Sterling And Wilson Renewable Energy Limited · NSE:SWSOLAR
Sterling And Wilson Renewable Energy — Q4 FY2023 Earnings Presentation
22 slides from Sterling And Wilson Renewable Energy's earnings presentation, Apr 20, 2023
Slide 1: Exchange filing cover letter for investor presentation
April 20, 2023 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra Kurla Complex Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 542760 Symbol: SWSOLAR Dear Sir/ Ma’am, Sub.: Investor presentation on the Audited Standalone an
Slide 2: Investor Presentation – 4Q FY23
The future of solar energy is STERLING AND WILSON RENEWABLE ENERGY LIMITED Investor Presentation – 4Q FY23 ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDER IN THE WORLD 20 Apr 2023
Slide 3: Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Who We Are
| WHO WE ARE Leading Solar EPC and O&M Solutions Provider Market Leader Leading Solar EPC We offer Design, Detailed Engineering, Procurement, Construction, Installation, solutions provider in Commissioning and Operations & Maintenance services under turnkey EPC and BoS the world (Balance of System)
Slide 5: A Global Leader in Solar EPC in 8 Years
| A GLOBAL LEADER IN SOLAR EPC IN 8 YEARS 2018 2022 Expanded operations in Reliance New Energy 2016 Australia by acquiring a 2020 acquired 40% stake in controlling stake in GCO Sterling and Wilson Diversified into Ranked 2nd largest O&M Electrical Pty Ltd Renewable Energy Limited Rooftop Solar playe
Slide 6: What Differentiates Us
| WHAT DIFFERENTIATES US Cost Effective Leveraging the Low-Cost India Base for global execution providing cost Expeditious competitive solutions Quick Decision Making & well-defined internal processes leading to timely execution Global Presence One of the only Global Pure-Play Solar EPC players with
Slide 7: Across the Globe
| ACROSS THE GLOBE UK Kazakhstan Jordan Spain USA USA Egypt Vietnam 455 MWp Morocco UAE Saudi Arabia Thailand Mexico MENA Mali 1,962 MWp Oman Philippines India Nigeria India Malaysia Kenya 10,043 MWp Indonesia Tanzania Zambia Singapore Namibia Southeast Asia Latin America 323 MWp 575 MWp Chile Argen
Slide 8: Solar is Cheaper, Faster, Consistent
| SOLAR IS CHEAPER.. FASTER.. CONSISTENT SOLAR PV LCOE IS ONE OF THE LOWEST GLOBALLY $/MWh (nominal) 180 171 Gas 169 Coal 150 Onshore wind 120 Fixed-axis PV 97 Tracking PV 90 93 94 78 75 60 42 41 30 40 0 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 9: Solar Installations to Grow at ~12% CAGR in Key Markets
| SOLAR INSTALLATIONS TO GROW AT ~12% CAGR IN KEY MARKETS Annual Utility-Scale PV installations 2019 2021 2022 2030E CAGR 22-30E (GW) India 9.8 10.8 15.9 40.2 12% South-East Asia & Australia 1.8 2.7 2.5 4.7 8% Middle East and North Africa 3.9 2.6 5.1 18.9 18% Rest of Africa 1.2 1.3 1.8 10.5 25% Euro
Slide 10: PSU Market – A Huge Opportunity to Tap Into
| PSU MARKET – A HUGE OPPORTUNITY TO TAP INTO PSUs HAVE INDICATED A STRONG PIPELINE Projected Pipeline (GWp) Entity FY23-24E FY24-25E FY25-26E NTPC 5.9 8.7 10.0 NHPC 1.8 1.4 1.7 GSECL 1.2 1.3 1.8 SJVNL 1.1 1.8 2.2 Coal India 1.1 0.8 1.0 NLC 0.9 1.2 1.4 GIPCL 0.8 0.9 1.3 Others * 0.5 1.0 1.3 Total 13
Slide 11: Key Costs Are on the Decline
| KEY COSTS ARE ON THE DECLINE Australia LATAM 0.28 0.27 18,400 0.25 14,000 (price in USD per Wp) ** (per 40 feet container) Freight rates Ex China Module price trends 0.23 11500 0.22 9300 0.22 8,000 0.19 4900 3,500 3,500 2000 2,300 1,800 4,000 2,500 1,200 Sep ’20 Mar ’21 Sep ‘21 Mar ’22 Sep ‘22 Dec
