 MW (Under-construction) Nandyal: 18 MW

• Commissioned 18 MW thermal capacity in Q1FY20 at

Nandyal (A.P.) with LT PPA under Group captive scheme

• Configuration: 2 X 130MW and 2 X 300MW
• Units operating: since 20003
• Technology: Sub-critical TPP
• Fuel Source: Imported Thermal Coal & Gas
• Power Offtake: Long Term PPA & Merchant
• Project Cost: INR 3,096 Crore/ $434mn2

Vijayanagar: 860 MW Salboni: 18 MW (Under-construction)

• 18 MW thermal plant under-construction at Salboni (W.B.)

Well Diversified Fuel/Geography/Offtaker Mix

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(1) USD/ INR = 71.3 Source: RBI reference rate as of Feb 10, 2020

Proven Track Record

Delivering Sustainable Growth driven by Focused Execution and Financial Prudence

FY12 FY19

• CAGR FY12–19: 6%

Total Revenue INR 6,265 Crore / $879mn1 INR 9,506 Crore / $1,333mn1

• CAGR FY12–19: 11%

EBITDA INR 1,594 Crore/ $224mn1 INR 3,221 Crore/ $452mn1

• CAGR FY12–19: 8%

Capacity (MW) 2,600 4,541

• Diversifying fuel sources

Fuel Type Thermal Coal Thermal Coal, Lignite, Hydro, Solar

• CAGR FY12–19: 7%

Net Generation (MUs) 13,594 22,088

• Presence across the value chain

Business Segment Power Generation, O&M, Transmission, Trading, Coal Mining Power Generation, O&M, Transmission, Trading, Coal Mining

• CAGR FY12–19: 22%

PAT INR 170 Crore/ $24mn1 INR 685 Crore/ $96mn1

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Audit Committee

 Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, compliance with applicable regulations by the Company and its subsidiaries  Comprises of three Independent Directors and one Non-Executive Director

Compensation and Nomination & Remuneration Committee

 Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors  Responsible for drafting policy on specific remuneration packages for Executive Directors and approving the payment

• f remuneration to managerial personnel

 Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity  Comprises of two Independent Directors and one Non-Executive Director

Stakeholders Relationship Committee

 Responsible for the functioning of the investor grievances redressal system  Comprises of one Independent Director, one Non-Executive Director and one Executive Director

Risk Management Committee

 Periodically reviews risk assessment and minimisation procedures  Comprises of two Independent Directors, one Non-Executive Director and two Executive Directors

Corporate Social Responsibility (CSR) Committee

 Formulates and recommends to the Board a CSR Policy including list of projects and programs  Periodically reviews the progress of CSR activities and programs  Comprises of one Independent Director, one Non-Executive Director and one Executive Director

Sound Corporate Governance

All Key Committees in place; Adequate Independent Director representation

8

Agenda Overview Value Proposition Quarterly Highlights Appendix

9

Project cost of select power plants set up by other players in the industry

(1) High capital cost due to CFBC boilers for lignite based power plant (2) USD/ INR = 71.3 Source: RBI reference rate as of Feb 10, 2020

Project Execution Expertise Driving Efficient Capital Allocation

Vijayanagar (2000-2001): 260 MW @ INR 4.34 Crore/MW (~$0.61mn/MW)2 Vijayanagar (2010): 600 MW @ INR 3.28 Crore/MW (~$0.46mn/MW)2 Ratnagiri (2011-2012): 1,200 MW @ INR 4.60 Crore/MW (~$0.64mn/MW)2 Barmer (2010-2013): 1,080 MW @ INR 6.63 Crore1/MW (~$0.93mn/MW)2 Power Project Capacity Project cost 1st COD

MW INR Crore/MW $mn/MW2 Year JPVL (Nigrie) 1,320 7.92 1.11 2014 Giral (Rajasthan)

1

250 7.69 1.08 2011 DB Power (Janjgir-Champa) 1,200 7.02 0.98 2014 Neyveli (Barsingsar)

1

250 7.00 0.98 2010 GMR EMCO (Warora) 600 6.25 0.88 2013 Adhunik (Padampur) 540 6.18 0.87 2013 Dhariwal (Chandrapur) 600 6.22 0.87 2014 Lanco (Amarkantak) 600 5.23 0.73 2009 Tata Power/DVC (Maithon) 1,050 5.24 0.73 2011 Aryan Coal (Kasaipalli) 270 5.00 0.70 2011 Lanco (Udupi) 1,200 4.67 0.65 2010

