Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q4 FY21 Earnings Presentation
22 slides from Inox Wind's earnings presentation, Jun 25, 2021
Slide 1: Exchange filing cover letter for earnings presentation
IWL: NOI: 122: 2021 25% June, 2021 The Secretary The Secretary BSE Limited 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: Inox Wind Limited Q4 and FY21 Investor Update
INOX WIND LIMITED Q4 AND FY 21 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 FINANCIAL HIGHLIGHTS NEW HOLDING COMPANY OF WIND BUSINESS STRATEGIC INITIATIVES – FY 22 & ONWARDS SIGNIFICANT MARKET OPPORTUNITIES ORDER BOOK TECHNOLOGY O&M – STRONG ANNUITY MODEL COMPONENTS OF WORKING CAPITAL WIND AUCTIONS WIND SECTOR:
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations The Company has recorded Gross Revenue of Rs. 847 Crs. for FY21 as compared to Rs.760 Crs. for FY20 resulting in an increase of ~ 12%. • Revenue of Rs. 847 Crs includes Rs. 136 Crs, towards supply to step down subsidiary Nani Virani (SECI II SPV) which has got eli
Slide 6: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations Execution of the Continuum project, Nani Virani (SECI II SPV) and various retail orders are in full swing and commissioning of turbines is taking place progressively. We have already achieved financial closure for un commissioned 100 MW of SECI SPVs with PFC. Th
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Key Balance Sheet Actions During the year, the Company has raised ~ Rs.400 crs by issuing Non Convertible Debentures (NCDs) at 9.5%, the proceeds were utilised inter alia to optimise working capital and retire high cost debt. It also led to improve the short term fund availabi
Slide 8: New Holding Company of Wind Business
NEW HOLDING COMPANY OF WIND BUSINESS Inox is committed to creating value for its stake holders. As a part of the same, the Wind Business has been demerged from GFL Limited and a new entity Inox Wind Energy Limited (IWEL) is now the new holding company of IWL by the way of a Composite Scheme of Arr
Slide 9: Strategic Initiatives - FY22 & Onwards
STRATEGIC INITIATIVES - FY22 & ONWARDS With our 3.3 MW Wind Turbine Platform, we are well placed to thrive under the auction regime and achieve sustainable margins which we used to enjoy during the FIT regime. We see a significant opportunity to further leverage, by being amongst the lowest cost p
Slide 10: Significant Market Opportunities
SIGNIFICANT MARKET OPPORTUNITIES Globally there is a huge thrust on renewable energy. Across the world, the marginal cost of renewable energy today is the lowest within the energy basket. Recently the United States of America has rejoined the Paris Climate Accord. Tackling climate change and ESG c
Slide 11: Significant Market Opportunities
SIGNIFICANT MARKET OPPORTUNITIES SECI has recently floated three more tenders: • SECI XI Wind Tender of 1200 MW; • Hybrid IV 1200 MW and • RTC II Tender of 5000 MW* *RE 51%, with coal based thermal power NTPC has recently doubled its renewable target to 60 GW to be achieved by 2032. The Union
Slide 12: Order Book
ORDER BOOK Particulars Capacity MW SECI 2: 300MW SECI 3: 200MW Auction based order book 950 •Inox: 250MW SECI 4: 100MW Others 94 •Adani: 50MW Supplied (402) Net order book (A) 642 SECI 1: 300MW LOI for 3.3 MW from Adani (B) 501.6 Inox Wind Maharashtra •Inox: 250MW Agreement signed with leading •Adan
Slide 13: 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 3.3MW turbine is a globally operating proven Tur
Slide 14: O&M – Strong Annuity Model
O&M – STRONG ANNUITY MODEL Inox Wind has multi year O&M agreements with customers. During the year, a significant volume (324 MW) was added to the paid O&M services, taking the revenue earning fleet to 1514 MW. Moreover, with the increase in the fleet size on the back of strong auction order inf
Slide 15: Components of Working Capital
COMPONENTS OF WORKING CAPITAL In Rs. Cr. Particulars Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Inventory 993 994 1,115 1,020 958 917 Net Receivables 519 110 65 70 22 (161) Net Payables 623 656 760 644 496 448 Others 255 296 311 231 165 193 Net Working Capital 635 152 109 214 320 115 •Inventory: Cons
Slide 16: 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 17: Wind Sector: Gaining Strength
WIND SECTOR: GAINING STRENGTH The sector witnessed (GW) Withdrawal of AD an abrupt transition to Reintroduction of AD the auction regime. & GBI Provision & GBI Provision 5.5 Tariff Cap Removed 3.2 3.3 Impacted 2.3 2.3 by COVID 2 2.1 1.7 1.7 1.7 1.5 1.6 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY
Slide 18: 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 19: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 24th Jun 21 (BSE) 115.00 Market capitalization (Rs. Cr) 1881 95.00 75.00 Price (Rs.) 84.75 55.00 35.00 No. of shares outstanding (Cr) 22 15.00 Jun/2020 Aug/2020 Oct/2020 Dec/2020 Feb/2021 Apr/2021 Jun/2021 Face Value (Rs.) 10.0 Sour
Slide 20: Financials: Consolidated P&L Statement
FINANCIALS : CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q4FY21 Q4FY20 Q3FY21 FY21 FY20 Income a) Revenue from operation (net of taxes) 23,917 18,925 20,380 71,073 76,019 Other Income 5,629 749 564 7,269 2,419 Total Income from operations (net) 29,547 19,675 20,944 78,342 78,438 Expenses a) Cost of mat
Slide 21: 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-21 31-Mar-20 31-Mar-21 31-Mar-20 Assets EQUITY AND LIABILITIES (1 ) Non-current assets (1) Equity (a) Property, Plant and Equipment 1,17,194 1,20,009 (a) Equit
Slide 22: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 21