Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q1 FY21 Earnings Presentation
19 slides from Inox Wind's earnings presentation, Aug 28, 2020
Slide 1: Exchange filing cover letter for earnings presentation
IWL: NOI: 85: 2020 28thAugust, 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 Mater
Slide 2: Inox Wind Limited Q1FY21 Investor Update
INOX WIND LIMITED Q1FY21 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 - FY 21 ORDER BOOK AS ON DATE TECHNOLOGY O&M – STRONG ANNUITY MODEL WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND AUCTIONS WIND SECTOR: GAINING STRENGTH MANUFAC
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations During Q1FY21 our manufacturing operations were impacted due to non availability of manpower and supply chain constraints given the COVID -19 lock down. We resumed our operations post announcement of Unlock 1 in June 2020, when manpower and raw material availabi
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS Financials Revenue and Margins were impacted due to the COVID -19 lock down. Revenue and EBITDA compared to preceding quarter : • Revenue of Rs.97 crs in Q1FY21 against revenue of Rs.189 crs in Q4FY20 • EBITDA loss of Rs.26 crs in Q1FY21 against EBITDA loss of Rs. 177 crs in
Slide 7: Significant Market Opportunity & Way Ahead - FY21
SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD - FY 21 Post the painful transition period, the sector is now looking up. MNRE has recently decided to remove the upper cap in the reverse auctions which had been a long pending demand of the industry. The determination of tariff under the reverse aucti
Slide 8: Significant Market Opportunity & Way Ahead - FY21
SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD - FY 21 We are gaining traction in the market post the transition pain and have recently concluded deals with Adani, ReNew Power and Continuum Wind amongst others. The repeat order from Continuum Wind is the single largest order received by us. Supplies o
Slide 9: Order Book as on Date
ORDER BOOK AS ON DATE Particulars Capacity MW SECI 2: 300MW SECI 3: 200MW Auction based order book 950 •Inox: 250MW SECI 4: 100MW Others 32 •Adani: 50MW Supplied (372) Net order book 610 SECI 1: 300MW LOI for 3.3 MW from Adani 501.6 Inox Wind Maharashtra •Inox: 250MW Agreement signed with leading •A
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: Working Capital Analysis – Positive Momentum Continues
WORKING CAPITAL ANALYSIS – POSITIVE MOMENTUM CONTINUES In Rs. Cr. Particulars Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Inventory 944 933 1,086 993 994 1,115 Net Receivables 1,261 1,058 723 519 110 65 Payables 889 1,083 1,103 1,002 1,055 1,166 Others 103 (103) (122) (125) (103) (95) Net Working Capi
Slide 13: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Particulars Q1FY21 Q4FY20 FY20 FY19 Opening Net Debt (634) (648) (916) (705) Cash Profit (53) (169) (198) 27 Net Working Capital 42 483 1,062 26 Capex 31 (40) (304) (113) Others (32) (260) (277) (151) Closing Net Debt (645) (634) (634) (916) Particulars Q1FY21
Slide 14: 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 Apr-18 2000MW NTPC Aug-18 1200MW SECI 5 Sep-18 1200MW Hybrid 1 Dec-18 840MW SECI 6 Feb-19 1200MW Gujarat May-19 745MW Hybrid 2 May-19 720MW SECI 7 Jun-19 480MW SECI 8 Aug-19 4
Slide 15: 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 3.2 3.3 2.3 2.3 2 2.1 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Feed In Tariff Regime (FIT) Aucti
Slide 16: 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 17: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 27th Aug 20 (BSE) 85 75 Market capitalization (Rs. Cr) 1033 65 55 45 Price (Rs.) 46.55 35 25 No. of shares outstanding (Cr) 22 15 Apr/2019 Jun/2019 Aug/2019 Oct/2019 Dec/2019 Feb/2020 Apr/2020 Jun/2020 Face Value (Rs.) 10.0 Source -
Slide 18: Financials: Consolidated P&L Statement
FINANCIALS : CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q1FY21 Q1FY20 Q4FY20 Income a) Revenue from operation (net of taxes) 9,667 25,959 18,925 Other Income 523 494 749 Total Income from operations (net) 10,190 26,453 19,675 Expenses a) Cost of materials consumed 2,096 6,957 3,894 b) Purchases of sto
Slide 19: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 18