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Why did JSW Energy Ltd share price move today?collapse benzinga

Why did JSW Energy Ltd share price move today?

JSW Energy shares are trading lower. The scrip rallied on joint MD and CEO’s statement that the company will incur capital expenditure of ₹8,000-₹10,000 crores every year over the next decade.

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Shareholding Info
  • Promoters
    74.66 %
  • Foreign institutions-FII
    5.14 %
  • Other domestic institutions
    9.99 %
  • Retail and other
    10.12 %
  • Mutual Funds
    0.1 %

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JSW Energy overview


JSW Energy is a part of the JSW Group. It was founded in March 1994 by Sajjan Jindal as a joint venture between JSW Steel Limited and Tractebel S.A., Belgium. Its primary focus is power generation through a vast range of fuel sources including coal blends, imported coal and gas, wind, and hydro and solar power.

In December 2009, the Maharashtra-based company filed for an IPO. It was listed on the BSE & NSE on 4th January 2010.

Today, JSW Energy is a provider of energy across the states of Himachal Pradesh, Rajasthan, Karnataka, Maharashtra, among others.

JSW Energy journey


Over the last three decades, JSW Energy has achieved several milestones:

  • 1993: The company gets incorporated on 1st November.
  • 1994: The company is founded as Jindal Tractebel Power Company Limited.
  • 2000: It commences commercial operation of 2 x 130 MW power plants at Toranagallu, Karnataka.
  • 2002: Tractebel sells its holdings to JSW group companies and financial institutions.
  • 2007: The firm is awarded the 260 MW Kuther Hydro Electric project. The demerger of JSW's investment division is approved and vested under JSW Energy Investments Private Limited.
  • 2008: JSW is acknowledged by the Government of Maharashtra for setting up a 3,200 MW power plant at Jaigad, Ratnagiri. It entered a joint venture agreement to set up turbine and generator manufacturing facilities with Toshiba Corporation, Japan. JSW also sets up transmission lines in Maharashtra with the state-owned electricity company.
  • 2009: It commences commercial operations of 2 x 300 MW power plants at Toranagallu, Karnataka.
  • 2010: JSW is listed on the BSE and NSE at an introductory share price of ₹100.
  • 2012: Sanjay Sagar is appointed as Joint MD and CEO.
  • 2013: JSW's total operational capacity reaches 3,140 MW. Pramod Menon is appointed as Director (Finance) for five years.
  • 2014: It acquires Himachal Baspa Power Company worth ₹9,700 crore.
  • 2017: JSW secures an order from the Power Company of Karnataka Ltd. (PCKL) for the supply of 650 MW of power.
  • 2022: The firm executes a binding agreement with Mytrah Energy India Private Limited (MEIPL) for the acquisition of its 422 MW solar and 1,331 MW wind portfolio worth an EV of ₹10,530 crore after adjusting for net current assets.

JSW Energy - Initial Public Offer (IPO)


JSW Energy went public in December 2009. The company's stock price offer band was set between ₹100 and ₹115. On 4th January 2010, JSW Energy was listed at an issue price of ₹100, with an IPO size of ₹2,700 crore.

JSW Energy Plants


JSW Energy's primary business is setting up power generation plants. Some of its marquee projects include:

Baspa


Located in the challenging environs of the Himalayas, this plant generates 300 MW of power by employing a run-of-the-river mechanism. A key feature of the project is that no resettlement or relocation has been carried out since its establishment. The project commenced operations in 2013.

Karcham Wangtoo


This plant in Kinnaur, Himachal Pradesh dams the River Satluj to reach a generating capacity of 1,091 MW. The project required extensive tunnelling of the Himalayan geology to bring power to the region.

Barmer


Powered by neighbouring lignite mines in Kapurdi and Jalipa, the Barmer plant is operated by Raj WestPower Limited. It was acquired by JSW Energy in 2006. The aforementioned mines were amongst the assets acquired in the venture. The highlight here is a dedicated, 185 km pipeline constructed to source water from the Indira Gandhi Canal.

