JSW Energy Limited

rs,

change Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sirs, Further to our letter dated 20th January, 2023 please find attached the Results Presentation in con

225MW

ustainability Business Environment Appendix JSW Energy Q3 FY23 Results Presentation Vijayanagar 225MW Solar Power Plant 4 Q3 FY23 Highlights (1/3) Operational Performance Consolidated Financial

3%

/3) Operational Performance Consolidated Financial Performance • Net Renewable Generation: Up 3% YoY driven by contribution from Vijayanagar Solar Power Plant and SECI X Wind Power Plant • Net

4.2 billion

tion from Vijayanagar Solar Power Plant and SECI X Wind Power Plant • Net Long Term Generation: 4.2 billion units (BUs) flat on a YoY basis • Overall Net Generation: 4.3 BUs lower by 5% YoY due to lower merc

5%

Generation: 4.2 billion units (BUs) flat on a YoY basis • Overall Net Generation: 4.3 BUs lower by 5% YoY due to lower merchant market sales in the quarter However, 9M FY23 overall Net Generation wa

2%

due to lower merchant market sales in the quarter However, 9M FY23 overall Net Generation was up 2% YoY on the back of higher merchant sales and steady LT generation • EBITDA of ₹727 crore down 18

₹727 crore

neration was up 2% YoY on the back of higher merchant sales and steady LT generation • EBITDA of ₹727 crore down 18% YoY due to lower short term sales, resulting in reported PAT of ₹180 crore. (EBITDA for 9

18%

2% YoY on the back of higher merchant sales and steady LT generation • EBITDA of ₹727 crore down 18% YoY due to lower short term sales, resulting in reported PAT of ₹180 crore. (EBITDA for 9M FY23 is

₹180 crore

• EBITDA of ₹727 crore down 18% YoY due to lower short term sales, resulting in reported PAT of ₹180 crore. (EBITDA for 9M FY23 is up 5% YoY) o Cash PAT of ₹ 489 crore, cash return on Adjusted Net Worth of

₹ 489 crore

m sales, resulting in reported PAT of ₹180 crore. (EBITDA for 9M FY23 is up 5% YoY) o Cash PAT of ₹ 489 crore, cash return on Adjusted Net Worth of 20% during Q3 FY23; maintaining track record of >18% cash re

20%

(EBITDA for 9M FY23 is up 5% YoY) o Cash PAT of ₹ 489 crore, cash return on Adjusted Net Worth of 20% during Q3 FY23; maintaining track record of >18% cash returns on a sustained basis (ref. appendix)

8%

ack record of >18% cash returns on a sustained basis (ref. appendix) • Receivables days decline by 8% YoY to 69 days; healthy collection trend sustained • Best in class Balance Sheet, well-positioned t

“Increased share of renewable energy for deep decarbonization • • Wind Projects –SECI X – Progressive Commissioning Started • Maintain zero liquid discharge across operations • • Reuse of treated effluent of Sewage Treatment Plant for horticulture Plan to review & improve water monitoring methodology by 3rd party to measure inconsistencies • • • • • • • Ash silo (45000 MT) completed in Ratnagiri.”

“ Increased focus on achieving climate change target of 2030 and subsequently of becoming Carbon Neutral by 2050.”

“patients benefitted  2,089 ambulatory services Kutehr (HP), Ratngiri (MH) in Barmer through (RJ), Community Development & Support  Project Margdarshak: To empower rural India with access to applicable welfare schemes of central and state governments.”

“• 1.26 GW SECI IX & X Wind projects: Progressive commissioning of SECI X project started with part-CoD received for first phase of 27 MW.”

“• 240 MW Kutehr HEP: Project well ahead of timelines with ~go% tunneling completed (up from 84% in Q2 FY23)”

“• Battery Energy Storage System: LoA received in Jan-23 for S00MW /1000 MWh SECI project • Hydro Pumped Storage: Approvals and preparatory works in progress for ~7.6GW (~ S0GWh); MoUs/Lol signed • First project will be a captive PSP at Vijayanagar (Karnataka), construction expected to commence in CY23”

“Project revival plan is in progress, expected commissioning of 700MW in 24 months”

“JSW Energy is pursuing a growth strategy to expand its installed capacity to 10 GW by FY25 and 20 GW by FY30, along with foraying into Energy Products and Services.”

