Adani Green Energy Limited · NSE:ADANIGREEN

Adani Green Energy — Q4 FY2019 Earnings Presentation

33 slides from Adani Green Energy's earnings presentation, May 15, 2019

  1. Slide 1: Adani Green Energy Limited Q4 & FY'19 Earnings Presentation

    Adani Green Energy Limited Q4 & FY’19 Earnings Presentation 15 May 2019

  2. Slide 2: 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 fu

  3. Slide 3: AGEL: Sustainability with Profitability

    AGEL: Sustainability with Profitability 4560 MW Total Portfolio 1948 MW 72 MW Solar Wind 2020 MW Operational Operational operational Portfolio Vision to be among the Leading Global Renewable Companies 2

  4. Slide 4: Remote Operation Nerve Centre (RONC)

    Remote Operation Nerve Centre (RONC) 3

  5. Slide 5: Contents

    Contents 01 Highlights for FY19, Strategy, Industry and Sustainability 02 Q4 and FY 2019 Performance A Appendix STRICTLY CONFIDENTIAL

  6. Slide 6: Highlights for FY 2019, Strategy, Industry and Sustainability

    01. Highlights for FY 2019, Strategy, Industry and Sustainability STRICTLY CONFIDENTIAL

  7. Slide 7: AGEL – Leading Pan India Renewable Player, Well Diversified Portfolio

    AGEL – Leading Pan India Renewable Player, Well Diversified Portfolio 4,560 MW Portfolio, 100% ~$2bn 2,020 MW Operational 25 Year PPAs Asset Base1 57 Locations in 11 States Amongst the Largest Renewable Utility Players in India 2 Diversified Geographical Footprint1 Total Capacity (MW) TS AP CG 2.4%

  8. Slide 8: FY 2019 Highlights

    FY 2019 Highlights Operational Financial  Strategic  Average Availability of  AGEL’s Equity Shares listed on  Won new PPAs for 99.00% in FY 19 vs BSE and NSE in Q1’FY 19,  Wind – 925 MW 98.83% in FY 18 making it the first listed pure  Solar – 675 MW play renewable power  Won first hybrid proj

  9. Slide 9: AGEL's Strategic Priorities

    AGEL’s Strategic Priorities Growth and  Vision to be one of the leading Global renewable players Returns Focus  Disciplined investment decisions framework to add incremental shareholder value Optimal  Leverage internal accruals to drive RoE with accretive growth Capital Management  Established p

  10. Slide 10: Renewables – Attractive Industry Outlook

    Renewables – Attractive Industry Outlook Low Per Capita Power Consumption Untapped Solar and Wind Resources Low Generation Share Per capita power consumption (KWh) Nuclear Potential Installed capacity in GW (Apr-2019) Hydro 3.0% US: ~11.3x India 10.0% 749.0 28.2 GW expected 12,984 China: ~3.4x India

  11. Slide 11: Recent Industry Developments

    Recent Industry Developments  Target for renewables in India has been increased to 227 GW by 2022 from 175 GW earlier, Out of it, 78 GW already operational.  ISTS bids called for Solar projects as well in addition to ISTS Wind projects, leading to larger scale development of renewable capacity in

  12. Slide 12: Solar bids won FY 2019: Cautious approach

    Solar bids won FY 2019: Cautious approach Capacity offered Capacity Won by by AGEL Tariff offered by AGEL Tender Location Successful L1 Bid Tariff AGEL (MW) (MW) 750 MW Anantapuramu Solar AP 250 - No 2.72 0 Park - NTPC 1000 MW Solar ISTS - Across 200 2.71 Yes 2.71 200 MSEDCL India 2000MW - ISTS- Tra

  13. Slide 13: Development Risk Profile improving

    Development Risk Profile improving Additional Future Projects + Operational UC 4,560 4,560 1,790 2,590 2,570 2,000 612 4,560 1,192 2,770 798 1,958 1,970 485 808 313 FY16 FY17 FY18 FY19 FY20E FY21E In the forecast period given, AGEL is planning investments in international markets, primarily in the U

