Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — FY2021 Earnings Presentation
45 slides from Adani Green Energy's earnings presentation, 2021
Slide 1: Adani Green Energy Limited Earnings Presentation FY21
Renewables Adani Green Energy Limited Earnings Presentation F Y21 Consolidated Financials
Slide 2: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Transformational Advantage 4 AGEL: Operational & Financial Highlights 5 AGEL: ESG 6 Investment Rationale Appendix
Slide 3: Adani Group
Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World
Slide 4: Adani Group: A world class infrastructure & utility portfolio
Adani Group: A world class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.7% 100% 75% 56% Marked shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables ATGL - Gas distribution network to serve key 100
Slide 5: Adani Group: Decades long track record of industry best growth rates
Adani Group: Decades long track record of industry best growth rates across sectors Port Cargo Throughput (MT) Renewable Capacity (GW) Transmission Capacity (ckm) CGD7 (GAs8 covered) 161% 12% 21% 45% 2.5x 6x 3x 1.5x 30% 5% 7% 25% Industry APSEZ Industry AGEL Industry ATL Industry AGL 2014 972 MT 113
Slide 6: Adani Group: Repeatable, robust & proven transformative model of investment
Adani Group: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Activity • Site acquisition • Engineering & design • Redesigning the • Analysis & market • Life cycle O&M capital
Slide 7: AGEL: Replicating Group's Transformational Growth Profile
AGEL : Replicating Group’s Transformational Growth Profile Secure Sites & Connectivity Resource Assessment Construction Readiness Development 200,000 acres 85+ Wind Geotechnical studies Resource rich Sites in strategic locations with data locations and detailed design planning, ~31 GW potential Sola
Slide 8: Adani Green Energy Limited Company Profile
Renewables 8 Adani Green Energy Limited Company Profile
Slide 9: AGEL: Transformational Renewable Company
AGEL: Transformational Renewable Company Largest Listed 3,520 MW – Operational 1 Over 30 GW sites identified & Renewable Site Plan Company in India + 2,270 MW – execution in 12 months under acquisition Near Tender 4,500 MW - Emerged L1 bidder 2 Construction 9,050 MW 1 Pipeline ~ 9,000 MW - Upcoming
Slide 10: Large, Geographically Diversified Portfolio
AGEL: Large, Geographically Diversified Portfolio 14,840 MW Portfolio 1,2 | 3,520 MW operational Average AGEL tariff below APPC 3 APPC @ 3.85/kWh 5 Operational Awarded & Under Implementation Wind Solar 3.27 Solar-Wind Hybrid 2.0 2.4 2.5 3.2 2.3 2.2 2.7 130 Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 Dec'20 M
Slide 11: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 12: Development and de-risking philosophy
AGEL: Development and de-risking philosophy Resource Assessment Land Identification Design Optimisation Relentless focus on Origination 85+ Wind locations assessed 2,00,000+ acres land identified design optimization to drive across India Cost Efficiency Land Acquisition Statutory Approvals Transmiss
Slide 13: Readiness for next phase of growth: ~15 GW site at Khavda, Gujarat
AGEL – Readiness for next phase of growth: ~15 GW site at Khavda, Gujarat State Site area 2.7x of Paris City Over 3 years of on site resource Resource Assessment estimated Solar potential map - Gujarat 70,000 acres of land Land Acquisition allotted by Govt. Construction Geotech studies and logistics
Slide 14: Operational Excellence driving Value
AGEL: Operational Excellence driving Value Traditional Approach AGEL’s approach Plant level O&M Centralized Operations via ENOC Predictive Analytics leading to cost efficient O&M and high performance • On a fleet of 11 Mn modules, capability to • Predictive O&M processes leading to collect Data at s
Slide 15: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 21 Capacity (MW) 748 MW CAGR of 47% 3,470 MW 1 Investment Grade Credit Rating Not Rated Rating BBB- 2 Capital Employed3 INR 50 bn CAGR of 37% INR 178 bn Run-rate EBITDA4 INR 8 bn CAGR of 40% INR 31 bn EBITDA Return on Consist
