JSW Energy Limited

rs,

change Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sirs, Further to our letter dated 21st July, 2022 please find attached the Results Presentation in connec

14%

Q1 FY23 Results Presentation 3 Key Highlights for Q1 FY23 (1/2) • Overall Generation: higher by 14% YoY on the back of strong merchant demand, better hydrology and capacity increase in RE Operati

12%

d, better hydrology and capacity increase in RE Operational • • Total Thermal Generation: up 12% YoY, driven by increased merchant market sales Total Hydro Generation: higher by 13% YoY due to be

13%

eneration: up 12% YoY, driven by increased merchant market sales Total Hydro Generation: higher by 13% YoY due to better hydrology and uprating at Karcham Wangtoo • Commenced operations at the 225 MW s

225 MW

r by 13% YoY due to better hydrology and uprating at Karcham Wangtoo • Commenced operations at the 225 MW solar power plant at Vijayanagar with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up

27%

too • Commenced operations at the 225 MW solar power plant at Vijayanagar with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 C

₹1,111 Crore

s at the 225 MW solar power plant at Vijayanagar with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of

34%

solar power plant at Vijayanagar with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of cash r

₹560 Crore

t at Vijayanagar with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of cash returns of >18% on adjus

1.8x

with quarter exit CUF of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of cash returns of >18% on adjusted net wor

₹813 Crore

of 27% • Strong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of cash returns of >18% on adjusted net worth (ref. annexure) • Receiv

59%

ong EBITDA of ₹1,111 Crore up 34% YoY, PAT of ₹560 Crore up by 1.8x YoY, Cash PAT of ₹813 Crore, up 59% YoY o Track record of cash returns of >18% on adjusted net worth (ref. annexure) • Receivable day

“ Project executed in a safe manner complying to all Environment, Health, and Safety norms of the Group and without any Loss Time Injury.”

“** Adjustment in net worth by excluding the value of shares of JSW Steel 41 Re-organisation of Green and Grey Business To facilitate growth and unlock value for the shareholders, the renewable energy business will be housed under ‘JSW Neo Energy Limited’, a wholly owned subsidiary of the Company, while the thermal business will continue to be housed in the Company The following steps are being undertaken to effectuate the re-organisation (in no particular order / sequential manner): 1.”

“Merger of JSW Future Energy Limited with JSW Neo Energy Limited under a Scheme of Amalgamation to be approved by NCLT, wherein all the assets and liabilities of JSW Future Energy Limited will be transferred to JSW Neo Energy Limited Status Completed In-Progress 3.”

“4 The Company had submitted a resolution plan to the Committee of Creditors ('CoC') for the Corporate Insolvency Resolution of lnd Barath Energy (Utkal) Limited ('!BEUL') on October 3, 2019.”

“4 The Company had submitted a resolution plan to the Committee of Creditors ('CoC') for the Corporate Insolvency Resolution of lnd Barath Energy (Utkal) Limited ('IBEUL') on October 3, 2019.”

“• Group Captive 958 MW Wind & Solar: commenced operations at solar plant in Apr'22; balance wind capacities commissioning from Ql FY24 • SECI IX & X 1.26 GW Wind projects: Phase-wise commissioning to commence in Q2 FY23 • Kutehr HEP 240 MW: Project well ahead of timelines with ~75% tunneling completed (up from 70% in Q4 FY22)”

“• SECI XII Wind project: Letter of Award received for 300 MW of Wind Power Capacity • Hydro Pumped Storage: Signed MoU of 1 GW with Govt.”

“o Project development activities and approvals are under way.”

“3 Includes unencumbered bank balances, FDs, and liquid mutual funds 4 JSW Energy is pursuing a growth strategy to expand from the current platform capacity of 7.3 GW to 10 GW by FY25, and 20 GW by FY30, with the entire capacity addition being driven by renewables.”

“• 240 MW Kutehr Hydro Project: PPA signed with Haryana discom.”

Income

2

Climate Change

1

Renewable Power

1

Biodiversity

1

Waste Water

1

Waste

1

Water Resources

1

Strong credit metrics

1

Under-Construction

1

Upcoming Projects

1

Water Resources

Reduce our water consumption per unit of energy produced by 50% Operational Health & Safety Resources Social Sustainability Local Considerations Indigenous People Human Rights Supply Chain Sustainability Employee Wellbeing Air Emissions Business Ethics Cultural Heritage Energy Aligned to National & International Frameworks Governance & Oversight by Sustainability Committee 2 Independent Directors Mr. Sunil Goyal Ms. Rupa Devi Singh 1 Executive Director Mr. Prashant Jain ESG Ratings – best amongst peers MSCI : BB CDP : A- (Leadership Level) Sustainalytics: 28.9 (Medium Risk) FTSE4Good Index constituent Carbon Neutrality by 2050 Committed to set science based targets to keep global warming to 1.5°C under SBTi Integrated Reporting since FY19 JSW Energy Q1 FY23 Results Presentation FY19 FY20 FY21 FY22 8 Sustainability: Targets and Strategy SD Targets FY20 Actuals FY30 Targets Improvement Strategic Initiatives and Approach Climate Change  GHG Emissions tCO2e/ MWh 0.76 0.304 60%  Increased

