Suzlon Energy Ltd · NSE:SUZLON
Suzlon Energy — Q2 FY24 Earnings Presentation
28 slides from Suzlon Energy's earnings presentation, Nov 2, 2023
Slide 1: Cover letter to stock exchanges
2nd November 2023. National Stock Exchange of India Limited, BSE Limited, “Exchange Plaza”, P.J. Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai-400051. Mumbai-400001. Dear Sirs, Sub.: Suzlon announces Q2 FY24 Results. In continuation to our letter of even date, enclosed please fin
Slide 2: Suzlon Energy Limited Investor Presentation Q2 FY24
Suzlon Energy Limited Investor Presentation Q2, FY24 Thursday, 2nd November 2023 Suvarda Wind Farm, Gujarat, India 1
Slide 3: Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Suzlon Energy Limited (the “Company”), have been prepared solely for information purposes and DOES not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and s
Slide 4: Industry Outlook
INDUSTRY OUTLOOK SUZLON STRENGTHS FINANCIAL PERFORMANCE Suvarda Wind Farm, Gujarat, India 3
Slide 5: Installed Power Generation Capacity Mix (GW)
Installed Power Generation Capacity Mix (GW) 500 GW of Hydro non-fossil fuel energy Solar, 78 (10%) Fossil Fossil Fuel capacity by 2030 293 (38%) Fuel Hydro 239 (56%) 277 52 (12%) (35%) 1 bn tonnes 50% reduction in renewables in Sep’23 carbon the energy 425 GW^ By 2030 emissions mix by 2030 777 GW*
Slide 6: Strong Domestic Demand Outlook and Key Demand Drivers
Strong Domestic Demand Outlook Key Demand Drivers 4th 100 GW 1. Onshore wind potential: 695 GW (120m HH) and 1,164 GW (150m HH) Largest Wind Market Installed Wind Energy 2. Discontinuation of E-reverse bidding in the world by 2030 3. Wind bids with state specific sub-bids and pooling* of tariff 4. R
Slide 7: Suzlon Strengths
INDUSTRY OUTLOOK SUZLON STRENGTHS FINANCIAL PERFORMANCE Suvarda Wind Farm, Gujarat, India 6
Slide 8: Global installed wind capacity and market share in India
~20.3 GW* ~32% Global installed Wind Cumulative Market Energy Capacity Share in India 6,000+ Own WTG Technology & in-house R&D Global Workforce Well established product portfolio As on 30th Sept 2023 *Includes installed capacity of 14.3 GW in India 7
Slide 9: No.1 OEM in India's Renewable Sector
No.1 OEM in India’s Renewable Sector End-to-end Pan India Technology Service Presence Leadership Provider Best-in-class Strong 28 Years Service Customer Track Capabilities Relationship Record Strong presence across value chain & customer segments As on 30th Sept 2023 8
Slide 10: And many more customers
Key clientele among marquee customers globally SUZLON FOWERNGA GREINER TOMORION Ace adani Re sen PRAINA. Renewables ieee & f BAJAJ BLACKROCK Brookfield @® Clearway encl @® Greenke Coma ) - CG a 2 POWER e : . Peon ReNew F sembcorp | serentica sn bra @e fF “torrent vedanta : And many more customers.
Slide 11: Best-in-class manufacturing capability
Best-in-class manufacturing capability Vertically integrated low-cost supply chain Manufacturing locations across India* India Manufacturing Sufficient & flexible manufacturing Capacity ~3,1501 MW capacity to cater to the market India’s windy states Other Indian states Rajasthan Gujarat Madhya Nacel
Slide 12: Consistent Reduction of Levelised Cost of Energy (LCoE)
+15% AEP +43%/49% AEP Rotor Diameter Rotor Diameter 144m Rotor Diameter 120m 111m Hub Height Hub Height Hub Height 140m 140/160m 120m S111-120 (2.1 MW) S120-140 (2.1 MW) S144-140/160 (3.x MW) Consistent Reduction of Levelised Cost of Energy (LCoE) 11 Consistent Reduction of Levelised Cost of Energy
Slide 13: Major updates on S144 turbine
Major Updates: • Encouraging prototype performance • Requisite certifications in place • Enthusiastic customer response as reflected in the order inflow • Supply started in line with commercialization plans Suzlon Wind Farm, Sanganeri, Tirunelveli, Tamil Nadu 12
Slide 14: Key Numbers and presence in all windy states
Key Numbers Presence in all windy states in India Installed base as on 14.3 GW+ 9,600+ USD 10 Bn 30th Sep 2023 of 14.3 GW Installed Base Turbines Assets under management 2.3 GW Rajasthan 0.5 GW Madhya Pradesh 1,900+ 94 3,600+ Customers Sites Team 3.8 GW Gujarat ~32% share of all India installed wind
Slide 15: Wind Order Book
