Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q3 FY20 Earnings Presentation
39 slides from Adani Green Energy's earnings presentation, Feb 4, 2020
Slide 1: Intimation to stock exchanges under Regulation 30
Rcncwablcs Date: 4th February, 2020 To SSE Limited The National Stock Exchange of India Limited P J Towers, "Exchange Plaza", Dalal Street, Sandra - Kurla Complex, Mumbai - 400 001 Sandra (E), Mumbai - 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Intimation under Regulation 30 of
Slide 2: Adani Green Energy Limited Q3 & 9M FY20 Results Presentation
AGEL: Vision to be Among The Leading Global Renewable Energy Companies Contracted Portfolio DC Capacity: 7,929 MW AC Capacity: 5,990 MW Operational Portfolio DC Capacity: 3,160 MW AC Capacity: 2,495 MW Operational Solar DC Capacity: 2,814 MW AC Capacity: 2,148 MW Adani Green Energy Limited Operation
Slide 3: Contents
Contents 01 Adani Group 02 AGEL: Portfolio & Growth Strategy 03 Industry Developments & ESG 04 Highlights for Q3 & 9M, Operational & Financial Performance 05 Strategic Priorities Appendix AGEL Q3 & 9M FY 20 Results Presentation 2 February 2020
Slide 4: Adani Group
01 Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World AGEL Q3 & 9M FY 20 Results Presentation 3 February 2020
Slide 5: Adani: leading utility & infrastructure platform
ADANI: leading utility & infrastructure platform (1988 – 2019) News and Updates ESG • Adani Group, at a portfolio level to meet COP21 targets 7 years before schedule • Would achieve 32% of the generation from renewable capacity by 2023 • & 32.5% of the total investments from demand response system b
Slide 6: Adani: Leading Infrastructure and Utility Portfolio
Adani: Leading Infrastructure and Utility Portfolio Transport & Logistics Portfolio Utility & Power Portfolio 62.3% 100% 100% 75% 75% 75% 75%* Adani APSEZ AAPT SRPCL 75% Adani Power Adani Green Adani Gas Transmission (APL) (AGEL) (AGL) (ATL) Port & Logistics Port Rail Transmission IPP Renewables Gas
Slide 7: Adani: Repeatable, Robust and Proven Business Model
Adani: Repeatable, Robust and Proven Business Model Phase Development Operations Post operations Capital Phase Site development Construction O&M & technology management ▪ Return based ▪ Resource ▪ Template based ▪ RONC based ▪ Reduction of cost disciplined bidding assessment design analytics and of
Slide 8: Applied Consistently to Drive Value
…Applied Consistently to Drive Value Key Business Model Successfully Applied Across Infrastructure and Utility Platform Attributes Development at scale and within time and budget India’s Largest Longest Private HVDC Largest Private 648 MW Ultra Mega Largest Single Location Commercial Port Line in As
Slide 9: Adani Green Energy Limited Portfolio & Growth Strategy
02 Adani Green Energy Limited Portfolio Growth Strategy AGEL Q3 & 9M FY 20 Results Presentation 8 February 2020
Slide 10: AGEL: Robust Business Model with Rapid Growth & Predictable Returns
AGEL: Robust Business Model with Rapid Growth & Predictable Returns.. Execution Total Portfolio Diversified Portfolio1 Project Capex / EBITDA strength and 5,9901MW 11 states ~6.0x pan-India (2,495 MW Operational/ 44% solar; 28% wind; 28% hybrid 3,495 MW Under Construction) 6.16x (fully Built basis)
Slide 11: Large Diversified Portfolio: 70% with SECI and NTPC
…With Large Diversified Portfolio: 70% with SECI and NTPC 5,9901 MW Portfolio | 2,495 MW Operational Strong PPA counterparties Operational Under Implementation State Govt. Offtakers Wind 29% Solar 175 100 Solar-Wind 100 Hybrid 5,990 MW Govt. of India 220 ▪ SECI AA+ Owned Offtakers Domestic Rating 71
Slide 12: 2.5 GW Strong Execution Track Record
2.5 GW Strong Execution Track Record... Execution track record: 2.5 GW Operational portfolio… Operational 800 GW COD in 2495 MW FY 20 operational up to Dec19 2,770 1,958 1,970 808 313 FY16 FY17 FY18 FY19 FY20E Operational Capacity Avg Tariff Project Cost EBITDA1 Capex / EBITDA Portfolio (MW) (INR/kW
Slide 13: 3.5 GW Locked-in Value Accretive Pipeline
