Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — 9M FY24 Earnings Presentation
36 slides from Adani Green Energy's earnings presentation, Jan 29, 2024
Slide 1: Submission letter to stock exchanges
Date: January 29, 2024 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Submission of Presentation on Operational & Fi
Slide 2: Earnings Presentation – 9M FY24 Consolidated Financials
Adani Green Energy Limited Earnings Presentation – 9M FY24 Consolidated Financials Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 3: 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 4: Adani Portfolio
01 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 & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (56.4%) (73.2%) (65.9%) (100%) (63.2%) AGEL AESL APSE
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 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL Adani’s Core Infra. Platfo
Slide 7: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group AIMSL1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Analysis &
Slide 8: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Development & Geotechnical studies ~2,00,000 acres ~40 GW potential Construction 85+ Wind data locations evacuation infrastructure readiness and Resource rich s
Slide 9: AGEL: Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile Photo: AGEL’s Solar plant at Anjar, Gujarat
Slide 10: India's largest renewable player and world's 2nd largest solar PV developer
AGEL – India’s largest renewable player and world’s 2nd largest solar PV developer 1 Strategically located in 12 Resource rich states 2 2.5x Locked-in Growth Renewable Capacity (in MW) 10% of Solar 45,000 India’s RE Ladakh Target Wind J&K 8,478 MW – Operational 5.3x Himachal Pradesh 12,366 MW – Unde
Slide 11: Holding Structure & Key Portfolio Highlights
Holding Structure & Key Portfolio Highlights Adani Family 56.4% 7.1% 1 2.7% 1.4% 19.7% 12.7% Other Public Shareholders Locked-in portfolio: 20,844 MW AGEL - TotalEnergies 50:50 JV AGEL (100% Owned) AGE23L ARE9L Total – 1,050 MW Operational Under Execution 2,353 MW Operational – 300 MW 5,825 MW 11,61
Slide 12: AGEL: Operational & Financial highlights
Adani Green Energy Limited (AGEL): 03 Operational & Financial highlights Revenue EBITDA EBITDA margin Cash Profit Rs. 5,794 Cr Rs. 5,412 Cr 92.0% Rs. 2,944 Cr 57% 52% Industry-leading 61% EBITDA margin Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 13: AGEL: Executive Summary – 9M FY24
AGEL: Executive Summary – 9M FY24 Capacity Addition & Operational Performance Financial Performance ✓ Concluded PPA tie up for the entire 8,000 MW manufacturing-linked ✓ Revenue from Power Supply up by 57% YoY at Rs. 5,794 cr solar tender issued by SECI ✓ EBITDA from Power Supply 1 increases by 52%
Slide 14: Operational Capacity Addition & Sale of Energy – 9M FY24 YoY
Operational Capacity Addition & Sale of Energy – 9M FY24 YoY Operational Capacity (in MW AC) Hybrid 8,478 Wind 7,324 16% 2,140 1,440 ✓ Operational Capacity increases by 16% to 8,478 Solar 971 1,275 MW 4,913 5,063 – Commissioned 700 MW solar–wind Hybrid power plants 9M FY23 9M FY24 – Commissioned 304
Slide 15: Operational Performance – 9M FY24 YoY
Operational Performance – 9M FY24 YoY 24.0% 24.0% ✓ Sale of Energy up by 5% on the back of: 7,585 7,927 5% – 150 MW capacity addition in Rajasthan Solar ✓ Consistent high CUF with: – 20 bps improvement in plant availability to 99.7% – 20 bps improvement in grid availability to 99.5% 9M FY23 9M FY24
Slide 16: AGEL: Financial Performance – 9M FY24 YoY
AGEL: Financial Performance – 9M FY24 YoY (All figures in Rs. Crore) Revenue from Power Supply EBITDA from Power Supply 1 5,794 5,412 57% 52% 3,690 3,570 ✓ The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the last one year 9M FY23 9M FY24
Slide 17: Bridge of EBITDA from Power Supply – 9M FY23 to 9M FY24