Strong credit metrics

Figures in ₹ Crore As on Jun 30, 2022 Networth Net Debt Net Debt/EBITDA Net Debt/Equity Wtd. Average Cost of Debt 16,638 7,720 1.75 0.46 7.87% • Healthy Credit Ratings and access to diverse pools of liquidity o India Rating & Research: AA (Stable outlook) Operational Portfolio (4.8 GW): • Generating healthy CF & mid-teen equity returns • • • • Steady operations and robust financial: Track record of strong yearly cash profits of ~₹2,300 Crores2. 85% of portfolio tied-up under Long Term PPA • Remaining Avg. Life of PPA: ~20 years • Remaining Avg. Life of Assets: ~30 years Strong Liquidity with healthy cash balances1: ₹1,825 Crore Financial flexibility enhanced by equity investments: • JSW Steel shares: 7 crore shares held (Value as on Jun 30, 2022: ₹ ~3,954 Crore) JSW Energy Q1 FY23 Results Presentation 1- Includes unencumbered bank balances, FDs, and liquid mutual funds 2 – Applying the average return of 18% on current adjusted net worth 15 A notable feat: 225 MW Solar Power Plant JSW E

Upcoming Projects

240 MW SECI XII Wind project: Letter of Award received in Jul-22 for 300 MW of Wind Power Capacity JSW Energy Q1 FY23 Results Presentation Map for illustrative purposes, showing project locations 18 Progress Update on Renewable Projects (2/3) 1,260 MW SECI-IX & X Wind, Tamil Nadu WTG Erection work in progress Nacelle Erection work in progress WTG Erection work in progress JSW Energy Q1 FY23 Results Presentation 19 Progress Update on Renewable Projects (3/3) 240 MW Kutehr HEP, Himachal Pradesh  Diverted river stream in the barrage successfully  Completed ~75% (16.0 km) tunneling work (up from ~70% in Q4 FY22) well ahead of timelines JSW Energy Q1 FY23 Results Presentation 20 Operational & Financial Performance Operational Performance – Q1 FY23 Net Generation (MU) Hydro: PAF and PLF Renewable 1391 MW Hydro* 234 MW Solar ** 1,398 1,398 19% 1,670 107% 108% 8 Short Term Long Term 1,662 1Q FY22 1Q FY23 • • 49% 54% Hydro PAF and PLF higher YoY Renewable Net Generation higher by 19% YoY o Up

Investor Relations Contact

ir.jswenergy@jsw.in ESG Data Profile: Link 29 Business Environment Indian Economy Real GDP Growth (%) 20.1 4.9 4.2 3.2 2.8 0.7 2.5 -6.6 8.4 5.4 4.1 -23.8 9 1 - n u J 9 1 - p e S 9 1 - c e D 0 2 - r a M 0 2 - n u J 0 2 - p e S 0 2 - c e D 1 2 - r a M 1 2 - n u J 1 2 - p e S 1 2 - c e D 2 2 - r a M GST Collection (₹ Lakh Cr) PMI – Manufacturing & Services 60 50 40 30 20 PMI Manufacturing PMI Service 0 2 - t c O 0 2 - c e D 1 2 - b e F 1 2 - r p A 1 2 - n u J 1 2 - g u A 1 2 - t c O 1 2 - c e D 2 2 - b e F 2 2 - r p A 2 2 - n u J 0 2 - n u J 0 2 - p e S 0 2 - c e D 1 2 - r a M 1 2 - n u J 1 2 - p e S 1 2 - c e D 2 2 - r a M 2 2 - n u J 1.8 1.6 1.4 1.2 1.0 0.8 • High-frequency economic indicators reflect robust recovery • Manufacturing PMI and Services PMI prints are encouraging • Industrial output was robust at 12.9% in April-May • Strong GST receipts, albeit moderation from a record high collection of INR 1.68 lakh crore in April 2022 • Elevated inflation continues to be a risk and weigh

Expenses

a) Fuel cost b) Purchase of stock-in-trade c) Employee benefits expense d) Finance costs e) Depreciation and amortisation expenses f) Other expenses Total expenses Profit before exceptional items and tax (1-2) Exceptional item [Refer note 1] Profit before tax (3+4)

Tax expense

- Current tax - Deferred tax Profit for the period / year (5-6) Other comprehensive (loss)/ income Quarter Ended "crore Year Ended 30.06.2022 Unaudited 31.03.2022 30.06.2021 31.03.2022 Refer Note 7 Unaudited Audited 1,997.35 18.77 2,016.12 1,198.92 209.27 26.09 30.23 79.58 87.92 1,632.01 384.11 120.00 504.11 74.82 85.07 344.22 1,081.02 31.20 1,112.22 757.98 58.00 815.98 3,642.74 228.26 3,871.00 631.61 - 34.02 25.83 78.02 147.54 917.02 195.20 - 195.20 44.62 (6.27) 156.85 447.86 2,041.09 26.11 28.44 35.57 88.37 56.25 682.60 133.38 - 133.38 23.36 21.11 88.91 26.11 124.10 127.00 327.69 406.93 3,052.92 818.08 - 818.08 174.87 73.39 569.82 (i) Items that will not be reclassified to profit or loss (1,178.48) 534.23 1,561.32 1,899.95 (ii) Income tax relating to items that will not be reclassified to profit or loss (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss - - Total other comprehensive (loss)/ income [net o