JSW Energy Limited

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change Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sirs, Further to our letter dated 28th October, 2022 please find attached the Results Presentation in con

20 GW

JSW Energy Q2 FY23 Results Presentation 3 Strategic Highlights ~ .JSWEnergy Scaling towards 20 GW installed capacity by 2030 Transitioning towards Energy Products and Services Operational ■ Un

31%

rage 9.9 2.5 0.4 2.2 4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisi

69%

9.9 2.5 0.4 2.2 4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition

34%

2.5 0.4 2.2 4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Ther

66%

0.4 2.2 4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Thermal

39%

2.2 4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Thermal ■ R

61%

4.8 4.8 20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Thermal ■ Renewa

19%

20.0 10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Thermal ■ Renewable ■ Hydro

81%

10.0 Current Locked in FY25e FY30e 4.6 FY22 31% 69% 34% 66% 39% 61% 39% 61% 19% 81%  Mytrah RE Assets: CCI Approval received for acquisition Thermal ■ Renewable ■ Hydro Pumpe

10 GW

proval received for acquisition Thermal ■ Renewable ■ Hydro Pumped Storage (PSP) - Targeting 10 GW  Resources tied-up for ~6 GW PSP with various states Battery Energy Storage System (BESS)  Pa

6 GW

Thermal ■ Renewable ■ Hydro Pumped Storage (PSP) - Targeting 10 GW  Resources tied-up for ~6 GW PSP with various states Battery Energy Storage System (BESS)  Participated in SECI bid for the

“:r■"' [!l~J/1.....-:- JSW Hydro Energy JSW Energy Q2 FY23 Results Presentation Click on the above links or scan the QR code to find out more about our initiatives 12 Sustainability: Empowering Our Communities ~ .JSWEnergy Sports Promotion & Development  Project Shikhar: Organised inter– Shikhar boxing championship with a participation of 60 boxers.”

“hydro) PPA Capex PPAs Signed  Total : ~ ₹ 16,660 Crore  Spent: ~₹ 4,700 Crore  Committed: ~₹ 10,720 Crore • SECI XII Wind project: Letter of Award received in Jul-22 for 300 MW of Wind power capacity • Chhatru Hydro Project: Letter of Intent received in Oct-22 for allotment of 126MW of Chhatru HEP Upcoming Projects +”

“ RBI recent MPC meeting raised rate by 50 bps to 5.90% and has cut GDP growth forecast for FY23 to 7.0% from 7.2%.”

“Merger of JSW Future Energy Limited with JSW Neo Energy Limited under a Scheme of Amalgamation wherein all the assets and liabilities of JSW Future Energy Limited will be transferred to JSW Neo Energy Limited.”

“The Group will assess and record the financial impact of the Code in the period(s) when it becomes effective 4 The Company had submitted a resoluti on plan to the Committee of Cred itors ('CoC') for the Corporate Insolvency Resolution of lnd-Barath Energy (Utkal) Limited ('IBEUL') on October 3, 2019 Post approval of the resolution plan by the CoC , the Resolution Professional filed an application to the National Company Law Tribunal, Hyderabad bench ('NCL T') for approval.”

“• 1.26 GW SECI IX & X Wind projects: Phase-wise commissioning from Q3 FY23 • 240 MW Kutehr HEP: Project well ahead of timelines with ~84% tunneling completed (up from 75% in Ql FY23) • 733 Group Captive Wind projects: Commissioning progressively from Ql FY24”

“• Battery Energy Storage Solutions (BESS): Participated in the largest BESS Pilot project by SECI • Hydro Pumped Storage (PSP): Signed MoU for 960 MW PSP with Govt.”

“With this, MoUs totaling to ~6GW are in place • Hydro Project: Letter of Intent received for allotment of 126 MW Chhatru HEP on BOOT basis • 700 MW lnd-Barath: Received NCLT approval for the resolution plan submitted and approved by Committee of Creditors in Oct 2019”

“JSW Energy is pursuing a growth strategy to expand its installed capacity to 10 GW by FY25 and 20 GW by FY30.”

“With a locked-in capacity of 9.9 GW the company is expected to achieve its FY25 target well ahead of the articulated timelines.”

