Adani Power Limited · NSE:ADANIPOWER
Adani Power — Investor Presentation (November 2024)
34 slides from Adani Power's investor presentation, Nov 20, 2024
Slide 1: Exchange filing cover letter: updated investor presentation
November 20, 2024 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Updated investor presentation of Adani Power Limit
Slide 2: Adani Power Limited Investor Presentation November 2024
Adani Power Limited Investor Presentation November 2024
Slide 3: 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 Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (c
Slide 4: Table of Contents
Table of Contents 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL: Strategic Positioning For Growth 4 APL: Performance Highlights 5 APL: ESG Practice 6 APL: Investment Case Appendix 3
Slide 5: About Adani Portfolio
1 About Adani Portfolio STRICTLY CONFIDENTIAL
Slide 6: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL AdaniConneX3
Slide 7: Adani Portfolio: Decades long track record of industry best growth with national footprint
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 4x 6 EBITDA 71% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platfor
Slide 8: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value Creation AC
Slide 9: About Adani Power Limited (APL)
2 About Adani Power Limited (APL) STRICTLY CONFIDENTIAL
Slide 10: Sector leader poised to capture thermal power growth potential
APL: Sector leader poised to capture thermal power growth potential Target Capacity 30,670 MW Operating Capacity Locked-in Growth Further Organic/ Inorganic 121,2 17,550 + 3 4,520 + 6 8,600 Assets MW Assets MW Assets MW Asset Type Asset Type Asset Type 62% 38% 100% 93% 7% Organic Inorganic Organic I
Slide 11: Holding structure and geographic spread
APL: Holding structure and geographic spread Existing Capacity Locked-in Growth Highlights Total Capacity: 12,950 MW Mundra (GJ): 4,620 MW Bitta (GJ): 40 MWp Organic: 9,240 MW Tiroda (MH): 3,300 MW Inorganic: 3,710 MW Adani Power Ltd. PPA Tie-up: Dahanu (MH): 500 MW Parent Company MH: 1,600 MW Kawai
Slide 12: 80 GW additional coal-based base load capacity required to meet rising demand
APL: 80 GW additional coal-based base load capacity required to meet rising demand 500 3000 Power Demand Growth Projections • Coal-based capacity critical for base load power to 450 2474 2500 400 integrate 500+ GW renewable power by 2030 350 2000 1626 300 • Focus on Ultra-supercritical / Supercritic
Slide 13: Excellent revenue visibility, fuel security, and EBITDA stability
APL: Excellent revenue visibility, fuel security, and EBITDA stability Contracted capacity Near-pithead merchant capacity • Domestic coal-based merchant capacity • Substantial capacity tied up in LT located near-pithead providing logistics contracts with financially sound cost advantage counterparti
Slide 14: APL: Strategic Positioning For Growth
3 APL: Strategic Positioning For Growth STRICTLY CONFIDENTIAL
Slide 15: Project Management & Assurance Group (PMAG) – End to End project integration
APL: Project Management & Assurance Group (PMAG) – End to End project integration Bidding, Site Scouting Project Development & Basic Engineering Execution Operations Concept Integrated Project Management Commissioning Strength: Team of 90 professionals having hands-on experience of 2,000+ man-years
Slide 16: Operational excellence through Energy Network Operation Center (ENOC)
APL: Operational excellence through Energy Network Operation Center (ENOC) ENOC − Remote monitoring, diagnosis, and troubleshooting Centralized Management − Centralized power scheduling for optimum capacity utilisation Real Time Data − Real time data access, enabling smooth and agile Availability de
Slide 17: Fuel management & logistics – Key competitive advantage
APL: Fuel management & logistics – Key competitive advantage Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant 01 logistics capability Handling approx. 74 MMTPA coal, 22 MMTPA Fly 02 Ash Kawai NCL Godda Constant attention to multiple
Slide 18: Assuring key deliverables for growth
