Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Adani Transmission — Q3 FY2021 Earnings Presentation
46 slides from Adani Energy Solutions's earnings presentation, Feb 4, 2021
Slide 1: Submission of Q3 FY21 Results Presentation cover letter
4th February, 2021 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 539254 Scrip Code: ADANITRANS Dear Sir, Sub: Submission of Q3 FY 21 Results Presentation. Please find enclose
Slide 2: Adani Transmission Limited Q3 FY21 Results Presentation
Adani Transmission Limited Q3 FY21 Results Presentation February 2021
Slide 3: Contents
CONTENTS 04-07 Adani Group 04 09-12 Company Profile 09 14-16 3Q Operational Highlights 14 18-20 3Q Financial Highlights 18 ESG – Embedded into our 22-24 operations 22 26 Key Focus Areas – FY21 26 9MFY21 Operational and 29 29-35 Financial Highlights 37-39 Detailed Financials 37 41-43 Credit Rating an
Slide 4: Adani Group
Transmission
Slide 5: Adani: A world class infrastructure & utility portfolio
Adani: A world class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.5% 100% 75% 55% Marked shift from B2B to B2C businesses – APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables AGL – Gas distribution network to serve key 100% 75% 3
Slide 6: Adani: Decades long track record of industry best growth rates
Adani: Decades long track record of industry best growth rates across sectors Transmission Network (ckm) Port Cargo Throughput (MT) Renewable Capacity (GW) CGD8 (GAs9 covered) 45% 21% 161% 12% 1.5x 3x 30% 2.5x 6x 7% 5% 25% Industry ATL Industry APSEZ Industry Adani AGEL Industry AGL 2016 320,000 ckm
Slide 7: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital Activity intelligence pla
Slide 8: A platform well-positioned to leverage growth opportunities in T&D business
ATL: A platform well-positioned to leverage growth opportunities in T&D business Execution Prowess Strategic Presence Healthy pool mix Transmission Network of Transmission - Present in 10 states Development with 22 transmission lines Transmission (FY20): 15,487 ckt km1; 52% of EBITDA - Central pool
Slide 9: Company Profile
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Slide 10: Manifesting Adani's Infrastructure Excellence in T&D business
ATL: Manifesting Adani’s Infrastructure Excellence in T&D business Execution Strength and Pan Pan-India network & only private AEML - One of the best-run 3 million+ India Presence sector co. to operate 500 KV 93-year old integrated utility Retail Electricity Households HVDC in S-E Asia catering to g
Slide 11: ATL at a Glance
ATL at a Glance Contracted Assets ROA Assets 25.1% 100% 100% 74.9% 100%1 Transmission HVDC Consumer-facing Assets Transmission line Integrated Utility TBCB(2) Assets 4 Operating HVDC Line in AEML catering to Transmission Assets Mumbai 3 mn+ Connections Concession Life of Transmission 13 Operating 9
Slide 12: Contracted Assets at a Glance
Contracted Assets at a Glance Contracted Assets Key Characteristics TBCB Fixed 35 yrs + 30 yrs of (Section 63) Tariff Asset Life remaining life of asset Operating Asset Base Op. EBITDA Assets (Rs. Bn) FY20 (Rs. Bn) Counterparty Network Pool 13 68 8.0 Function of line Under-construction Asset Base Fu
Slide 13: ROA assets at a Glance
ROA assets at a Glance 3 Consumer-facing Integrated Utility (AEML) 1 ROA Transmission Assets Key Characteristics ROA Transmission Assets Consumer 3.04 million Counterparty Consumers base Return on Assets (ROA -Section 62) Type of Regulated Asset Life Perpetual Asset Asset (Sec. 62) business Network
Slide 14: Q3FY21 Operational Highlights
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Q3FY21 Operational Highlights 14
Slide 15: Q3FY21 Operational Highlights: Snapshot
ATL: Q3FY21 - Operational Highlights: Snapshot Transmission business Distribution business Network Distribution Availability Consumers length Losses • Added transmission Q3FY21 network of 650 ckt 99.83% 15,487 ckt km 3.06 million 6.70% km in Q3 • Distribution loss Q3FY20 reduced to 6.7% in 99.59% 14
Slide 16: Integrated Distribution Utility (AEML): Key Operating Metrics
ATL: Q3FY21 - Integrated Distribution Utility (AEML): Key Operating Metrics Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) Target: Maintain Consistently Improve 99.9% reliability SAIFI SAIDI CAIDI efficiency factors 33.49 99.992% 99.992% 30.69 Maintained more Outage Tim
