Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q4 FY2020 Earnings Presentation
20 slides from Inox Wind's earnings presentation, Jun 27, 2020
Slide 1: Exchange filing cover letter for Earnings Presentation
IWL: NOI: 75: 2020 27th June, 2020 The Secretary The Secretary BSELimited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip code: 539083 Scrip code: INOXWIND Sub: Disclosure of Material
Slide 2: Q4FY20 Investor Update
INOX WIND LIMITED Q4FY20 INVESTOR UPDATE
Slide 3: 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 4: Discussion Summary
DISCUSSION SUMMARY OPERATIONAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS – IMPACT OF COVID -19 FINANCIAL HIGHLIGHTS SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD - FY 21 ORDER BOOK AS ON DATE TECHNOLOGY O&M – STRONG ANNUITY MODEL WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND AUC
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations During FY 20, we successfully Commissioned 262 MW including 250 MW of SECI projects. Won our single largest order ever - 250 MW from Continuum Wind. The customer has already achieved financial closure with PFC. We have already implemented a 170 MW order for Cont
Slide 6: Operational Highlights - Impact of COVID-19
OPERATIONAL HIGHLIGHTS - IMPACT OF COVID - 19 COVID – 19 Impact The Company has adhered to all the requisite norms stipulated by the Government(s) in respect of COVID – 19. The supplies during Q4 FY 20 were muted due to the COVID – 19 impact. The operations across all the manufacturing plants an
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Q4FY20 During the quarter, we commenced execution of new orders along with fresh supplies of WTGs. Revenue and EBITDA compared to the corresponding quarter (Q4FY19) : • Revenue of Rs. 189 crs against revenue of Rs. 180 crs • EBITDA profit of Rs. 11 crs against EBITDA loss of
Slide 8: Significant Market Opportunity & Way Ahead - FY21
SIGNIFICANT MARKET OPPORTUNITY & WAY AHEAD - FY 21 Post the painful transition period, the sector is now looking up. MNRE has recently decided to remove the upper cap in the reverse auctions which had been a long pending demand of the industry. We believe the removal of this cap will result in hig
Slide 9: Order Book as on Date
ORDER BOOK AS ON DATE Particulars Capacity MW SECI 3: 200MW Auction based order book 950 SECI 2: 300MW Others 32 •IWL: 250MW •Adani: 50MW SECI 4: 100MW Supplied (304) Net order book 678 SECI 1: 300MW Inox Wind LOI for 3.3 MW from Adani 501.6 •IWL: 250MW •Adani: 50MW Order Maharashtra state Book = au
Slide 10: Technology
TECHNOLOGY Inox Wind extends its existing 2MW product offering Technical Specification with the launch of the 3.3MW wind turbines which are ideally suited for low wind regimes in India. Rated power: 3300KW Drive Train : DF, 6 Pole Generator The newly launched 3.3MW turbine is a globally Turbi
Slide 11: O&M – Strong Annuity Model
O&M – STRONG ANNUITY MODEL Inox Wind has multi year O&M agreements for its fleet across customers and from the upcoming new financial year, a significant part of the WTGs will be beyond the free O&M/warranty period. Moreover, with the increase in the fleet size on the back of strong auction orde
Slide 12: Working Capital Analysis – Positive Momentum Continues
WORKING CAPITAL ANALYSIS – POSITIVE MOMENTUM CONTINUES In Rs. Cr. Particulars Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Inventory 756 944 933 1,086 993 994 Net Receivables 1,446 1,261 1,058 723 519 110 Payables 956 889 1,083 1,103 1,002 1,055 Others 19 103 (103) (122) (125) (103) Net Working Capital
Slide 13: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Particulars Q4FY20 Q4FY19 FY20 FY19 Opening Net Debt (648) (836) (916) (705) Cash Profit (169) (36) (198) 27 Net Working Capital 483 14 1,062 26 Capex (40) (56) (304) (113) Others (260) (3) (277) (151) Closing Net Debt (634) (916) (634) (916) Particulars Q4FY20
Slide 14: Wind Auctions
WIND AUCTIONS Auction Period Volume (MW) SECI 1 – SECI 3 Feb’17 – Mar’18 4050MW State Auctions Feb’17 – Mar’18 1500MW SECI 4 Apr-18 2000MW NTPC Aug-18 1200MW SECI 5 Sep-18 1200MW Hybrid 1 Dec-18 840MW SECI 6 Feb-19 1200MW Gujarat May-19 745MW Hybrid 2 May-19 720MW SECI 7 Jun-19 480MW SECI 8 Aug-19 4
Slide 15: Wind Sector: Gaining Strength
WIND SECTOR: GAINING STRENGTH Withdrawal of AD Reintroduction of AD The sector witnessed an (GW) & GBI Provision & GBI Provision abrupt transition to the auction regime. 5.5 3.2 3.3 2.3 2.3 2 2.1 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20E* Feed In Tariff Regime (FIT) Auc
Slide 16: Manufacturing Capacity
MANUFACTURING CAPACITY CURRENT CAPACITY (MW) Una, Barwani, Rohika, Plant Location Himachal Madhya Total Gujarat Pradesh Pradesh Nacelles & Hubs 1,100 - - 1,100 Blades - 800 800 1,600 Towers - 300 300 600 Well positioned to take advantage of the growing market. Potential to debottleneck our nacel
Slide 17: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 26th June 20 (BSE) 85 75 Market capitalization (Rs. Cr) 908 65 55 45 Price (Rs.) 40.90 35 25 No. of shares outstanding (Cr) 22 15 Apr/2019 Jun/2019 Aug/2019 Oct/2019 Dec/2019 Feb/2020 Apr/2020 Jun/2020 Face Value (Rs.) 10.0 Source -
Slide 18: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q4FY20 Q4FY19 Q3FY20 FY20 FY19 Income a) Revenue from operation (net of taxes) 18,925 17,955 17,274 76,019 143,744 Other Income 749 459 702 2,419 1,655 Total Income from operations (net) 19,675 18,414 17,976 78,438 145,400 Expenses a) Cost
Slide 19: Detailed Financials: Consolidated Balance Sheet Statement
DETAILED FINACIALS CONSOLIDATED BALANCE SHEET STATEMENT As of As of As of As of Particulars (Rs. in Lakhs) Particulars (Rs. in Lakhs) 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 Assets EQUITY AND LIABILITIES (1 ) Non-current assets (1) Equity (a) Property, Plant and Equipment 120,009 94,272 (a) Equity S
Slide 20: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 19