Acme Solar Holdings Ltd. · NSE:ACMESOLAR
Acme Solar — H1 FY2025 Earnings Presentation
29 slides from Acme Solar's earnings presentation, November 2024
Slide 1: ACME Solar Holdings Limited
ACME Solar Holdings Limited Earnings Presentation – H1/Q2 FY2025 November 2024
Slide 2: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by ACME Solar Holdings Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any
Slide 3: Agenda
Agenda Business, Operational & Financial Highlights About the Company Other Financial Highlights Industry Overview Annexures 3
Slide 4: Business, Operational & Financial Highlights
Business, Operational & Financial Highlights Image source: ACME ISTS Project
Slide 5: Business and Operational Highlights
Business and Operational Highlights Business Highlights - YTD FY25 Operational Highlights (Like to Like Comparison)1 H1 FY24 H1 FY25 For 1,200 MW (1,752 MWp) SECI ISTS projects, ~1,023 MW 23.3% 24.6% (1,419 MWp) has been energized & started supplying power Capacity from Oct’24 (Details presented in
Slide 6: SECI ISTS 1200 MW Project Highlights (1/2)
SECI ISTS 1200 MW Project Highlights (1/2) Project Highlights ❖ Total Capacity AC: 1,200 MW (300 MW x 4 projects) ❖ Total Capacity DC: 1,752 MWp ❖ Area: 4,364 Acres ❖ Offtaker: SECI ❖ Tariff: INR 2.44/KWh ❖ Substation: Fatehgarh-1, Rajasthan Operational Highlights ❖ SCOD of the projects is Mar’25, h
Slide 7: SECI ISTS 1200 MW Project Highlights (2/2)
SECI ISTS 1200 MW Project Highlights (2/2) ACME DHAULPUR ACME PHALODI ▪ Total Capacity AC: 300 MW ▪ Total Capacity AC: 300 MW ▪ Total Capacity DC: 438 MWp ▪ Total Capacity DC: 438 MWp ▪ Area: 1,138 Acres ▪ Area: 1,083 Acres ▪ Substation: Fatehgarh-1, Rajasthan ▪ Substation: Fatehgarh-1, Rajasthan 77
Slide 8: Financial Highlights– H1 FY25
Financial Highlights– H1 FY25 Key Financials Consolidated Overview Standalone Overview (from Sale of Power) INR Cr (from EPC Revenue) INR Cr Breakdown of Financials Key Consolidated Financials (H1 FY25) Key Standalone Financials (H1 FY25) ❖ At Consolidated level, Operational Revenue is reflected onl
Slide 9: Consolidated Financials – H1 FY25 Y-o-Y
Consolidated Financials – H1 FY25 Y-o-Y (Represents Revenue from Sale of Power) Key Consolidated Financials – Like-to-Like Asset Basis* (INR Cr) Key Consolidated Financials as Reported (INR Cr) TOTAL REVENUE TOTAL REVENUE (REPORTED) H1 FY25 635 5.5% H1 FY25 635 (ADJ) H1 FY24 602 H1 FY24 784 EBITDA E
Slide 10: Consolidated Financials – Q2 FY25 Y-o-Y
Consolidated Financials – Q2 FY25 Y-o-Y (Represents Revenue from Sale of Power) Key Consolidated Financials – Like-to-Like Asset Basis (INR Cr)1 Key Consolidated Financials as Reported (INR Cr) TOTAL REVENUE TOTAL REVENUE (REPORTED) Q2 FY25 295 7.4% Q2 FY25 295 (ADJ) Q2 FY24 275 Q2 FY24 357 EBITDA*
Slide 11: EPC Progress
EPC Progress EPC Progress ASHL Standalone (EPC Business) H1 FY25 (INR Cr) ISTS 1200 MW Solar 876 The Construction work has been completed, and the plants have begun supplying power since Oct’24 Sikar 300 MW Solar 126 Advanced stages of Construction 1 Total Income PAT Shapar 150 MW Wind Standalone fi
Slide 12: Accruals from Refinancing
Accruals from Refinancing Refinancing H1 FY25 (INR Cr) 1 8.9% Debt amount 8.8% Rate of interest 2 9.5% 9.5% 1,300 816 626 1,100 Existing Debt Debt Post Refi Existing Debt Debt Post Refi ACME Heergarh Powertech Pvt Ltd (300 MW) Acme Telangana Projects (130 MW)3 1. Refinanced existing debt of INR 1,72
Slide 13: About the Company
About the Company Image source: ACME ISTS Project
Slide 14: ACME Solar: One of the Largest Renewable Energy IPP in India
ACME Solar: One of the Largest Renewable Energy IPP in India About the Company Credit Rating - ASHL Portfolio of 6,720 MW spanning across solar, wind, CRISIL A1 April’24 hybrid & FDRE projects Shareholding Pattern1 Long Term Stable Cashflows: In-House EPC and O&M Capabilities: DIIs Non- 5.80% Contra
Slide 15: Capacity Addition Roadmap
Capacity Addition Roadmap Target to have an operational portfolio of 10 GW contracted capacity by 2030 ▪ Grid Connectivity in place for all projects ▪ Debt tied up for 1,400 MW Construction progress at different stages 3,730 MW At Advanced Stages of Construction 3.6 GWp 6,720 MW 450 MW 2,540 MW1 Ope