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

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

Income

2

Notes

2

Strong credit metrics

1

Climate Change

1

Renewable Power

1

Biodiversity

1

Waste Water

1

Waste

1

Water Resources

1

Investor Relations Contact

1

Strong credit metrics

Figures in ₹ crore Networth Net Debt Net Debt/EBITDA Net Debt/Equity Wtd. Average Cost of Debt 18,392 9,840 2.30 0.54 8.29% • Healthy Credit Ratings and access to diverse pools of liquidity o India Rating & Research: IND AA (Outlook Stable) o ICRA Ltd: ICRA AA/ Stable • • • • 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; generating ~90% of 9MFY23 EBITDA • • Remaining Avg. Life of PPA: ~19 years Remaining Avg. Life of Assets: ~28 years Strong Liquidity with healthy cash balances1: ₹3,029 crore Financial flexibility enhanced by equity investments: • JSW Steel shares: 7 crore shares held (Value as on Dec 31, 2022: ₹ ~5,379 crore) JSW Energy Q3 FY23 Results Presentation 1- Includes unencumbered bank balances, FDs, and liquid mutual funds 20 Superior Financial Risk Profile Net Debt (₹ crore) Net Worth (₹ crore)* and Cash Returns (%) 6,509 6,021 6,963 9,840 7,720 7,874 Sep-21 Dec-21 Mar-22 J

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 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 Committed to set science based targets to keep global warming to 1.5°C under SBTi Integrated Reporting since FY19 JSW Energy Q3 FY23 Results Presentation *based on CDP climate change rating 2021. CDP water security rating 2022 is B (Management) FY19 FY20 FY21 FY22 25 Sustainability: Targets and Strategy SD Targets FY20 Actuals FY30 Targets Improvement Strategic

Investor Relations Contact

ir.jswenergy@jsw.in ESG Data Profile: Link Pooling Substation – SECI X 30 Business Environment Baspa Hydro Power Plant Indian Economy Real GDP Growth (%) 20.1 3.2 2.8 0.7 2.5 8.4 5.4 4.1 13.5 6.3 -6.6 -23.8 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 2 2 - p e S GST Collection (₹ Lakh Cr) PMI – Manufacturing & Services 1.8 1.6 1.4 1.2 1.0 0.8 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 2 2 - c e D 60 55 50 45 40 35 30 25 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 2 2 - c e D • India continues to see resilient growth amid headwinds from slowing global growth and trade o o o Real GDP growth for quarter Sept-22 stood at 6.3% YoY. PMI: Manufacturing (Dec-22: 57.8) 58.5) PMI continue to be encouraging and Services (Dec-22

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 income I (loss) 3 4 5 6 7 8 A B 9 10 (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 Income I (loss) [net of tax] Total comprehensive Income for the period/ year (7+8) Paid-up equity share capital (net of treasury shares) (Face value of f 1 O per share) 11 Other equity 12 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 ( f) - Diluted EPS ( f ) 954.69 50 .37 1,005.06 1,140.55 160.32 1,300.87 1,001 .57 4,092.59 2,561 .72 3,642.74 24.49 229.46 197.06 228.26 1,026.06 4,322.05 2,758.78 3,871.00 602.44 760.42 20.71 33.22 57.66 80 .28 98 .76 893.07 111.99

Notes

llcable, ror the re ortin eriods covered In U,is results. Exceptional item off 120 crore comprises reversal of loss allowance on a loan, recognised in an earlier year, upon recovery during the quarter ended June 30, 2022. 2 The Company continues to monitor the economic effects of COVID-19 on its business. Based on the current evaluation by the management, the carrying amounts o the assets are considered recoverable. 3 The Code on Social Security, 2020 ('the Code') received presidential assent on September 28, 2020. The Ministry of Labour and Employment released the draft rule of the Code on November 13, 2020, however, the date on which the Code will come into effect has not yet been notified. The Company will assess and record th financial impact of the Code in the period(s) when it becomes effective. 4 The Company has one operating segment i.e., 'Power Generation'. 5 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective