Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q4 FY2024 Earnings Presentation
44 slides from Adani Energy Solutions's earnings presentation, April 2024
Slide 1: Adani Energy Solutions Limited Q4FY24 and FY24 Results Presentation
Adani Energy Solutions Limited (Formerly known as Adani Transmission Limited) Q4FY24 and FY24 Results Presentation April 2024
Slide 2: Contents
CONTENTS 04-07 Adani Portfolio 04 Executive Summary and Key 09-10 Focus Areas– FY24 09 Financial Highlights – Q4 and 12-20 FY24 12 22 Debt Profile 22 Operational Highlights – FY24 24 24-26 AESL - ESG Framework 28 28-34 36 36 AESL: Recent Business Updates Annexure – Rating and AESL’s 38 38-42 Asset P
Slide 3: Adani Portfolio
adani Energy Solutions Adani Portfolio
Slide 4: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio Infrastructure and Utility Primary Industry Flagship Emerging B2C Core Portfolio Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to Consumer Mining (72.6%) (56.4%) (73.2%) (65.9%) (100%) (66.7%) AGEL AESL APSEZ Cement
Slide 5: Adani Portfolio: Decades long track record of industry best growth
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 s EBITDA 70% 1,2 EBITDA 92% 1,4 AEL Growth 3x 6 APSEZ Growth 1.4x 6 AGEL Adani’s Core Infra. Platform
Slide 6: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Centre of Excellence Project Management & Assurance Group AIMSL* Policy - Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisi
Slide 7: A platform well-positioned to leverage growth opportunities in energy domain
AESL: A platform well-positioned to leverage growth opportunities in energy domain RAB expansion through Execution Prowess Strategic Presence Asset Hardening in Discoms Transmission Network of Transmission - Presence in 15 states 8% CAGR growth in RAB in Mumbai Development 20,509 ckm(1) Distribution
Slide 8: AESL - Executive Summary and Key Focus Areas
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL - Executive Summary and Key Focus Areas 14
Slide 9: Executive Summary – FY24
AESL: Executive Summary – FY24 Operational Update: Other Key Updates: Transmission business: – Added 1,244 ckm to operational network during the quarter, with total network at 20,509 ckm – AEML ranked#1 utility (second year in a row) for 2023 in the 12th edition of Integrate Rating of Discoms (a joi
Slide 10: Key Focus Areas – FY24 and Beyond
AESL: Key Focus Areas – FY24 and Beyond Financial Summary – FY24 Locked-in Growth and Outlook AESL well placed to capture future growth through multiple avenues: • Achieved double digits revenue growth of 17% • Robust under-construction project pipeline of Rs. 170 billion in Transmission • Consolida
Slide 11: Q4 FY24 Financial Highlights (YoY)
Revenue Op EBITDA Comparable PAT Rs. 3,560 Cr Rs. 1,619 Cr Rs. 387 Cr 17% up YoY 3% up YoY 8% down YoY Q4 FY24 Financial Highlights (YoY) 11
Slide 12: Consolidated Financial Highlights Q4FY24 YoY
AESL: Consolidated Financial Highlights Q4FY24 YoY (In Rs Cr) Operational Revenue EBITDA PAT 1,769 440# 3,560 381^ 1,706 3,031 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Comparable PAT Cash Profit (ex one-time) 419 0.2% 956 958 387 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Note: #Includes one-time regulatory incom
Slide 13: Segment–wise Financial Highlights Q4FY24 YoY
AESL: Segment–wise Financial Highlights Q4FY24 YoY (In Rs Cr) Operational Revenue EBITDA PAT 1,139 2,396 297^ 2,111 872 834 222# 218 630 1,164 920 84 Transmission Distribution Transmission Distribution Transmission Distribution Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Comparable PAT Cash Profit (ex
Slide 14: Transmission Utility - Revenue and Operating EBITDA Bridge Q4FY24 YoY
AESL: Transmission Utility - Revenue and Operating EBITDA Bridge Q4FY24 YoY (In Rs Cr) Revenue (excluding incentive) up 28% supported by revenue Operating EBITDA up 27% driven by strong revenue contribution from new line elements and regulatory income 218 246 76 (48) ( 17 ) (1) 1,139 1,059 893 832 Q
Slide 15: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q4FY24 YoY
AESL: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q4FY24 YoY (In Rs Cr) Revenue up 14% driven by higher energy demand Operating EBITDA ended 24% lower (164) 393 (234) 285 (168) 44 31 (15) 2,396 (118) 738 120 559 2,111 (65) (3) Q4 FY24 Sale of energy Other operating Wheeling charges
