Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q2 FY21 Earnings Presentation
42 slides from Adani Green Energy's earnings presentation, October 2020
Slide 1: Adani Green Energy Limited Earnings Presentation Q2 & H1 FY21
Renewables Adani Green Energy Limited Earnings Presentation Q2 & H1 F Y21 C o n s o li d a t e d F i n a n c ia ls
Slide 2: Contents
CONTENTS 04-07 09-10 12-15 AGEL: Transformational Adani Group AGEL – Company Profile Advantage Adani: World class infrastructure AGEL: Transformational AGEL: Overall pipeline Development & utility portfolio 04 Renewable Company 09 and de-risking philosophy 12 Adani: Repeatable, robust & AGEL: Large,
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 63.5% 100% 75% 75% 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%
Slide 5: Adani Group: Repeatable, robust & proven model of infrastructure development
Adani Group: Repeatable, robust & proven model of infrastructure development Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital intelligence plann
Slide 6: Adani Group: Repeatable, robust business model applied to drive value
Adani Group: Repeatable, robust business model applied to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVDC 648 MW Ultra Mega Largest Single Location Commercial Port Line in Asia Solar Po
Slide 7: AGEL: Replicating Group's Transformational Growth Profile
AGEL : Replicating Group’s Transformational Growth Profile Total Portfolio Diversified Portfolio ESG 14,195 MW 1 11 states Development 74% solar; 12% wind; 14% wind-solar hybrid Pure-play Solar & Wind Assets 6,195 MW in Operation & ramp-up 8,000 MW Awarded Pipeline 100% Contracted Capacity Counterpa
Slide 8: Company Profile
Renewables 8 Adani Green Energy Limited Company Profile
Slide 9: AGEL: Transformational Renewable Company
AGEL: Transformational Renewable Company Largest Listed 2,800 MW – Operational 15,000 MW identified in Gujarat Renewable Site Plan & Company in India 3,395 MW – ramp up in 5–12 months 15,000 MW at other sites Development Pipeline under 8,000 MW Upcoming Over 23,000 MW in pipeline Solar Tenders execu
Slide 10: AGEL: Large, Geographically Diversified Portfolio
AGEL: Large, Geographically Diversified Portfolio 14,195 MW Portfolio 1 | 2,800 MW operational Average AGEL tariff below APPC 2 APPC @ 3.60/kWh Operational Under Implementation Wind Solar Solar-Wind Hybrid 3.2 2.5 2.4 2.7 2.3 3.26 130 Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 AGEL 175 200 Portfolio Avg. Lo
Slide 11: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 12: Overall pipeline Development and de-risking philosophy
AGEL: Overall pipeline Development and de-risking philosophy Resource Assessment Land Identification Design Optimisation Origination 85+ Wind data locations 2,00,000+ acres land ~10% Cost Efficiency identified across India Land Acquisition Statutory Approvals Connectivity Development 1,00,000 acres
Slide 13: Transformational Advantage driven by de-risked pipeline
AGEL: Transformational Advantage driven by de-risked pipeline Map – Khavda, 15,000 MW site 15,000 MW - Advanced Site Readiness Site area 2.7x Paris City Over 3 years of on site resource Resource Assessment estimation Solar potential map - Gujarat 70,000 acres of land Land Acquisition allocated by Go
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
Slide 15: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 20 Cash Flow from Operations 2500 1965 2000 CAGR of 47% 2,545 MW 1 1625 INR Crore Capacity (MW) 748 MW 1500 1000 500 301 28 Investment Grade 0 Credit Rating Not Rated Rating BBB- 2 FY17 FY18 FY19 FY20 Capital Employed3 INR 50