APL: Assuring key deliverables for growth ▪ High revenue visibility with strong and stable profitability of existing portfolio Financial Assurance ▪ AA family rating from CRISIL, India Ratings, and CARE Ratings ▪ High liquidity creates ample growth headroom ▪ Domestic fuel requirements of existing p
Slide 19: APL: Performance Highlights
4 APL: Performance Highlights STRICTLY CONFIDENTIAL
Slide 20: Hallmark of reliable operating performance
APL: Hallmark of reliable operating performance Average Operational Capacity (MW) Plant Availability (%) 95% 95% 94% 92% 92% 15,545 90% 15,051 13,650 11,810 12,450 12,450 FY20 FY21 FY22 FY23 FY24 H1FY25 FY20 FY21 FY22 FY23 FY24 H1FY25 PLF (%) Sales (BU) 79 72% 67% 65% 64 59% 59 52% 48% 52 53 46 FY20
Slide 21: Setting profitability benchmarks
APL: Setting profitability benchmarks Reported Total Revenues (Rs. Crore) Credit Profile +21% CAGR Listed Entities Rating Agency INR Ratings 60,281 APL CARE AA/Stable APL India Ratings AA/Stable 43,041 APL CRISIL AA-/Positive 31,686 29,537 27,842 28,150 MEL India Ratings AA-/Stable APJL India Rating
Slide 22: Leverage Profile
APL: Leverage Profile 10 Notches improvement in credit rating since 2018 Senior Term Debt / Equity Ratio (times) 5.32 ▪ Significant reduction in senior term debt through prepayment as well as regular repayments 2.57 despite acquisitions and organic 1.86 expansion. 0.99 0.65 0.51 ▪ Improvement in ope
Slide 23: APL: ESG Practice
5 APL: ESG Practice STRICTLY CONFIDENTIAL
Slide 24: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation Climate Change • Average Emission intensity - 0.85 tCO2e/MWh. Adaptation Reduction in GHG emission Water Management and Mitigation • intensity to 0.84 tCO2e/MWh Water Intensit
Slide 25: Board of Directors and Management overview
APL: Board of Directors and Management overview 100% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 26: APL: Investment Case
6 APL: Investment Case STRICTLY CONFIDENTIAL
Slide 27: Aptly positioned to capitalize on India's power demand growth opportunity
APL: Aptly positioned to capitalize on India’s power demand growth opportunity Secure Business ▪ 80% of capacity contracted under long term, remunerative PPAs Model ▪ 84% of domestic fuel requirements secured under long term contracts ▪ Full resolution of all regulatory matters pertaining to domesti
Slide 28: Thank You
Thank You
Slide 29: Appendix
Appendix STRICTLY CONFIDENTIAL
Slide 30: Successfully tapping into power demand growth during H1 FY 2024-25
APL: Successfully tapping into power demand growth during H1 FY 2024-25 O&M Availability PLF Generation (BU) Sales (BU) 90% 91% 92% 87% 49.4 46.0 72% 67% 58% 59% 38.6 35.6 23.4 21.9 19.6 18.1 Q2 FY24 Q2 FY25 H1FY24 H1FY25 Q2 FY24 Q2 FY25 H1FY24 H1FY25 Power Demand in key States (BU)* 102.7 98.7 73.9
Slide 31: All-round improvement reflected in sustained strong profitability
APL: All-round improvement reflected in sustained strong profitability Summary Income Statement (INR Cr) Q2 FY25 Q2 FY24 +/- H1 FY25 H1 FY24 +/- Effective Capacity (MW) 15,837 15,250 3.8% 15,545 14,861 4.6% Continuing Operating Revenue 12,949 11,866 9.1% 27,666 23,236 19.1% Continuing Other Income 5
Slide 32: Deleveraged Balance Sheet
APL: Deleveraged Balance Sheet Summary Balance Sheet (INR Cr) 30th Sep 2024 31st Mar 2024 • Outstanding UPS reduced to Rs. 4,643 Equity & Reserves(1) (incl. UPS) 57,996 43,145 Crore as of 30th September 2024 vs Rs. Long Term Borrowings incl. Current Maturities 30,255 28,060 7,315 crore as of 31st Ma
Slide 33: Robust Cashflow Generation
APL: Robust Cashflow Generation Summary Cash Flow Statement (Recasted) (INR Cr) H1FY25 FY24 • Strong improvement in net cash from Profit after tax 7,210 20,829 operations mainly due to improved recurring profitability Non-cash items (incl. deferred tax) 3,432 3,600 Non-operating items 905 (5,809) •
Slide 34: Consolidated Debt Profile
APL: Consolidated Debt Profile Particulars (INR Cr) As on 30th Sep 2024 As on 31st Mar 2024 As on 31st Mar 2023 Senior Secured Loans Existing entities 28,798 27,875 21,425 Under-construction project 950 - 8,196 Total Senior Secured Loans (after Ind-AS adjustment) 29,748 27,875 29,621 Working Capital