Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Adani Transmission — Q2 FY2023 Earnings Presentation
44 slides from Adani Energy Solutions's earnings presentation, November 2022
Slide 1: Adani Transmission Limited Q2FY23 Results Presentation
Adani Transmission Limited Q2FY23 Results Presentation November 2022
Slide 2: Contents
CONTENTS 04-07 Adani Portfolio and ATL 04 09 09 Executive Summary– Q2FY23 09 Financial Highlights – Q2FY23 11-14 YoY 11 1HFY23 - Balance Sheet and 16-19 Cash flow 16 21 Awards and Recognitions 21 Annexure – Q2FY23 Financial & 24-31 Operational Highlights (YoY) 24 Operational and Under- 33-34 constru
Slide 3: Adani Portfolio Overview
Adani Portfolio Overview
Slide 4: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio ~US$ 240 bn1 Combined Market Cap Infrastructure and Utility Primary Industry Emerging B2C Flagship Core Portfolio Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to Consumer Mining (60.5%) (63.2%) (72.3%) (73.9%) (66.
Slide 5: Adani: Decades long track record of industry best growth rates across sectors
Adani: Decades long track record of industry best growth rates across sectors Transmission Network (ckm) Port Cargo Throughput (MMT) Renewable Capacity (GW) CGD7 (GAs8 covered) 18% 132% 12% 36% 1.4x 3x 25% 3x 5x 6% 4% 25% Industry Adani Industry Adani Industry Adani Adani Industry Adani 2016 320,000
Slide 6: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital intelligence planning str
Slide 7: A platform well-positioned to leverage growth opportunities in T&D business
ATL: A platform well-positioned to leverage growth opportunities in T&D business Execution Prowess Strategic Presence Balanced pool mix Transmission Network of Transmission - Presence in 13 states Development with 31 transmission projects Transmission(3): 18,795 ckm(1) 52% of EBITDA - Central pool D
Slide 8: Executive Summary – Q2FY23
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Executive Summary – Q2FY23 14
Slide 9: Executive Summary – Operational and Financial Performance Q2FY23
ATL: Executive Summary – Operational and Financial Performance Q2FY23 Operational Update: Other Key Updates and Awards: – Operated transmission lines upwards of 99.76% – Added 352 ckms in Q2FY23 to operational network with total – Pledged to become Net Zero by 2050; limiting global network at 18,795
Slide 10: Financial Highlights – Q2FY23 YoY
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Financial Highlights – Q2FY23 YoY 14
Slide 11: Consolidated Financial Highlights Q2FY23 YoY
ATL: Consolidated Financial Highlights Q2FY23 YoY Operational Revenue EBITDA (In Rs Cr) 3032 1362 2479 1289 Q2FY22 Q2FY23 Q2FY22 Q2FY23 Cash Profit (excluding one-time) PAT 748 692 289 194# Q2FY22 Q2FY23 Q2FY22 Q2FY23 11 Note: #Consolidated PAT of Rs 194 Cr not comparable YoY on account of adverse f
Slide 12: Segment–wise Financial Highlights Q2FY23 YoY
ATL: Segment–wise Financial Highlights Q2FY23 YoY Operational Revenue Operational EBITDA (In Rs Cr) 2164 786 732 1690 455 868 427 789 Transmission Distribution Transmission Distribution Q2FY22 Q2FY23 Q2FY22 Q2FY23 PAT Cash Profit (excluding one-time) 225 239 480 445 64 247 267 -45# Transmission Dist
Slide 13: Transmission Utility - Revenue and Operating EBITDA Bridge Q2FY23 YoY
ATL: Transmission Utility - Revenue and Operating EBITDA Bridge Q2FY23 YoY (In Rs Cr) Revenue (excluding incentive) up 9% supported by Operating EBITDA up 7.4% driven by strong revenue revenue contribution from new line elements 96 71 ( 25 ) (25) 8 847 786 732 776 Q2 FY22 Normal decrease in ROA Asse
Slide 14: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q2FY23 YoY
ATL: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q2FY23 YoY (In Rs Cr) Revenue up 28% driven by higher energy demand Operating EBITDA increased by 6% 12 4 215 ( 55 ) 473 23 ( 129 ) 242 ( 285 ) 2,164 1,691 455 428 Q2 FY22 Sale of Energy & Fuel Adjustment Other Operating Transmission
Slide 15: 1HFY23 - Balance Sheet and Cash flow
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission 1HFY23 - Balance Sheet and Future Outlook Cash flow 14
