Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — H1 FY25 Earnings Presentation
44 slides from Adani Green Energy's earnings presentation, October 2024
Slide 1: Earnings Presentation – H1 FY25 Consolidated Financials
Adani Green Energy Limited Earnings Presentation – H1 FY25 Consolidated Financials AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 2: Table of Contents
Table of Contents 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures 2
Slide 3: Financial Performance at a glance: H1 FY25 (YoY)
Financial Performance at a glance: H1 FY25 (YoY) Consistent robust financial performance Revenue EBITDA Cash Profit ₹4,836 Cr ₹4,518 Cr ₹2,640 Cr ▲ 20% ▲ 20% ▲ 27% AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 4: Adani Portfolio
adani Renewables O1 Adani Portfolio
Slide 5: Adani Portfolio: A World class infrastructure & utility portfolio
Adani Portfolio: A World class infrastructure & utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 6: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 4x 6 EBITDA 71% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platfor
Slide 7: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value C
Slide 8: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Ongoing Capital Investment Building Resilience ~2,50,000 acres of resource rich Geotechnical studies Development sites for renewable in strategic 50+ GW potential & Special studies (AIIL) locations Evacu
Slide 9: AGEL: Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 10: AGEL: Committed to a sustainable future
AGEL: Committed to a sustainable future Holding Structure ESG Ratings RE Sector Ranking 2 Adani Family Rating Agency Rating/Score Global India Score of 4.2 / 5 60.9% 3 1 Constituent of FTSE4Good Index 7.2% ESG Risk Rating of 14.3 Top 10 2 Score of 77 / 100 Top 5 1 2.7% Rated ‘A-’ Leadership Leadersh
Slide 11: AGEL: Leading India's Energy Transition
AGEL: Leading India’s Energy Transition Focused on delivering Increased focus on C&I and Fully funded growth with renewable power and Merchant opportunities to disciplined capital storage solutions maximize value creation management Developing renewable projects Driving operational at an unparallele
Slide 12: AGEL: Renewable energy portfolio evolution up to 2030
AGEL: Renewable energy portfolio evolution up to 2030 Today 2030 11% 19% 5% ✓ 100% Must-run Portfolio 13% 15% 11.2 GW Resource Mix 50 GW 66% ✓ 25-Year Fixed tariff PPAs 71% to contribute majority of the portfolio Solar Wind Hybrid Solar Wind Hybrid PSP ✓ Attractive tariffs in merchant and C&I 8% 15%
Slide 13: AGEL: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: AGEL: Executive Summary – H1 FY25
AGEL: Executive Summary – H1 FY25 Capacity Addition & Operational Performance ▪ Operational capacity increased by 34% YoY to 11,184 MW with greenfield addition of 2,868 MW power plants ▪ Sale of energy increased by 20% YoY at 14,128 mn units in H1 FY25, backed by robust capacity addition ▪ Steady gr
Slide 15: Operational Capacity Addition & Sale of Energy – H1 FY25 YoY
Operational Capacity Addition & Sale of Energy – H1 FY25 YoY Operational Capacity (in MW AC) Operational Capacity increased by 34% to 11,184 MW with greenfield addition of 2,868 MW 11,184 2,140 8,316 1,651 2,140 Operationalized 2,418 MW solar power plants 1,201 7,393 4,975 Greenfield addition of Gre
Slide 16: Khavda: World's largest single-location Renewable Energy Project
Khavda: World’s largest single-location Renewable Energy Project Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ✓ All projects to be developed on contiguous land in Khavda Significant Scale Renewable Park Efficiencies ✓ Significant scale efficiencies
Slide 17: Growth in generation and PPA commitment v/s actuals
Growth in generation and PPA commitment v/s actuals Steady growth in generation with increasing proportion of value accretive Merchant Power Generation in Mn units 1 21,878 19,222 347 778 4,344 14,128 154 10,791 2,212 1,365 20,753 1,062 5,498 130 14,724 4,388 17 10,854 75 9,296 4,388 5,406 FY20 FY21
Slide 18: Operational Performance Metrics
Operational Performance Metrics ✓ Real time monitoring of operating assets across 12 states through Energy Network Operations Centre at Ahmedabad ✓ Granular performance insights ✓ Predictive Maintenance optimizing Mean time between failure (MTBF) ✓ Suggests corrective actions in real time reducing M
Slide 19: AGEL: Financial Performance – H1 FY25 YoY
AGEL: Financial Performance – H1 FY25 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 EBIDTA 92.2% 92.2% Margin ▲ 20% 4,836 ▲ 27% 2,640 ▲ 20% 4,518 4,029 2,082 3,775 H1 FY24 H1 FY25 H1 FY24 H1 FY25 H1 FY24 H1 FY25 ▪ Robust growth in revenue, EBITDA a
Slide 20: AGEL: Debt Evolution from Mar-24 to Sep-24
AGEL: Debt Evolution from Mar-24 to Sep-24 Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr) Gross 58,557 61,338 1 Debt 16 11 10,209 1 12,374 61 6 1 1 Additional HoldCo bond Regular Change in Change in MTM changes Change in Debt for repayment Repayment of Working Trade Credit in Foreign Cash & Bank
Slide 21: De-risking & optimization of finance cost through prudent debt management