Slide 16: FY24 Financial Highlights (YoY)
Revenue Op EBITDA Comparable PAT Rs. 14,217 Cr Rs. 5,695 Cr Rs. 1,197 Cr 17% up YoY 7% up YoY 12% up YoY FY24 Financial Highlights (YoY) 16
Slide 17: Consolidated Financial Highlights FY24 YoY
AESL: Consolidated Financial Highlights FY24 YoY (In Rs Cr) Operational Revenue EBITDA PAT 6,322 1,281# 14,217 6,101 1,195^ 12,149 FY23 FY24 FY23 FY24 FY23 FY24 Comparable PAT Cash Profit (ex one-time) 1,197 3,201 3,212 1,071 FY23 FY24 FY23 FY24 Note: #Includes one-time regulatory income and provisi
Slide 18: Segment–wise Financial Highlights FY24 YoY
AESL: Segment–wise Financial Highlights FY24 YoY (In Rs Cr) Operational Revenue EBITDA PAT 3,963 3,679 10,173 1,155# 8,592 965^ 2,422 2,359 3,557 4,045 231 126 Transmission Distribution Transmission Distribution Transmission Distribution FY23 FY24 FY23 FY24 FY23 FY24 Comparable PAT Cash Profit (ex o
Slide 19: Transmission Utility - Revenue and Operating EBITDA Bridge FY24 YoY
AESL: Transmission Utility - Revenue and Operating EBITDA Bridge FY24 YoY (In Rs Cr) Revenue (excluding incentive) up 14% supported by revenue Operating EBITDA up 14% driven by strong revenue contribution from new line elements and regulatory income 480 504 8 ( 43 ) (155) 131 3,688 3,941 3,243 3,461
Slide 20: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge FY24 YoY
AESL: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge FY24 YoY (In Rs Cr) Revenue up 18% driven by higher energy demand Operating EBITDA ended 4% lower 2,042 (757) 1,583 (657) (19) 10,173 131 21 (594) 2,098 2,007 8,592 (246) 50 (64) FY24 Sale of energy Other operating Wheeling Transmis
Slide 21: FY24 – Debt Profile
FY24 – Debt Profile 21
Slide 22: AESL’s Capital Management Program elongates debt maturity and improves credit quality
AESL’s Capital Management Program elongates debt maturity and significantly improves credit quality Refinancing risk minimized1- above 5 year maturity increased from 12% to 70% As of As of 31 March 16 31 March 24 12% (year of inception) < 1 Y - 19% < 1 Y - 10% 1 to 5 Y - 69% 1 to 5 Y - 20% Consolida
Slide 23: FY24 Operational Highlights (YoY)
▪ Average Transmission System Availability 99.6% ▪ Transmission Network at 20,509 ckm added 1,244 ckm ▪ Supply Reliability (ASAI) in AEML is above 99.99% ▪ Distribution Loss in AEML further improved to 5.29% FY24 Operational Highlights (YoY) 23
Slide 24: Transmission Utility – Key Operating Metrics FY24 (YoY)
AESL: Transmission Utility – Key Operating Metrics FY24 (YoY) Transmission Network Length(2) (ckm) Power Transformation Capacity(2) (MVA) 20,509 57,011 19,779 46,001 Transmission network Continuous expansion in continues to grow with transformation capacity on new order wins account of new project a
Slide 25: Distribution Utility (AEML) – Key Operating Metrics FY24 (YoY)
AESL: Distribution Utility (AEML) – Key Operating Metrics FY24 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.996% 30.63 31.74 22.35 Maintained supply 21.26 Reliability parameters like reliability of more than SAIDI a
Slide 26: Distribution Utility (AEML) – Key Operating Metrics FY24 (YoY)
AESL: Distribution Utility (AEML) – Key Operating Metrics FY24 (YoY) Consumer base (million) Distribution Loss (%)(1) E-payment (% of total collection) 79.57% 3.18 5.93% 3.13 Increase in consumer 75.00% E-payments share 5.29% Improving consistently base reflecting AEML increasing with greater due to
Slide 27: AESL - ESG Framework
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL is now certified Won the prestigious Continue to maintain AESL’s Sustainalytics ESG score Single Use Plastic (SUP) Free improved to 25.3, positioning the Best-in-class ESG ratings from company amongst the top 20 gl
Slide 28: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Integrated Reporting Policies Guiding Principles and TCFD framework CDP principle Disclosure Standards UN Sustainable TNFD GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as part of IMS po
Slide 29: Environment
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Medium to Long-term Targets Energy Mix & Emission Intensity AEML has achieved 35% renewable in power mix as of March 30% by 2023 - RE share in power procurement 3% FY19 60% by FY27 2024 (achieved 34.