Slide 16: EBITDA to Free Cash Flow (1HFY23)
ATL: EBITDA to Free Cash Flow (1HFY23) EBITDA to Free Cash For Growth (1HFY23) (In Rs. Crs) 2687 -1,341 # -1,075 -73 199 -234 -35 1HFY23 EBITDA Working Capital Changes Interest & Finance cost Tax outflow Cash Profit Repayment Cash generation for Growth Notes: #The working capital is financed using c
Slide 17: Debt Evolution and Key Ratios (1HFY23)
ATL: Debt Evolution and Key Ratios (1HFY23) (In Rs. Crs) (In Rs. Crs) (Ratio (x)) Debt(1,2) Net Debt Evolution – 1HFY23 vs 1HFY22(1,3) Key Ratios Trend(4) 2644 4.4 1,940 4.2 3182 430 113 442 3.8 3085 2.3 28,348 2.2 2.1 2.0 1.9 28,348 23,663 1.8 1.7 24,933 1.5 1.5 Mar 22 Sept 22 1HFY23 Additional deb
Slide 18: ATL's Capital Management Program brings diversity and elongated maturity to debt profile
ATL’s Capital Management Program brings diversity and elongated maturity to firm’s debt profile Refinancing risk minimized1- above 5 year maturity increased from 12% to 74% As of As of 12% 31st Mar 16 (year of inception) 30th Sept 22 < 1 Y - 19% < 1 Y - 7% 1 to 5 Y - 69% 1 to 5 Y - 19% 89% > 5 Y - 1
Slide 19: ATL and AEML Credit Ratings
ATL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) SPV Ratings - Domestic Rating Agency Facility Rating/Outlook Company Rating Agency Rating Outlook Fitch Dollar Bond BBB-/Stable ATL India Ratings / Brickworks AA+ Stable Moody’s Dollar Bond Baa3/Stable ATL ICRA A
Slide 20: Awards and Recognitions
Awards and Recognitions
Slide 21: Recent Awards & Achievements
ATL: Recent Awards & Achievements S&P Global rated ATL for being Sustainable Performance Award Platinum Award in Restorative Category aligned with the Task Force on from World CSR for best-in-class and Silver Award in Innovative Category at Climate-related Financial sustainability performance 43rd C
Slide 22: Annexure
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Annexure: – Financial Highlights – Q2FY23 QoQ – Operational Highlights – Q2FY23 YoY – ATL asset portfolio – ESG framework 22
Slide 23: Financial Highlights – Q2FY23 QoQ
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Financial Highlights – Q2FY23 QoQ 14
Slide 24: Consolidated Financial Highlights Q2FY23 QoQ
ATL: Consolidated Financial Highlights Q2FY23 QoQ Operational Revenue EBITDA (In Rs Cr) 3049 3032 1362 1326 Q1FY23 Q2FY23 Q1FY23 Q2FY23 Cash Profit (excluding one-time) PAT 731 748 194 168 Q1FY23 Q2FY23 Q1FY23 Q2FY23 24 Note: Consolidated PAT of Rs 194 Cr in Q2FY23 was lower on account of adverse fo
Slide 25: Segment–wise Financial Highlights Q2FY23 QoQ
ATL: Segment–wise Financial Highlights Q2FY23 QoQ Operational Revenue Operational EBITDA (In Rs Cr) 2213 2164 786 767 446 455 836 868 Transmission Distribution Transmission Distribution Q1FY23 Q2FY23 Q1FY23 Q2FY23 PAT Cash Profit (excluding one-time) 234 239 467 480 263 267 -45# -66 Transmission Dis
Slide 26: Transmission Utility - Revenue and Operating EBITDA Bridge Q2FY23 QoQ
ATL: Transmission Utility - Revenue and Operating EBITDA Bridge Q2FY23 QoQ (In Rs Cr) Revenue (excluding incentive) and Operating EBITDA increased by single digits 17 18 35 (8) (6) (2) 847 786 812 767 Q1 FY23 Newly commissioned lines and Others (Days variation, Revenue loss Q2 FY23 Q1 FY23 Employee
Slide 27: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q2FY23 QoQ
ATL: Distribution (AEML+MUL) - Revenue and Operating EBITDA Bridge Q2FY23 QoQ (In Rs Cr) Revenue ended slightly lower QoQ due to higher Operating EBITDA grew marginally QoQ, up 2% energy sale and cross subsidy charges 209 7 ( 253 ) ( 49 ) 526 (6) ( 462 ) ( 12 ) 2,213 2,164 446 455 Q1 FY23 Fuel Adjus
Slide 28: Q2FY23 Operational Performance (YoY)
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission Q2FY23 Operational Performance (YoY) 14
Slide 29: Transmission Utility – Key Operating Metrics Q2FY23 (YoY)
ATL: Transmission Utility – Key Operating Metrics Q2FY23 (YoY) Transmission Network length(2) (ckm) Power Transformation Capacity(2) (MVA) 18,795 18,336 40,001 33,141 Transformation capacity increased Marginal network 20.7% during the addition (2.5% yoy) period due to addition during the period of n