...3.5 GW Locked-in Value Accretive Pipeline With secured value accretive pipeline up to FY22 Contracted AEML Capacity Hybrid Bid 700 4290 5290 FY21E FY22E Capacity Avg Tariff Project Cost EBITDA1 Under Construction Capex / EBITDA (MW) (INR/kWh) (INR/ MWh) (INR Cr) Solar 475 2.77 16,695 298 6.50 Win
Slide 14: Industry Developments & ESG
03 Adani Green Energy Limited Industry Developments ESG AGEL Q3 & 9M FY 20 Results Presentation 13 February 2020
Slide 15: Power Sector Policy Reforms & Updates
Power Sector Policy Reforms & Updates MoP/MNRE continues with reforms in the power sector: MNRE issues draft Guidelines for Tariff Based Competitive Bidding Process for Procurement of Power From Grid Connected Wind Solar Hybrid Projects MNRE has issued draft Draft Scheme for Supply of Round-The-
Slide 16: ESG Initiatives During up to 9M FY20
ESG Initiatives During up to 9M FY 20. Safety – Always First Sustainability & Communities Environmental Initiatives Training: 1,064 safety trainings arranged First Sustainability report published Land policy published on website over 30,415 hours up to Q3. for FY191 ~14.36 million ton CO2 em
Slide 17: Q3 & 9M FY20 Operational & Financial Performance
04 Q3 & 9M FY20 Operational & Financial Performance AGEL Q3 & 9M FY 20 Results Presentation 16 February 2020
Slide 18: Snapshot of Operational & Financial Performance for Q3 & 9M FY20
Snapshot of Operational & Financial Performance for Q3 & 9M FY’20 FINANCIAL GROWTH OPERATIONAL Revenue from Sale of Energy Performance: New commissioning: 1464 Solar: ▪ EBITDA 1371 75 MW Wind at Dayapar, ▪ Over P90 performance for Gujarat in December Q3: Rs. 347 Cr +6% operational solar in 9M 9M
Slide 19: Stable Operational Performance at Portfolio Level
Stable Operational Performance at Portfolio Level Average Capacity1 (MW AC) CUF % (AC) Solar Wind2 Solar Wind 35.85% 30.96% 29.81% 89 31.21% 25.89% 25.31% 60 60 72 72 72 21.66% 21.42% 60 20.13% 20.02% 19.98% 21.68% 2,148 20.08% 1,898 1,898 1,898 1,914 1,948 1,744 8.33% Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY1
Slide 20: Stable Performance for 2.1 GW Solar Portfolio
Stable Performance for 2.1 GW Solar Portfolio Near 90 performance achieved in Q3 FY 20 Actual vs. P50 CUF for 2.1 GWAC Portfolio P50 CUF Actual P75@22.88% 27.72% 23.99% -0.12% -0.51% 25.55% 23.99% 25% -2.45% -0.45% 21.44% -0.47% 19.98% 20% 25.31% P90@21.86% 20.13% 19.98% 15% 10% 5% Q1 FY20 Q2 FY20 Q
Slide 21: Improving Wind Portfolio Performance
Improving Wind Portfolio Performance 1 Full Wind Portfolio 2A Performance achieved for Adani owned & managed plants Key Performance Indicator in 9M FY 20 Q3'19 Q3'20 9M'19 9M'20 3.93% 47.95% 50% Operational Capacity1 (MW) 60 1221 60 1221 P75@37.43% 1.63% 0.27% 0.15% 0.87% 41.10% Net Export2 (MWh) 11
Slide 22: Robust Financial Performance Driven By Fully Contracted Cash Flows
Robust Financial Performance Driven By Fully Contracted Cash Flows Revenue (Rs Cr.)1 EBITDA2 (Rs Cr) and margin3 (%) Cash Profit4 (Rs. Cr) 454 452 138 -0.4% 399 347 -13% -44% 77 87% 87% Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 Q3 FY19 Q3 FY20 Operating Assets (Gross Block) (Rs Cr) Net debt5 and Shareholders’
Slide 23: Revenue, EBITDA, Net External Debt & PBT Bridge
Revenue, EBITDA, Net External Debt & PBT Bridge Revenue from Sale of Energy EBITDA Net Debt AGEL Q3 & 9M FY 20 Results Presentation 22 February 2020
Slide 24: Consolidated Statement of P&L
Consolidated Statement of P&L Particulars (INR Cr) Q3’20 Q2’20 Q3’19 9M’20 9M’19 FY19 Revenue from operations Revenue from Power Supply 452 461 454 1,464 1,371 1,913 Other operating income 2 13 2 19 6 7 Revenue from EPC and Traded Goods 50 214 0 370 0 137 Other income 19 24 15 58 35 73 Total Revenue
Slide 25: Debt Summary as on 31st December
Debt Summary as on 31st December Debt Split by Currency LT vs. ST Debt Split Foreign Debt Indian Rupee Debt Long Term Debt Short Term Debt Consolidated Debt Rs 13,451 Cr 810, 6% 6,161, Average interest rate 10.75% 46% Balance average debt 8.01 years 7,290, maturity for LT debt 54% Average door to do
Slide 26: Power Generation Receivables Ageing
