Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q4 FY20 Earnings Presentation
49 slides from Adani Green Energy's earnings presentation, May 4, 2020
Slide 1: Exchange intimation under Regulation 30
os Date: 4th May. 2020 To SSE Limited The National Stock Exchange of India Limited P J Towers. "Exchange Plaza". Dalal Street. Sandra - Kurla Complex. Mumbai - 400 001 Sandra (E). Mumbai - 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir. Sub: Intimation under Regulation 30 of the SEBI (Li
Slide 2: Adani Green Energy Limited Q4 & FY20 Earnings Presentation
Renewables Adani Green Energy Limited Q4 & FY20 Earnings Presentation M AY, 2 0 2 0 1
Slide 3: Contents
CONTENTS Operational & Financial 04-07 Adani Group 09-10 AGEL – Company Profile 12-22 Highlights Covid – 19: No material disruption 12 Adani: World class infrastructure AGEL: Leading Renewable Player & utility portfolio 04 in India 09 FY20 Operational Highlights 13 Adani: Repeatable, robust & Large,
Slide 4: Adani Group
Renewables 3 Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World
Slide 5: Adani: World class infrastructure & utility portfolio
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Adani: World class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.1% 100% 75% 75% Philosophical shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Log
Slide 6: Adani: Repeatable, robust & proven model to deliver RoE
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Adani: Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Li
Slide 7: Adani: Repeatable, robust business model applied consistently to drive value
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Adani: Repeatable, robust business model applied consistently to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private H
Slide 8: AGEL: Robust Business Model with Rapid Growth & Predictable Returns
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL: Robust Business Model with Rapid Growth & Predictable Returns.. Total Portfolio Diversified Portfolio1 ESG 5,9901MW 11 states Development 43% solar; 26% wind; 30% wind-solar hybrid Embedded ESG Framework (2,545 MW Oper
Slide 9: Company Profile
Renewables 8 Adani Green Energy Limited Company Profile
Slide 10: AGEL: Leading Renewable Player in India
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL : Leading Renewable Player in India… Operational Solar Assets Under-construction Asset 2,148 MW 3,445 MW AGEL Adani TOTAL JV Co 50% Adani / 50% TOTAL Operational Wind Assets 397 MW AGEL RG 1 AGEL RG 2 TN SPVs U/c So
Slide 11: Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities 5,9901 MW Portfolio | 2,545 MW operational Strong PPA counterparties 5,990MW Operational Under Implementation Wind Solar Solar-Wind Hybrid 100 1
Slide 12: Operational & Financial Highlights
Renewables 11 Operational & Financial Highlights
Slide 13: Covid-19: No material disruption
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Covid – 19: No material disruption Operations Under-construction Access to Capital Electricity Generation has been specified as an Essential Service amid All construction activity was Clear visibility on capital for al
Slide 14: FY20 Operational Highlights
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 FY20 Operational Highlights Total Capacity addition 575 MW Net Export of 4,373 mn units 12.7% Y-o-Y 250 MW Solar Over P90 performance achieved for 2,148 MW Solar 325 MW# Wind Portfolio CUF of 22.68% High wind CUF at 27.90% 1
Slide 15: Bid Activity in FY20: Projects Bid and won by AGEL
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Bid Activity in FY20: Projects Bid and won by AGEL Strong Renewable Bid Activity in India : AGEL Strike Rate of ~95% Country-wide Bids AGEL Bids Offered 33300 AGEL Bids Won/LOA 8150 8200 5400 1300 800 380 3749 1300 Solar Win
Slide 16: Stable Operational Performance at Portfolio Level
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Stable Operational Performance at Portfolio Level Average Capacity1 (MW AC) CUF % (AC) Solar Wind 2 Solar Wind 171 35.85% 89 30.96% 31.21% 29.81% 26.97% 72 72 60 60 72 25.89% 25.31% 60 21.42% 21.66% 25.40% 21.68% 20.02% 20.0
Slide 17: Stable Performance for 2.1 GW Solar Portfolio
