Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q3 FY2018 Earnings Presentation
21 slides from Inox Wind's earnings presentation, February 2018
Slide 1: Stock exchange disclosure letter: Earnings Presentation
IWL: NOI: 8: 2018 and February, 2018 \The Secretary (The Secretary BSE Limited (National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers [Exchange Plaza, Bandra Kurla Complex (Dalal Street, Mumbai 400 001 Bandra (E), Mumbai 400 051 Scrip code: 539083 Scrip code: INOXWIND Fax No, 022-227231
Slide 2: Inox Wind Limited Q3FY18 Investor Update
INOX WIND LIMITED Q3FY18 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 GOVT SHARES ROADMAP FOR INDIAN WIND SECTOR SECTOR POISED FOR TAKE OFF ON BACK OF AUCTIONS VISIBILITY INOX WIND – THE PATH AHEAD Q3 HIGHLIGHTS Q3 RESULT ANALYSIS SALES & COMMISSIONING WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS ORDER BOOK MANUFACTURING
Slide 5: Govt Shares Roadmap for Indian Wind Sector
GOVT SHARES ROADMAP FOR INDIAN WIND SECTOR Q3FY18 was a landmark quarter for the Indian wind energy sector on back of the following policy announcements-: Stronger than expected roadmap – Provides clarity on future auction volumes. The Honourable Power Minister, Shri R K Singh, announced the roa
Slide 6: Sector Poised for Take Off on Back of Auctions Visibility
SECTOR POISED FOR TAKE OFF ON BACK OF AUCTIONS VISIBILITY Central Auctions – SECI SECI-1 (1000MW) & SECI-2 (1000MW) already conducted . SECI 3 (2000MW) – Bid documents submitted. Auction expected to be held in February, 18. SECI 4 (2000MW) – Expected to be conducted by March, 18 * FY19 – 1
Slide 7: Inox Wind – The Path Ahead
INOX WIND – THE PATH AHEAD Indian WTG market expected • Auction regime is expected to increase the WTG market to 6GW-10GW annually on a sustainable basis. to be 6GW-10GW per annum This is driven by cost of wind power now being even lower than conventional sources of power. • Indian wind power market
Slide 8: Q3 Highlights
Q3 HIGHLIGHTS The sector is coming back much stronger on back of the clear & visible roadmap on auctions provided by the government for wind power auctions in the future to reach India’s target of achieving wind power installations of 60GW by 2022. The government has guided for 10GW auctions in FY
Slide 9: Q3 Result Analysis
Q3 RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) In Rs. Cr. 1,161 15.9% 184 91 (18) Q3 FY17 Q3 FY18 -19.8% Q3 FY17 Q3 FY18 REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) 9.3% 108 (46) Q3FY17 Q3FY18 -50.7% PAT PAT % Q3 results reflect the ongoing transition to the auction regime in the Indian Wi
Slide 10: Sales & Commissioning
SALES & COMMISSIONING Q3 FY17 (MW) Q3 FY18 (MW) 9M FY17 (MW) 9M FY18 (MW) 266 508 466 428 180 142 234 40 90 10 10 12 30 14 4 10 Nacelles & Hubs Blades Towers Commissioning Nacelles & Hubs Blades Towers Commissioning The sales & commissioning data reflects the ongoing transition to the auction regime
Slide 11: Working Capital Analysis
WORKING CAPITAL ANALYSIS Particulars (Rs Cr) Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Inventory 745.6 690.4 866.5 955.4 940.6 Receivables 2,488.6 2,382.4 1,984.3 1,658.3 1,360.3 Payables 1,152.3 968.7 628.8 506.1 451.7 Others 118.7 300.2 142.3 180.8 139.7 Net Working Capital 1,963.2 1,804.0 2,079.8 1,926.
Slide 12: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS (In Rs cr) Q3FY17 FY17 Q3FY18 Opening Net debt (1,027) (641) (1,037) Cash Profit 119 347 (32) Net working capital 63 (163) 217 Capex (53) (303) (16) Other (48) (19) (34) Closing Net debt (946) (779) (901) (In Rs cr) Q3FY17 FY17 Q3FY18 Net Debt 946 779 901 Equity 2,080 2,1
Slide 13: Order Book
ORDER BOOK Current order book stands at 600MW based on SECI-1 & SECI-2 auctions. During the quarter, we won an order of 50MW from Adani Green from their SECI-2 win. Expected auction pipeline as follows : Jan- March, 18 * SECI-3 – 2000MW SECI -4 – 2000MW Maharashtra state auction – 500MW
Slide 14: 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 15: Project Sites
PROJECT SITES Amongst the largest project site allottees in Gujarat, Rajasthan and Madhya Pradesh Rajasthan Expanded presence in Andhra Pradesh and Gujarat Madhya Pradesh Karnataka and Kerala Maharashtra Sufficient project site inventory for installation of an aggregate capacity of more than 5
Slide 16: Technology
TECHNOLOGY Moving towards bigger turbines on the same platform Inox Wind is working towards creating the Higher Energy Lower Energy Higher Returns Yield Cost next generation of Wind turbines. Launched “Power Booster” technology upgrade leading to enhancing output across 20% the operating fleet.
Slide 17: O&M – Annuity Business
O&M – ANNUITY BUSINESS Inox Wind has an installed wind turbine base of approx 2.2GW in India with multi year O&M agreements In FY17, O&M revenues are ~3% of our revenues but we expect this revenue stream to pick up strongly in the coming years as the fleet size increases O&M revenues are noncy
Slide 18: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 01.02.18 (BSE) 220 200 Market capitalization (Rs. Cr) 2845 180 160 Price (Rs.) 128 140 No. of shares outstanding (Cr) 22 120 100 Face Value (Rs.) 10.0 May-17 Apr-17 Jul-17 Aug-17 Feb-17 Jul-17 Sep-17 Nov-17 Dec-17 Jan-17 Mar-17 Jun-
Slide 19: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q3FY18 Q3FY17 YoY Q2FY18 QoQ 9MFY18 9MFY17 YoY Income (a) Revenue from operations (net of taxes) 9,093 116,062 7,951 27,643 239,578 (b) Other income 380 1,444 764 2,213 5,099 Total Income (a+b) 9,473 117,506 -92% 8,715 9% 29,856 244,677 -8
Slide 20: Financial Summary
FINANCIAL SUMMARY In Rs. Cr Revenue from Operations EBIDTA (Inc OI) & EBIDTA Margin % PAT & PAT Margin % 19.0% 17.4% 17.6% 18.3% 14.2% 4,451 11.8% 8.4% 10.9% 10.3% 8.7% 783 461 3,415 CAGR – 34% CAGR – 33% 626 CAGR – 21% 2,709 472 296 303 1,567 1,059 201 185 150 132 FY13 FY14 FY15 FY16 FY17 FY13 FY14
Slide 21: Thank You
FOR FURTHER QUERIES : THANK YOU Mr. Atul Soni Head - Investor Relations- Inox Wind Contact No: 0120 6149881 Email : Investors@inoxwind.com 20