Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q2 FY2021 Earnings Presentation
20 slides from Inox Wind's earnings presentation, Nov 6, 2020
Slide 1: Exchange filing cover letter for earnings presentation
IWL: NOI: 99: 2020 6thNovember, 2020 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip code: 539083 Scrip code: INOXWIND Sub: Disclosure of Materi
Slide 2: Inox Wind Limited Q2FY21 Investor Update
INOX WIND LIMITED Q2FY21 INVESTOR UPDATE
Slide 3: Disclaimer
DISCLAIMER This presentation and the following discussion may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operation
Slide 4: Discussion Summary
DISCUSSION SUMMARY OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS LOOKING AHEAD – FY 21 & ONWARDS : SIGNIFICANT MARKET OPPORTUNITY ORDER BOOK TECHNOLOGY O&M – STRONG ANNUITY MODEL WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND AUCTIONS WIND SECTOR: GAINING STRENGTH MANU
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations During Q2FY21, we progressively ramped up our operations despite heavy monsoon pan India and are now at normalised operations across all plants . Manufacturing operations have been fully established at the newly set up plant at Bhuj, Gujarat and are in full swin
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Key Balance Sheet Actions During the Q2FY21, the Wholly Owned Subsidiary of the Company (IWISL) has raised Rs. 195 crs by issuing Non Convertible Debentures (NCDs) at 9.5%. The proceeds of which were utilised inter alia to optimise working capital and retire high cost debt.
Slide 7: Looking Ahead - FY21 & Onwards: Significant Market Opportunity
LOOKING AHEAD - FY21 & ONWARDS SIGNIFICANT MARKET OPPORTUNITY Post the painful transition period, the sector is now looking up and poised for significant growth. MNRE has decided to remove the upper cap in the reverse auctions which had been a long pending demand of the industry. The recent disc
Slide 8: Looking Ahead - FY21 & Onwards: Significant Market Opportunity
LOOKING AHEAD - FY21 & ONWARDS SIGNIFICANT MARKET OPPORTUNITY The sector is witnessing active participation by multiple existing players as well as seeing the entry of newer players like JSW, O2, Ayana and the creation of newer renewable energy platforms backed by private equity and pension funds
Slide 9: Order Book
ORDER BOOK Particulars Capacity MW SECI 2: 300MW SECI 3: 200MW Auction based order book 950 •Inox: 250MW SECI 4: 100MW Others 56 •Adani: 50MW Supplied (378) Net order book 628 SECI 1: 300MW LOI for 3.3 MW from Adani 501.6 Inox Wind Maharashtra •Inox: 250MW Agreement signed with leading •Adani: 50MW
Slide 10: Technology
TECHNOLOGY Inox Wind extends its existing 2MW product offering Technical Specification with the launch of the 3.3MW wind turbines which are ideally suited for low wind regimes in India. Rated power: 3300KW Drive Train : DF, 6 Pole Generator The newly launched 3.3MW turbine is a globally Turbi
Slide 11: O&M – Strong Annuity Model
O&M – STRONG ANNUITY MODEL Inox Wind has multi year O&M agreements for its fleet across customers and from the upcoming new financial year, a significant part of the WTGs will be beyond the free O&M/warranty period. Moreover, with the increase in the fleet size on the back of strong auction orde
Slide 12: Working Capital Analysis
WORKING CAPITAL ANALYSIS In Rs. Cr. Particulars Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Inventory 933 1,086 993 994 1,115 1,020 Net Receivables 1,058 723 519 110 65 70 Net Payables 691 757 623 656 760 644 Others 289 224 255 296 311 231 Net Working Capital 1,011 828 635 152 109 214 • Inventory: Con
Slide 13: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Particulars Q2FY21 Q1FY21 FY20 FY19 Opening Net Debt (645) (634) (916) (705) Cash Profit (55) (53) (198) 27 Net Working Capital (105) 42 1,062 26 Capex (2) 31 (304) (113) Others (32) (32) (277) (151) Closing Net Debt (838) (645) (634) (916) Particulars Q2FY21 Q
Slide 14: Wind Auctions
WIND AUCTIONS Auction Period Volume (MW) SECI 1 – SECI 3 Feb’17 – Mar’18 4050MW State Auctions Feb’17 – Mar’18 1500MW SECI 4 Apr-18 2000MW NTPC Aug-18 1200MW SECI 5 Sep-18 1200MW Hybrid 1 Dec-18 840MW SECI 6 Feb-19 1200MW Gujarat May-19 745MW Hybrid 2 May-19 720MW SECI 7 Jun-19 480MW SECI 8 Aug-19 4
Slide 15: Wind Sector: Gaining Strength
WIND SECTOR: GAINING STRENGTH Withdrawal of AD Reintroduction of AD The sector witnessed an (GW) & GBI Provision & GBI Provision abrupt transition to the auction regime. 5.5 3.2 3.3 2.3 2.3 2 2.1 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Feed In Tariff Regime (FIT) Aucti
Slide 16: Manufacturing Capacity
MANUFACTURING CAPACITY CURRENT CAPACITY (MW) Una, Barwani, Rohika, Plant Location Himachal Madhya Total Gujarat Pradesh Pradesh Nacelles & Hubs 1,100 - - 1,100 Blades - 800 800 1,600 Towers - 300 300 600 Well positioned to take advantage of the growing market. Potential to debottleneck our nacel
Slide 17: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 5th Nov 20 (BSE) 75.00 65.00 Market capitalization (Rs. Cr) 820 55.00 45.00 Price (Rs.) 36.95 35.00 No. of shares outstanding (Cr) 22 25.00 15.00 Face Value (Rs.) 10.0 Jul/2019 Sep/2019 Nov/2019 Jan/2020 Mar/2020 May/2020 Jul/2020 S
Slide 18: Financials: Consolidated P&L Statement
FINANCIALS : CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q2FY21 Q2FY20 Q1FY21 H1FY21 H1FY20 FY20 Income a) Revenue from operation (net of taxes) 17,109 13,861 9,667 26,776 39,820 76,019 Other Income 553 473 523 1,076 967 2,419 Total Income from operations (net) 17,662 14,334 10,190 27,852 40,787 78,438
Slide 19: Financials: Consolidated Balance Sheet
FINANCIALS : CONSOLIDATED BALANCE SHEET As of As of As of As of Particulars (Rs. in Lakhs) Particulars (Rs. in Lakhs) 30-Sep-20 31-Mar-20 30-Sep-20 31-Mar-20 Assets EQUITY AND LIABILITIES (1 ) Non-current assets (1) Equity (a) Property, Plant and Equipment 114,992 120,009 (a) Equity Share capital 22
Slide 20: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 19