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Diversified and Balanced Portfolio of Efficient Operating Assets

Sound operating efficiency characterised by falling O&M Cost/MW; Further, one among the lowest O&M cost in the sector

Period FY16 FY17 FY18 FY19 O&M Expenses (INR Lakh/MW) 19.4 19.4 19.3 18.7

Improving LT PPA tie-up rendering high cash flow visibility; ~98% of LTPPA under two-part tariff (fuel cost/forex pass through)

2,657 2,866 3,328 3,579 60% 64.5% 75% 80% 30% 50% 70% 90% 2,000 3,000 4,000 5,000 FY16 FY17 FY18 FY19 LT PPA (MW) LT PPA %

45.6% 23.7% 30.5% 0.2% 4,559 MW

RE Hydro Lignite Imported coal

Portfolio well-diversified across fuel sources

• Imported coal
• Lignite
• Hydro
• Renewable (RE) - Solar

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Robust Financial Risk Profile

Amongst the strongest balance sheet in the Power sector Proactive debt reduction through prepayments/ repayments Ample liquidity characterized by robust cash accruals, and availability of undrawn bank lines that can be tapped in any exigency

14,476 13,384 11,278 10,050 9,530 Mar-16 Mar-17 Mar-18 Mar-19 Dec-19 Net Debt (INR Cr)

~INR 4,950 Cr

 Existing business of JSW Energy continues to generate gross cash accruals of ~INR 1,900 Cr1 annually  Ability to raise Short-term lines/ WC lines/ Commercial Papers in excess of INR 1,000 Cr  JSW Energy is the second largest entity in the USD 14 Bn JSW group, whose strong name in the market enhances the ease of tapping in both the ECM/DCM, which adds to financial flexibility  Further, JSW Energy holds ~INR 1,890 Cr2 worth JSW Steel shares (#7 Cr shares) which further enhances financial flexibility

1.4 1.3 1.0 0.9 0.8 3.4 3.8 3.5 3.1 2.9 0.0 1.0 2.0 3.0 4.0 Mar-16 Mar-17 Mar-18 Mar-19 Dec-19 Net Debt/Equity (x) Net Debt/EBITDA (TTM) (x) (1) Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items for FY19 (2) As on Dec 31, 2019

12

Source: Stock exchange filings – FY19 results; (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income (2) Calculated as EBIT/ Average Capital Employed

Healthy Margins and Return Ratios

FY19 EBITDA Margin1 FY19 Return on Capital Employed2 (RoCE)

9.1% 9.7% 8.6% 7.2% 6.8% 6.5% JSW Energy CESC Adani Power NTPC Reliance Power Tata Power 34% 50% 28% 28% 27% 23% JSW Energy Reliance Power Adani Power CESC NTPC Tata Power Average 32% Average 8.0%

13

3.1 4.5 6.2 6.3 7.0 7.1 JSW Energy CESC NTPC Adani Power Tata Power Reliance Power 0.9 1.5 1.5 1.7 2.3 6.1 JSW Energy CESC NTPC Reliance Power Tata Power Adani Power

FY19 Net Debt/Equity (x)

Source: Stock exchange filings – FY19 results (1) EBITDA includes Other Income

Amongst the Strongest Balance Sheet in the Power sector

FY19 Net Debt/EBITDA1 (x)

Average 2.3 Average 5.7

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Agenda Overview Value Proposition Quarterly Highlights Appendix

15

Key Highlights for Q3FY20

 Debt restructuring agreement with Jaiprakash Power Ventures Ltd (JPVL) stands completed whereby the Company has acquired ~5% equity stake in JPVL, in addition to INR 120 Crore continuing as loan repayable from JPVL to the Company. Further, both parties have agreed to forego their respective rights and obligations in relation to the Securities Purchase Agreement for transfer of Karcham and Baspa hydro assets  Update on Acquisitions:

• GMR Kamalanga Energy Ltd (1050 MW): Discussions progressing well between the Company and GMR Energy Ltd for

an expeditious closure

• Ind-Barath Energy (Utkal) Ltd (700 MW): Approval by National Company Law Tribunal under process for the

resolution plan submitted by the Company  Transfer of JSW Energy (Kutehr) Ltd by the Company to JSW Hydro Energy Ltd (wholly owned subsidiary of the Company) stands completed  Pursuant to changes in the Corporate Tax Regime, the Company has made an assessment of the impact and decided to continue with the existing tax regime for the Company and its key subsidiaries  The Company’s Ratnagiri plant was awarded as ‘Best Operating Thermal Power Plant’ by Independent Power Producers Association of India (IPPAI)  JSW Energy (Barmer) Ltd won the award for ‘Best Innovation’ from IPPAI

16 Q3 Plant-wise Net Generation (MUs)

Hydro net generation numbers includes free power to HPSEB * Deemed PLF

Power Generation

Actual PLF/CUF Q3 FY20 Q3 FY19 9M FY20 9M FY19 Remarks (Q3 FY20) Vijayanagar 46% 57% 41% 55% Lower ST sales Ratnagiri 72% (*81%) 81% (*84%) 76% (*87%) 76% (*79%) Lower ST sales and back-down by LT customers Barmer 59% (*82%) 68% (*80%) 62% (*82%) 73% (*84%) Lower due to back-down by LT customers Hydro 26% 24% 65% 56% Higher due to better water availability Nandyal 58% (*99%)

• 47% (*86%)
• Solar – Nandyal

17%

• 17%
• Solar – Salboni

17%

• 16%
• Short term sales (MUs)

541 1,112 2,022 2,574 Lower at both Vijayanagar and Ratnagiri

9M Plant-wise Net Generation (MUs)

2,867 5,560 4,640 4,806

Nil Nil

17,872 2,165 5,488 3,931 5,524 29 10 17,147

Vijayanagar Ratnagiri Barmer Hydro Nandyal Solar Total

9M FY19 9M FY20 24% 15% 4% 15% 1% 1,002 1,969 1,457 689

Nil Nil

5,116 802 1,753 1,271 730 21 3 4,580

Vijayanagar Ratnagiri Barmer Hydro Nandyal Solar Total

Q3 FY19 Q3 FY20 20% 13% 10% 6% 11%

17

# Not Annualized * Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items

Consolidated Financial Results

INR Crore

Q3FY20 Q3FY19 Particulars 9M FY20 9MFY19

2,016 2,492 Total Revenue 6,712 7,487 706 809 EBITDA 2,615 2,651 35% 32% EBITDA Margin(%) 39% 35% 261 295 Interest 803 916 293 293 Depreciation 879 876 151 221 Profit Before Tax (before exceptional items) 933 858 61

• Exceptional Items

61

• 213

221 Profit Before Tax (after exceptional items) 994 858 394 146 Profit After Tax 991 691 499 467 Gross Cash Accruals* 1,721 1,590 2.40 0.89 Diluted EPS (`) # 6.04 4.21

18

*Excluding short term working capital debt/acceptances ^Impact due to change in value of listed equity investments through Other Comprehensive Income, and Dividend payout

Robust Balance Sheet

Net Debt to Equity healthy at 0.76x; Well positioned to pursue growth opportunities

Net Debt calculation excludes the market value of listed equity investments worth ~INR 1,890 Crore (As on Dec 31, 2019) Jun 30, 2018 Sept 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Net Worth (INR Crore) 11,581 12,231 11,904 11,822 11,928 11,756 12,467 Net Debt* (INR Crore) 11,382 10,982 10,611 10,050 10,221 9,702 9,530 Net Debt*/Equity (x) 0.98 0.90 0.89 0.85 0.86 0.83 0.76 Net Debt*/TTM EBITDA (x) 3.68 3.61 3.34 3.12 3.16 2.95 2.99 Weighted Average Cost of Debt 8.97% 9.00% 9.06% 9.07% 9.20% 9.20% 9.13% 0.98 0.90 0.89 0.85 0.86 0.83 0.76

0.50 0.60 0.70 0.80 0.90 1.00 1.10 8,000 9,000 10,000 11,000 12,000 13,000

Net Worth (INR Crore) Net Debt* (INR Crore) Net Debt*/Equity (x)

^

in INR Crore in (x)

19

*Fair value as on conversion date ( ~INR 78 Crore as on February 1, 2020)

Items to Note in Q3FY20

• I. JPVL Loan Restructuring: Pursuant to restructuring of JPVL

loan, the Company has written off ~INR 570 Crore of JPVL loan which has been adjusted against reversal of existing provision of ~INR 454 Crore and write-back of ~INR 177 Crore

• f JPVL contingent consideration payables in the Company’s

books, resulting in a net gain of ~INR 61 Crore in Q3FY20. This has also resulted in reversal of current tax of ~INR 39 Crore provided in H1FY20.

