Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q3 FY21 Earnings Presentation
38 slides from Adani Green Energy's earnings presentation, February 2021
Slide 1: Adani Green Energy Limited Earnings Presentation Q3 & 9M FY21
Renewables Adani Green Energy Limited Earnings Presentation Q3 & 9M F Y21 Consolidated Financials
Slide 2: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Transformational Advantage 4 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 Renewable Growth Story & Investment Rationale Appendix
Slide 3: Adani Group
Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World
Slide 4: Adani Group: A world class infrastructure & utility portfolio
Adani Group: A world class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.5% 100% 75% 55% Marked shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables ATGL - Gas distribution network to serve key 100
Slide 5: Adani Group: Decades long track record of industry best growth rates
Adani Group: Decades long track record of industry best growth rates across sectors Port Cargo Throughput (MT) Renewable Capacity (GW) Transmission Capacity (ckm) CGD7 (GAs8 covered) 161% 12% 21% 45% 2.5x 6x 3x 1.5x 30% 5% 7% 25% Industry APSEZ Industry AGEL Industry ATL Industry AGL 2014 972 MT 113
Slide 6: Adani Group: Repeatable, robust & proven transformative model of investment
Adani Group: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Activity • Site acquisition • Engineering & design • Redesigning the • Analysis & market • Life cycle O&M capital
Slide 7: AGEL: Replicating Group's Transformational Growth Profile
AGEL : Replicating Group’s Transformational Growth Profile Total Portfolio Diversified Portfolio ESG 14,815 MW 1 11 states Development 72% solar; 11% wind; 17% wind-solar hybrid Pure-play Solar & Wind Assets 6,215 MW in Operation & ramp-up 8,600 MW Awarded Pipeline 100% Contracted Capacity Counterpa
Slide 8: Adani Green Energy Limited: Company Profile
Renewables 8 Adani Green Energy Limited Company Profile
Slide 9: Transformational Renewable Company
AGEL: Transformational Renewable Company Largest Listed 3,245 MW – Operational 15,000 MW identified in Gujarat Renewable Site Plan & Company in India + 2,970 MW – ramp up in 5–12 months 15,000 MW at other sites Development 8,000 MW Solar Upcoming Pipeline Tenders Over 11,000 MW in pipeline 600 MW Hy
Slide 10: Large, Geographically Diversified Portfolio
AGEL: Large, Geographically Diversified Portfolio 14,815 MW Portfolio 1 | 3,245 MW operational Average AGEL tariff below APPC 2 APPC @ 3.60/kWh Operational Under Implementation Wind Solar Solar-Wind Hybrid 3.2 2.5 2.4 2.7 2.3 2.0 3.24 130 Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 Dec'20 AGEL 50 345 Portfol
Slide 11: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 12: Overall pipeline Development and de-risking philosophy
AGEL: Overall pipeline Development and de-risking philosophy Resource Assessment Land Identification Design Optimisation Origination 85+ Wind data locations 2,00,000+ acres land ~10% Cost Efficiency identified across India Land Acquisition Statutory Approvals Connectivity Development 1,00,000 acres
Slide 13: Transformational Advantage driven by de-risked pipeline
AGEL: Transformational Advantage driven by de-risked pipeline Map – Khavda, 15,000 MW site 15,000 MW - Advanced Site Readiness Site area 2.7x Paris City Over 3 years of on site resource Resource Assessment estimation Solar potential map - Gujarat 70,000 acres of land Land Acquisition allotted by Gov
Slide 14: Operational Excellence driving Value
AGEL: Operational Excellence driving Value Traditional Approach AGEL’s approach Plant level O&M Centralized Operations via ENOC Predictive Analytics leading to cost efficient O&M and high performance • On a fleet of 11 Mn modules, capability to • Predictive O&M processes leading to collect Data at s
Slide 15: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 20 Cash Flow from Operations 2500 1965 2000 CAGR of 47% 2,545 MW 1 INR Crore 1625 Capacity (MW) 748 MW 1500 1000 500 301 28 Investment Grade 0 Credit Rating Not Rated Rating BBB- 2 FY17 FY18 FY19 FY20 Capital Employed3 INR 50
Slide 16: Case Study: Strategic Alliance with TOTAL
Case Study: Strategic Alliance with TOTAL – Monetization of Capital Formation Evolving Strategic Alliance between Adani Portfolio and TOTAL across Energy Spectrum Oct 2019 Apr 2020 Oct 2020 Jan 2021 37.4% stake acquisition in Adani Gas & Concluded 50:50 AGEL-TOTAL JV in Expanded 50:50 AGEL-TOTAL JV
Slide 17: Operational & Financial Highlights – Q3 FY21
Renewables 17 Operational & Financial Highlights – Q3 FY21
Slide 18: Key Highlights – Q3 FY21
AGEL: Key Highlights – Q3 FY21 Key Developments ▪ Adani group and TOTAL deepen Strategic Alliance, TOTAL acquires 20% equity stake in AGEL from Adani Promoter group ▪ ‘Leadership in Performance’ award conferred to AGEL’s solar plant in Karnataka and Wind plant in Gujarat from shortlisted top perform