Slide 16: Operational & Financial Highlights
Renewables 16 Operational & Financial Highlights
Slide 17: Key Highlights - H1 & Q2 FY21
AGEL: Key Highlights - H1 & Q2 FY 21 Capacity Addition Acquisition of 205 MW operational solar assets from Essel group completed in Sep 2020 AGEL expands TOTAL JV with addition of 205 MW solar assets at EV of INR 1,632 Cr taking the total operating portfolio under the JV to 2,353 MW Operational
Slide 18: Solar & Wind Plant Availability
AGEL: Solar & Wind Plant Availability Q2 FY 21 H1 FY21 Solar - Plant availability Wind - Plant Availability Solar - Plant availability Wind - Plant Availability 99.6% 99.6% 99.5% 99.6% 94.4% 95.0% 85.4% 85.3% Q2 FY20 Q2 FY21 Q2 FY20 Q2 FY21 H1 FY20 H1 FY21 H1 FY20 H1 FY21 Centralized Operations via
Slide 19: Solar Portfolio Performance
AGEL: Solar Portfolio Performance Q2 FY21 1080 • Sale of Energy up by 11% on the back of: 1025 921 20% 880 - Capacity increase from 1,948 MW to 2,403_MW YoY 680 - Continued strong CUF performance 10% 20.1% 20.7% 480 • CUF performance better than P75 target of 20.6% on the 280 back of: 0% 80 - Contin
Slide 20: Wind Portfolio Performance
AGEL: Wind Portfolio Performance Q2 FY21 162 • Sale of Energy up by 230% Y-o-Y on the back of: 30% 155 - Capacity increase from 72 MW to 247_MW YoY 31.2% 105 30.3% - Consistent CUF 55 49 20% 5 • Consistent CUF with significant improvement in plant Q2 FY20 Q2 FY21 availability from 85% to 94% althoug
Slide 21: Financial Performance - Q2 FY21
AGEL: Financial Performance - Q2 FY21 (All figures in INR Crore) Total Income Revenue (Power Supply) +1% +15% Total Income up by 1% YoY 712 718 530 461 Revenue from Power Supply was up by 15% YoY with added capacities and consistent Solar & Wind CUF Q2 FY20 Q2 FY21 Q2 FY20 Q2 FY21 EBITDA from
Slide 22: Financial Performance - H1 FY21
AGEL: Financial Performance - H1 FY21 (All figures in INR Crore) Total Income Revenue (Power Supply) +15% +12% Total Income up by 15% YoY 1596 1387 1139 1012 Revenue from Power Supply was up by 12% YoY with added capacities, steady Solar CUF H1 FY20 H1 FY21 & improved Wind CUF H1 FY20 H1 FY21
Slide 23: Bridge of EBITDA from Power Supply - Q2 FY20 to Q2 FY21
AGEL: Bridge of EBITDA from Power Supply - Q2 FY20 to Q2 FY21 (All figures in INR Crore) EBITDA up by 19% YoY on back of improved revenue performance and optimization of O&M cost 23
Slide 24: Bridge of EBITDA from Power Supply: H1 FY20 to H1 FY21
AGEL: Bridge of EBITDA from Power Supply: H1 FY20 to H1 FY21 (All figures in INR Crore) EBITDA up by 15% YoY on back of improved revenue performance and optimization of O&M cost 24
Slide 25: Debt Evolution
AGEL: Debt Evolution Gross Debt1 Net Debt Evolution 16,321 (All figures in INR Crore) 13,943 +17% 1,289 1,670 894 1,579 13,362 11,470 Mar-20 Sep-20 2 3 Net Debt Cash & Bank Receivables Net Debt 11,199, 84% 2,163, 16% Debt for operational projects Debt for U/c projects 1. Gross debt does not include
Slide 26: AGEL Debt Summary as on 30th Sept 20
AGEL Debt Summary as on 30th Sept 20 Debt Split by Currency (INR Cr) LT vs. ST Debt Split (INR Cr) Long Term Debt Short Term Debt Foreign Debt Indian Rupee Debt Rs 16,321 Cr (Sep’20) Includes Trade Consolidated Debt Credits of Vs. 13,943 Cr (Mar’20) INR1,067 Cr to 6,712, 9,609, be replaced with Aver
Slide 27: ESG
Renewables 27 Adani Green Energy Limited ESG
Slide 28: Environment Awareness & Initiatives