• II. South African Operations: The Company has made a provision of ~INR 38 Crore in the Standalone financials

towards impairment of its investments in South African operations. This has no impact on the Consolidated financials as accumulated losses corresponding to the impairment amount have already been provided for in earlier periods.

• III. Corporate Tax: Pursuant to changes in the Corporate Tax Regime, the Company has made an assessment of the

impact and decided to continue with the existing tax regime for the Company and its key subsidiaries. Further, the Company has re-evaluated the existing deferred tax liability in its books, and based on the assumption that the Company would migrate to the new tax regime at a future date, decided to write back ~INR 165 Crore to the P&L account.

752 280 120 62* 352

JPVL Debt Outstanding Amount Written-off Continuing Loan Loan converted into JPVL Equity

INR Crore

20

# Including Other Income * After inter-company adjustments and eliminations

Entity-wise Summary Financial Performance

Q3 FY20 Q3 FY19 Total Revenue# 9M FY20 9M FY19

1,126 1,553 Standalone 3,468 4,280 636 672 JSW Barmer 2,037 1,983 215 208 JSW Hydro 1,124 1,134 20 22 JPTL 60 61 2,016 2,492 Consolidated * 6,712 7,487

INR Crore

21

* After inter-company adjustments and eliminations

Entity-wise Summary Financial Performance

Q3 FY20 Q3 FY19 EBITDA 9M FY20 9M FY19

245 367 Standalone 824 935 276 270 JSW Barmer 802 759 170 166 JSW Hydro 989 1,001 19 21 JPTL 57 58 706 809 Consolidated * 2,615 2,651

INR Crore

22

Agenda Overview Value Proposition Operational Highlights Appendix

23

Source: CEA, * Basis Provisional CEA Data for Dec’19

Demand Growth Trends

Region 9M FY20* YoY% Q3 FY20* YoY % Q2 FY20 YoY % Q1 FY20 YoY % Remarks – Q3 (Key States impacting Demand - YoY) (MUs) (MUs) (MUs) (MUs) North

312,794 4.4% 84,734

• 3.7%

118,952 7.8% 109,107 7.6% Rajasthan (-6.1%), UP (-4.4%)

West

289,309

• 1.9%

93,819

• 8.6%

90,466

• 2.4%

105,024 5.4% MP (-17.2%), Chhattisgarh (+12.1%)

South

251,542 0.3% 78,389

• 6.4%

82,181

• 2.3%

90,972 9.8% Karnataka (-12.9%), AP (-7.0%)

East

114,448 1.4% 32,599

• 6.0%

41,348 2.8% 40,501 6.6% Odisha (-16.8%)

North-East

12,924 0.8% 4,081

• 0.4%

4,648

• 3.7%

4,195 7.6% Tripura (-17.6%)

All-India

981,017 1.0% 293,623

• 6.2%

337,595 1.6% 349,800 7.4%

Quarterly Growth Rates Region FY20 FY19 Q3* Q2 Q1 Q4 Q3 Q2 Q1

North

• 3.7%

7.8% 7.6%

• 0.5%

2.9% 2.7% 5.8% West

• 8.6%
• 2.4%

5.4% 2.8% 7.2% 8.9% 5.1% South

• 6.4%
• 2.3%

9.8% 2.4% 9.3% 8.5% 4.2% East

• 6.0%

2.8% 6.6%

• 0.1%

9.7% 11.0% 6.0% North-East

• 0.4%
• 3.7%

7.7% 10.7% 0.9% 4.6%

• 3.7%

All-India

• 6.2%

1.6% 7.4% 1.6% 6.7% 6.8% 5.1%

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Generation and PLF Trends

Thermal PLF (%) 9M FY20* 9M FY19 Q3 FY20* Q3 FY19 Q2 FY20 Q2 FY19 Q1 FY20 Q1 FY19 Remarks All- India PLF

