1 August 2020
1QFY21 Results Update | Sector: Utilities
JSW Energy
Estimate change
TP change
Rating change
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CMP: INR46
TP: INR65 (+41%)
Buy
Lower merchant sales impact performance
Healthy cash flow generation; debt reduction continues
JSW Energy (JSWE)’s results reflected the impact of lower merchant sales
volumes due to lower power demand and merchant prices. At a
consolidated level, EBITDA was down 8% YoY to INR7.5b.
Debt reduction continues, with net debt (incl. acceptances) declining
~INR1.6b during the quarter. Interest cost also decreased by 11% YoY.
Furthermore, FCF generation would continue to be strong given ~80% of
JSWE’s capacity is under long-term PPAs.
Maintain Buy, with TP of
JSW IN
INR65/sh.
1,640
S/A performance impacted by lower merchant sales
JSWE’s 1QFY21 EBITDA decreased 8% YoY to INR7.5b (our est.: INR7.3b) on
account of lower short-term sales. Short-term sales volumes declined 83%
YoY to 123MU. Interest cost fell 11% YoY to INR2.5b given the debt
reduction. Other income was up 58% YoY to INR0.8b, led by write-backs of
INR0.3b. PAT was down 13% YoY to INR2.1b.
Hydro generation was down 13% YoY and EBITDA 2% YoY to INR3.3b.
EBITDA at Barmer was up 10% YoY to INR2.8b. Across plants, lower other
expenses aided EBITDA.
Net debt (incl. acceptances) reduced to ~INR96.9b (v/s INR98.6b in FY20).
The co.’s receivables have reduced 20% from FY20-end.
Management commentary: Receivables have decreased
The receivables situation is improving, with 20% decline seen from
March’20-end levels. This has been led by improved collections for
DISCOMs at the end of the quarter. The co. expects further improvement as
money from the REC+PFC scheme flows through.
O&M expenses have reduced on account of improving plant parameters,
the deferment of some expenses (such as CSR), and partly, on lower
volumes.
The co. expects its merchant capacity to fully tie up under LT PPA over the
next two to three years.
Healthy cash flow generation, with large tied-up capacity; Maintain Buy
The Kamalanga acquisition has been cancelled, and there has been no
progress on the Ind Barath acquisition. Furthermore, while the company is
focusing on renewables, this would take some time to ramp up. We see
some prudence in JSWE wanting to hold on to cash, but if growth
opportunities do not emerge or the dividend payout is not increased,
concerns may arise over capital allocation. However, with the recent fall in
stock prices, JSWE remains attractive (FY22: 0.6x P/BV; 8.7x P/E).
We estimate 18% decline in PAT for FY21, building in lower merchant
volumes/realizations. However, strong FCF generation would continue,
aided by tied-up capacities. ~80% of JSWE’s 4.4GW capacity is under long-
term PPAs, which generate strong free cash flows. Furthermore, these tied-
up PPAs contribute ~95% to the company’s EBITDA.
