Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Q1 FY24 Earnings Presentation
36 slides from Adani Green Energy's earnings presentation, Jul 31, 2023
Slide 1: Submission letter to stock exchanges
Date: July 31, 2023 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Submission of Presentation on Operational & Finan
Slide 2: Adani Green Energy Limited Earnings Presentation – Q1 FY24
1 Adani Green Energy Limited Earnings Presentation – Q1 FY24 Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 3: Contents
CONTENTS 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures
Slide 4: Adani Portfolio
Adani Portfolio
Slide 5: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (67.7%) (56.3%) (68.3%) (62.9%) (100%) (63.2%) AGEL ATL APSEZ AEL NQXT1
Slide 6: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x Growth 4x EBITDA 70% 1,2 EBITDA 92% 1,4 Growth 3x Growth 1.4x AEL APSEZ EBITDA 91% 1,3,5 EBITDA 19% 1,3 AGEL ATGL Ad
Slide 7: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group AIMSL* Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt • Engineering & design • Redesi
Slide 8: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Development ~2,00,000 acres ~40 GW potential Geotechnical studies Resource rich sites in strategic locations 85+ Wind data locations and detailed design plannin
Slide 9: Adani Green Energy Limited Company Profile
Adani Green Energy Limited Company Profile Photo: AGEL’s Solar plant at Anjar, Gujarat
Slide 10: AGEL: Largest Renewable Energy power producer in India
AGEL: Largest Renewable Energy power producer in India Strategically located in Resource rich states 1 2.5x Locked-in Growth Renewable Capacity (in MW) 45,000 10% of India’s RE Operational Under exec../ Near Const. Target 8,316 MW – Operational 5.4x Wind Solar 10,219 MW – Under execution Solar-Wind
Slide 11: AGEL: Holding Structure & Key Portfolio Highlights
AGEL: Holding Structure & Key Portfolio Highlights Adani Family 56.3% 6.5% 4 1.4% 1.3% 19.7% Other Public 14.7% Shareholders Locked-in portfolio: 20,434 MW 50% 50% 100 % 100 % 100 % AGE23L 1 Other Operating Under Execution Near construction 2,353 MW 5,963 MW 10,219 MW 1,899 MW 86% Resource and 12 re
Slide 12: Operational & Financial Highlights
Operational & Financial Highlights Q1 FY24 (YoY) Largest Operational 11 Revenue EBITDA EBITDA margin Cash Profit Capacity in India 8,316 MW Rs. 2,059 Cr Rs. 1,938 Cr 92.5% Rs. 1,051 Cr 55% 53% Industry-leading 55% 43% EBITDA margin Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 13: AGEL: Executive Summary – Q1 FY24
AGEL: Executive Summary – Q1 FY24 Capacity Addition & Operational Performance Financial Performance ✓ Operational Capacity increases by 43% to 8,316 MW YoY with ✓ Revenue from Power Supply up by 55% YoY at Rs. 2,059 cr addition of 1,750 MW solar–wind Hybrid, 212 MW solar and 554 MW wind power plants
Slide 14: Operational Capacity Addition & Sale of Energy – Q1 FY24 YoY
AGEL: Operational Capacity Addition & Sale of Energy – Q1 FY24 YoY Operational Capacity (in MW AC) Hybrid 8,316 Wind 43% ` 2,140 5,800 Solar 1,201 390 647 ✓ Operational Capacity increases by 43% to 8,316 MW 4,763 4,975 ❑ Operationalized 1,750 MW solar–wind Hybrid power plants in Rajasthan Q1 FY23 Q1
Slide 15: Solar Portfolio Performance – Q1 FY24 (YoY)
AGEL: Solar Portfolio Performance – Q1 FY24 (YoY) CUF (AC) Sale of Energy (mn units) 26.5% 26.9% 6% 2,925 ` 2,751 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Sale of Energy up by 6% on the back of: - 212 MW capacity addition in Rajasthan - 40 bps improvement in CUF • Improved CUF performance backed by: - Cons
Slide 16: Wind Portfolio Performance – Q1 FY24 (YoY)
AGEL: Wind Portfolio Performance – Q1 FY24 (YoY) CUF (AC) Sale of Energy 47.0% (mn units) 38.7% 892 34% ` 665 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Sale of Energy up by 34% on the back of Capacity increase from 647 MW to 1,201 MW YoY. • The reduction in CUF is primarily due to : - Relatively lower wind
Slide 17: Hybrid Portfolio Performance in Q1 FY24 YoY
AGEL: Hybrid Portfolio Performance in Q1 FY24 YoY CUF (AC) Sale of Energy (mn units) 47.2% 2,206 43.4% 1,546% ` 134 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Sale of Energy up by 1,546% on the back of: - 1,750 MW capacity addition in Rajasthan - 380 bps improvement in CUF • Improved CUF performance backed b
Slide 18: Financial Performance – Q1 FY24 (YoY)
