Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q3 FY2020 Earnings Presentation
22 slides from Inox Wind's earnings presentation, Feb 7, 2020
Slide 1: Stock exchange cover letter: Earnings Presentation disclosure
IWL: NO!: 56: 2020 7th February, 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 Mat
Slide 2: Inox Wind Limited Q3FY20 Investor Update
INOX WIND LIMITED Q3FY20 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 SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD – Q4 FY20 & FY 21 ORDER BOOK TECHNOLOGY O&M – STRONG ANNUITY MODEL RESULT ANALYSIS WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND AUCTIONS WIND SECTOR: GAINING S
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations Successfully Commissioned 200MW of SECI 1 at Dayapar, Gujarat. Got time extension for Balance 50MW of SECI 1 – to be executed by March 2020. Consolidated order book: • Bagged fresh order for 250MW from Morgan Stanley backed Continuum Energy. • Bagged fresh ord
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Financials During the quarter, we commenced execution of new orders along fresh supplies of WTGs. Higher Revenue and EBITDA compared to preceding quarter: • Revenue of Rs. 173 crs in Q3FY20 against revenue of Rs. 139 crs in Q2FY20 • EBITDA of Rs. 24 crs in Q3FY20 against EBI
Slide 7: Significant Market Opportunity & Way Ahead – Q4 FY20 & FY21
SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD – Q4 FY20 & FY 21 Post the painful transition, the sector is now catching up, certain project time extension approvals which are now being acted upon by concerned authorities. As a result of the painful transition over the past ~3 years, multiple wind t
Slide 8: Significant Market Opportunity & Way Ahead – Q4 FY20 & FY21
SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD – Q4 FY20 & FY 21 Supplies of 3.3MW to commence in FY 21 which will be amongst the most competitive WTGs in the Indian Market. This will improve our margins and also address any potential issue of lower tariffs. We will continue focus on optimization of
Slide 9: Order Book
ORDER BOOK Particulars Capacity MW SECI 3: 200MW Auction based order book 950 SECI 2: 300MW Others (Retail) 12 •IWL: 250MW •Adani: 50MW SECI 4: 100MW Supplied (304) Net order book 658 SECI 1: 300MW Inox Wind LOI for 3.3 MW from Adani 501.6 •IWL: 250MW •Adani: 50MW Order Maharashtra state Book = auct
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: Result Analysis
RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) In Rs. Cr. 16.3% 13.6% 391 64 173 139 2.5% 24 4 Q3 FY19 Q2 FY20 Q3 FY20 Q3 FY19 Q2 FY20 Q3 FY20 REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) 2 0.5% Q3 FY19 Q2 FY20 Q3 FY20 (27) -15.0% (45) -31.6% PAT PAT % During the quarter, we commenced executio
Slide 13: 9 Months Result Analysis
9 MONTHS RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) In Rs. Cr. 1,258 15.5% 196 12.1% 571 71 9M FY19 9M FY20 9M FY19 9M FY20 REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) 14 1.1% 9M FY19 9M FY20 (86) -14.7% PAT PAT % Post Common Infra readiness, focus is on execution and reducing working cap
Slide 14: Working Capital Analysis – Positive Momentum Continues
WORKING CAPITAL ANALYSIS – POSITIVE MOMENTUM CONTINUES In Rs. Cr. Particulars Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Inventory 779 764 756 944 933 1,086 993 Net Receivables 1,175 1,305 1,446 1,261 1,058 723 519 Payables 635 838 956 889 1,083 1,103 1,002 Others 137 52 19 103 (103) (122) (12
Slide 15: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Particulars Q3FY20 Q2FY20 Q1FY20 FY19 Opening Net Debt (791) (849) (916) (705) Cash Profit (5) (26) 3 27 Net Working Capital 193 183 202 26 Capex (92) (95) (77) (113) Others 47 (3) (61) (151) Closing Net Debt (648) (791) (849) (916) Particulars Q3FY20 Q2FY20 Q1
Slide 16: 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 April 2018 2000MW NTPC August 2018 1200MW SECI 5 September 2018 1200MW Hybrid 1 December 2018 840MW SECI 6 February 2019 1200MW Gujarat May 2019 745MW Hybrid 2 May 2019 720MW
Slide 17: 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 3-5 3.2 3.3 2.3 2.3 2 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20E* Feed In Tariff Regime (FIT) Auc
Slide 18: 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 19: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 06.02.20 (BSE) 90 80 Market capitalization (Rs. Cr) 862 70 60 Price (Rs.) 38.85 50 40 No. of shares outstanding (Cr) 22 30 Feb/2019 Apr/2019 Jun/2019 Aug/2019 Oct/2019 Dec/2019 Feb/2020 Face Value (Rs.) 10.0 Source - BSE Source - BS
Slide 20: Detailed Financials – Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q3FY20 Q3FY19 Q2FY20 9M FY20 9M FY19 Income a) Revenue from operation (net of taxes) 17,274 39,078 13,861 57,093 125,789 Other Income 702 367 473 1,670 1,196 Total Income from operations (net) 17,976 39,445 14,334 58,763 126,985 Expenses a
Slide 21: Financial Summary
FINANCIAL SUMMARY ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt) Consolidated financials, FY13-15 as per IGAAP, FY16-19 as per Ind AS Revenue from Operations EBIDTA (Inc OI) & EBIDTA Margin % PAT & PAT Margin % 19.0% 17.4% 14.2% 4,451 17.6% 18.3% 8.4
Slide 22: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 21