Slide 12: 4Q FY 2023
STERLING & WI LsoncA> | 4Q FY 2023 “
Slide 13: Key Highlights for 4Q FY23
| KEY HIGHLIGHTS FOR 4Q FY23 • Company reported the highest quarterly order inflows since Q1FY21 • Company was declared L1 for BOS package of 1,500 MW DC at Khavda, Gujarat of NTPC in March 2023 • Received two new contracts in India for Solar EPC from Serentica, and Sembcorp for projects located in
Slide 14: Consolidated Profit & Loss – 4Q FY23
| CONSOLIDATED PROFIT & LOSS – 4Q FY23 INR Crore Q4FY23 Q4FY22 Q3FY23 FY2023 FY2022 • Revenue was impacted during the quarter due to cost Revenue from Operations 88 1,071 410 2,110 5,199 Gross Margin (post project MTM) (275) (59) (30) (651) (503) increase on account of certain cost provisions made,
Slide 15: Proforma Profit & Loss – 4Q FY23
| PROFORMA PROFIT & LOSS – 4Q FY23 Q4FY23 Q4FY23 Proforma P&L (INR Crore) Provisions (Reported) (Proforma) Revenue 88 (190) 278 Gross Margin (post project MTM) (275) (272) (4) EBITDA (355) (82) PAT (421) (150) • Provisions made in Q4FY23 towards: • Four international projects which are now virtually
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET INR Crore Mar-23 Dec-22 Breakdown of Net Debt (INR Crore) Mar-23 Dec-22 Sources of Funds Term debt 1,500 1,050 Shareholders Funds (240) 218 Working capital related debt 515 505 Borrowings from Banks 2,015 1,555 Total 1,775 1,773 Total Debt 2,015 1,555 Application of Funds
Slide 17: Domestic EPC Momentum Gaining Traction
| DOMESTIC EPC MOMENTUM GAINING TRACTION India Order Inflow has surged in FY23 • NTPC - I INR Cr GW 5,000 3.7 4 • BOS package of 1,570 MW DC of 4,000 proposed solar PV plant at Khavda, Gujarat 4,387 3 3,000 • NTPC - II 2 2,000 • Declared L1 for BOS package of 1,500 0.9 1,000 1 MW DC at Khavda, Gujar
Slide 18: MOU Announced in FY23
| MOU ANNOUNCED IN FY23 • Sterling and Wilson Solar Solutions, Inc (SWSS), the US step down subsidiary signed a MOU with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa in September 2022 • MOU is for the development, design, construction, and commissio
Slide 19: Order Book & Pipeline
| ORDER BOOK & PIPELINE • India Europe 1.8% • Major PSUs have indicated a potential pipeline of ~13 GW for FY24E in India MENA & Africa • Middle-east 27.1% • 3 large bids with each in excess of 1.5 GW each with a joint EPC partner 22.9 GW • Australia India US & 62.7% • Limited notice to proceed “LNT
Slide 20: Order Book & Pipeline
| ORDER BOOK & PIPELINE Unexecuted Order Value Movement Gross UOV as on 31 March 2023 +4,387 -929 -1,919 USA LATAM 2.1% 0.7% Australia 7.2% +121 4,913 3,253 India 89.9% UOV as on 31 Forex Order inflow Order exited in Projects UOV as on 31 Mar 2022 adjustments 2QFY23 executed in Mar 2023 * FY23 New o
Slide 21: FY24E Key Expectations
| FY24E KEY EXPECTATIONS • Order booking ✓ Target Nigeria agreement closure by Q1/Q2-FY24E ✓ Leverage existing strong order pipeline to target orders worth USD 1bn+ from domestic and international markets (ex-Nigeria) ✓ Capture major share of Group companies’ domestic solar portfolio buildout • Prof
Slide 22: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : Sterling and Wilson Renewable Energy Limited Strategic Growth Advisors Private Limited CIN: L74999MH2017PLC292281 CIN: U74140MH2010PTC204285 Mr Sandeep Mathew Mr Jigar Kavaiya / Mr. Parin Narichania Head – Investor Rela
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