Slide 16: Portfolio with Strong Offtakers located at Strategic Locations
Portfolio with Strong Offtakers located at Strategic Locations Diversified portfolio with ~ 85% of the portfolio contracted with central offtakers spanning >75% of operational portfolio located at one of the across new age technologies like FDRE and Hybrid highest resource potential state of Rajasth
Slide 17: Other Financial Highlights
Other Financial Highlights Image source: ACME ISTS Project
Slide 18: Other Financial Highlights
Other Financial Highlights Net Debt (INR Cr)1 Net Debt to EBITDA2 Operational Net Debt CWIP Net Debt Net Debt/EBITDA EBITDA (INR Cr) 8,755 4.9x 5.4x 5,982 3,238 281 1,117 1,065 5,701 5,517 H1 FY24 H1 FY25 H1 FY24 H1 FY25 Cash RoE3 (%) Net Debt to Equity4 13.8% 15.5% 1.7 2.1 H1 FY24 H1 FY25 H1 FY24 H
Slide 19: Gross Block and Net Debt Movement
Gross Block and Net Debt Movement Asset Base (INR Cr) Gross Debt (INR Cr) Net Debt (INR Cr) Operational CWIP 14,290 10,354 12,408 8,755 9,320 Cash, 1,161 (138) 10 176 1,598 CWIP, Cash, 7,546 CWIP, 5,730 1,774 3,850 3,238 1,938 Net Net Debt, Gross Gross Debt, 8,755 7,546 5,608 5,517 Block, Block, 8,5
Slide 20: Continued Improvement in Days of Sales O/S
Continued Improvement in Days of Sales O/S Days of Sales Outstanding as on H1 FY251 228 197 135 117 67 * FY22 FY23 H1 FY24 FY24 H1 FY25 • There has been continuous improvement in DSO days • ~53% of O/S receivables as on H1 FY25 are due to AP discoms representing ~12% of operational capacity as of H1
Slide 21: Industry Overview
Industry Overview Image source: ACME ISTS Project
Slide 22: Growth to be Assisted by Strong Industry Tailwinds
Growth to be Assisted by Strong Industry Tailwinds Renewables accounts for ~45% in the current installed Power Mix Nuclear, 8 GW, 2% Oil and Gas, 91 GW 25 GW, 6% Renewables, 47 GW 47 GW 201 GW, 44% 11 GW Coal, 218 GW, 5 GW 48% Solar Wind Large Hydro Bio Power Small-Hydro Share of Renewables in Energ
Slide 23: Annexures
Annexures Image source: ACME ISTS Project
Slide 24: Key Standalone and Consolidated Financials (Reported)
Key Standalone and Consolidated Financials (Reported) ACME Consolidated Overview (from Sale of Power) ACME Standalone Overview (from In-house EPC Business) Particulars (INR Cr) Q2 FY25 Q1 FY25 Q2 FY24 Particulars (INR Cr) Q2 FY25 Q1 FY25 Q2 FY24 Power Sale Revenue 260 310 323 EPC revenue 435 369 139
Slide 25: Adjustments related to Monetized Assets in Consolidated Financials
Adjustments related to Monetized Assets in Consolidated Financials A=B+C B C Adjusted H1 FY24 Reported Monetized Assets Particulars (INR Cr) for like-to-like comparison with H1 FY24 H1 FY24 H1 FY25 Power Sale Revenue (i) 692 524 169 Other Income (ii) 91 78 13 Total Revenue (i + ii) 784 602 182 EBITD
Slide 26: Operational Portfolio Overview (1/2)
Operational Portfolio Overview (1/2) PPA Tenor Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD (years) First 12 years - 15.00 ACME Solar Technologies (Gujarat) Private Limited Gujarat Solar 15 GUVNL Mar-12 25 Next 13 years - 5.00 Madhya Phase I (10MW) - December 201
Slide 27: Operational Portfolio Overview (2/2)
Operational Portfolio Overview (2/2) PPA Tenor Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD (years) ACME Jodhpur Solar Power Private . Limited Solar 100 SECI 2.44 Sep-18 25 ACME Rewa Solar Power Private Limited Solar 100 SECI 2.44 Oct-18 25 Rajasthan Phase I (100
Slide 28: Under Construction Portfolio Overview
Under Construction Portfolio Overview Contracted Tariff PPA Tenor Project Name Type Off-taker PPA/ LOA Status Capacity (MW) (INR/kWh) (years) ACME Pokhran Solar Private Limited Wind 50 2.90 GUVNL 25 PPA signed ACME Eco Clean Energy Private Limited Wind 100 3.01 GUVNL 25 PPA signed ACME Sikar Solar P
Slide 29: Thank You
Thank You Reach out to us: Investor Relations Email: investor.relations@acme.in Website: www.acmesolar.in Image source: ACME ISTS Project
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