The Board of Directors of JSW Energy Limited

We have been engaged by the Management of JSW Energy Limited, to provide a Limited Assurance Statement on key performance indicators (“KPIs”) described below and presented in the ‘Performance by Capitals’ Section of the Integrated Annual Report (“the Report”) of JSW Energy Limited (“the Company”) for the year ended March 31, 2019.

Subject Matter

We are required to provide limited assurance on the following KPIs presented as mentioned above, in the Report for the year ended March 31, 2019, in accordance with management’s basis of preparation and the “GRI Sustainability Reporting Standards (‘In accordance’ - Core)” issued by the Global Reporting Initiative (“the GRI Standards”).

The terms of management’s basis of preparation and the GRI Standards comprise the criteria by which the key performance indicators are evaluated for purposes of our limited assurance engagement.

The subject matter includes the following:

# As at March 31, 2019
* For the year ended March 31, 2019

Responsibility of the Directors

The Company’s management is responsible for the selection, preparation and presentation of the KPIs for the year ended March 31, 2019, in accordance with the criteria mentioned above. This responsibility includes the identification of KPIs, preparation in accordance with the management’s basis of preparation, the identification of stakeholders and stakeholder requirements, material matters and for commitments with respect to sustainability performance. The management is also responsible for design, implementation and maintenance of adequate internal controls to facilitate collection, calculation, aggregation and validation of the data, relevant to the KPIs and preparation of the Report that is free from material misstatement, whether due to fraud or error.

Our Independence, Ethical Requirements and Quality Control

We have complied with independence policies of Deloitte Haskins and Sells LLP, which address the requirements of the International Federation of Accountants (“IFAC”) Code of Ethics for Professional Accountants in the role as independent auditors. We have complied with the relevant applicable requirements of the International Standard on Quality Control (“ISQC”) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

We also confirm that we have maintained our independence in the Report and there were no events or prohibited services related to the Assurance Engagement which could impair our independence.

Our Responsibility

Our responsibility is to express a limited assurance conclusion on the KPIs, set out in the subject matter paragraph, as disclosed in the ‘Performance by Capitals’ Section of the Report for the year ended March 31, 2019, based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance in accordance with International Standard on Assurance Engagement 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information (herein referred as “ISAE 3000”) issued by the IFAC. This standard requires us to comply with ethical requirements and to plan and perform our limited assurance engagement to obtain sufficient appropriate evidence about whether the KPIs are free from material misstatement.

A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both risk assessment procedures, including an understanding of internal controls, and the procedures performed in response to the assessed risks. The procedures we performed were based on our professional judgment and included inquiries, observation of process followed, inspection of documents, analytical procedures, evaluating appropriateness of quantification methods, agreeing or reconciling with underlying data, etc.

We have relied on the information, documents, records and explanations provided by the Company for the purpose of our review.

Our procedures do not include detailed testing of source data or the operating effectiveness of processes or internal controls or review of the Company’s financial performance and any other KPIs.

The procedures performed in a limited assurance engagement vary in nature from, and are less in extent than for, a reasonable assurance engagement. As a result, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, we do not express a reasonable assurance opinion about whether the KPIs have been presented, in all material respects, in accordance with management’s basis of preparation.

Further, a limited assurance engagement does not constitute an audit or review of any of the underlying information in accordance with International Standards on Auditing or International Standards on Review Engagements and accordingly, we do not express an audit opinion or review conclusion.

Our Approach and Methodology

Our work was carried out by a multi-disciplinary team of professionals and risk advisory assurance specialists in accordance with the International Standard on Assurance Engagements 3000 (ISAE 3000) (Revised). To achieve limited assurance the ISAE 3000 (Revised) requires that we review the processes, systems and competencies used to compile the areas on which we provide assurance. This is designed to give a similar level of assurance to that obtained in the review of interim financial information. It does not include the detailed testing of source data or the operating effectiveness of processes or internal controls.

The following procedures were performed:

• Carried out discussions with key personnel including senior executives from select sample plant locations (Ratnagiri, Barmer, Baspa II HEP and Karcham Wangtoo Hydro plant) and the corporate office to understand the governance, systems and controls in place during the reporting period;
• Review of records and relevant documentations including information from audited financial statements submitted by the Company to support relevant KPIs, presented in the ‘Performance by Capitals’ Section of their Report for FY2019;
• Analysis and review, on the basis of sample testing of key structures, systems, processes, procedures relating to collation, aggregation, validation and reporting of the selected KPI(s) for the sample plant locations.

We have relied on the information, documents, records and explanations provided by the Company for the purpose of our review.

Our Conclusions

The procedures we performed and the documents and records that were made available to us and the information and explanations provided to us by the Company in connection to the review of the KPIs set out in the subject matter paragraph, as disclosed in the ‘Performance by Capitals’ Section of the Report for the year ended March 31, 2019, provide an appropriate basis for our conclusion.

Based on the procedures performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the KPIs set out in the subject matter paragraph for the year ended March 31, 2019, are not prepared, in all material respects, in accordance with the management’s basis of preparation and the GRI Standards.

Other Matters

Our report does not extend to any disclosures or assertions relating to future performance plans and/or strategies disclosed in the reports. The maintenance and integrity of the JSW Energy Limited website is the responsibility of its management. Our procedures did not involve consideration of these matters and, accordingly we accept no responsibility for any changes to either the information on the website, the reports or our independent assurance report that may have occurred since the initial date of presentation.

Restriction on use and distribution

Our work has been undertaken to enable us to express a limited assurance conclusion on the KPI disclosures to the directors of the Company in accordance with the terms of our engagement, and for no other purpose. We do not accept or assume liability to any party other than the Company, for our work, for this report, or for the conclusion we have reached.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Pratiq Shah
Partner
(Membership No. 111850)

Place: Mumbai
Date: July 18, 2019