Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q1 FY24 Earnings Presentation
25 slides from Inox Wind's earnings presentation, Jul 29, 2023
Slide 1: Cover letter to stock exchanges on earnings presentation
INOX Wind Limited Greening INDIA CIN :W 1901HP2009PLC031083 Tel: +91-120-6149600 Corporate Office: INOX Towers, Plot No. 17, Sector-16A, Noida-201301, Uttar Pradesh, India. Fax: +91-120-6149610 1 www.inoxwind.com NOI: 2023 ag& July, 2023 The Secretary The Secretary BSE Limited National Stock Exchang
Slide 2: Inox Wind Limited Q1 FY24 Results Presentation
INOX WIND LIMITED Q1 FY24 RESULTS PRESENTATION JULY 2023 1
Slide 3: Contents
CONTENTS 1. KEY HIGHLIGHTS FOR THE QUARTER 2. GROUP & COMPANY OVERVIEW 3. MACRO ENVIRONMENT TURNING FAVOURABLE FOR THE WIND SECTOR 4. IWL - BENEFITTING FROM THE TAILWINDS 5. IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH 6. Q1 FY24 EARNINGS UPDATE 2
Slide 4: Key Highlights of the Quarter
KEY HIGHLIGHTS OF THE QUARTER IWL’s manufacturing business segment turns EBITDA positive after nearly 5 years Type Certificate for the state-of-the-art 3.3MW WTG received from TUV SUD Orderbook stands at a robust 1,327MW, across 2MW and 3.3MW WTGs Additional large order inflow during the qua
Slide 5: Group & Company Overview
IN1OX WIND Greening INDIA GROUP & COM PANY OVERVIEW i ; a croup
Slide 6: Part of the Strong INOXGFL Group
PART OF THE STRONG INOXGFL GROUP Inox Wind is part of the INOXGFL group. The Group with a legacy of more than 90 years is one of the largest business Groups in India. The Group is a forerunner in diversified business segments comprising specialty chemicals, fluoropolymers, gases, wind turbines and r
Slide 7: Inox Wind – A Fully Integrated Wind Solutions Provider
INOX WIND – A FULLY INTEGRATED WIND SOLUTIONS PROVIDER Fully integrated wind energy player providing end-to-end turnkey solutions to customers – from conception to commissioning to O&M Capacity to manufacture 1,900MW of nacelle and hubs, 1,600MW of blades and 600MW of towers for 2MW WTG. Capacit
Slide 8: Inox Wind – Merger to Simplify Business Structure
INOX WIND – MERGER TO SIMPLIFY BUSINESS STRUCTURE Promoter Family Promoter Entities 69.51% 55.83% Inox Wind Energy Limited 17.31% (IWEL) Inox Wind Limited (IWL) 54.70% Post Merger Inox Wind Limited (IWL)* 100% 61.04% 100% 61.04% Resco Global Wind Inox Green Energy Resco Global Wind Inox Green Energy
Slide 9: Macro Environment Turning Favorable for the Wind Sector
MACRO ENVIRONMENT TURNING FAVORABLE FOR THE WIND SECTOR 8 8
Slide 10: Favorable Macro Environment Expected to Significantly Boost Wind Sector Investments
FAVORABLE MACRO ENVIRONMENT EXPECTED TO SIGNIFICANTLY BOOST WIND SECTOR INVESTMENTS Higher bidding targets: GoI’s 50GW annual RE bids issue for FY24-28 period includes at least 10GW of wind as part of the target to reach 500GW of non-fossil fuel capacity by 2030 Bidding trajectory for FY24 issued by
Slide 11: Wind Is Amongst the Cheapest Sources of Power in India
WIND IS AMONGST THE CHEAPEST SOURCES OF POWER IN INDIA On average, wind LCoE is roughly 43% cheaper than the majority of coal plants present in the country Source: GWEC, MEC+ Report - India Wind Outlook Towards 2022 Note: • Figures in Rs/unit • Wind and solar LCoE calculations done at 11% internal r
Slide 12: Opportunities for the Indian Wind Sector Are Immense
OPPORTUNITIES FOR THE INDIAN WIND SECTOR ARE IMMENSE RENEWABLE ENERGY IMPLEMENTATION AGENCY-WISE BIDDING CALENDAR FOR FY24 RENEWABLE PURCHASE OBLIGATION TRAJECTORY NOTIFIED BY THE MoP OTHER LARGE-SCALE OPPORTUNITIES Year Wind RPO HPO Other RPO Total RPO Storage (on State auctions for wind, hybrid an
Slide 13: Updates on the Wind & Hybrid/RTC Auction Front
