Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q1 FY16 Earnings Presentation
17 slides from Inox Wind's earnings presentation, Jul 27, 2015
Slide 1: Inox Wind Limited Quarterly Investor Update Q1 FY16
INOX WIND LIMITED QUARTERLY INVESTOR UPDATE Q1 FY16
Slide 2: 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 3: Discussion Summary
DISCUSSION SUMMARY • Q1 FY16 RESULT HIGHLIGHTS • Q1 FY16 RESULT ANALYSIS • ORDER BOOK UPDATE • CURRENT PROJECT SITE PIPELINE • UPDATE ON CAPACITY EXPANSION • UPDATE ON TECHNOLOGY UPGRADATION • REGULATORY IMPETUS DRIVING GROWTH • SHAREHOLDING STRUCTURE • CONSOLIDATED FINANCIALS 3
Slide 4: Q1 FY16 Result Highlights
Q1 FY16 RESULT HIGHLIGHTS REVENUES* EBITDA ** & EBITDA MARGIN PAT & PAT MARGIN 6,358.3 15.5% 7.9% 13.6% 7.7% 109 % 863.7 505.0 3,043.7 84 % 115 % 470.4 234.8 Q1 FY15 Q1 FY16 Q1 FY15 Q1 FY16 Q1 FY15 Q1 FY16 EBIDTA EBIDTA % PAT PAT % Strong Operational Performance Growth Momentum Maintained Note: * Re
Slide 5: Q1 FY16 Revenue Analysis
Q1 FY16 REVENUE ANALYSIS REVENUE BREAKUP - SALES & COMMISIONING VOLUMES (MW) REVENUES BREAKUP – SALE OF PRODUCTS VS. SERVICES (RS MN) 6,337.7 120 464.3 30 3,031.2 10.0 5,873.4 78 90 66 3,021.2 Q1 FY15 Q1 FY16 Q1 FY15 Q1 FY16 Sales - Turnkey Sales - Equipment Supply Commisioning Sale of Products Sale
Slide 6: Q1 FY16 Cost Analysis
Q1 FY16 COST ANALYSIS Q1 FY 15 Q1 FY 16 Raw Material and Raw Material and EPC Cost 1.3% EPC Cost -1.3% 15.5% 13.6% Variable Cost Variable Cost 8.5% 8.9% Fixed Cost 3.5% Fixed Cost 4.2% 72.8% 73.1% Forex Expense Forex Expense EBITDA EBITDA MOVEMENT IN EBITDA MARGIN EBITDA Margin % variation: • During
Slide 7: Q1 FY16 Working Capital Analysis
Q1 FY16 WORKING CAPITAL ANALYSIS WORKING CAPITAL ANALYSIS Q1 FY15 Q1 FY16 62 80 59 74 175 189 157 174 Receivables Days Inventory Days Payables Days Net Working Receivables Days Inventory Days Payables Days Net Working Q1 FY15 Q1 FY15 Q1 FY15 Capital Days Q1 FY16 Q1 FY16 Q1 FY16 Capital Days Q1 FY15
Slide 8: Order Book Update
ORDER BOOK UPDATE Order Book Update 30 - June - 2015 MOVEMENT IN ORDER BOOK (MW) 162 120 1,220 Total Order Book (MW) 1,220 1,178 Estimated Execution Period 12 - 15 Months Order Book Order Addition Order Execution Order Book Order Addition – Q1 FY16 (MW) 162 March 2015 Q1 FY16 Q1 FY16 June 2015 Diver
Slide 9: Current Pipeline of Project Sites
CURRENT PIPELINE OF PROJECT SITES • Sufficient Land Bank for the installation of an aggregate Rajasthan capacity of more than 4,500 MW as of June 30, 2015. Gujarat Madhya Pradesh Maharashtra • Focusing on increasing land bank in existing states as well as new Andhra Pradesh states like Tamil Nadu. T
Slide 10: Update on Capacity Expansion
UPDATE ON CAPACITY EXPANSION CURRENT CAPACITY Una, Rohika, Barwani, Plant Location Total Himachal Pradesh Gujarat Madhya Pradesh Himachal Pradesh Nacelles & Hubs 550 - - 550 Blades - 400 - 400 Towers - 150 - 150 Madhya Pradesh The Blade plant in Madhya Pradesh is Gujarat ready to commence operations
Slide 11: Update on Capacity Expansion
UPDATE ON CAPACITY EXPANSION The Blade plant in Madhya Pradesh is ready to commence operations 11
Slide 12: Update on Technology Upgradation
UPDATE ON TECHNOLOGY UPGRADATION Moving towards bigger turbines on the same platform Higher Energy Lower Energy Technology Upgradation Benefits: Higher Returns Yield Cost • Higher Generation. • Lower cost of energy. 20% • Higher profitability for customers. 18% • Better margins for IWL. • WT 113 to
Slide 13: Regulatory Impetus Driving Growth
REGULATORY IMPETUS DRIVING GROWTH Wind Power projects Attractive Accelerated Depreciation Generation Based Incentive as CSR Preferential Tariffs • Brings back SME, on balance sheet • Improved viability and funding of • Strengthens demand from PSUs • Significant boost to IPP demand and captive demand
Slide 14: Shareholding Structure
SHAREHOLDING STRUCTURE Share Price Performance Market Data As on 24.07.15 (BSE) 600 Market capitalization (Rs. Mn) 93,960 500 400 Price (Rs.) 423.4 Current Market Price 300 Offer Price Rs. 423.4 No. of shares outstanding (Mn) 222 Rs. 325.0 200 100 Face Value (Rs.) 10.0 0 52 week High-Low (Rs.) 325.0
Slide 15: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT Particulars (In Rs Mn) Q1 FY16 Q1 FY15 YoY % FY15 FY14 YoY % Revenue from Operations 6,358.3 3,043.7 108.9% 27,099.3 15,668.1 73.0% Cost of Material Consumed 4,082.7 2,122.8 92.3% 18,152.4 10,527.5 72.4% Changes in inventories of finished goods & work-i
Slide 16: Financial Summary – Last 5 Year Performance
FINANCIAL SUMMARY – LAST 5 YEAR PERFORMANCE Revenue from Operations EBIDTA & EBIDTA Margin % PAT & PAT Margin % 22.8% 18.6% 16.1% 14.2% 16.3% 16.9% 8.9% 10.9% 27,099.3 11.3% 8.4% 4,574.4 2,964.2 CAGR – 147.8% 15,668.1 CAGR – 150.1% CAGR – 160.9% 10,589.1 1,965.0 1,762.7 1,504.0 1,322.8 6,216.1 1,418
Slide 17: Thank You
FOR FURTHER QUERIES : THANK YOU Ms. Ranju Goyal Ammeet Sabarwal / Nilesh Dalvi Company Secretary IR Consultant Contact No: 0120 6149600 Contact No : +91 9819576873 / +91 9819289131 Email : ranju.goyal@inoxwind.com Email : ammeet.sabarwal@dickensonir.com nilesh.dalvi@dickensonir.com 17