Income

2

Adjusted for

2

Cash and cash equivalents comprise of

2

Climate Change

1

Renewable Power

1

Waste Water

1

Waste

1

Biodiversity

1

Water Resources

1

Under-Construction

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 @ IFC I ~;:~ration Creatit1g Markets, Creating Opportunities OECD ,$1"_~~ ~ t4:.,,11 United Nations ® Global Compact SUSTAINABLE DEVELOPMENT Gt) ALS UNITED NATIONS GUIDING PRINCIPLES oN BUSINESS & HUMAN RIGHTS NATIONAL GUIDELINES ON RESPONSIBLE BUSINESS CONDUCT ~ .JSWEnergy Governance & Oversight by Sustainability Committee 2 Independent Directors 1 Executive Director Mr. Sunil Goyal Ms. Rupa Devi Singh Mr. Prashant Jain ESG Ratings – best amongst peers MSCI : BB CDP : A- (Leadership Level) Sustainalytics: 27.8 (Medium Risk) FTSE4Good Index constituent Carbon Neutrality by 2050 SCIENCE BASED TARGETS Committed to set science based targets to keep global warming to 1.5

Under-Construction

I I + ,-------- : + : 0 ~-------- : -----------: : ___________ ! I I 1,993 MW 240 MW Map for illustrative purposes, showing project locations 16 Update on Under Construction Projects (2/3) .JSWEnergy SECI-IX & X Wind, Tamil Nadu (1,260 MW) ------------ JSW Energy Q2 FY23 Results Presentation 17 Nacelle and WTG erection Update on Under Construction Projects (3/3) ~ .JSWEnergy Kutehr HEP, Himachal Pradesh (240MW) Steel Cantilever Bridge HRT Gantry Concrete Lining Kutehr HEP JSW Energy Q2 FY23 Results Presentation 18  Completed ~84% (17.7 km) tunneling work (up from ~75% in Q1) well ahead of timelines Operational & Financial Performance Consolidated Performance Net Generation (MUs) Total Revenue* (₹ Crore) ~ .JSWEnergy 11,927 12,525 (97%) 11,544 (91%) 11,458 ■ Short Term ■ Long Term +16% 2,596 2,237 +39% 5,712 4,097 Operational Highlights Q2 FY23 • Renewable net generation up 3% YoY. FY22 ■ FY23 ■ o Incremental contribution from solar plant at Vijayanagar. • Total Net Generation lower by

Strong credit metrics

Figures in ₹ Crore As on Sep 30, 2022 Networth Net Debt Net Debt/EBITDA Net Debt/Equity Wtd. Average Cost of Debt 17,593 7,874 1.77 0.45 7.94% • 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 Crores. 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: ₹3,327 Crore Financial flexibility enhanced by equity investments: • JSW Steel shares: 7 crore shares held (Value as on Sep 30, 2022: ₹ ~4,424 Crore) JSW Energy Q2 FY23 Results Presentation 1- Includes unencumbered bank balances, FDs, and liquid mutual funds 28 Superior Financial Risk Profile ~ .JSWEnergy Net Debt (₹ Crore) Net Worth (₹ Crore)* and Cash Returns (%) 6,565 6,50

Investor Relations Contact

ir.jswenergy@jsw.in ESG Data Profile: Link 31 Business Environment Indian Economy Real GDP Growth (%) 20.1 4.2 3.2 2.8 0.7 2.5 8.4 5.4 4.1 13.5 -6.6 -23.8 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 2 2 - n u J GST Collection (₹ Lakh Cr) PMI – Manufacturing & Services 60 50 40 30 20 PMI Manufacturing PMI Service 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 2 2 - p e S 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 2 2 - p e S 1.8 1.6 1.4 1.2 1.0 0.8 ~ .JSWEnergy • High-frequency economic data indicates India’s resilient economic activity in midst of slowing global economic activity.  As per the International Monetary Fund projections, India has become world’s fifth largest economy. Real GDP growth for quarter Jun-22 stood at 13.5% YoY.  PMI: Manufacturing (Sept-22: 55.1) and

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 (i) Items that will not be reclassified to profit or loss (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 of tax] Total comprehensive (loss)/ income for the period/ year (7+8) Paid-up equity share capital (net of treasury shares) (Face value of ~ 10 per share) Other equity Earnings per share (EPS) (not annualised excluding year end) for the period, for the year to date and for the previous year (not to be annualized) - Basic EPS ( ~ ) - Diluted EPS ( ~) 3 4 5 6 7 8 A B 9 10 11 12 tj; 802.17 114.57 916.74 478,05 - 30.71 34.58 82.34 85 82 711.50 205.24 - 205.24 39.76 32.63 132.85 3,137.90 1,560.15 179.09 172.57 3,316.99 1,732.72 3,642 74 228.26 3,871.00 1,959.34 263,59 67.41 68.82 1