55.8% 61.1% 51.9% 62.5% 52.5% 57.6% 62.8% 62.2%

• All-India Thermal PLF declined to

51.9% in Q3FY20 from 62.5% in Q3FY19 primarily due to decline in Central and State sector PLFs

Central

63.5% 72.0% 60.0% 73.8% 60.0% 68.2% 69.0% 73.3%

State

50.1% 57.7% 43.9% 59.3% 48.7% 51.6% 60.8% 61.3%

Private

54.7% 55.6% 54.7% 56.8% 52.3% 54.2% 59.6% 54.5%

Gross Generation 9M FY20* YoY% Q3 FY20* YoY% Q2 FY20 YoY% Q1 FY20 YoY % Remarks (MUs) (MUs) (MUs) (MUs) Thermal

779,623

• 3.2%

244,769

• 11.3%

247,134

• 2.3%

287,720 4.0%

• Overall

generation growth declined 6.1% YoY in Q3FY20 led by decline in Thermal generation

• In 9MFY20, generation growth

stood at 0.7% YoY

Hydro

129,582 16.0% 33,541 18.4% 56,544 9.1% 39,498 25.1%

RES

105,016 7.0% 26,877 8.4% 41,899

• 2.1%

36,241 18.7%

Others

41,238 25.8% 13,028 30.7% 16,172 35.1% 12,039 11.0%

Total

1,055,460 0.7% 318,214

• 6.1%

361,748 0.6% 375,498 7.4%

Source: CEA, * Basis Provisional CEA Data for Dec’19

25

State, 28.1% Private, 46.7% Central, 25.2%

Total: 45.4 GW # Total: 6.8 GW #

Source: CEA; Basis Provisional CEA Data for Dec’19 * Net capacity change during Q3FY20 # Refers to total installed capacity of respective segments

Installed Capacity

Sector-wise Installed Capacity – 368.8 GW (As on December 31, 2019) Segment-wise Installed Capacity – 368.8 GW (As on December 31, 2019)

Total: 85.9 GW # +3,319 MW * Total: 230.7 GW # +2,100 MW * Total: 103.8 GW # +800 MW * Total: 172.2 GW # +3,319 MW * Total: 92.8 GW # +1,300 MW *

In Q3FY20, Installed Capacity increased by 5.4 GW led by RES (+3.3 GW) and Thermal (+2.1 GW) segments

Thermal, 62.6% Nuclear, 1.8% Hydro, 12.3% RES, 23.3%

26

Source: IEX (DAM)

Average Merchant Tariff

Average merchant tariff in Q3FY20 lower on a YoY and QoQ basis

Particulars Q3 FY20 Q2 FY20 Q3 FY19 YoY% QoQ% Merchant Volume (MUs) 11,113 12,967 12,968

• 14%
• 14%

Average merchant tariff (`/unit) 2.83 3.16 4.28

• 34%
• 10%

Particular 9M FY20 FY19 FY18 FY17 FY16 Average merchant tariff (`/unit) 3.09 3.85 3.26 2.42 2.73

1.00 2.00 3.00 4.00 5.00 6.00 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Merchant Tariff Trend (INR/unit)

FY16 FY17 FY18 FY19 FY20

27

• Industrial production (IIP) growth for Apr-Nov’19 stood at 0.6%
• n a YoY basis
• Average imported coal (API4) prices witnessed a decline of

~21% YoY however increased ~23% QoQ in Q3FY20

• In Q3FY20, average rupee value against USD depreciated ~1%

QoQ however appreciated ~1% on YoY basis

Source: API4 Coal Index, MoSPI, Bloomberg, Reserve Bank of India (RBI)

Indian Economy and Imported Thermal Coal Prices

USD/INR trend (monthly average) Industrial Production Growth (YoY %)

• 6%
• 4%
• 2%

0% 2% 4% 6% Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Overall IIP Manufacturing 50 60 70 80 90 100 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 68 70 72 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Imported coal (API4) trend (monthly average)

28

This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be construed as legal, tax, investment or other advice. This presentation is confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any manner. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. Furthermore, by reviewing this presentation, you agree to be bound by the trailing restrictions regarding the information disclosed in these materials. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) (v) government policies and regulations, and (vi) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. None of the Company, any placement agent or any other persons that may participate in the offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India or the United States, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment therefore. Securities of the Company may not be offered, sold or transferred in to or within the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state of other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India.

Forward Looking and Cautionary Statement

Thank you