  14. Slide 14: Profitable growth leading to superior returns

    Profitable growth leading to superior returns Completed / Average Expected Project Capacity Revenue^ EBITDA$ Tariff Cost# Capex / EBITDA (in MW) (in Rs Cr) (in Rs Cr) (in Rs/kWh) (in Rs Cr) Operational * Solar 1,948 5.07 12,844 2,184 2,092 6.14 Wind 72 4.06 455.00 79 72.56 6.27 Total 2,020 5.04 13,2

  15. Slide 15: World Class ESG (Environment Social Governance) Standards

    World Class ESG (Environment Social Governance ) Standards Environment Social Governance • Avoided emission near to 3.6* Million tonnes CO2 equivalent. Provided employment ESG Rapidly strengthening governance and planning • Environment protection opportunities to approx. 2500 Highlights disclosures.

  16. Slide 16: Social initiatives impacting Environment / CSR

    Social initiatives impacting Environment / CSR AGEL engages with local stake holders by organising structured meeting at regular interval to built long terms mutual relationship 15

  17. Slide 17: Q4 and FY 2019 Performance

    02. Q4 and FY 2019 Performance STRICTLY CONFIDENTIAL

  18. Slide 18: Operational Performance

    Operational Performance Average Capacity (MW AC) PLF % (AC) Solar Wind Solar Wind 1,898 1,898 1,744 29.81% 30.96% 25.89% 22.35% 21.66% 21.14% 18.55% 18.25% 21.68% 858 19.69% 20.08% 20.02% 648 648 668 16.36% 13.87% 13.53% 8.33% 60 60 60 60 60 60 72 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 & Q3 FY19

  19. Slide 19: 1.9 GW Solar Portfolio Operational Bridge

    1.9 GW Solar Portfolio Operational Bridge Actual to Technical Estimates* Estimated Quarterly CUF for 1.9 GWAC Portfolio March’19 Target CUF Achieved CUF 33.00% 28.64% 28.00% 23.68% 24.22% 21.56% 23.00% 25.89% 18.00% 21.68% 21.66% 20.08% Q1FY'19 Q2FY'19 Q3FY'19 Q4FY'19 FY’19 AGEL has almost achieved

  20. Slide 20: Robust financial performance driven by fully contracted cash flows

    Robust financial performance driven by fully contracted cash flows Revenue (Rs Cr.)1 EBITDA7 (Rs Cr) and margin5 (%) Cash Profit6 (Rs. Cr) 2,058 792 1,710 +39% 1,480 +75% +105% 452 834 90% 86% FY18 FY19 FY18 FY19 FY18 FY19 Investment in CAPEX (gross) Net external debt2 and Shareholders’ Net External

  21. Slide 21: Revenue, EBIDTA & Net External Debt bridge Y-o-Y

    Revenue, EBIDTA & Net External Debt bridge Y-o-Y Revenue from Power Supply EBIDTA Net External Debt

  22. Slide 22: Restricted Cash / EBIDTA

    Restricted Cash / EBIDTA Particulars ( Rs Cr.) FY 19 FY 18 Restricted cash Debt Service Reserve Account (DSRA) 364 216 Margin money 46 232 Trust Retention Account (TRA) 95 77 Total Restricted cash 505 525 EBITDA 1710 834 Restricted cash / EBIDTA 0.30 0.63 Entire EBITDA for the FY 19 freely available

  23. Slide 23: Debt Profile (Avg. maturity ~13 yrs.)

    Debt Profile (Avg. maturity ~ 13 yrs.) (Rs. Cr) External project debt Less than 1 From 1 to 5 More than 5 Nature of Debt outstanding as on year year year March 31, 2019 Rupee term loan 6,603 353 2,914 3,336 External commercial borrowing 1,612 80 649 882 Buyers Credit* 1,258 304 294 661 Foreign LC* 3

