Energy

Powering a Brighter Tomorrow

Q4 FY 2010

Q4 FY 2010 1
 AGENDA

Operational Performance

Financial Performance

Major Developments

Status of Projects

Way Forward

2
OPERATIONAL PERFORMANCE 

3
 Operational Performance
Net Generation ( Million Units) 5,171

152 %

71 %

2,056
1,791
246 %
68 % 61 %
518 29 %
42 % 32 % 39 %
58 %

Q4 FY 09 Q4 FY 10 FY 2009 FY 2010

Long Term Sales Short Term Sales

Realization Rs. Per Unit

Q4 FY 2009 Q4 FY 2010 FY 2009 FY 2010

Short Term Realisation 6.63 4.59 7.08 4.86

Average Realisation 5.25 4.26 6.03 4.52

4
 Operational Performance

NET GENERATION (Mu) Q4 FY 09 Q4 FY 10 FY 09 FY 10

Vijayanagar (SBU I) 518 526 2056 2111

Vijayanagar (SBU II) ­ 1159 ­ 2905
Barmer (RWPL I) ­ 106 ­ 155
T t l N t G
Total Net Generation
ti 518 1791 2056 5171

PLF (%) Q4 FY 09 Q4 FY 10 FY 09 FY 10

Vijayanagar (SBU I) 100.2 100.9 97.9 100.0

Vijayanagar (SBU II) ­ 96.7 ­ 93.8
Barmer (RWPL I) ­ 43.9 ­ 45.9

5
FINANCIAL PERFORMANCE 

6
 Financial Highlights­ Standalone
Total Income* (Rs. Crores)  EBITDA  (Rs. Crores)

60 % 1,356
53 % 2,441

1,594 847
122 %
115 %
802 409
373 184

Q4 Annual
Q4 Annual
FY 09 FY 10
FY 09 FY 10
* Includes Other Income

PBT  (Rs. Crores) PAT (Rs. Crores)

45 % 46 % 847
969

578
667 180 %
127 %
315
298

131 112

Q4 Annual Q4 Annual
FY 09 FY 10 FY 09 FY 10
7
 Standalone Results

Q4 FY 2009 Q4 FY 2010 FY 2009 FY 2010

Total Income  (Rs. Crores) 372.92 802.35 1593.98 2441.03

EBITDA (Rs. Crores) 184.38 409.01 847.09 1356.03

EBITDA (%) 49.44 50.98 53.14 55.55

Interest (Rs. Crores) 38.43 71.73 120.28 262.30

Depreciation (Rs. Crores) 15.05 38.92 59.63 124.32

PBT (Rs. Crores) 130.90 298.36 667.18 969.41

PAT (Rs. Crores) 112.36 315.03 578.08 846.67

EPS (Rs )
EPS (Rs.) 0 82
0.82 1 92
1.92 4 23
4.23 5 86
5.86

8
 Financial Highlights­ Consolidated
Total Income*  (Rs. Crores) EBITDA  (Rs. Crores)
31 % 1,288
2,429 135 %

1,852

74 % 302 % 549
843 389
484
97

Q4 Annual Q4 Annual
FY 09 FY 10 FY 09 FY 10
* IIncludes
l d Oth
Other IIncome PAT (Rs  Crores)
PAT (Rs. Crores)
PBT  (Rs. Crores)
868 745

136 %
169 %

495 % 368 1047 % 273 277

256

43 24

Q4 Annual Q4 Annual
FY 09 FY 10 FY 09 FY 10
9
 Consolidated Results

Q4 FY 2009 Q4 FY 2010 FY 2009 FY 2010

Total Income  (Rs. Crores) 483.65 842.91 1852.16 2429.26

EBITDA (Rs. Crores) 96.68 389.10 548.99 1287.65

EBITDA (%) 19.99 46.16 29.64 53.01

Interest (Rs. Crores) 38.45 86.49 120.94 283.70

Depreciation (Rs. Crores) 15.29 47.03 60.21 136.10

PBT (Rs. Crores) 42.94 255.57 367.84 867.85

PAT (Rs. Crores) 23.80 273.03 276.69 745.49

EPS (Rs )
EPS (Rs.) 0 17
0.17 1 89
1.89 2 02
2.02 5 17
5.17

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 Financial Highlights

Consolidated as at March 31, 2010

Rs. Crores

Net Worth  4780.20

Debt  7870.14

Net Fixed Assets * 11597.94

Debt Equity Ratio (Times)