Slide 19: Addition to Operational Capacity in YTD FY21
AGEL: Addition to Operational Capacity in YTD FY21 (All figures in MW AC) Solar Plants of 700 MW added in YTD FY21 despite ongoing pandemic 19
Slide 20: Solar & Wind Plant Availability – Q3 FY21
AGEL: Solar & Wind Plant Availability – Q3 FY21 Solar Plant Availability Wind Plant Availability Solar - Plant availability Wind - Plant Availability 99.4% 97.3% 94.8% 88.5% Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Centralized Operations via Energy Network Operation Centre (ENOC) • ENOC enhancing Plant avail
Slide 21: Portfolio Performance – Q3 FY21
AGEL: Portfolio Performance – Q3 FY’21 Solar Portfolio Performance Wind Portfolio Performance 1400 200 20% 1200 945 1000 20% 150 1200 800 20.8% 600 103 100 10% 19.9% 10% 20.9% 400 18.9% 50 200 50 0% 0 0% 0 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn
Slide 22: Financial Performance – Q3 FY21
AGEL: Financial Performance – Q3 FY21 (All figures in INR Crore) Total Income & Total EBITDA (1) Revenue (Power Supply) +31% +61% 843 591 ▪ Revenue from Power Supply increase backed 638 452 523 367 +74% by added capacities and improved Solar CUF ▪ EBITDA from Power Supply increase backed Q3 FY20 Q3
Slide 23: Bridge of EBITDA from Power Supply – Q3 FY20 to Q3 FY21
AGEL: Bridge of EBITDA from Power Supply – Q3 FY20 to Q3 FY21 (All figures in INR Crore) EBITDA up by 34% YoY on back of improved revenue and consistent O&M cost despite increased capacity 23
Slide 24: ESG
Renewables 24 Adani Green Energy Limited ESG
Slide 25: ESG Strategy Framework
AGEL : ESG Strategy Framework Purpose Decarbonizing the Nation’s Growth Strategic Pillars Corporate Citizenship & Responsible Business Role in Global Climate Action Enabling Social Transformation Practices Focus Areas ✓ Decarbonization of value chain ✓ Human capital management ✓ Ethics and integrity
Slide 26: ESG performance Update - Q3 FY21
AGEL: ESG performance Update - Q3 FY21 Role in Climate Change mitigation Commitment to Bio-diversity conservation ▪ 1.18 mn ton CO2 emission avoided in Q3 FY21 (equivalent to ▪ 100% of the operations covered under commitment by emission from 2031 trips around the earth by a commercial AGEL for India
Slide 27: Renewable Growth Story & Investment Rationale
Renewables Renewable Growth Story & Investment Rationale - AGEL 27
Slide 28: Renewable Growth Story
AGEL: Renewable Growth Story India: Renewable Installed Capacity (GW) 2 Untapped resources in India - Significant potential for growth 1 Solar Capacity (GW) Wind Capacity (GW) Other Capacity (GW) Historic Targeted 749 347 Projected 45 CAGR: 18% >21x >9x 3x 450 potential potential potential Historic
Slide 29: A Compelling Investment Case
AGEL: A Compelling Investment Case ▪ India targets Renewable capacity of 175 GW by 2022 & 450 GW by 2030 from 87 GW currently Strong Government Push ▪ ‘Must-run’ status to renewable plants in India ensures continuous off-take of energy ▪ Locked-in capacity growth of 5x from 3.2 GW to 14.8 GW with al
Slide 30: Appendix: Operational & Financial Highlights 9M FY21
Appendix 30 Operational & Financial Highlights 9M FY21
Slide 31: Solar & Wind Plant Availability – 9M FY21
AGEL: Solar & Wind Plant Availability– 9M FY’21 Solar Plant Availability Wind Plant Availability Solar - Plant availability Wind - Plant Availability 99.5% 98.7% 94.9% 86.5% 9M FY20 9M FY21 9M FY20 9M FY21 Centralized Operations via Energy Network Operation Centre (ENOC) • ENOC enhancing Plant avail
Slide 32: Portfolio Performance – 9M FY21
AGEL: Portfolio Performance – 9M FY’21 Solar Portfolio Performance Wind Portfolio Performance 30% 500 3500 468 28.5% 20% 3420 3000 28.8% 400 2928 2500 20% 300 2000 10% 21.7% 21.9% 1500 200 10% 1000 155 100 500 0% 0 0% 0 9M FY20 9M FY21 9M FY20 9M FY21 CUF (AC) Sale of Energy (mn units) CUF (AC) Sale
Slide 33: Financial Performance – 9M FY21
AGEL: Financial Performance – 9M FY21 (All figures in INR Crore) Total Income & Total EBITDA (1) Revenue (Power Supply) +28% +18% ▪ Revenue from Power Supply increase backed +45% 2439 1729 1910 1917 1464 by added capacities and improved Solar & 1323 Wind CUF 9M FY20 9M FY21 ▪ EBITDA from Power Suppl
Slide 34: Bridge of EBITDA from Power Supply - 9M FY20 to 9M FY21
AGEL: Bridge of EBITDA from Power Supply - 9M FY20 to 9M FY21 (All figures in INR Crore) EBITDA up by 20% YoY on back of improved revenue and optimization of O&M cost 34
Slide 35: Appendix: AGEL Receivables Details
Appendix 35 AGEL: Receivables Details
Slide 36: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Not Due Overdue 31-Dec-20 31-Dec-20 Off Takers 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue TANGEDCO1 140 94 54 53 96 289 586 NTPC2 67 - - - - - - SECI3 72 - - - - - - Others 143 16 7 7 18 49 97 Total 423 110 61 60 114 338 683 ▪ O
Slide 37: 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 38: Thank You
Renewables 38 Thank You