Maintain Buy, with TP
of INR65/sh.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
75.5 / 1
80 / 35
-10/-20/-33
76
Financials & Valuations (INR b)
Y/E MARCH
2020 2021E 2022E
Sales
EBITDA
Adj. PAT
EBITDA Margin (%)
Cons. Adj. EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
Ratios
Net D:E
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
Div. Yield (%)
FCF Yield (%)
9.0
0.6
5.9
2.2
26.0
11.0
0.6
5.8
5.4
32.9
8.7
0.6
5.1
5.4
34.1
0.8
7.1
7.8
19.7
0.7
5.8
7.2
59.7
0.5
7.1
7.8
47.4
82.7
29.6
8.3
35.7
5.1
20.0
71.0
76.4
27.3
6.9
35.7
4.2
-17.7
72.6
85.0
28.3
8.7
33.3
5.3
26.1
75.4
Shareholding pattern (%)
As On
Jun-20 Mar-20
Promoter
74.9
74.9
DII
9.4
8.9
FII
6.8
7.5
Others
9.0
8.7
FII Includes depository receipts
Jun-19
74.9
8.4
6.9
9.8
;
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com); +91 22 6129 1572
13 February 2020
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
JSW Energy
Quarterly performance (consolidated) – INR m
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
MI and Associates
Reported PAT
Adj PAT
YoY Change (%)
1Q
24,122
2.2
16,029
8,093
33.5
2,913
2,698
518
3,000
0
3,000
883
29.4
-327
2,444
2,444
6.6
FY20
2Q
3Q
4Q
21,186 19,486 17,934
-12.8
-19.5
-6.8
11,838 13,106 12,186
9,348 6,380 5,748
44.1
32.7
32.1
2,943 2,932 2,893
2,722 2,611 2,480
1,133
676
542
4,816 1,513
917
0 -2,656
0
4,816 4,170
917
1,338
125
26
27.8
3.0
2.8
-51
103
-193
3,530 3,941 1,084
3,530 1,285 1,084
11.7
-12.1 2,702
1Q
18,052
-25.2
10,596
7,455
41.3
2,895
2,404
816
2,973
0
2,973
787
26.5
53
2,132
2,132
-13
FY21
2QE
3QE
4QE
20,757 18,889 18,660
-2.0
-3.1
4.0
12,781 12,925 12,777
7,976 5,964 5,883
38.4
31.6
31.5
2,961 2,950 2,946
2,362 2,336 2,301
732
624
476
3,385 1,302 1,111
0
0
0
3,385 1,302 1,111
812
312
193
24.0
24.0
17.4
-24
55
-284
2,596
935 1,202
2,596
935 1,202
-26.4
-27.3
11
FY20
82,727
53,159
29,569
35.7
11,681
10,511
2,870
10,247
-2,656
12,904
2,372
18.4
-468
10,999
8,343
20.0
FY20 vs Est
1QE
(%)
76,357
18,603
-3
-22.9
49,079
11,284
-6
27,278
7,319
2
35.7
39.3
11,753
2,930
-1
9,403
2,392
1
2,648
496
65
8,770
2,493
19
0
0
8,770
2,493
19
2,105
598
24.0
24.0
-200
-129
6,865
2,024
5
6,865
2,024
5
-17.7
-17
Source: MOFSL, Company
FY21
1Q
1,790
4.49
3.12
0.33
1.04
1,862
1,492
4.54
1.85
2,760
1,632
2.19
2.00
3,270
YoY
%
-31.6
2.9
-0.5
14.2
10.7
-24.3
8.2
-27.4
1.6
10.0
-12.6
4.8
12.1
-2.1
QoQ
%
-22.1
1.6
6.7
-26.2
-0.4
-22.4
10.8
-1.7
2.9
14.0
280.4
-38.3
-15.7
220.6
FY21E
Key performance parameters – Volume and realization
1Q
Standalone
Units
Realization
Fuel cost
Other cost
EBITDA
EBITDA
Barmer
Units
Realization
EBITDA
EBITDA
Hydro
Units
Realization
EBITDA
EBITDA
Consolidated
Realization
Fuel (ex-hydro)
MU
INR/kWh
INR/kWh
INR/kWh
INR/kWh
INR m
MU
INR/kWh
INR/kWh
INR m
MU
INR/kWh
INR/kWh
INR m
INR/kWh
INR/kWh
2,992
4.38
3.51
0.27
0.61
1,817
1,651
3.86
1.61
2,650
1,443
2.54
2.34
3,370
3.88
2.99
FY19
2Q
2,464
4.87
3.85
0.33
0.69
1,690
1,531
4.18
1.46
2,240
2,675
2.03
1.86
4,980
3.64
3.33
3Q
2,971
5.04
3.70
0.29
1.05
3,110
1,457
4.51
1.85
2,700
689
2.96
2.41
1,660
4.73
3.27
4Q
2,442
4.55
3.53
0.44
0.58
1,426
1,377
4.59
1.70
2,340
397