Slide 17: Integrated Distribution Utility (AEML): Key Operating Metrics
ATL: Q3FY21 - Integrated Distribution Utility (AEML): Key Operating Metrics Consumer base (million) Distribution Loss (%) E-payment (% of total collection) E-payment mode is Consistently grow Target of continuously growing <=7.3% consumer base 8.69% 63.46% E-payments 3.06 3.05 Distribution 48.81% ha
Slide 18: Q3FY21 Financial Highlights
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Q3FY21 Financial Future Outlook Highlights 14
Slide 19: Financial Highlights – Snapshot Q3FY21
ATL: Financial Highlights – Snapshot Q3FY21 Consolidated Transmission Distribution Q3FY21 Q3FY20 Q3FY21 Q3FY20 Q3FY21 Q3FY20 Operating Revenue 2,292 2,572 704 679 1,588 1,893 Transmission business performance is broadly insulated from current disruptions resulting into Operating 1,125 1,060 strong p
Slide 20: Transmission Utility - Revenue and Operating EBITDA Bridge Q3FY21
ATL: Transmission Utility - Revenue and Operating EBITDA Bridge Q3FY21 Q3FY21 – Revenue bridge (ex incentive) YoY Q3FY21 – Operating EBITDA bridge YoY 800 670 3 14 700 15 (14) (3) 18 2 650 600 7 (2) 630 500 666 610 685 400 650 590 627 300 570 200 Q3 FY21 GTL one MEGPTCL Revenue from Others MEGPTCL &
Slide 21: Distribution Utility - Revenue and Operating EBITDA Bridge Q3FY21
ATL: Distribution Utility - Revenue and Operating EBITDA Bridge Q3FY21 Q3FY21 – Revenue bridge YoY Q3FY21 – Operating EBITDA bridge YoY 900 2,000 ( 169 ) ( 304 ) ( 10 ) 17 173 ( 104 ) 1,700 11 (8) (4) ( 31 ) 700 165 1,400 500 1893 1,100 1,588 300 475 800 433 500 100 Q3 FY21 Transmission Other Wheeli
Slide 22: ESG
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission ESGESG 08
Slide 23: Integrated ESG Framework for enhanced value creation
ATL: Integrated ESG Framework for enhanced value creation Technological advancement for minimal downtime during maintenance better availability increased EBITDA TARGET BY SEP 2021 Renewable Power Procurement at below APPC tariff reduction for 12 mn Mumbai consumers 12x growth in renewable power proc
Slide 24: ESG Quarterly Performance and Initiatives
ATL: ESG Quarterly Performance and Initiatives ESG Performance (Q3 FY21)1 ESG Initiatives during the year • Three substations namely Mundra, Mahendargarh, Koradi achieved ‘Single Use Plastic Free’ Certification from CII. 71.70 % 47.67 % Auxiliary Power Scope 1 Emission • ATL became signatory to Indi
Slide 25: Inculcating Safety Culture
ATL: Inculcating Safety Culture Recent Safety Initiatives Safety Performance in Q3FY21 Safety Parameters Q3FY21 Q2FY21 • 48,110 man-hours of safety training and awareness during the quarter LTI 2 2 • Training was conducted across the organization on effective Fatalities 0 0 usage of Gensuite mobile
Slide 26: Future Outlook Key Focus Areas
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Future Outlook Key Focus Areas 14
Slide 27: Key Focus Areas FY21 and Beyond
ATL: Key Focus Areas FY21 and Beyond Liquidity Management Growth • Focus on maintaining adequate liquidity cover to swiftly mitigate • ATL well placed to capture future growth through multiple current uncertainties avenues: • Fully covered in-terms of debt servicing for next 12 months by • Robust un
Slide 28: Annexure
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Annexure (9MFY21 Highlights, Detailed Financials, Credit Rating, Asset Portfolio) 22
Slide 29: 9MFY21 Operational and Financial Highlights
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission 9MFY21 Operational and Future Outlook Financial Highlights 14
Slide 30: 9MFY21 - Operational Highlights: Snapshot
ATL: 9MFY21 - Operational Highlights: Snapshot Transmission business Distribution business Network Distribution Availability Consumers length Losses 9MFY21 99.87% 15,487 ckt km 3.06 million 7.90% 9MFY20 99.73% 14,738 ckt km 3.05 million 7.89% Distribution business Supply Reliability Units Sold Colle
Slide 31: 9MFY21 - Integrated Distribution Utility (AEML): Key Operating Metrics
ATL: 9MFY21 - Integrated Distribution Utility (AEML): Key Operating Metrics Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) Target: Maintain SAIDI SAIFI CAIDI Consistently Improve 99.9% reliability efficiency factors 99.994% 99.992% 32.30 31.03 32.09 24.48 Outage Time Su
Slide 32: 9MFY21 - Integrated Distribution Utility (AEML): Key Operating Metrics