Debt Equity Ratio (Times) 1 65
1.65

Weighted Average Cost of Debt (%) 11.51

*Including CWIP

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MAJOR DEVELOPMENTS 

12
 Major Developments

PERFORMANCE PROJECTS VERTICAL INTEGRATION

¾ 260 MW generating  ¾ 400 KV Double Circuit  ¾ Acquisition of majority 

station conferred  Quad Moose Conductor  stake in South African 
National Award for  Transmission line from  Coal Mining Holding 
meritorious  Jaigad to New Koyna  Limited in April 2010
performance for 2009 
f f charged in April 2010
h d i  A il 2010
¾ Domestic Coal linkage 
approved for RWPL for 
two years

13
 Acquisition of Majority Stake in SACMH
Key Features

Umlabu & Ilanga (Wit Bank Region), South  ¾ JSW Energy acquired 49.8% stake in 
Location
Africa Royal Bafokeng Capital by providing a 
value of ZAR 30 cents per share of 
p
Umlabu: Explored 50 MT, Unexplored 10 MT
U l b  E l d 50 MT  U l d 10 MT SACMH
Resources*
Ilanga: 1 MT
¾ Total payout for acquiring 100% 
Umlabu:  Explored 14 MT, Unexplored 6 MT
Reserves* stake in SACMH ZAR 160.69 
Ilanga: 1 MT million (US$ 21 14 million)
million (US$ 21.14 million)
RBCT:402 Km
¾ Richard’s Bay Coal Terminal 
Distance to Port Maputo:405 Km Entitlement for ½ million tons per 
Durban:520 Km annum
Coal Specifications
¾ Railway siding within the mine with a 
GCV (NAR) 6000 Kcal ­ 6200 Kcal capacity to handle upto 5 million tons 
per annum
Total  USD 50 Million (Total funding required over 
Investment time)

*As per SRK Report 14
STATUS OF PROJECTS

15
 Jaigad Power Transco Ltd.­ JV with MSETCL

Project Details Status Update

Gross Capacity 1200 MW, 400 KV Transmission •Jaigad to New Koyna charged

Double Circuit Quad Moose 
D bl  Ci it Q d M   •Jaigad – Karad:
Technology •Tower Foundations: 71%
Conductor Line 
•Tower Erection: 39%

Procurement Orders placed

Rs. 580 Crores including IDC •Land: Right of way achieved
Debt:Equity : 75 :25
Project Cost
Actual spent till Mar 31, 2010 : 
Rs  290 9 Crs 
Rs. 290.9 Crs 

Expected 
November 2010
Commissioning

16
 Joint Ventures
St t  U d t
Status Update

BLMCL Mine development process commenced at Kapurdi

Expected to extract lignite by first quarter of calendar 2011

MJSJ Coal Public hearing process completed

q p
Land acquisition in process
Target to commence production in 2011

Leveling & soil filling work & 100% piling work completed
JSW Toshiba Ground broken for turbine manufacturing facility 
Contracts for civil works finalised
Total project completion 16%
Civil works for main plant & blade shop commenced
Blade manufacturing by Year 2011

17
GENERATION PROJECTS

18
 Raj West Power Ltd. Barmer ­ I
Project Details Status Update

Gross Capacity 1,080 MW (8 x 135) •Full load operation achieved for unit 1

gy
Technology Sub­critical Captive Lignite based TPP
p g •Unit 2 Boiler Hydro
y test is completed
p

FSA with BLMCL (49% JV) for supply of  • 89 % erection of Unit 2 BTG completed 
Fuel Linkage lignite from captive lignite mines of 
BLMCL  Target Synchronization