3.30
2.57
1,020
4.56
3.12
1Q
2,616
4.37
3.14
0.29
0.94
2,459
1,379
6.26
1.82
2,510
1,868
2.09
1.79
3,340
4.11
3.42
FY20
2Q
2,482
4.28
3.12
0.37
0.80
1,975
1,281
4.19
2.14
2,740
2,926
1.77
1.66
4,850
3.16
2.60
3Q
2,555
4.27
3.16
0.29
0.83
2,108
1,271
5.00
2.17
2,760
730
2.95
2.33
1,700
4.28
2.91
4Q
2,298
4.42
2.93
0.45
1.04
2,400
1,346
4.62
1.80
2,420
429
3.54
2.38
1,020
4.40
2.73
3.67
-10.7
-16.6
2.83
-17.1
3.6
Source: Company, MOFSL
YoY
%
-29.1
QoQ
%
-18.8
Exhibit 1: Key performance parameters – Generation and PLF
1Q
2,032
85.0
960
55.0
1,651
86.0
1,443
50.7
6,086
FY19
2Q
1,559
64.0
905
52.0
1,531
85.0
2,675
94.0
6,670
3Q
1,969
83.7
1,002
57.0
1,457
79.5
689
24.2
5,117
4Q
1,793
80.0
649
37.0
1,377
86.0
397
14.0
4,216
1Q
1,954
81.7
662
38.2
1,379
80.8
1,868
66.3
5,867
FY20
2Q
1,781
73.7
701
40.1
1,281
60.0
2,926
102.7
6,701
3Q
1,753
80.8
802
45.9
1,271
82.3
730
25.6
4,556
4Q
1,705
79.0
593
34.0
1,346
83.0
429
15.1
4,073
1Q
1,385
73.0
405
-38.8
-31.7
23.0
1,492
8.2
10.8
84.0
1,632
-12.6 280.4
57.3
4,914
-16.2
20.6
Source: MOFSL, Company
Ratnagiri
Deemed PLF
Vijaynagar
Deemed PLF
Barmer
Deemed PLF
Hydro
Deemed PLF
Total
MU
%
MU
%
MU
%
MU
%
1 August 2020
2
 Motilal Oswal Financial Services
JSW Energy
Conference call takeaways
Given the ongoing uncertainty due to lockdown, the agreement for the
acquisition of the GMR Kamalanga project has been terminated. Furthermore,
there has been no progress on the Ind Barath acquisition.
The receivables situation is improving, with 20% decline posted from March’20-
end levels. This has been led by improved collections for DISCOMs at the end of
the quarter. The co. expects this to further improve as money from the REC+PFC
scheme flows through.
O&M expenses have reduced on account of improving plant parameters, the
deferment of some expenses (such as CSR), and partly, on lower merchant
volumes leading to lower POC charges.
Other income was aided by higher cash and write-backs of earlier provisions of
INR0.3b.
The co. expects its merchant capacity to fully tie up under LT PPA over the next
two to three years.
Exhibit 2: JSWE's portfolio of assets
S.N. Asset
1
2
3
4
5
Vijaynagar
Ratnagiri
RajWest
Baspa-II
K. Wangtoo
Location
State
Region
K'taka
SR
Maha.
WR
Raj.
NR
HP
NR
HP
NR
Fuel
Imp. coal
Imp. coal
Lignite
Hydro
Hydro
Capacity
LT. PPA (MW)
(MW) free
PPA Total
860
316
316
1,200
873
873
1,080
1,080 1,080
300
36
264
300
1,000 120
880 1,000
4,440 156 3,413 3,569
Open
(MW)
544
328
FY18
53.3
64.0
72.5
50.9
52.2
56.1
PLF (%)
FY19
FY20
50.5
39.7
76.3
74.9
70.8
62.1
50.0
60.0
52.0
60.2
56.6
54.5
FY21E
38.0
72.0
60.0
50.0
50.0
50.4
872
Source: MOFSL, Company
Valuation and view
The agreement for the Kamalanga acquisition has been cancelled given the
uncertainty around recovery in power demand. Furthermore, there has been no
progress on the Ind Barath acquisition. The company is focusing on renewables,
but this too would take some time to ramp up. We see some prudence in JSWE
wanting to hold on to cash, but if growth opportunities do not emerge or the
dividend payout is not increased, concerns may arise over capital allocation.