UPDATES ON THE WIND & HYBRID/RTC AUCTION FRONT 990MW of wind projects & 2,350MW of hybrid projects have RFS notification for additional 3,000MW of wind projects & been awarded in Q1FY24 4,975MW of hybrid projects already issued 1,400 1,200 3,000 1,200 2,500 2,500 1,000 1,000 2,000 1,500 1,500 800 1,
Slide 14: IWL - Benefitting from the Tailwinds
IWL - BENEFITTING FROM THE TAILWINDS 13 13
Slide 15: WTG Order Book – Q1 FY24-End
WTG ORDER BOOK – Q1 FY24-END Particulars * Order capacity (MW) SECI 350 NTPC 500 LOI for 3.3 MW WTG from Adani 501.6 Retail and others 143.1 Total as of FY23-end 1,494.7 Less: supplied 168 Net orderbook as at FY23-end 1,326.7 Execution of NTPC’s 150 MW project is progressing well. Execution of NTPC’
Slide 16: 3.3MW WTG - Type Certification Received
3.3MW WTG - TYPE CERTIFICATION RECEIVED Type certification has been received from TUV SUD WTG has been developed with globally renowned AMSC as the technology partner, and features a 100 m tubular tower and 145 m rotor diameter. The turbine is built for Indian wind conditions. Commercial production
Slide 17: Strategic Activities
STRATEGIC ACTIVITIES • Successfully completed IPO of Inox Green Energy Services Ltd (IGESL - O&M subsidiary) in November Monetization 2022, raising Rs. 740 crs. Proceeds used to pare debt and deleverage balance sheet O & M Business - IGESL • IGESL’s first inorganic acquisition of 51% stake in Ifox W
Slide 18: IGESL – Wind O&M Business – Stability with Growth
IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH 17 17
Slide 19: IGESL – A Stable Annuity Business Proposition
IGESL – A STABLE ANNUITY BUSINESS PROPOSITION Established track Technology driven Comprehensive O&M record in the company with focus on Solutions Provider for WTG wind energy predictive maintenance and common infrastructure O&M industry of over reactive O&M contracts >10 years maintenance Strong sup
Slide 20: IGESL – Portfolio of 3,144MW of O&M Assets
IGESL – PORTFOLIO OF 3,144MW of O&M ASSETS O&M Portfolio Growth Journey 3,144MW 2,750MW 2,362MW 1,082MW 91MW 2019 2022 Q1 FY24 2013 2016 Key Metrics 1 2 3 4 5 6 3,144 MW >6 years 5-20 years 1,327 MW INR 64 crs INR 30 crs Portfolio as on Residual Duration of Tenor of O&M Net Order Book of Q1 FY24 Rev
Slide 21: IGESL – O&M Business Poised for Growth
IGESL – O&M BUSINESS POISED FOR GROWTH Inorganic growth prospects# 12,946 9,793 O&M business of inactive/stressed players maintaining ~10GW of capacity provides a significant opportunity for IGESL’s inorganic 6,982 growth. Majority of this fleet is across retail customers. 3,196 3,144* Leveraging bo
Slide 22: IGESL – Growth Strategy Going Forward
IGESL – GROWTH STRATEGY GOING FORWARD A. Organic Growth: The execution of orders by Inox Wind shall lead to a firm addition to the existing O&M fleet of ~ 3GW. Pricing Reset: Pricing of O & M contracts be it shared services or comprehensive are reset at the time of renewal of O & M contracts t
Slide 23: IWL – Q1 FY24 Financials
WIND Greening INDIA IWL - Q1 FY24 FINANCIALS i 7 croup
Slide 24: Key Financials - Consolidated Income Statement
KEY FINANCIALS - AUDITED CONSOLIDED INCOME STATEMENT Particulars (Rs in Lakhs) Q1 FY24 Q4 FY23 Q1 FY23 FY23 (Unaudited) (Unaudited) (Unaudited) Audited Income a) Revenue from operations (net of taxes) 34,873 19,277 21,062 73,698 b) Other income 355 440 238 2,144 Total Income (a+b) 35,228 19,717 21,3
Slide 25: Thank You
THANK YOU Anshuman Ashit Manish Garg Contact No: +91 84518 30601 Contact No: +91 98104 36606 Email : anshuman.ashit@inoxwind.com Email : Investors.iwl@inoxwind.com This presentation and the related discussions may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) tha