Sterling And Wilson Renewable Energy Limited · NSE:SWSOLAR
Sterling And Wilson Renewable Energy — Sterling and Wilson Solar — Q3 FY21 Earnings Presentation
21 slides from Sterling And Wilson Renewable Energy's earnings presentation, Feb 13, 2021
Slide 1: Cover letter to stock exchanges
February 13, 2021 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 Sub.: Investor presentation on the Unaudited Consolidated and Standalo
Slide 2: Analyst Presentation – Q3 and 9M FY21
STERLING STERLING AND AND WILSON WILSON SOLAR SOLAR LIMITED LIMITED Analyst Presentation – Q3 and Investor 9M FY21 Presentation Noor Abu Dhabi - World’s Largest Single Location Solar Project 13thNovember February 2021 2019
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Solar 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: Contents
Contents 1 Key Highlights 3 2 Order book 5 3 Financials 9 4 Way Forward 18 2
Slide 5: Key Order Book Highlights
Key Order Book Highlights Healthy order inflow and robust order book ✓ Current year order inflow to date is Rs 7,046 crore (1.7 GW) i.e. 153% of restated FY20 order book (after exclusion of non-contracted projects) ✓ 8.1 GW contracted O&M as at 12th February 2021 (9.5% higher as compared to 12th Feb
Slide 6: Key Financial Highlights for 9M FY21
Key Financial Highlights for 9M FY21 ✓ Revenue for 9MFY21 increased by 6% to Rs 3,716 crore ✓ O&M revenue increased by 36% in 9MFY21 to Rs 180 crore compared to 9MFY20 ✓ Gross margins at 8.7% in 9MFY21due to increase in commodity and logistics cost in Q3FY21 ✓ EBITDA for 9MFY21 was Rs 43 crore and E
Slide 7: Significant geographic diversification continues
Significant geographic diversification continues FY19 FY20 9MFY21 EPC + O&M Revenue break-up by geography Australia India India 18 Projects 5.9% India 15 Projects 16.9% 19 Projects Africa 10 Countries 30.3% 9 Countries 27.1% 7 Countries 1.5% MENA MENA INR 8,241 23.7% INR 5,575 INR 3,716 Americas 47.
Slide 8: Unexecuted Order Value (UOV) Movement
Unexecuted Order Value (UOV) Movement INR Crore Gross UOV as on 12 Feb 2021 (before adjusting revenue post 31sh Dec 2020) [EPC Revenue] +6,116 +583 -3,536 Europe MENA 2.7% India -5,815* 10.5% 11.2% Africa 6.7% +930 11,396 Americas INR 9,674 9,674 23.4% crore 8,744 Australia 45.6% UOV as on New Order
Slide 9: Order Inflow – April to Dec 2020 and till date
Order Inflow – April to Dec 2020 and till date Country MW INR. Crore India 380 280 United States of America 300 1,190 Australia 759 4,226 Apr to Sept 2020 (a) 1,439 5,696 Chile 86 420 Oct to Dec 2020 (b) 86 420 January 2021 to till date Egypt 230 930 January 2021 till date (c) 230 930 TOTAL (a+b+c)
Slide 10: O&M Business – Key Highlights
O&M Business – Key Highlights INR Crore Revenue from O&M Operations Key Highlights O&M revenue increased by 36.8% in GW of solar power 9MFY21compared to 9MFY20 8.1 projects with active 180 O&M constitutes 4.8% of revenue in service contracts 132 9MFY21 compared to 3.8% in 9MFY20 O&M EBIT margi
Slide 11: Consolidated Profit & Loss – Q3 and 9m
Consolidated Profit & Loss – Q3 and 9m INR Crore Q3FY21 Q3FY20 9MFY21 9MFY20 FY20 Key Highlights Revenue from Operations 1,311 1,076 3,716 3,515 5,575 Revenue higher in 9MFY21 compared to 9MFY20. There has been significant pick Gross Margin 94 84 325 462 715 up in the execution of projects in US/L
Slide 12: Commodity and logistics prices impacting Q3 gross margins
Commodity and logistics prices impacting Q3 gross margins Metal price trends LME Aluminum Index (USD /MT) LME Copper Index (USD/ MT) Domestic steel price (INR/ MT) 2,023 7,780 58,000 45,000 6,719 1,745 Sep 20 Dec 20 Sep 20 Dec 20 Sep 20 Dec 20 Freight price trends Freight rates Ex China to LATAM Fre
Slide 13: Other Comprehensive income – 9MFY21
Other Comprehensive income – 9MFY21 Derivative contracts The Group has taken forward contracts (including cross currency hedge) to hedge the exposure of currency fluctuation in respect of receivable from customers, trade payables and letter of credit. The AUD-INR derivative contracts were taken
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet INR Crore Dec-20 Sep 20 Mar 20 Key Highlights Assets Assets Non current assets 145 123 91 Business continues to remain asset light Tangible assets (incl. CWIP) 51 49 43 Intangible assets 6 6 6 Increase in non-current asset on account of recognition of Deferred tax asse
Slide 15: Analysis of receivables > 1 year as at Dec 2020
Analysis of receivables > 1 year as at Dec 2020 Mix of receivables > 1 year as at Dec 2020 – Rs 549 crore Comments Others Argentina Key receivables outstanding for more than 1 year of Rs 549 crore as at Dec 24% 2020 comprise 24% - Matter under NCLT - Net Receivables is Rs 71 crore (after ECL provi
Slide 16: Consolidated Cashflow
Consolidated Cashflow INR Crore 9MFY21 9MFY20 FY20 Key Highlights Profit before tax 60 239 398 Cash flow from Operations Adjustments for noncash / other items 8 71 (24) Cash flow from Operations continue to remain positive Operating profit before working capital changes 68 310 375 Working Capital
Slide 17: Core Working Capital
Core Working Capital Key Highlights INR Crore Dec-20 Mar 20 Negative working capital of Rs 35 crore as at Dec 20 compared to positive Current Assets 1,905 2,640 working capital as at Mar 20 Improvement in working capital as at Dec 20 driven by combination of higher Inventories 22 14 collections,
Slide 18: External Debt and Intercompany Deposit movement post listing
External Debt and Intercompany Deposit movement post listing INR Crore Term Debt Intercompany Deposit (ICDs) Note: the above table excludes interest • Term debt reduced by Rs 2,179 crore from the date of • Repayment timelines extended till September 2021 listing till 12th February 2021 • Tangible se
Slide 19: Explanation to material uncertainty relating to Going Concern
Explanation to material uncertainty relating to Going Concern - para in Auditors Report Facts Acounting and Auditing Requirement Management explanations Shapoorji Pallonji and Company Private Limited, IND AS 1 and IND AS 10 requires the Management OTR for SPCPL (Holding Company) the Holding co
Slide 20: Way Forward
Way Forward ❑ Mitigating factors being implemented by Management along with support of Promoters to tide over the temporary liquidity mismatch ❑ Aggressive focus on the European market with an expected bid pipeline of 6 to 7 GW per annum ❑ Targeted focus for domestic and international O&M for third
Slide 21: Thank You
THANK YOU For further information, please contact: Company : Investor Relations Advisors : Sterling and Wilson Solar Limited Strategic Growth Advisors Private Limited CIN: U74999MH2017PLC292281 CIN: U74140MH2010PTC204285 Mr Vishal Jain Mr Jigar Kavaiya / Mr. Parin Narichania Head – Investor Relation
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