Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — H1 FY24 Earnings Presentation
40 slides from Adani Green Energy's earnings presentation
Slide 1: Earnings Presentation – H1 FY24 (Consolidated Financials)
Adani Green Energy Limited Earnings Presentation – H1 FY24 (Consolidated Financials) Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 2: Table of Contents
Table of Contents 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures 2
Slide 3: Adani Portfolio
01 Adani Portfolio
Slide 4: Adani Portfolio: A World class infrastructure & utility portfolio
Adani Portfolio: 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 (72.6%) (56.3%) (73.2%) (65.5%) (100%) (63.2%) AGEL AESL APSE
Slide 5: 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 6 Growth 4x 6 EBITDA 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL Adani’s Core Infra. Platfo
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group AIMSL1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Analysis &
Slide 7: 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 & Geotechnical studies ~2,00,000 acres ~40 GW potential Construction 85+ Wind data locations evacuation infrastructure readiness and Resource rich s
Slide 8: AGEL: Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile Photo: AGEL’s Solar plant at Anjar, Gujarat
Slide 9: AGEL - Largest Renewable Energy Power Producer in India
AGEL - Largest Renewable Energy Power Producer in India Strategically located in 12 Resource rich states 1 2.4x Locked-in Growth Renewable Capacity (in MW) 10% of Solar 45,000 India’s RE Target Ladakh 8,404 MW – Operational 2 Wind J&K 5.4x 10,131 MW – Under execution Himachal Pradesh Solar-Wind Hybr
Slide 10: Holding Structure & Key Portfolio Highlights
Holding Structure & Key Portfolio Highlights Adani Family 56.3% 7.0% 4 2.7% 1.4% 19.7% 12.9% Other Public Shareholders Locked-in portfolio: 20,434 MW 50% 50% 100 % 100 % 100 % AGE23L 1 Other Operating Under Execution Near construction 2,353 MW 6,051 MW 10,131 MW 1,899 MW 86% 86% sovereign equivalent
Slide 11: AGEL: Operational & Financial highlights
Adani Green Energy Limited (AGEL): 03 Operational & Financial highlights 11 Largest Operational Revenue EBITDA EBITDA margin Cash Profit Capacity in India 8,316 MW Rs. 4,029 Cr Rs. 3,775 Cr 92.2% Rs. 2,082 Cr 66% 58% Industry-leading 63% 24% EBITDA margin Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 12: AGEL: Executive Summary – H1 FY24
AGEL: Executive Summary – H1 FY24 Capacity Addition & Operational Performance Financial Performance ✓ Operational Capacity increases by 24% YoY to 8,316 MW (9,021 MW AC ✓ Revenue from Power Supply up by 66% YoY at Rs. 4,029 cr capacity1) continuing to be the largest in India, with addition of 1,592
Slide 13: Operational Capacity Addition & Sale of Energy – H1 FY24 YoY
Operational Capacity Addition & Sale of Energy – H1 FY24 YoY Operational Capacity (in MW AC) Hybrid 8,316 Wind 24% 6,724 2,140 990 ✓ Operational Capacity increases by 24% to 8,316 Solar 971 1,201 MW 4,975 – Operationalized 1,150 MW solar–wind Hybrid 4,763 power plants H1 FY23 H1 FY24 – Commissioned
Slide 14: Operational Performance – H1 FY24 YoY
Operational Performance – H1 FY24 YoY 24.3% 25.2% ✓ Sale of Energy up by 8% on the back of: – 212 MW capacity addition in Rajasthan 5,501 8% Solar 5,078 – 90 bps improvement in CUF ✓ Improved CUF performance backed by: – 30 bps improvement in plant availability to 99.7% H1 FY23 H1 FY24 – Improved so
Slide 15: AGEL: Financial Performance – H1 FY24 YoY
AGEL: Financial Performance – H1 FY24 YoY (All figures in Rs. Crore) Revenue from Power Supply EBITDA from Power Supply 1 4,029 3,775 66% 58% 2,432 2,396 ✓ The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 1,592 MW over the last one year H1 FY23 H1 FY24
Slide 16: Bridge of EBITDA from Power Supply – H1 FY23 to H1 FY24