However, with the recent fall in stock prices, JSWE remains attractive (FY22: 0.6x
P/BV; 8.7x P/E).
We estimate 18% decline in PAT for FY21, building in lower merchant
volumes/realizations. However, strong FCF generation would continue, aided by
tied-up capacities. ~80% of JSWE’s 4.4GW capacity is under long-term PPAs,
which generate strong free cash flows. Furthermore, these tied-up PPAs
contribute ~95% to the company’s EBITDA. Maintain Buy, with TP of INR65/sh.
1 August 2020
3
 Motilal Oswal Financial Services
JSW Energy
Exhibit 3: SOTP valuation
NPV of PPAs
Merchant capacity
Jaigarh Power Transco
JSW Steel
Total value
Less: Net Debt
Add: Advance to JSPL
Equity value
No. of shares (m)
Value per share (INR/sh)
MW
3,569
872
FY20
154,090
30,503
2,853
9,525
196,970
98,083
2,610
101,497
1,640
FY21E
147,378
30,503
2,853
9,525
190,258
84,087
2,610
106,171
1,640
65
Source: MOFSL, Company
1 August 2020
4
 Motilal Oswal Financial Services
JSW Energy
Financials and valuations
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2015
93,802
7.8
36,234
38.6
7,898
28,337
11,375
2,301
-342
18,921
5,150
27.2
276
13,771
13,837
22.2
2016
98,245
4.7
40,261
41.0
8,543
31,719
14,981
2,351
1,500
20,589
5,563
27.0
553
15,026
12,974
-6.2
2017
82,634
-15.9
33,244
40.2
9,692
23,552
16,848
2,170
0
8,875
2,690
30.3
-106
6,185
6,290
-51.5
2018
80,490
-2.6
27,625
34.3
9,661
17,965
14,559
4,650
-4,179
3,876
2,532
65.3
564
1,344
4,959
-21.2
2019
91,376
13.5
28,531
31.2
11,637
16,894
11,924
3,680
0
8,650
2,124
24.6
-426
6,526
6,951
40.2
2020
82,727
-9.5
29,569
35.7
11,681
17,888
10,511
2,870
-2,656
12,904
2,372
18.4
-468
10,531
8,343
20.0
2021E
76,357
-7.7
27,278
35.7
11,753
15,525
9,403
2,648
8,770
2,105
24.0
76,357
-7.7
-200
6,665
6,865
-17.7
(INR m)
2022E
84,971
11.3
28,254
33.3
11,825
16,430
8,210
2,910
11,129
2,671
24.0
84,971
11.3
-200
8,458
8,658
26.1
Balance sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2015
16,401
58,780
75,180
105,127
2,930
183,784
169,858
38,047
131,810
4,536
2,327
55,430
5,483
11,723
17,376
20,849
10,416
6,062
4,353
45,014
183,784
2016
16,268
80,773
97,041
166,607
4,341
268,002
204,963
8,443
196,520
3,206
9,369
69,834
6,358
29,063
4,327
30,086
17,386
16,874
513
52,448
268,001
2017
16,280
87,405
103,685
158,803
5,801
268,312
206,625
18,167
188,457
5,269
13,599
72,115
5,967
21,828
10,032
34,288
17,577
17,015
562
54,538
268,312
2018
16,401
94,697
111,097
136,452
4,280
251,789
210,352
27,977
182,376
2,935
20,782
54,718
5,355
11,512
6,479
31,372
15,420
14,107
1,313
39,298
251,789
2019
16,409
101,814
118,222
119,225
4,561
241,888
211,303
39,456
171,847
4,000
21,083
55,933
4,547
14,278
5,458
31,650
17,373
16,360
1,014
38,560
241,888
2020
16,419
100,037
116,456
107,531
3,705
227,453
211,717
50,988
160,729
3,913
10,990
69,088
6,396
21,032
9,448
32,213
23,665
6,903
16,762
45,423
227,453
2021E
16,419
102,703
119,122
97,531
4,231
220,545
213,517
62,740
150,777
3,613
10,990
71,806
6,276
19,874
13,444
32,213
23,038
6,276
16,762
48,767
220,545
(INR m)
2022E
16,419
107,161
123,580
81,531
4,899
209,571
215,317
74,565
140,752
3,613
10,990
70,400
5,820
18,624
13,744
32,213
22,582
5,820
16,762
47,818
209,571
1 August 2020
5
 Motilal Oswal Financial Services
JSW Energy
Financials and valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2015
8.4
13.3
45.8
2.0
23.7
14.1
9.0
2.6
7.8
1.7
19.6
13.9
0.5
45.6
21.3
1.2
2016
7.9
13.1
59.2
2.0
