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Electric Utilities company JSW Energy announced Q2FY24 results:
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Operational Performance:
- Overall net generation increased by 29% YoY to 8.6 billion units (BUs) due to strong merchant sales, organic renewable energy (RE) capacity additions, and contributions from acquired RE portfolios.
- Net renewable generation surged by 47% YoY to 4.4 BUs, while total thermal generation increased by 15% YoY to 4.3 BUs.
- Net long-term generation showed a growth of 22% YoY, primarily driven by higher generation at Ratnagiri (Unit-1) and RE capacity additions.
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Consolidated Financials:
- The company reported its highest-ever quarterly EBITDA at Rs 2,008 crore, with a reported PAT of Rs 850 crore, both showing an 83% YoY increase. Cash PAT reached Rs 1,180 crore.
- On a sequential basis, EBITDA increased by 54%, and PAT doubled.
- Receivables improved by 10% YoY, with a Days Sales Outstanding (DSO) of 56 days (excluding the acquired RE portfolio and hydro true-up impact), indicating a healthy collection trend.
- The company maintained a best-in-class balance sheet, with a net debt-to-equity ratio of 1.2x and Net Debt to (Proforma TTM) EBITDA at 4.6x.
- Cash and cash equivalents stood at Rs 3,291 crore.
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Strategic Initiatives:
- The company signed Memorandums of Understanding (MoUs) with JSW Steel to provide renewable energy solutions progressively by 2030, including a RE generation capacity of approximately 6.2 GW and energy storage projects of around 2.7 GWh.
- The MoUs also include agreements for supplying 85,000-90,000 tons per annum (TPA) of Green H2 and 7,20,000 TPA of Green O2, coupled with associated RE power solutions.
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Under Construction - Utility Scale Generation Projects:
- 2.1 GW Wind projects are in progress, with part Commissioning on Declaration (CoD) received for 216 MW as of September 2023.
- Wind Turbine Generator (WTG) erection and Balance of Plant (BoP) works are underway for SECI IX and Group Captive plant.
- WTG supplier has been finalized for SECI XII, and BoP works are under tendering.
- The 240 MW Kutehr Hydroelectric Power (HEP) project reports substantial progress, with tunneling at 99% completed and powerhouse and control room concreting at 55%.
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Acquired Assets:
- The Ind-Barath Thermal Power Plant (TPP) Unit 1 has completed Boiler light-up and critical piping steam-blowing activities, with expected commissioning in the current quarter. Unit 2 revival activities are in progress and expected to be commissioned in Q4FY24.
- The acquired RE portfolio witnessed a 27% YoY increase in generation, resulting in an EBITDA of approximately Rs 557 crore.
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