Power Generation Receivables Ageing Overdue Off Takers Not Due1 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue2 (as of 31th December) TANGEDCO3 131 119 56 63 62 293 592 4 NTPC 58 0 0 0 0 0 0 5 SECI 48 0 0 0 0 0 0 Others 74 14 6 2 2 8 33 Total 311 133 62 65 64 301 625 LC Status
Slide 27: Strategic Priorities
05 Strategic Priorities AGEL Q3 & 9M FY 20 Results Presentation 26 February 2020
Slide 28: AGEL's Strategic Priorities
AGEL’s Strategic Priorities ▪ Vision to be one of the leading global renewable players Growth & ▪ Disciplined investment decisions framework to create shareholder value Returns Focus Optimal ▪ Leverage internal accruals to drive RoE with accretive growth Capital ▪ Established pedigree to outperform
Slide 29: Appendix
Appendix AGEL Q3 & 9M FY 20 Results Presentation 28 February 2020
Slide 30: Asset Level Details - Operational
Asset Level Details - Operational Solar Wind Projects Hybrid Contracted Capacity Counterparty Credit SPV Project Name / Location Type Capacity (DC) Tariff COD Counterparty Name PPA Term (AC) Rating AGETNL Solar 216 260 7.01 Mar-16 TANGEDCO ICRA (B) 25 RSPL Solar 72 86 7.01 Feb-16 TANGEDCO ICRA (B) 2
Slide 31: Asset Level Details – Under Construction
Asset Level Details – Under Construction Solar Wind Projects Hybrid Counterparty Counterparty PPA SPV Project Name / Location Type Capacity (AC) Capacity (DC) Tariff COD Name Credit Rating Term AGEONEL Gujarat Solar 150 210 2.67 Nov-20 GUVNL ICRA (A+) 25 GSBPL Gujarat Solar 100 140 2.44 Aug-20 GUVNL
Slide 32: Other Financial Metrics
Other Financial Metrics Revenue 1 (Rs Cr.) EBITDA (Rs Cr.) 544 554 472 449 456 462 452 470 496 439 422 402 399 347 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Cash profit 1 (Rs Cr.) PAT (Rs Cr.) 102 251 257 228 207 -74 173 -94 -98 1
Slide 33: Restricted Group-1: Financials & Key Operational Numbers
A Appendix Restricted Group-1: Financials & Key Operational Numbers Rated BB+ by S&P and FITCH Restricted Group-1 comprises three SPVs, i.e. Parampujya Solar Energy Private Limited, Prayatna Developers Private Limited & Adani Green Energy UP Limited, having total operational capacity of 930MWac whic
Slide 34: RG-1 – 930 MW Solar Operational Update
RG-1 –930 MW Solar Operational Update Key Highlights: Solar RG-1: Grid availability at 98.6% for 9M FY20; Grid availability lower at PSEPL2 (40 MW Karnataka DCR), & PDPL3 (50MW Ghani) Continue to have plant availability in excess of 99%, with 99.4% availability for 9M FY20 RG1 Portfolio Key Perf
Slide 35: RG-1 – Key Financial Number and Receivable Ageing
RG-1 –Key Financial Number and Receivable Ageing Key Financial number Committed Annual Particulars (INR Cr) Q3’20 Q2’20 9M’20 FY19 Number Revenue from operation 205 198 654 836 973 EBITDA 175 159 557 761 857 Outstanding Gross Debt as on December 2019 of Rs 4,631 Cr Power Generation receivables Agein
Slide 36: Restricted Group-2: Financials & Key Operational Numbers
A Appendix Restricted Group-2: Financials & Key Operational Numbers Rated BBB- by S&P and FITCH and Baa3 by Moody’s Restricted Group-2 comprises three SPVs, i.e. Adani Renewable Energy (RJ) Limited, Wardha Solar (Maharashtra) Private Limited & Kodangal Solar Parks Private Limited, having total opera
Slide 37: RG-2 – 570 MW Solar Operational Update
RG-2 –570 MW Solar Operational Update Key Highlights: Solar RG-2: Grid availability at 97.6% for 9M FY20. Grid availability lower at Wardha Solar1 (40MW Nalwar & 10 MW Kallur) Continue to have plant availability in excess of 99%, with 99.6% availability achieved 9M FY20. RG2 Portfolio Key Perfor
Slide 38: RG-2 – Key Financial Number and Receivable Ageing
RG-2 –Key Financial Number and Receivable Ageing Key Financial number Particulars (INR Cr) 9M’20 Revenue from operation for the period ended Dec’19 (Rs.Cr.) 283 EBITDA for the period ended Dec’19 (Rs. Cr.) 257 EBITDA committed for the year (without VGF) (Rs. Cr.) 424 O/s Gross Debt, post bond issuan
Slide 39: Thank you!
Thank you! AGEL Q3 & 9M FY 20 Results Presentation 38 February 2020