Bridge of EBITDA from Power Supply – 9M FY23 to 9M FY24 (All figures in Rs. Crore) EBITDA up by 52% YoY backed by improved revenue performance 1. Change in Revenue also includes change in Carbon Credit Income & Prompt payment discount. 16
Slide 18: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments ISS ESG has ranked AGEL Sustainalytics ranks AGEL in In CRISIL’s latest ESG assessment 1st in Asia & in Top 3 Top 10 in RE Sector Ranked 1st in Power globally in RE Sector Globally Sector in India in its ESG rating assessment in its E
Slide 19: 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 20: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets FY25 Indicator Status: 9M FY24 80.0* Target Top 10 in RE sector by Sustainalytics/ Ranking in ESG benchmarking of Top 10 1st in RE Sector in Asia and amongst Top 3 electric utility sector in the world in RE Sector
Slide 21: ESG Ratings, Awards and Recognition
ESG Ratings, Awards and Recognition ESG Commitments ESG Ratings AGEL’s Rating CSRHub (Consensus ESG Rating) Ranking of 96 percentile, with consistent ranking above Alternative Energy industry average ESG Risk Rating of ‘Low Risk’ with a score of 14.4, significantly better than global Utilities secto
Slide 22: Investment Rationale
05 Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 23: Key Investment Highlights
Key Investment Highlights – Resource Availability: Strategic sites with generation potential of ~40 GW backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. Developmental & – Project Management & Assurance: D
Slide 24: Annexures: AGEL Operational & Financial Highlights Q3 FY24
Annexures AGEL: Operational & Financial Highlights Q3 FY24
Slide 25: Operational Performance – Q3 FY24 YoY
Operational Performance – Q3 FY24 YoY 23.3% 22.1% 2% Solar 2,507 2,457 ✓ Sale of Energy down by 2% primarily on account of lower solar irradiation resulting in lower CUF Q3 FY23 Q3 FY24 18.0% ✓ Sale of Energy up by 69% backed by: 14.0% – 304 MW capacity addition in Gujarat 507 – 400 bps improvement
Slide 26: AGEL: Financial Performance – Q3 FY24 YoY
AGEL: Financial Performance – Q3 FY24 YoY (All figures in Rs. Crore) Revenue from Power Supply EBITDA from Power Supply 1 1,765 1,638 1,258 40% 1,174 40% ✓ The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,154 MW over the last one year Q3 FY23 Q3 FY24
Slide 27: Annexures: AGEL Receivables Details
Annexures AGEL: Receivables Details
Slide 28: AGEL: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in Rs. Cr) Due 31-Dec-23 Not Due Off Takers 31-Dec-23 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 132 14 - - - - 14 NTPC 155 - - - - - - SECI 247 - - - - - - KREDL 102 - - - - 1 1 TSSPDCL 16 11 - - - 27 38 Others 201 1 - - - 32 33 Total 85
Slide 29: Annexures: AGEL Asset Level Details
Annexures AGEL: Asset Level Details
Slide 30: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitalizati (AC) (DC) on 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
Slide 31: 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 GES
Slide 32: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitaliza (AC) (DC) Name Term tion 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.
Slide 33: Asset Level Details – Under Execution
Asset Level Details – Under Execution Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan Solar+ Mfg 1,000 1,370 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 3,000 4,110 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 667 914 2.42 SE
Slide 34: Asset Level Details – Under Execution (contd.)
Asset Level Details – Under Execution (contd.) Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (AC) (DC) Name Term 600 Solar: 570 Solar: 855 AHEJFL Gujarat Hybrid 2.41 SECI 25 Wind: 200 Wind: 200 Total Hybrid 600 770 1,055 2.41 12,366 17,0
Slide 35: 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 36: Thank You
adani Renewables Thank You