AGEL: Financial Performance – Q1 FY24 (YoY) (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 2,059 1,938 55% ` 53% ` 1,328 1,265 ✓ The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,516 MW over the last one year. Q1 FY23
Slide 19: Bridge of EBITDA from Power Supply – Q1 FY23 to Q1 FY24
AGEL: Bridge of EBITDA from Power Supply – Q1 FY23 to Q1 FY24 (All figures in INR Crore) EBITDA up by 53% YoY on back of improved revenue backed by significant increase in capacity 1. Change in Revenue also includes change in Carbon Credit Income. 18
Slide 20: ESG
Adani Green Energy Limited ESG ISS ESG ranks AGEL AGEL’s FTSE ESG score improves to 3.7 Felicitated by ET Edge as: 1st in Asia & Governance score Economic Times Sustainability Top 10 Globally at 4.5 Organizations 2023 in the Renewable Energy sector Well above Global utilities and for adopting valuab
Slide 21: AGEL: Robust ESG Framework
AGEL: Robust ESG Framework Guiding principles IFC E&S United Nations UN Sustainable India Business & Biodiversity Green Bond Performance Global Compact Development Goals Initiative (IBBI) Principles Standards Disclosure Standards TCFD TNFD GRI Standards CDP disclosure BRSR SASB Guiding Policies prin
Slide 22: ESG - Progress & Key Milestones
AGEL: ESG - Progress & Key Milestones CO2 Emissions avoided (mn ton) Cumulative CO2 Emission avoided (Mn ton) 41.1 36.7 Year wise CO2 Emission avoided (Mn ton) 23.2 14.6 13.5 9.4 8.6 5.4 3.6 4.0 5.2 4.4 0.1 0.1 0.6 0.4 1.8 1.2 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1 FY24 Cumulative CO2 emission a
Slide 23: ESG – Ratings, Awards and Recognition
AGEL: ESG – Ratings, Awards and Recognition ESG Ratings AGEL’s Rating CSRHub (Consensus ESG Rating) ✓ Ranking of 96 percentile, with consistent ranking above Alternative Energy industry average ✓ ESG Risk Rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities sector av
Slide 24: Investment Rationale
Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 25: AGEL: Key Investment Highlights
AGEL: Key Investment Highlights Excellent execution – World class project execution with track record of executing projects ahead of schedule track record – Central monitoring by Project Management & Assurance Group and strategic alliances with Tier 1 suppliers – Locked in portfolio: 20.4 GW of whic
Slide 26: Annexures: Receivables Details
Annexures AGEL: Receivables Details
Slide 27: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Due 30-Jun-23 Not Due Off Takers 30-Jun-23 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 199 54 2 - - - 56 NTPC 185 0 - - - - - SECI 325 0 - - - - - KREDL 110 - - - - 5 4 TSSPDCL 25 13 - - - 28 41 Others 257 0 - - 1 33 34 Total 1,
Slide 28: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details
Slide 29: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitalizati (AC) (DC) on Name Term Tamil Nadu (AGETNL) Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu (RSPL) Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGETNL Tamil Nadu (KREL) Solar 72
Slide 30: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitaliza (AC) (DC) Name Term tion PNCEL Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 PNREL Punjab Solar 10 10.5 8.65 Feb-21 PSPCL 25 KNSSEPL Karnataka Solar 5 6.3 4.36 Oct-21 GE
Slide 31: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitaliza (AC) (DC) Name Term tion AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25 AWEGPL Gujarat Wind 18 18 3.
Slide 32: Asset Level Details – Under execution
Asset Level Details – Under execution Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan/ Gujarat Solar+ Mfg 4,667 6,767 2.42 SECI 25 Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,534 2,224 2.54 SECI 25 AREEL Gujarat Solar 150 225
Slide 33: Asset Level Details – Under execution (Contd.)
Asset Level Details – Under execution (Contd.) Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (AC) (DC) Name Term 600 Solar: 570 Solar: 855 AHEJFL Gujarat Hybrid 2.41 SECI 25 Wind: 200 Wind: 200 Total Hybrid 600 770 1,055 2.41 10,219 14,6
Slide 34: Asset Level Details – Near Construction
Asset Level Details – Near Construction Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,799 2,609 2.92 SECI 25 Various SPVs Rajasthan Solar 100 142 NA Merchant NA Total Near Construction 1,899 2,751 2.92
Slide 35: 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 36: Thank You
adani Renewables Thank You