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Stable Performance for 2.1 GW Solar Portfolio Over 90 performance achieved in FY 20 Actual vs. P50 CUF for 2.1 GWAC Portfolio P50 CUF Actual P75@23.58% 27.72% 24.72% -0.15% -0.43% 25.55% 23.99% 25% -0.88% -0.24% -0.33% 22.68
Slide 18: Improving Wind Portfolio Performance
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Improving Wind Portfolio Performance Full Wind Portfolio • 137MW of Adani owned, constructed & managed wind plants 1 Key Performance Indicator FY 19 FY 20 operated at CUF of 36.75% which is better than P75 performance. Opera
Slide 19: FY20 Financial Highlights
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 FY20 Financial Highlights Performance: Revenue from Sale of Energy Q4 FY20 Revenue from 2065 Rs. 601 Cr Rs 2,065 Cr 1913 +8% Sale of Energy EBITDA Rs. 516 Cr Rs 1,782 Cr 541 601 +11% EBITDA margin Q4: 90 % FY20: 89 % Net D
Slide 20: Robust Financial Performance Driven By Fully Contracted Cash Flows
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Robust Financial Performance Driven By Fully Contracted Cash Flows Revenue (Rs Cr.)1 EBITDA2 (Rs Cr) and margin3 (%) Cash Profit4 (Rs. Cr) 1710 1782 792 787 2065 +4% -.6% 1913 +8% 90% 89% FY19 FY20 FY19 FY20 FY19 FY20 Operat
Slide 21: EBITDA Evolution
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 EBITDA Evolution Performance supported by sustainable & Integrated business model Asset-wise EBITDA breakup -58 -38 87 631 382 778 1 648MW TN 930 MW RG1 570 MW RG2 Wind Assets Overseas Others EBITDA = Revenue from Operation
Slide 22: Debt Evolution
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Debt Evolution Cost of Gross Debt: reduced by 40 bps vs. FY19 Gross Debt1 Net Debt Evolution 13,943 894 11,272 +24% 1,579 758 743 11,470 9,771 3 March 19 March 20 Net Debt Cash & Bank2 Receivables Declining Debt Cost on the
Slide 23: AGEL Debt Summary as on 31st March 20
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL Debt Summary as on 31st March 20 Debt Split by Currency LT vs. ST Debt Split Long Term Debt Short Term Debt Rs 13,943 Cr Foreign Debt Indian Rupee Debt Consolidated Debt Vs. 11,272 Cr. Y-o-Y 625, Average interest rate 1
Slide 24: Future Outlook
Renewables Future Outlook 23
Slide 25: Strong Execution Track Record, with Locked-in Growth
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Strong Execution Track Record, with Locked-in Growth Driven by the Risk Adjusted Returns for Portfolio Operational (MW) UC (MW) 18,000 2.9x 18,000 5,990 6,195 4,560 2,205 2,570 3,445 2,000 2,590 798 612 3,990 485 1,192 1,958
Slide 26: Future Growth Opportunities
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Future Growth Opportunities AGEL to Capitalize on Huge Runway of Renewable Opportunity in India Growing AGEL Portfolio with aspiration to become world’s largest renewable player India’s Strategy for Future Development AGEL C
Slide 27: AGEL Outlook FY21
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL Outlook FY21 Meet Commitments Continue with Robust Operations New Commissioning / Acquisitions Smooth operations of renewable Robust commissioning pipeline of • Expecting supply chain plants in-spite of nation wide
Slide 28: ESG
Renewables 27 Adani Green Energy Limited ESG
Slide 29: AGEL ESG Philosophy
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL ESG Philosophy Efficiency Resource Management Waste Management Wind-Solar Hybrid: Matching Unproductive land used for 4.0 million ton CO2 emission load curve plants reduced in FY20 Remote Operating Nerve Proprietary tec
Slide 30: Environment awareness and initiatives
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Environment awareness and initiatives AGEL recognizes that following environment related factors matter to its business model Climate Awareness Offsetting of Carbon Emissions Resource Management Waste Management Increased ef
Slide 31: AGEL's Governance: Journey so far and future glide path
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL’s Governance: Journey so far and future glide path We have charted a glide path to internalise global best practices of governance by September 2021 JOURNEY SO FAR TARGET BY SEP 2021 Bankruptcy Remote Structure for RG1
Slide 32: AGEL: Compelling Investment Case
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGEL: Compelling Investment Case Why Invest in Adani Green Energy Limited? Stable & predictable Predictable cash flow with 100% contracted business cash-flows Long term PPA’s (~25 years); ~70% sovereign-rated counterpart