  24. Slide 24: Power Generation receivables Ageing

    Power Generation receivables Ageing (Rs. Cr.) Overdue Off Takers Not Due* 0-60 61-90 91-120 121-180 >180 Total** days days days days days TANGEDCO 203 100 47 65 110 37 562 NTPC 86 9 - - - - 95 SECI 38 1 0 - - - 40 Others 50 12 2 3 7 6 80 Total 377 123 50 68 117 43 777 *includes unbilled revenue of R

  25. Slide 25: Financial Summary – Income Statement

    Financial Summary – Income Statement Particulars (INR Cr) Q4’19 Q4’18 FY19 FY18 Revenue from Operation 681 406 2058 1480 Other income 38 11 73 39 Total Revenue 719 417 2131 1519 Cost of material consumed and others 130 109 130 514 Operational & Maintenance expenses 81 49 218 132 Finance Costs 274 14

  26. Slide 26: Financial Summary – Balance Sheet

    Financial Summary – Balance Sheet Particulars (INR cr) FY19 FY18 Assets Non Current Assets Fixed Assets: Gross Block 12,331 9,996 Less :-Accumulated Depreciation (1,943) 876 Net Block 10,388 9,120 Capital work-in-progress 743 1,725 Financial Assets 507 453 Deferred Tax Assets 376 246 Other Non Curre

  27. Slide 27: Capital Structure as enabler for growth

    Capital Structure as enabler for growth Efficient refinancing to unlock cash flows Debt Philosophy for growth 100% Pool with  NTPC – 370 MW (40%)  SECI – 160 MW (17%) Project debt self-amortizing before end of contracted diversified  State DISCOMs with A rated or more – 160 MW life Counterparty (

  28. Slide 28: AGEL: A Compelling Investment Opportunity

    AGEL: A Compelling Investment Opportunity  Adani group is a leader in infrastructure –ports, T&D, thermal power and renewables 1. Infrastructure lineage  Proven track record of excellence in development & construction  India plans to grow renewables from 75GW to 175GW in next few years 2. Signifi

  29. Slide 29: Appendix

    A. Appendix STRICTLY CONFIDENTIAL

  30. Slide 30: Asset Level Details - Operational

    Wind Projects Asset Level Details - Operational Solar Counterparty SPV Project Name / Location Type Capacity (AC) Tariff COD Name Credit Rating Term AGETNL Solar 216 7.01 Mar-16 TANGEDCO ICRA (B) 25 RSPL Solar 72 7.01 Feb-16 TANGEDCO ICRA (B) 25 AGETNL KREL Solar 72 5.761&2 Mar-16 TANGEDCO ICRA (B)

  31. Slide 31: Asset Level Details – Under Construction

    Wind Projects Asset Level Details – Under Construction Solar Hybrid Project Name / Capacity SPV Type Tariff COD Counterparty Location (AC) Name Credit Rating Term ARERJL Rajasthan Solar 200 2.71 Aug-19 MSEDCL ICRA (B+) 25 AGEONEL Gujarat Solar 150 2.67 Nov-20 GUVNL ICRA (A+) 25 GSBPL Gujarat Solar 1

  32. Slide 32: AGEL: International Opportunity

    AGEL: International Opportunity Vietnam Vietnam Project Name MIDLAND HARTSEL HUNTER SIGURD US Total Solar Wind Project Capacity 72.1 72 100 80 324.1 38.1 MWac 27.2 MW (MWac) South Location Colorado Utah Utah Ninh Thuan Province Carolina Expected Project Jul-20 Dec-22 Dec-20 Dec-20 Dec-20 Dec-20 CoD

  33. Slide 33: AGEL – Holding Structure

    AGEL – Holding Structure Renewable Energy Business Promoters Public 86.50% 86.58% Adani Green Energy Ltd. 13.50% 13.42% MP - 12 MW Wind 100% 100% 100% 100% 100% 100% 100% 100% 100% PDPL AGE(TN)L AGE(UP)L PSEPL GS(B)PL AWE(G)PL AGE(MP)L ARE(KA)L 220 MW 216 MW 290 MW 420 MW 100MW MS(UP)PL 48 MW 350 MW

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