Slide 30: Distribution Utility (AEML) – Key Operating Metrics Q2FY23 (YoY)
ATL: Distribution Utility (AEML) – Key Operating Metrics Q2FY23 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI 99.999% 99.997% 27.45 Consistent 25.72 improvement in Maintained supply reliability of more reliability than 99% parameters 3.92 0.06 1
Slide 31: Distribution Utility (AEML) – Key Operating Metrics Q2FY23 (YoY)
ATL: Distribution Utility (AEML) – Key Operating Metrics Q2FY23 (YoY) Consumer base (million) Distribution Loss (%) E-payment (% of total collection) 7.64% 3.10 3.06 74.86% Increase in Improving 68.48% E-payments consumer base consistently due remains strong reflecting AEML 6.00% to focused loss wit
Slide 32: ATL – Operational and Under-construction Asset Portfolio
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission ATL – Operational and Under- construction Asset Portfolio 14
Slide 33: ATL's Operational Asset Portfolio as of Q2FY23
ATL’s Operational Asset Portfolio as of Q2FY23 Adani Transmission Limited 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% ATSCL & WTGL, PPP Bikaner Obra-C Lakadia ATIL MEGPTCL AEML MUL ATBSPL ATRL RRWTL CWRTL GTL APTL STL FBTL Khetri Badaun Banaskantha Discom
Slide 34: ATL's Under-construction Asset Portfolio as of Q2FY23
ATL‘s Under-construction Asset Portfolio as of Q2FY23 Adani Transmission Limited Since ATL’s evolution its Transmission Network (ckms) has grown 3.4x and expanded into 100% 100% 100% 100% 100% 100% 100% 100% 100% Distribution businesses WRSS – Obra-C Jam Kham- MP Kharghar NKTL WKTL HVDC# Khavda Karu
Slide 35: ESG Framework
Adani Transmission Limited Debt Presentation | February 2 0 2 0 Transmission ESG Framework 08
Slide 36: ESG Framework
ATL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding IR framework Policies Guiding Principles and TCFD CDP disclosure principle reporting Disclosure Standards UN Sustainable GRI Standards Development Goals Policy Structure Focus Areas ESG • Environment Policy UNSDG aligned: E •
Slide 37: Key Environmental Indicators and Milestones
ATL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Medium to Long-term Targets Energy Mix & Emission Intensity - RE share in power procurement AEML has achieved 22% renewable in power mix as of Sep’22 3% 30% by FY23 60% by FY27 The target for GHG emis
Slide 38: Social Philosophy and Focus Areas
ATL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2830 students benefited) & School Uniforms Tiroda, Dahanu and to Anganwadi children (5780 students benefited
Slide 39: Key Social Indicators and Milestones
ATL: Key Social Indicators and Milestones Target Material Categories Material Themes Key Performance Indicators Baseline (FY22-23) Zero Rate of fatalities per million hours worked Zero (FY 20-21) Work related injury Rate of recordable work-related injuries per million man-hours 0.33 Zero worked (FY
Slide 40: Governance Philosophy and Focus Areas
ATL: Governance Philosophy and Focus Areas Policies Committees Assurance • Corporate Responsibility Committee • Environment Policy covered in BR Policy • Risk Management Committee Corporate Responsibility Committee • Corporate Social Responsibility Policy • Corporate Social Responsibility Committee
Slide 41: Key Governance Indicators and Milestones
ATL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals 16.6% - women Board Gender Balance the board composition in terms of men • % of women directors in board improved to Board Gender Diversity directors in board
Slide 42: Enhanced Safety Culture
ATL: Enhanced Safety Culture Safety Initiatives During Q2FY23 Safety Performance in Q2FY23 • Safety training: 40,344 man-hours of safety training and awareness during Q2FY23 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q2FY23 Q2FY22 Q2FY23 Q2FY22 o Physical training
Slide 43: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Transmission Limited (together with its subsidiaries, the “Company” or “ATL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given solely fo
Slide 44: Thank You
adani Transmission Thank You adani Transmission