ATL: 9MFY21 - Integrated Distribution Utility (AEML): Key Operating Metrics Consumer base (million) Distribution Loss (%) E-payment (% of total collection) Consistently grow Target of E-payment mode is consumer base <=7.3% continuously growing 7.90% 7.89% 3.06 3.05 69.53% E-payments Distribution hav
Slide 33: 9MFY21 vs. 9MFY20 – Line availability across asset groups
ATL: 9MFY21 vs. 9MFY20 – Line availability across asset groups Average Availability Across Operational Assets(1) % Focus on Maximizing Incentive % Line Availability - Obligor Group Incentive – Obligor 1 and Obligor 2 Normative Incentive 99.84% 99.69% 1.21% 1.15% 0.62% 1.63% 2.03% 98.5% 98.5% 99.0% 9
Slide 34: Financial Highlights – Snapshot 9MFY21
ATL: Financial Highlights – Snapshot 9MFY21 Consolidated Transmission Distribution 9MFY21 9MFY20 9MFY21 9MFY20 9MFY21 9MFY20 Operating Revenue 6,564 8,017 2,072 2,021 4,492 5,996 Transmission business performance is broadly insulated from current Operating disruptions resulting into EBITDA 3,196 3,1
Slide 35: Transmission Utility - Revenue and Operating EBITDA Bridge 9MFY21
ATL: Transmission Utility - Revenue and Operating EBITDA Bridge 9MFY21 9MFY21 – Revenue (ex incentive) bridge YoY 9MFY21 – Operating EBITDA bridge YoY 2,000 2,100 7 1,950 18 15 32 2,000 (23) 43 (6) 1,900 19 (23) 2 1,900 1,850 1,800 1,800 2,016 1,985 1,750 1,700 1,917 1,700 1,864 1,600 1,650 1,600 1,
Slide 36: Distribution Utility - Revenue and Operating EBITDA Bridge 9MFY21
ATL: Distribution Utility - Revenue and Operating EBITDA Bridge 9MFY21 9MFY21 – Revenue bridge YoY 9MFY21 – Operating EBITDA bridge YoY ( 36 ) 859 ( 1,505 ) 2,800 7,000 ( 334 ) 6,000 ( 1,096 ) 2,300 598 5,000 29 ( 14 ) ( 12 ) ( 77 ) 1,800 4,000 45 5,996 1,300 3,000 4,492 2,000 800 1,315 1,279 1,000
Slide 37: Detailed Financials
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Future Detailed Outlook Segment Financials 14
Slide 38: P&L Q3FY21 vs. Q3FY20
ATL: P&L Q3FY21 vs. Q3FY20 (Rs in Crore) Q3 FY21 Q3 FY21 Q3 FY21 Q3 FY20 Q3 FY20 Q3 FY20 Sr No. Particulars % change Transmission Distribution (Consolidated) Transmission Distribution (Consolidated) 1 Revenue 1.1 Net Transmission & Distribution Charges 685 1,588 2,273 666 1,893 2,559 1.1.a Transmiss
Slide 39: P&L 9MFY21 vs. 9MFY20
ATL: P&L 9MFY21 vs. 9MFY20 (Rs in Crore) 9M FY21 9M FY21 9M FY21 9M FY20 9M FY20 9M FY20 Sr. No. Particulars % change Transmission Distribution (Consolidated) Transmission Distribution (Consolidated) 1 Revenue 1.1 Net Transmission & Distribution Charges 2,016 4,492 6,508 1,985 5,996 7,980 1.1.a Tran
Slide 40: P&L Q3FY21 vs. Q2FY21
ATL: P&L Q3FY21 vs. Q2FY21 (Rs in Crore) Q3 FY21 Q3 FY21 Q3 FY21 Q2 FY21 Q2 FY21 Q2 FY21 Sr No. Particulars % change Transmission Distribution (Consolidated) Transmission Distribution (Consolidated) 1 Revenue 1.1 Net Transmission & Distribution Charges 685 1,588 2,273 669 1,467 2,137 1.1.a Transmiss
Slide 41: Credit Ratings and Asset Portfolio
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Future Credit Outlook Ratings and Asset Portfolio 14
Slide 42: ATL is rated Investment Grade from FY16 and beyond
ATL is rated Investment Grade from FY16 and beyond International- Obligor Group SPV Ratings - Domestic Rating Agency Facility Rating/Outlook Company Rating Agency Rating Outlook Fitch Dollar Bond BBB-/Negative ATL ICRA, India Ratings AA+ Stable S&P Dollar Bond BBB-/Stable AEML India Ratings AA+ Stab
Slide 43: ATL's Evolution and Operational Asset Portfolio
ATL’s Evolution and Operational Asset Portfolio ATL’s Transmission Network (ckt km) has grown 2.8x Adani Transmission Limited and Distribution business being acquired in FY19 ATL’s “Grid-to-Switch” Integrated Platform 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% ATSCL & WTGL, PPP ATIL
Slide 44: Locked-in Growth from Under-construction Asset Portfolio
ATL: Locked-in Growth from Under-construction Asset Portfolio Adani Transmission Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ghatam- Obra-C WRSS – Bikaner - Lakadia Kharghar NKTL Jam Kham- FBTL Banas- HVDC# pur Badaun XXI (A) Khetri baliya - Vikhroli kantha North Fategarh Ghatampu
Slide 45: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Transmission Limited (together with its subsidiaries, the “Company” or “ATL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely fo
Slide 46: Thank You
adani Transmission adani Transmission Thank You -¢