Slide 16: Case Study: Strategic Alliance with TOTAL
Case Study: Strategic Alliance with TOTAL – Monetization of Capital Formation Evolving Strategic Alliance between Adani Portfolio and TOTAL across Energy Spectrum Oct 2019 Apr 2020 Oct 2020 Jan 2021 37.4% stake acquisition in Adani Gas & Concluded 50:50 AGEL-TOTAL JV in Expanded 50:50 AGEL-TOTAL JV
Slide 17: Operational & Financial Highlights – FY21
Renewables 17 Operational & Financial Highlights – FY21
Slide 18: Key Highlights – FY21
AGEL: Key Highlights – FY21 Key Developments ▪ Adani and TOTAL deepened their strategic alliance with conclusion of 50:50 JV between AGEL and TOTAL 2,353 MW operational solar assets and acquisition of 20% equity stake in AGEL by TOTAL ▪ Sealed USD 1.35 bn senior debt facility in one of Asia’s larges
Slide 19: Capacity Addition 925 MW in FY21 despite ongoing pandemic
AGEL: Capacity Addition 925 MW in FY21 despite ongoing pandemic (All figures in MW AC) Greenfield expansion Brownfield expansion ✓ Despite COVID pandemic related disruption & lockdown AGEL added 575 MW projects within timelines ✓ Above projects commissioned up-to 160 days ahead of scheduled COD ✓ En
Slide 20: Solar & Wind Plant Availability – FY21
AGEL: Solar & Wind Plant Availability – FY21 Solar Plant Availability Wind Plant Availability Solar - Plant availability Wind - Plant Availability 99.5% 98.9% 95.1% 89.7% FY20 FY21 FY20 FY21 Centralized Operations via Energy Network Operation Centre (ENOC) • ENOC enhancing Plant availability perform
Slide 21: Portfolio Performance – FY21
AGEL: Portfolio Performance – FY21 Solar Portfolio Performance Wind Portfolio Performance 5000 800 20% 4886 4000 4120 20% 596 600 3000 22.6% 22.5% 26.7% 26.8% 400 10% 2000 10% 1000 265 200 0% 0 0% 0 FY20 FY21 FY20 FY21 CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units) • Sale of E
Slide 22: Financial Performance – FY21
AGEL: Financial Performance – FY21 (All figures in INR Crore) Total Income & Total EBITDA (1) Revenue (Power Supply) +17% +34% ▪ Revenue from Power Supply increase backed 3520 2419 2629 2632 2065 by added capacities and consistent Solar & 1862 +41% Wind CUF FY20 FY21 FY20 FY21 ▪ EBITDA from Power Su
Slide 23: Bridge of EBITDA from Power Supply – FY20 to FY21
AGEL: Bridge of EBITDA from Power Supply – FY20 to FY21 (All figures in INR Crore) EBITDA up by 19% YoY on back of improved revenue and minor O&M cost increase despite increased capacity 23
Slide 24: Debt Evolution from Mar-20 to Mar-21
AGEL: Debt Evolution from Mar-20 to Mar-21 Gross Debt (INR Cr)1 Net Debt Evolution (INR Cr) 18,885 +36% 1,258 13,943 1,945 894 1,579 15,682 11,470 Mar-20 Mar-21 2 3 Net Debt Cash & Bank Receivables Net Debt (INR Cr) 11,728, 75% 3,954, 25% Debt for operational projects Debt for U/c projects 1. Gross
Slide 25: AGEL Debt Summary as on 31-Mar-21
AGEL Debt Summary as on 31-Mar-21 Debt Split by Currency (INR Cr) LT vs. ST Debt Split (INR Cr) Long Term Debt Short Term Debt Foreign Debt Indian Rupee Debt Includes Trade Rs 18,885 Cr (Mar’21) Gross Debt Credits of INR Vs. 13,943 Cr (Mar’20) 2,476 cr 8,329, Average interest rate 10.1% 10,556, 15,3
Slide 26: ESG
Renewables 26 Adani Green Energy Limited ESG
Slide 27: ESG Strategy Framework
AGEL : ESG Strategy Framework Purpose Decarbonizing the Nation’s Growth AGEL-ESG Goal: To be in Top-10 Companies of the World in ESG Benchmarking of Electric Utility Companies by 2022 Strategic Pillars Corporate Citizenship & Responsible Business Role in Global Climate Action Enabling Social Transfo
Slide 28: ESG performance Update - FY21
AGEL: ESG performance Update - FY21 Role in Climate Change mitigation Commitment to Bio-diversity conservation ✓ 5.2 mn ton CO2 emission avoided in FY21 (equivalent to emission ✓ 100% of the operations covered under commitment by AGEL from 8,953 trips around the earth by a commercial passenger for I