Vijaynagar


Rated high by the Central Electricity Authority for its efficiency, the plant is split between two separate units that utilise blends of imported coal and gas to generate a combined capacity of 860 MW.

JSW Energy stock price return in 5 years – 256.88%

JSW Energy Asset Overview


Plants

Fuel source

Power output (in MW) 

Status 

Power offtake
(in Power Purchase Agreements)

Barmer

Lignite

1,080

Est. 2009

Long-term PPA; 100%

Ratnagiri

Imported coal

1,200

Est. 2010

Long-term PPA; 96%

Nandyal

Imported coal

18

Est. 2011

Long-term PPA; 100%

Vijaynagar

Imported coal and gas

860

Est. 2000

Long-term PPA; 35%

Vijaynagar solar

Solar

225

Est. 2000

PPA with JSW Steel

Baspa

Hydro

300

Est. 2003

Long-term (1,300 MW)
Short-term (45 MW)

Karcham Wangtoo

Hydro

1,091

Est. 2011

Kutehr

Hydro

240

Under construction

PPA signed

Upcoming projects

Wind

1,993

Under construction

PPA signed

Wind

300

In pipeline

LOA signed



JSW Energy performance highlights


5-year CAGR (revenue)

0.6%

EBITDA (FY2021-22)

₹4,138 crore

Profit (FY2021-22)

₹1,729 crore

Share price return in last 3 years

293.94%

ROCE (FY2021-22)

6.75%

ROE (FY2021-22)

4.55%


JSW Energy management


Managing Director and Chairman: Sajjan Jindal
Joint Managing Director and Chief Executive Officer (CEO): Prashant Jain
Director (Finance): Pritesh Vinay
Independent Directors: Rajeev Sharma, Munesh Khanna, Rupa Devi Singh, Sunil Goyal and Desh Deepak Verma

Indian power industry overview


The following are the key players in India's power sector:

 

Key players

Market capitalisation

December 2022

 (in crore)

1.

NTPC Limited

₹1,64,000

2.

Power Grid Corporation of India Limited

₹1,51,000

3.

Adani Power Limited

₹1,25,000

4.

Tata Power

₹69,898

5.

JSW Energy

₹49,032



Size of the Indian power industry


Over the last decade, India's power sector has seen ₹1,639 crore of foreign direct investment (FDI). It accounts for 2.71% of the total FDI inflow in the country. Power demand is only growing with time, requiring continuing investments across fuel, generation, infrastructure and delivery. This has seen the rise of several public and private sector players rushing to supply the deficits.

Industry growth prospects


India's power sector is already well on its way to allocating resources toward meeting demand using a mix of renewable and non-renewable energy. Increasing institutional focus on issues facing the power industry has also seen the introduction of policy efforts to ease growth.

The 2021 National Electricity Policy promises support for efficient transmission systems, a relaxed regulatory environment and the promotion of sustainable electricity generation.

As of September 2022, India's power sector stood at a total installed capacity of 407.8 GW, 40.4% of which comes from renewable sources. The sector is set to double power generation with a target of 817 GW by 2029, increasing renewable share to 61.2%.

JSW Energy growth prospects


The growth roadmap for JSW Energy is led by renewable power generation. The company plans to increase its output to a total of 20 GW by 2030, 81% of which will be renewable. It has commenced work on several projects following that goal. Meanwhile, the company has also been experimenting with battery energy storage, green hydrogen and other energy products through its various subsidiaries.

Risks and concerns

  • While the demand for electricity increases by the hour, the availability of raw fuel consistently remains a constraint for most of India's conventional power generation systems. Rising spot prices for international coal and gas imports further complicate the matter.
  • Solar project developers are looking at costly solar modules whose prices are subject to import tariffs the government has introduced to promote domestic manufacturing. However, there is a long road ahead for domestic manufacturing capacity to catch up with demand.

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