Water  Unit 2 May’10

Allocation from IGNP
Allocation
Unit 3 August’10

Long Term :PPA for entire capacity with  Unit 4 October’10

Power Off take
state Government distribution utilities
Unit 5 December’10

Total Cost: Rs. 5000 Crs U i 6
Unit 6 J
January’11
’11
Debt / Equity: 75:25
Project Cost Unit 7 March’11
Amt spent till Mar 31, 2010:
Rs. 4,781.0 Crs  Unit 8 February’11

19
 JSW Energy (Ratnagiri) Ltd.­ 4 x 300 MW
Project Details Status Update
bi
Gross Capacity 1200 MW (4 x 300) •Boiler­1 light up and chemical cleaning
completed
T h l
Technology S b iti l I
Sub­critical Imported Coal based TPP
t d C l b d TPP •Boiler 2 & 3 hydro test is completed
•Boiler­2
•Start up power commenced on April 16th
Long term supply arrangement for  and three bays of switchyard charged
Fuel Linkage
Indonesian coal •Financial closure achieved

Water  •Turbine ­1 barring gear operation is in 
MIDC + Sea Water
Allocation progress

300 MW to MSEDCL for 25 years with pass  Particulars % of total

through  
g
P
Power Off take
 Off  k PCC & RCC 89
Ability to avail short term rates for balance 
900 MW TG Structural Fabrication  89

TG Structural Erection  65
Total Cost: Rs. 4500 Crs
Debt / Equity: 75:25 Boiler‐1 Erection 94
Project Cost
Amt spent till Mar 31, 2010: 
Boiler‐2  Erection 90
Rs. 3,526.6 Crs
Boiler‐3
Boiler 3 Erection
Erection 64
Unit I in May 2010
U it I i  M  2010
Expected 
Entire project by November / December  Boiler‐4 erection 54
Commissioning
2010

20
 Raj West Power Ltd. Barmer II ­ 2 x 135 MW

Project Details Status Update

Gross Capacity 270 MW (2 x 135)
• Land in possession
Technology Subcritical Captive lignite based TPP
•Applied for coal linkage
Fuel Linkage Applied to Ministry of Coal

Water 
Allocation from IGNP
Allocation

Short Term power purchase 
Power Off take
arrangements

Project Cost Total Cost: Rs. 1350 Crs

Expected 
January 2013
Commissioning

21
 Kutehr Hydro Project ­ 3 x 80 MW 
Project Details Status Update

•Public hearing for Environment clearance

Gross Capacity 240 MW (3 x 80) h ld successfully
held f ll on 16th / 17th Apri’10
A i’10
•Prequalification tenders floated for Main 
Civil Works
Technology Run­of­the­river Hydropower
•HPSEB approved construction power of 3 
MVA
Water 
Ravi River
Allocation •Land Acquisition in Process
•Techno Economic Clearance from CEA 
Free power to GoHP – 12% to 30%  awaited
of delivered energy for 40 years.  
of delivered energy for 40 years
Power Off take Balance through short term 
arrangements 

Total Cost: Rs. 1915.2 Crs.
Debt / Equity: 56:44
Project Cost Amt spent till Mar 31, 2010 : 
Rs. 89.0 Crs 

Expected 
September 2015
Commissioning

22
 Chhattisgarh Power Project ­ 2 x 660 MW 
Project Details Status Update

Gross Capacity 1,320 MW (2 x 660) •Project site clearance received from State

Government in July’09
Super­critical domestic coal based 
Technology •TOR received from MoEF
TPP

•Rail Transport Clearance received

MoU signed with GoCG for setting up a 
Authority
TPP along with integrated coal mine
l i hi d l i •DPR finalised

11% interest in coal block jointly 
Fuel Linkage allocated; applied for additional coal  •Land acquisition in progress
linkage
•BTG bid evaluation process commenced
35 mn cmpa water allocated from 
Water Allocation
Mahanadi River

Combination of LTPPA and short term 
Power Offtake agreements with JSWPTC; 35% to 
State Govt.