Slide 29: Investment Rationale - AGEL
Renewables Investment Rationale - AGEL 29
Slide 30: A Compelling Investment Case
AGEL: A Compelling Investment Case Project Development Excellence O&M Excellence ✓ De-risked project pipeline through Advance resource ✓ Analytics driven O&M through Energy Network Operation estimation, design & supply chain planning Center (ENOC) ensures consistent Solar Plant availability of ~ 100
Slide 31: Appendix: Operational & Financial Highlights Q4 FY21
Appendix 31 Operational & Financial Highlights Q4 FY21
Slide 32: Solar & Wind Plant Availability – Q4 FY21
AGEL: Solar & Wind Plant Availability – Q4 FY21 Solar Plant Availability Wind Plant Availability Solar - Plant availability Wind - Plant Availability 99.5% 94.0% 94.9% 99.1% Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 Centralized Operations via Energy Network Operation Centre (ENOC) • ENOC enhancing Plant avail
Slide 33: Portfolio Performance – Q4 FY21
AGEL: Portfolio Performance – Q4 FY21 Solar Portfolio Performance Wind Portfolio Performance 30% 200 30% 2000 150 1482 1500 20% 20% 132 1191 110 1000 100 25.4% 24.3% 25.5% 10% 22.2% 10% 500 50 0% 0 0% 0 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn un
Slide 34: Financial Performance – Q4 FY21
AGEL: Financial Performance – Q4 FY21 (All figures in INR Crore) Total Income & Total EBITDA (1) Revenue (Power Supply) +51% +15% ▪ Revenue from Power Supply increase backed +33% 1082 690 601 by added capacities and improved plant 719 715 539 availability Q4 FY20 Q4 FY21 ▪ EBITDA from Power Supply i
Slide 35: Bridge of EBITDA from Power Supply – Q4 FY20 to Q4 FY21
AGEL: Bridge of EBITDA from Power Supply – Q4 FY20 to Q4 FY21 (All figures in INR Crore) EBITDA up by 15% YoY on back of improved revenue and minor O&M cost increase despite increased capacity 35
Slide 36: Appendix: AGEL Receivables Details
Appendix 36 AGEL: Receivables Details
Slide 37: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Not Due Due 31-Mar-21 31-Mar-21 Off Takers 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Due TANGEDCO 170 87 54 48 103 291 579 NTPC 72 - - - - - - SECI 81 - - - - - - KREDL 76 14 5 4 6 40 68 TSSPDCL 26 18 10 8 17 0 53 Others 120 1 1 1 4 8
Slide 38: RG1 & RG2: Financials & Key Operational Numbers
Appendix 38 RG1 & RG2: Financials & Key Operational Numbers
Slide 39: RG1 Portfolio (930 MW) Performance in FY21
AGEL: RG1 Portfolio (930 MW) Performance in FY21 100% 2500 90% 99.5% 98.7% 99.6% 99.3% 80% 2000 70% 1881 1908 • Sale of Energy up by 1% YoY on the back of 20 bps 60% 1500 improvement in CUF performance 50% • 40% 1000 30% Improved CUF performance backed by: 20% 500 10% 23.2% 23.4% - 10 bps improvemen
Slide 40: RG2 Portfolio (570 MW) Performance in FY21
AGEL: RG2 Portfolio (570 MW) Performance in FY21 100% 1800 • Sale of Energy up by 19% YoY on the back of: 90% 99.6% 98.0% 99.8% 98.4% 1600 80% 1328 1400 - Increase in effective capacity with first full year of operation 70% 1200 for 570 MW capacity in FY 21 60% 1114 1000 50% 800 - 130 bps improvemen
Slide 41: AGEL: COVID Preparedness
Appendix 41 AGEL: COVID Preparedness
Slide 42: COVID Preparedness: Projects Under implementation
AGEL: COVID Preparedness: Projects Under implementation COVID Preparedness and site SOPs Outcome • Workforce divided into small group (6-7 workers) to avoid • In case of any COVID positive case, entire group is working in congested / confined spaces and maintainining quarantined without impacting ot
Slide 43: COVID Preparedness: Operational Projects
AGEL: COVID Preparedness: Operational Projects COVID Preparedness and site SOPs Outcome • Each of our site has lean organization structure, wherein • Ensures social distancing. Following 3 T’s (Test, Trace only 3 -4 persons are available at site during any shift and Treat) in case any detection of s
Slide 44: 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 Green Energy Limited (“AGEL”),the future outlook and growth prospects, and fut
Slide 45: Thank You
Renewables 45 Thank You