Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q1 FY2020 Earnings Presentation
31 slides from Adani Green Energy's earnings presentation, August 2019
Slide 1: Q1 FY'20 Earnings Presentation
Adani Green Energy Limited Q1 FY’20 Earnings Presentation August 2019
Slide 2: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward- looking statements,” including those relating to general business plans and strategy of Adani Green Energy Limited (“AGEL”),the future outlook and growth prospects, and fu
Slide 3: AGEL: Sustainability with Profitability
AGEL: Sustainability with Profitability 5,290 MW Total Portfolio 2,220 MW 2,048 MW 172 MW Operational Solar Wind Portfolio Operational Operational Vision to be among the Leading Global Renewable Companies 2
Slide 4: Contents
Contents 01 Highlights for Q1 FY20, Strategy, Industry and Sustainability 02 Q1 FY20 Operational Performance 03 Q1 FY20 Financial Performance A Appendix Restricted Group-1: Financials & Key Operational Numbers STRICTLY CONFIDENTIAL
Slide 5: Highlights for Q1FY20, Strategy, Industry and Sustainability
01. Highlights for Q1FY20, Strategy, Industry and Sustainability STRICTLY CONFIDENTIAL
Slide 6: AGEL: Leading Pan-India Renewable Player, Well Diversified Portfolio
AGEL: Leading Pan-India Renewable Player, Well Diversified Portfolio 5,290 MW Portfolio, 100% ~$2.3bn 2,220 MW Operational 25 Year PPAs Asset Base1 64 Projects in 11 States Amongst the Largest Renewable Utility Players in India2 Diversified Geographical Footprint1 TS AP Total Renewable Capacity (MW)
Slide 7: Development Risk Profile improving
Development Risk Profile improving 5,290 + Additional Future Projects Expected COD in FY 22 5,000 Operational UC 4,560 1,000 4,500 4,000 2,520 3,500 2,590 3,000 2,570 2,500 2,000 612 4,290 2,000 1,500 1,192 2,770 1,000 798 1,958 1,970 500 485 808 313 0 FY16 FY17 FY18 FY19 FY20E FY21E In the forecast
Slide 8: Profitable growth leading to superior returns
Profitable growth leading to superior returns Average Completed / Capacity Tariff Expected Revenue2 & 3 EBITDA3 Project Cost1 Capex / EBITDA (in MW) (in (in Rs Cr) (in Rs Cr) Rs/kWh) (in Rs Cr) Operational4 Solar 2,048 4.94 12,759 2,253 2,129 5.99 Wind5 172 3.87 1,035 182 172 6.03 Total 2,220 4.86 1
Slide 9: Highlights Q1 FY'20
Highlights Q1 FY’20 Operational Financial Portfolio Solar: Performance: New commissioning: Revenue from Sale of 50 MW Solar Power Project Near P50 performance Energy of Rs. 554 Cr, up 17% at Jhansi, UP in May’19 achieved for the portfolio @ EBITDA of Rs. 496 crore, up 100 MW of 200 MW Sola
Slide 10: Recent Industry Developments
Recent Industry Developments Power Sector Policy Reforms Ministry of Power mandates DISCOMs to open and maintain adequate LC as payment security mechanism under PPA. Despatch to DISCOM will be scheduled after written confirmation by generators with regards to opening of LC by DISCOMs. In case
Slide 11: Renewable bids in Q1 FY 2020: Disciplined approach
Renewable bids in Q1 FY 2020: Disciplined approach Capacity Capacity Total Tariff Weighted Bid by won by L1 Bid Tender Type Auctions AGEL AGEL offered Successful Tariff Average (MW) by AGEL Tariff (MW) (MW) GUVNL - Raghanesda Solar Park - Gujarat 700 - - - 2.65 SECI - Dondaicha Solar Park – 250 - -
Slide 12: Q1 FY20 Operational Performance
02. Q1 FY20 Operational Performance STRICTLY CONFIDENTIAL
Slide 13: Operational Performance
Operational Performance Average Capacity* (MW AC) PLF % (AC) Solar Wind Solar Wind 35.85% 1,914 29.81% 30.96% 1,898 1,898 1,898 1,744 25.89% 25.31% 21.68% 21.66% 20.08% 20.02% 8.33% 60 60 60 72 72 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Plant Availability Volu
Slide 14: 1.9 GW Solar Portfolio Operational Bridge
1.9 GW Solar Portfolio Operational Bridge Actual vs. Technical Estimates Actual vs. Estimated Quarterly CUF for 1.9 GWAC Portfolio Target CUF 27.54% 28.00% 25.55% 26.00% 23.59% 24.00% 25.31% Actual 21.44% 22.00% 20.00% Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Annual CUF Target for existing solar capacity of
Slide 15: Q1FY20 Financial Performance
03. Q1FY20 Financial Performance STRICTLY CONFIDENTIAL
Slide 16: Robust financial performance driven by fully contracted cash flows
Robust financial performance driven by fully contracted cash flows Revenue (Rs Cr.)1 EBITDA2 (Rs Cr) and margin3 (%) Cash Profit4 (Rs. Cr) 554 251 257 +17% 496 472 2% +13% 439 93% 90% Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Operating Assets (Gross Block) Net debt5 and Shareholders’ equity6 N
Slide 17: Revenue, EBITDA & Net External Debt bridge
Revenue, EBITDA & Net External Debt bridge Revenue from Sale of Energy EBITDA Net Debt 16
Slide 18: Debt Summary
Debt Summary Consolidated Debt Rs.12,643 Crores | Average interest rate @ 10.7% 1,029, (8%) 5,075, LT 40% Foreign 7,568, 60% ST INR 11,614 (92%) Average long term debt maturity - 7.7 years | Average long term door to door tenure: 12.6 years 7000 6037 6000 5000 4000 3000 2000 1072 1482 753 867 712 10
Slide 19: Power Generation receivables Ageing
Power Generation receivables Ageing (Rs.Cr.) Overdue Off Takers Not Due* Total 0-60 days 61-90 days 91-120 days 121-180 days >180 days Overdue** TANGEDCO 188 139 65 50 84 115 454 NTPC 72 - - - - - - SECI 52 - - - - - - Others 70 7 3 3 3 11 27 Total 382 146 68 53 87 126 481 Off taker-wise Overdue mix
Slide 20: Financial Summary – Income Statement
Financial Summary – Income Statement Particulars (INR Cr) Q1’20 Q4’19 Q1’19 FY19 Revenue from operation - Sale of Energy 554 544 472 1921 -Other Operating Income 107 137 - 137 Other income 14 38 10 73 Total Revenue 675 719 482 2131 Cost of material consumed and others 104 130 - 130 Other expenses in
Slide 21: Other Financial Metrics
Other Financial Metrics (Rs.Cr.) EBITDA / Gross block Q1’20 FY19 EBITDA (TTM) 1,767 1,710 Average Gross Block1 11,884 11,347 EBITDA / Gross block 14.9% 15.1% PBT based on SLM depreciation Currently, the Group is following WDV method of depreciation. Based on SLM, PBT would be as follows: Q1’20 Q4’19
Slide 22: AGEL's Strategic Priorities
AGEL’s Strategic Priorities Growth and Vision to be one of the leading Global renewable players Returns Focus Disciplined investment decisions framework to add incremental shareholder value Optimal Leverage internal accruals to drive RoE with accretive growth Capital Management Established p
Slide 23: Appendix
A. Appendix STRICTLY CONFIDENTIAL
Slide 24: Renewables – Attractive Industry Outlook
Renewables – Attractive Industry Outlook Low Per Capita Power Consumption Untapped Solar and Wind Resources Low Generation Share Per capita power consumption (KWh) Nuclear Potential Installed capacity in GW (Apr-2019) Hydro 3.0% US: ~11.3x India 10.0% 749.0 28.2 GW expected 12,984 China: ~3.4x India
Slide 25: Robust financial performance driven by fully contracted cash flows
Robust financial performance driven by fully contracted cash flows Revenue (Rs Cr.)1 544 554 472 449 456 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 EBITDA (Rs Cr) 439 470 496 402 399 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Cash Profit2 (Rs. Cr) 251 257 228 173 138 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY2
Slide 26: Asset Level Details - Operational
Asset Level Details - Operational Wind Projects Solar Hybrid Contracted Capacity Counterparty SPV Project Name / Location Type Tariff COD Capacity (AC) (DC) Name Credit Rating Term AGETNL Solar 216 260 7.01 Mar-16 TANGEDCO ICRA (B) 25 RSPL Solar 72 86 7.01 Feb-16 TANGEDCO ICRA (B) 25 AGETNL KREL Sol
Slide 27: Asset Level Details – Under Construction
Asset Level Details – Under Construction Wind Projects Solar Hybrid Project Name / Capacity Capacity SPV Type Tariff COD Counterparty Location (AC) (DC) Name Credit Rating Term ARERJL Rajasthan Solar 100 2.71 Aug-19 MSEDCL ICRA (B+) 25 140 AGEONEL Gujarat Solar 150 2.67 Nov-20 GUVNL ICRA (A+) 25 210
Slide 28: Restricted Group-1
Restricted Group-1 STRICTLY CONFIDENTIAL
Slide 29: 930 MW Solar Portfolio Bridge: RG-1
930 MW Solar Portfolio Bridge : RG-1 Actual vs. Technical Estimates P75@26.30% d P90@25.39% AGEL RG-1 has achieved its P75 PLF targets, marching towards P50 number Note: 50 MW Jhansi solar plant actual generation considered from 1st June onwards, when the plant was capitalized 28 P50 target for Q1 c
Slide 30: RG-1 – Key Financial Number and Receivable Ageing
RG-1 – Key Financial Number and Receivable Ageing Key Financial number (Rs. Cr.) Particulars (INR Cr) Q1’20 FY19 Revenue from Operation 251 836 EBITDA 223 731 Outstanding loan as on June 2019 of Rs 4,539 Cr Power Generation receivables Ageing Overdue Off Takers Not Due* 61-90 121-180 >180 Total 0-60
Slide 31: Thank You
Thank You STRICTLY CONFIDENTIAL