25.3
8.8
5.3
1.2
6.9
2.9
15.1
12.6
0.4
108.0
23.6
1.7
2017
3.8
9.7
63.2
2.0
52.1
10.6
4.2
0.6
6.5
4.9
6.3
8.6
0.3
96.4
26.4
1.4
2018
3.0
8.9
67.7
2.0
66.1
13.5
4.6
0.6
7.1
4.9
4.6
7.7
0.3
52.2
24.3
1.2
2019
4.2
11.3
72.1
2.0
47.2
9.6
3.6
0.6
6.3
4.9
6.1
7.5
0.4
57.0
18.2
1.0
2020
5.1
12.2
71.0
1.0
19.7
9.0
3.8
0.6
5.9
2.2
7.1
7.8
0.4
93
28
0.8
2021E
4.2
11.4
72.6
2.5
59.7
11.0
4.1
0.6
5.8
5.4
5.8
7.2
0.3
95
30
0.7
2022E
5.3
12.5
75.4
2.5
47.4
8.7
3.7
0.6
5.1
5.4
7.1
7.8
0.4
80
25
0.5
Cash flow statement
Y/E Mar
EBITDA
FX gain/loss
WC
Others
Direct taxes (net)
CF from Op. Activity
Capex
FCFF
Interest income
Investments in subs/assoc.
Others
CF from Inv. Activity
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc)/Dec in Cash
Opening balance
Closing balance (as per B/S)
2015
36,234
-46
1,322
907
-4,489
33,929
-6,772
27,156
647
-47
876
-5,297
-8,124
-11,328
-3,820
0
-23,272
5,359
12,016
17,376
2016
40,261
0
-4,902
3,006
-2,989
35,376
-349
35,027
883
-35,206
2,472
-32,201
2,768
-14,891
-4,102
0
-16,224
-13,049
17,376
4,327
2017
33,244
0
6,929
740
-2,387
38,526
-3,715
34,811
810
0
-3,966
-6,871
-5,289
-16,796
-3,927
0
-25,949
5,706
4,327
10,033
2018
27,625
0
11,796
1,472
-1,556
39,338
-1,208
38,131
2,701
0
-4,709
-3,216
-24,906
-14,318
-1,185
0
-39,676
-3,553
10,032
6,479
2019
28,531
-9
-3,266
1,395
-2,007
24,644
-2,335
22,310
2,338
0
-494
-491
-13,503
-11,453
-43
0
-24,948
-794
6,479
5,685
2020
29,569
0
-7,743
746
-1,751
20,820
-1,210
19,611
2,101
0
2,122
3,013
-7,070
-10,621
-1,979
0
-19,616
4,217
5,458
9,676
2021E
27,278
0
651
0
-1,579
26,351
-1,500
24,851
0
0
2,648
1,148
-10,000
-9,403
-4,100
0
-23,503
3,996
9,448
13,444
(INR m)
2022E
28,254
0
1,250
0
-2,003
27,501
-1,800
25,701
0
0
2,910
1,110
-16,000
-8,210
-4,100
0
-28,310
301
13,444
13,744
1 August 2020
6
 Motilal Oswal Financial Services
JSW Energy
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
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available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
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buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
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"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
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dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
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For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
1 August 2020
7
 Motilal Oswal Financial Services
JSW Energy
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
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instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
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The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
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the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
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time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
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information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
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The person accessing this information specifically agrees to exempt MOFSL or any of its
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expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
1 August 2020
8