Rs. 6,500 Crs 
Project Cost Amt spent till Mar 31, 2010 : 
Rs. 19.5 Crs 
Expected  Unit I­ July 2014
Commissioning Unit II  November 2014 23
 West Bengal Power Project ­ 2 x 800 MW 
Project Details Status Update

Gross Capacity 1,600 MW (2 x 800) •Water availability study conducted

Super­critical Domestic coal based 
p •In principle approval received from West
Technolog
Technology
TPP Bengal State Power Distribution Co. Ltd. for
entering into a long term Power Purchase
Agreement for surplus power.
74 % ­ JSWEL
Share Holding
26 % ­ JSW Bengal Steel Limited
Agreement executed for coal raising & coal
•Agreement
procurement on March 31, 2010

Ichhapur Mines­ WBMDTC to supply  •DPR finalised

Fuel Linkage
fuel

•BTG bid evaluation by June 2010

Captive sale to the steel plant on two 
Power Off take part tariff framework and balance for 
outside sale
id l

Rs. 7680 Crs for Power plant
Rs. 2000 Crs for Mines Development
Project Cost
Amt spent till Mar 31, 2010 : 
R  8 6C  
Rs. 8.6Crs 

Expected  Unit I : 2014
Commissioning Unit II : 2015
24
 JSW Energy (Ratnagiri II) Ltd.– 3200 MW 
Project Details Status Update

Gross Capacity 3 200 MW (4 x 800)
3,200 MW (4 x 800) •Substantial land in possession

Technology Super­critical imported coal based TPP

Letter of support from Government of 
A h i
Authority
Maharashtra

Imported Coal from Indonesia and 
Fuel Linkage
Mozambique ­ Agreements in place

Water Allocation Sea Water

Power Offtake Participated in bids for power tie­up

Project Cost Rs. 150 Bn.

Expected 
April 2015
Commissioning

25
 Jharkhand Power Project – 1620 MW 

Project Details Status Update

Gross Capacity 1620 MW (2 x 660  1 x 300)

1620 MW (2 x 660, 1 x 300) •Land
L d identified
id tifi d

1,320 MW ­ Super­critical Domestic  •Applied for coal linkage

Technology
coal based TPP; 300 MW Sub­critical

Authority MoU with GoJ

Water is proposed to be sourced from 
Water Allocation
the Subarnarekha river

25% to State Government; rest 
Power Offtake through LTPPA and STPPA with 
JSWPTC

Project Cost Rs. 79 Bn.

Expected 
August 2015
g
Commissioning

26
 Strategy & Way Forward

Creating  world class 
Ensure fuel  power utility company
security
B ild  ti   t   ith 
Build generation assets with 
diversified fuel

Balanced off­take 
arrangements

Capture opportunity 
provided by power sector

27
27
Site Photographs: Raj West Power Limited
g p j
Plant Overview

Plant Overview

28
28
Site Photographs: JSW Energy Ratnagiri Limited
Plant Overview

Line 1 Erection Completed

29
29
 Forward Looking & Cautionary Statement

Certain statements in this report

p concerning
g our ffuture ggrowth p
prospects
p are fforward looking g statements,
which involve a number of risks, and uncertainties that could cause actual results to differ materially from
those in such forward looking statements. The risk and uncertainties relating to these statements include,
but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage
growth, intense competition within Power industry including those factors which may affect our cost
advantage wage increases in India,
advantage, India our ability to attract and retain highly skilled professionals,
professionals time and
cost overruns on fixed­price, fixed­time frame contracts, our ability to commission mines within
contemplated time and costs, our ability to raise the finance within time and cost client concentration,
restrictions on immigration, our ability to manage our internal operations, reduced demand for power, our
abilityy to successfully
f y complete
p and integrate
g potential acquisitions,
p q , liabilityy ffor damages
g on our service
contracts, the success of the companies in which the Company has made strategic investments, withdrawal
of fiscal/governmental incentives, impact of regulatory measures, political instability, legal restrictions on
raising capital or acquiring companies outside India, unauthorized use of our intellectual property and
general economic conditions affecting our industry. The company does not undertake to update any
f
forward d looking
l ki statements
t t t that
th t may be
b made
d from
f ti to
time t time
ti by
b or on behalf
b h lf off the
th company.

30