De-risking & optimization of finance cost through prudent debt management Long Term vs Short Term Split (INR Cr) – Sep ’24 Gross Debt Mix 1 & Average Interest Cost 120% 11.1% Long Term Debt Short Term Debt 100% 9.4% 8.0% 7% 22% 2% 10% 80% 1% 3.0% 60% 28% 33% 1% -2.0% Includes Short 40% 56,235, 5,103
Slide 22: AGEL: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments ISS ESG has ranked AGEL FTSEL Russell has ranked CRISIL has ranked AGEL CDP rates AGEL AGEL 1st in Asia & top 5 1st in Indian ‘A-’ Leadership globally 3rd globally power sector category in RE sector in its ESG rating in its ESG assess
Slide 23: Assurance backed ESG framework
Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP discl
Slide 24: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets Indicator Target Status 96.0 Top 3 in AE sector globally - FTSE Russell Ranking in ESG benchmarking of Top 10 by Top 5 in RE sector globally - ISS ESG electric utility sector in the world FY25 Top 10 in RE sector g
Slide 25: Investment Rationale
05 Investment Rationale AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 26: Key Investment Highlights
Key Investment Highlights ▪ Resource Availability: Strategic sites of 2,50,000 acres for solar and wind plant development and 5+ GW for PSP development backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. De
Slide 27: Annexures: AGEL: Financial Performance – Q2 FY25
Annexures AGEL: Financial Performance – Q2 FY25
Slide 28: AGEL: Financial Performance – Q2 FY25 YoY
AGEL: Financial Performance – Q2 FY25 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 2,309 EBIDTA 1,249 91.3% 91.7% Margin ▲ 16% ▲ 21% ▲ 17% 2,143 1,984 1,030 1,835 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 ▪ Robust growth in revenue, EBITDA a
Slide 29: Annexures: AGEL: Receivables Details
Annexures AGEL: Receivables Details
Slide 30: AGEL: Receivables Ageing Profile
AGEL: Receivables Ageing Profile INR Cr Particulars Not Due* Due as on 30-Sep-24 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Due TANGEDCO 170 18 3 - - - 21 NTPC 94 - - - - - - KREDL 124 3 - - - 1 3 TSSPDCL 19 7 - - - - 7 SECI 249 - - - - - - Others 249 4 2 2 25 32 65 Total 905 32 4
Slide 31: AGEL: RG1 & RG2 Operational and Financial Highlights – H1 FY25
Annexures AGEL: RG1 & RG2 Operational and Financial Highlights – H1 FY25
Slide 32: 930 MW RG1 Solar Portfolio: Operational Performance
930 MW RG1 Solar Portfolio: Operational Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units1 Plant and Grid Availability (%) CUF (%) 100% 99.8% 30% 99.6% 23.0% 95% 20% 1,881 1,908 1,892 1,895 1,913 90% 10% 941 85% 0% FY20 FY21 FY22
Slide 33: 570 MW RG2 Solar Portfolio: Operational Performance
570 MW RG2 Solar Portfolio: Operational Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units1 Plant and Grid Availability (%) CUF (%) 100% 99.7% 30% 25.4% 99.6% 95% 20% 1,328 1,313 1,320 1,328 1,114 90% 10% 636 85% 0% FY20 FY21 FY22
Slide 34: RG1 & RG2: Financial Performance - H1 FY25
RG1 & RG2: Financial Performance - H1 FY25 RG1 Portfolio (930 MW) Key Financials (Rs. Cr) Power Generation receivables Ageing (Rs. Cr) Particulars Not Due* Due as on 30-Sep-24 Particulars (Rs. Cr.) FY24 H1 FY25 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Due Revenue from Power supp
Slide 35: AGEL: RG1 & RG2 Covenants vs Actual
Annexures AGEL: RG1 & RG2 Covenants vs Actual
Slide 36: AGEL: RG1 Financial Covenants
AGEL: RG1 Financial Covenants Net Debt/EBITDA FFO/Net Debt Leverage Metrices 4,500 7.00 4,113 4,134 4,084 4,062 4,163 4,134 3,933 3,757 3,870 4,000 6.00 3,500 5.00 3,000 17.23% 4.97x 14.97% 4.00 13.32% 11.82% 2,500 4.46x 4.28x 12.35% 4.03x 3.98x 4.17x 9.87% 10.68% 2,000 3.82x 3.77x 3.00 9.71% 3.54x
Slide 37: AGEL: RG2 Financial Covenants
AGEL: RG2 Financial Covenants Net Debt/EBITDA FFO/Net Debt Leverage Metrices 2,500 7.00 2,289 2,242 2,217 2,207 2,204 2,144 2,079 1,970 1,983 6.00 2,000 20.60% 5.17x 5.00 19.13% 1,500 16.45% 16.26% 16.15% 4.00 14.51% 14.38% 13.27% 3.95x 3.56x 3.69x 3.62x 3.59x 3.00 3.36x 1,000 3.21x 3.17x 12.44% 2.0
Slide 38: AGEL: Asset Level Details
Annexures AGEL: Asset Level Details
Slide 39: Asset Level Details: Operational
Asset Level Details: Operational Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term Tamil Nadu (AGETNL) Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu (RSPL) Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGETNL Tamil Nadu (KREL) Solar 72 86
Slide 40: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term PNCEL Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 PNREL Punjab Solar 10 10.5 8.65 Feb-21 PSPCL 25 KNSSEPL Karnataka Solar 5 6.3 4.36 Oct-21 GESC
Slide 41: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term ASEKANPL Karnataka Solar 200 300 2.82 Dec-19 SECI 25 ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 ASERJOPL Rajasthan Solar 300
Slide 42: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25 AWEGPL Gujarat Wind 18 18 3.46
Slide 43: 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 futur
Slide 44: Thank You
adani Renewables Thank You