Slide 30: Social
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2830 students benefited) & School Uniforms Tiroda, Dahanu and to Anganwadi children (5780 students benefite
Slide 31: Social
AESL: Key Social Indicators and Milestones Target Material Categories Material Themes Key Performance Indicators Baseline (FY23-24) Zero Rate of fatalities per million hours worked Zero (FY 20-21) Work related injury Rate of recordable work-related injuries per million man-hours 0.33 Zero worked (FY
Slide 32: Governance
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate Governance • Due –diligence for CoC, HR, ESG etc Responsibility Committ
Slide 33: Governance
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals 16.6% - women Board Gender Balance the board composition in terms of men • % of women directors in board improved to Board Gender Diversity directors in boar
Slide 34: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q4FY24 Safety Performance in Q4FY24 • Safety training: 31,465 man-hours of safety training and awareness during Q4FY24 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q4FY24 Q4FY23 Q4FY24 Q4FY23 o Mechanical Liftin
Slide 35: AESL: Recent Business Updates
AESL: Recent Business Updates 35
Slide 36: Recent Business Updates
AESL: Recent Business Updates CDP Climate Change 2023 score improves to The share of renewable power supplied to the ESG score from Sustainalytics improves to 25.3 B, surpassing the Asia regional average of C Mumbai circle stands at 35% at the end of from 32.8, placing the company amongst the top dr
Slide 37: Annexure– Rating and Operational and Under-construction Asset Portfolio
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission Annexure– Rating and Operational and Under-construction Asset Portfolio 14
Slide 38: AESL and AEML Credit Ratings
AESL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) SPV Ratings - Domestic Rating Agency Facility Rating/Outlook Company Rating Agency Rating Outlook AESL India Ratings AA+ Negative Fitch Dollar Bond BBB-/Stable AESL ICRA A1+ Stable Moody’s Dollar B
Slide 39: AESL’s Operational Asset Portfolio as of March 2024 (1/2)
AESL’s Operational Asset Portfolio as of March 2024 (1/2) Adani Energy Solutions Limited 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% ATSCL & WTGL, PPP Bikaner ATIL MEGPTCL AEML MUL ATBSPL ATRL RRWTL CWRTL FBTL GTL APTL STL Khetri Discom Discom MTSCL WTPL 8/9/10 Mun
Slide 40: AESL’s Operational Asset Portfolio as of March 2024 (2/2)
AESL’s Operational Asset Portfolio as of March 2024 (2/2) Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% Obra-C Lakadia WRSS – XXI Jam Karur Kharghar Khavda- Khambaliya WKTL Transmission - Vikhroli Bhuj Badaun Banaskantha (A) Obra Lakadia Lakadia - Jam Warora Karur Kharghar K
Slide 41: AESL‘s Transmission Under-construction Asset Portfolio as of March 2024
AESL‘s Transmission Under-construction Asset Portfolio as of March 2024 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% Since AESL’s evolution its Transmission Network (ckms) has MP AEMIL Khavda – Line & SS grown 3.8x and expanded into Distribution businesses NKTL WR-SR K
Slide 42: AESL‘s Smart Metering Under-construction Portfolio as of March 2024
AESL‘s Smart Metering Under-construction Portfolio as of March 2024 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% MSEDCL MSEDCL BEST APDCL APEPDCL APCPDCL APSPDCL NBPDCL UPCL NSC-05 NSC-06 BEST Smart NE Smart Adani Adani Adani Adani Adani Adani Energy Adani Metering Ltd
Slide 43: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Energy Solutions Limited (together with its subsidiaries, the “Company” or “AESL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given sole
Slide 44: Thank You
MUSHKILON K\ adani , NAHI SUNTE, HUM KARKE DIKHATE HAIN. #HumKarkeDikhateHain — adani Energy Solutions Thank You
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