WTG Model mix Project segment mix Wind Order Book (in MW) S133 1,613 3% S144 Captive/C&I/ 62% Retail 1,433 64% S120 35% Central & State Auctions 36% 788 652 Scope mix State mix MP 6% GJ 9% TN EPC* KA Non 16% 53% 49% EPC Mar'22 Mar'23 Jun'23 Sep'23 47% MH 20% Additionally, 50.4 MW order secured from
Slide 16: Management team and Board
Vinod Tanti Girish Tanti JP Chalasani Himanshu Mody Chairman and Vice Chairman Group CEO Group CFO Managing Director Tulsi Tanti Founder, Late Chairman and Managing Director Ishwar C Mangal Venkat Subramaniam Bernhard Telgmann Rajendra Mehta CEO Global OMS CEO, SEForge CTO Group CHRO Professional se
Slide 17: Awards and recognition
GWEC The Times IWTMA IRIM IRIM Felicitated our Group Honouring Shri Tulsi Nacelle Cover Unit, Rotor Blade Unit, Founder and late Best Construction Tanti for Daman, won Silver Dhule won Silver CMD, Shri Tulsi Tanti and Infrastructure contribution to Medal in the India Medal in the India as a key cont
Slide 18: Financial Performance
INDUSTRY OUTLOOK SUZLON STRENGTHS FINANCIAL PERFORMANCE 17 Suzlon Wind Farm, Welturi, Maharashtra
Slide 19: Consistent operating performance across all business segments
Consistent operating performance across all business segments Higher EBITDA on YoY basis on back of healthier margins PAT (before FX, exceptional items) for H1FY24 of Rs 237 crores v/s H1FY23 of Rs 29 crores (YoY growth ~8x) Net cash position of Rs ~599 crores as on Sep’23 vis-à-vis Net debt
Slide 20: Revenue, EBITDA, Gross Debt and PAT trends
(₹ Cr.) Revenue EBITDA (Pre-Fx) 6,520 829 839 5,947 539 393 431 2,933 3,295 2,808 2,765 -423 FY20 FY21 FY22 FY23 H1FY23^ H1FY24^ FY20 FY21 FY22 FY23 H1FY23^ H1FY24^ Gross Debt PAT (before exceptional items) 13,137 167 230 20 6,859 6,391 -249 1,905 -705 121 -2,626 FY20 FY21 FY22 FY23 H1FY24^ FY20 FY2
Slide 21: Wind capacity additions in India and Suzlon installations
Wind capacity additions in India (in GW) Installations by Suzlon (in GW) Suzlon Market Share 5.6 Introduction of E-reverse auction Covid impact 32% 29% 36% 16% 5% 42% 22% 29% E-reverse auction in Feb’17 discontinued in Jan’23 1.8 2.1 2.2 2.3 1.6 1.5 1.6 0.6 1.1 0.6 0.5 0.4 0.5 0.5 0.1 FY17 FY18 FY19
Slide 22: OMS India: Revenue & EBITDA trend
Revenue & EBITDA trend (Rs. in Cr.) Installed Capacity Base (GW) Revenue EBITDA EBITDA % 14.3 1,668 13.9 1,499 1,566 13.4 1,436 1,298 12.8 12.9 46.9% 44.5% 12.5 45.5% 47.3% 42.9% 42.9% 39.2% 807 858 673 682 741 715 509 359 368 FY19 FY20 FY21 FY22 FY23 H1FY23* H1FY24*^ FY19 FY20 FY21 FY22 FY23 H1FY24
Slide 23: SE Forge: Revenue and EBITDA trend
Operating Revenue & EBITDA trend (Rs in Cr.) Revenue (Rs in Cr.) Op. Revenue EBITDA EBITDA % 16% 0% 6% 16% 18% Suzlon share 477 472 477 472 Suzlon Others 432 432 0 77 86 17.8% 357 334 357 334 16.6% 15% 32% 58 20 11.9% 239 236 239 236 9.9% 12.3% 36 8.8% 432 400 386 75 6.7% 314 79 299 35 51 60 41 203
Slide 24: Consolidated Profit & Loss Statement
(₹ Cr.) Q2 FY24 Q1 FY24 Q2 FY23 H1 FY24 H1 FY23 FY23 Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited Net Volumes (MW) 132 135 162 267 312 664 Net Revenue 1,417 1,348 1,430 2,765 2,808 5,947 Contribution 546 506 511 1,052 947 1,965 Contribution Margin 38.5% 37.5% 35.7% 38.1% 33.
Slide 25: Consolidated Balance Sheet
(₹ Cr.) Sep-23 Mar-23 Mar-22 Particulars Unaudited Audited Audited Equity & Liabilities Net Worth 3,409 1,099 (3,526) Non-controlling interests - - (36) Borrowings (non-current and current) 121 1,905 6,391 Non-current Liabilities 199 206 210 Current Liabilities 2,204 2,313 3,436 Total equity and lia
Slide 26: Abbreviations
1. AEP – Annual Energy Production 17. LCoE – Levelized Cost of Energy 2. BOP – Balance of Plant 18. MNRE – Ministry of New And Renewable Energy 3. BESS – Battery Energy Storage System 19. MT – Metric Ton 4. C&I – Commercial and Industrial 20. MW – Megawatt 5. CEA - Central Electricity Authority 21.
Slide 27: Sources
https://www.seci.co.in/ https://cea.nic.in/ https://mnre.gov.in/ https://niwe.res.in/ https://powermin.gov.in/ https://www.mercomindia.com/ http://www.cercind.gov.in/ https://gwec.net/globalwindreport2023/ https://gwec.net/india-wind-energy-market-outlook-2023-2027-report/ https://www.crisil.com/en/
Slide 28: Thank You!
Thank You! Email contact for queries: investorrelations@suzlon.com Suzlon Wind Farm, Weltur, Maharashtra 27