Slide 33: Appendix
A 32 Appendix
Slide 34: Appendix
Appendix 33 Adani Green Energy Limited Project Details Financials Strategic Priorities
Slide 35: Asset Level Details - Operational
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Asset Level Details - Operational Solar Wind Projects Hybrid Project Name / Contracted Capacity Counterparty PPA SPV Type Capacity (DC) Tariff COD Location (AC) Name Term AGETNL Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Sol
Slide 36: Asset Level Details - Under Construction
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Asset Level Details - Under Construction Solar Wind Projects Hybrid Project Name / Contracted Capacity Counterparty PPA SPV Type Capacity (DC) Tariff COD Location (AC) Name Term AGEONEL Gujarat Solar 150 210 2.67 Nov-20 GUVN
Slide 37: Power Generation Receivables Ageing
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Power Generation Receivables Ageing Off Takers (in INR Cr) Not Due1 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue2 (as of 31st March) TANGEDCO3 190 84 45 48 91 169 437 NTPC4 72 0 0 0 0 0 0 SECI5 49 0
Slide 38: Listing Result – Consolidate profit and loss (1/2)
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Listing Result – Consolidate profit and loss (1/2) ADANI GREEN ENERGY LIMITED (CIN : L40106GJ2015PLC082007) Regd. Office: “Adani House”, Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad-380009, Gujarat (India) Phone : 079-25
Slide 39: Listing Result – Consolidate profit and loss (2/2)
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Listing Result – Consolidate profit and loss (2/2) Consolidated 3 Months ended 3 Months ended 3 Months ended on For the year ended For the year ended on on Sr. No. Particulars 31.03.2019 on 31.03.2020 on 31.03.2019 31.03.202
Slide 40: Listing Result – Balance sheet (1/2)
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Listing Result – Balance sheet (1/2) Balance Sheet (₹ in Lakhs) As at As at Particulars 31st March, 2020 31st March, 2019 (Audited) ASSETS Non - Current Assets (a) Property, Plant and Equipment 1,212,183.24 1,038,418.10 (b)
Slide 41: Listing Result – Balance sheet (2/2)
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Listing Result – Balance sheet (2/2) As at As at Particulars 31st March, 2020 31st March, 2019 (Audited) EQUITY AND LIABILITIES Equity (a) Equity Share Capital 156,401.43 156,401.43 (b) Instruments entirely equity in nature
Slide 42: Restricted Group-1: Financials & Key Operational Numbers
Appendix 41 Restricted Group-1: Financials & Key Operational Numbers Financials & Key Operational Numbers
Slide 43: RG-1 - 930 MW Solar Operational Update
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 RG-1 -930 MW Solar Operational Update Key Highlights: Solar RG-1: 30% P75@ Key Highlights RG 1 25.18% -0.46% -0.36% -1.20% • Near P90 CUF of 23.17% for FY’20, would have been higher than P90@ 25% -0.12% 0.14% 23.17% P75 but
Slide 44: RG-1 - Key Financial Number and Receivable Ageing
AGEL Q4 & FY 20 Adani Green Energy Limited Outstanding Gross Debt as on March 2020 of Rs. 4834 Cr. Earnings Presentation | May 2020 RG-1 -Key Financial Number and Receivable Ageing Key Financial number Particulars (INR Cr.) Q4’20 FY’20 FY19 Revenue from Power supply 243 882 836 Total Income 254 951
Slide 45: Restricted Group-2: Financials & Key Operational Numbers
Appendix 44 Restricted Group-2: Financials & Key Operational Numbers
Slide 46: RG-2 - 570 MW Solar Operational Update
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 RG-2 - 570 MW Solar Operational Update P75@ Key Highlights RG 2 P90@ 30% 27.09% -0.17% -0.81% -0.78% -0.10% 0.51% 25.74% • Near P90 CUF of 25.74% for FY’20, would have been higher than 26.15% 25% P75, but for following reaso
Slide 47: RG-2 - Key Financial Number and Receivable Ageing
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 RG-2 - Key Financial Number and Receivable Ageing Key Financial number Particulars INR Cr) Q4’20 FY ’20 FY ’19 Revenue from Power supply (Rs. Cr.) 134 416 351 Total Income (Rs. Cr.) 139 428 361 EBITDA including Other income
Slide 48: Disclaimer
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 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 Gr
Slide 49: Thank You
aT) =) Renewables | — Thank You