AGEL – Environment Awareness & Initiatives • 2.5 million ton CO2 emission reduced in H1 FY21 Offsetting Carbon • Matching the load curve through hybrid (solar + wind) power plant Emission & Increased efficiency • ENOC launched as digital monitoring platform for optimised responsiveness • Creation of
Slide 29: Social Engagement: Giving back to the Society
AGEL – Social Engagement: Giving back to the Society • 546 safety trainings arranged over 17,094 hours in H1 FY21 Ensuring Health & • 4.29 mn Continuous Safe man-hours in H1 FY21 Safety • No minor labor deployment, documented safety procedures for services contracts • Field Safety Audits conducted a
Slide 30: Corporate Governance: Adopting best practices
AGEL - Corporate Governance: Adopting best practices • 50% of the Board comprises of Independent Directors • Separate Chairman and CEO Positions Independent Board • 4 out of 5 Board Committees comprising of Majority of Independent Directors • Review of performance of Non-Independent Directors and Bo
Slide 31: Renewable Growth Story & Investment Rationale - AGEL
Renewables Renewable Growth Story & Investment Rationale - AGEL 31
Slide 32: Locked-in Growth with improving counterparty mix
AGEL: Locked-in Growth with improving counterparty mix Strong Execution Track Record… Operational (MW) UC (MW) 25,000 # 14,195 25,000 5,990 11,395 4,560 2,000 2,570 3,445 798 612 2,590 485 1,192 808 1,958 1,970 2,800 313 2,545 FY 16 FY 17 FY 18 FY 19 FY 20 H1 FY 21 FY 25E …Improving Counterparty mix
Slide 33: Renewable Growth Story
AGEL: Renewable Growth Story Untapped renewable resources - Significant potential for growth 1 India: Renewable Installed Capacity (GW) 2 Solar Capacity (GW) Wind Capacity (GW) Other Capacity (GW) Historic 749 347 Targeted 45 Projected CAGR: 18% >21x >9x 3x 450 potential potential potential Historic
Slide 34: A Compelling Investment Case
AGEL: A Compelling Investment Case India targets Renewable capacity of 175 GW by 2022 & 450 GW by 2030 from 87 GW currently Strong Government Push ‘Must-run’ status to renewable plants in India ensures continuous off-take of energy Locked-in capacity growth of 5x from 2.8 GW to 14 GW with alre
Slide 35: Appendix
35 Appendix
Slide 36: Appendix: Receivable Details
Appendix 36 AGEL: Receivable Details
Slide 37: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Not Due Overdue 30-Sep-20 30-Sep-20 Off Takers 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue TANGEDCO1 147 109 57 69 121 437 793 NTPC2 55 - - - - - - SECI3 57 - - - - - - Others 137 27 17 14 21 20 99 Total 397 136 74 82 142 457 892
Slide 38: RG1 & RG2: Financials & Key Operational Numbers
Appendix 38 RG1 & RG2: Financials & Key Operational Numbers
Slide 39: RG1 Portfolio (930 MW) Performance in H1 FY21
AGEL: RG1 Portfolio (930 MW) Performance in H1 FY21 Plant Availability Grid Availability CUF (AC) Net Export (mn units) • Net Export of Energy up by 2% YoY on the back of 100% 960 increased effective capacity of 17 MW and continued 90% 99.3% 98.8% 99.5% 99.1% 940 strong CUF performance 80% 952 70% 9
Slide 40: RG2 Portfolio (570 MW) Performance in H1 FY21
AGEL: RG2 Portfolio (570 MW) Performance in H1 FY21 Plant Availability Grid Availability CUF (AC) Net Export (mn units) 100.0% 700 • Net Export of Energy up by 65% YoY on the back of: 99.5% 95.9% 99.8% 99.1% 600 - Capacity increase from 370 MW to 570_MW YoY 80.0% 661 500 60.0% 400 - Continued strong
Slide 41: 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 42: Thank You
aT) =) Renewables | — Thank You