Bridge of EBITDA from Power Supply – H1 FY23 to H1 FY24 (All figures in Rs. Crore) 1 EBITDA up by 58% YoY on back of improved revenue performance 1. Change in Revenue also includes change in Carbon Credit Income & Prompt payment discount. 16
Slide 17: AGEL: Debt Evolution from Mar-23 to Sep-23
AGEL: Debt Evolution from Mar-23 to Sep-23 Gross Debt 1 (Rs. Cr) Net Debt Evolution (Rs. Cr) 5,571 7,735 1,399 2,402 40,455 38,190 Additional Regular Change in MTM Change in Debt for Repayment Working changes in Cash & Bank Projects of Debt Capital Loan Foreign currency Mar-23 Sep-23 loans 4 Gross 4
Slide 18: De-risking & optimization of finance cost through Prudent Debt Management
De-risking & optimization of finance cost through Prudent Debt Management Long Term vs Short Term Split (Rs. Cr) – Sep’23 Gross Debt Mix 1 & Average Interest Cost 11.1% Long Term Debt Short Term Debt 9.6% New Includes Short 5% addition in 22% 1% 1% 27% the mix - Term Trade 28% USD Bonds Credits of R
Slide 19: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments Sustainalytics ranks AGEL in In MSCI’s latest ESG rating update Conferred with: Top 10 in RE Sector Corporate Governance ‘Platinum’ ESG Risk Globally score upgraded to 7.4 Management Award in its ESG rating assessment In the highest s
Slide 20: Assurance backed ESG framework
Assurance backed 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 Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP disclosure
Slide 21: Substantial Avoidance of CO2 Emissions & Progress towards other key ESG targets
Substantial Avoidance of CO2 Emissions & Progress towards other key ESG targets CO2 Emissions avoided (mn ton) Key ESG Targets 91.0 FY25 Indicator Status: H1 FY24 Target Ranking in ESG benchmarking of electric utility Top 10 in RE sector Top 10 sector in the world Sustainalytics Water neutral operat
Slide 22: ESG Ratings, Awards and Recognition
ESG Ratings, Awards and Recognition ESG Commitments 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 15.1, significantly better than global Utilities secto
Slide 23: Investment Rationale
05 Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 24: Key Investment Highlights
Key Investment Highlights – Resource Availability: Strategic sites with generation potential of ~40 GW backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. Developmental & – Project Management & Assurance: D
Slide 25: Annexures: Receivables Details
Annexures AGEL: Receivables Details
Slide 26: AGEL: Power Supply Receivables Ageing Profile
AGEL: Power Supply Receivables Ageing Profile (in Rs. Cr) Due 30-Sep-23 Not Due Off Takers 30-Sep-23 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 180 14 - - - - 14 NTPC 172 - - - - - - SECI 274 - - - - - - KREDL 97 - - - - 4 4 TSSPDCL 19 7 - - - 27 35 Others 224 0 - - - 33
Slide 27: Annexures: RG1 & RG2 Operational and Financial Highlights
Annexures AGEL: RG1 & RG2 Operational and Financial Highlights – H1 FY24
Slide 28: AGEL: RG1 Portfolio (930 MW) Performance in H1 FY24 YoY
AGEL: RG1 Portfolio (930 MW) Performance in H1 FY24 YoY Sale of Energy & CUF 22.4% 23.9% ✓ Sale of Energy up by 7% on the back of: - 150 bps improvement CUF 976 7% 916 ✓ Improved CUF performance backed by: - 40 bps improvement in plant availability to 99.2% - 70 bps improvement in grid availability
Slide 29: AGEL: RG2 Portfolio (570 MW) Performance in H1 FY24 YoY
AGEL: RG2 Portfolio (570 MW) Performance in H1 FY24 YoY Sale of Energy & CUF ✓ Sale of Energy up by 5% on the back of: 25.5% 26.8% - 130 bps improvement CUF 670 ✓ Improved CUF performance backed by: 637 5% - 40 bps improvement in plant availability to 99.8% - 90 bps improvement in grid availability
Slide 30: Annexures: RG1, RG2 & Holdco Bond Covenants vs Actual
Annexures AGEL: RG1, RG2 & Holdco Bond Covenants vs Actual
Slide 31: Consistent Strong Credit Performance
Consistent Strong Credit Performance • Actual (“x” times; unless specified otherwise) —Stipulated / Threshold CFCR Disc. FCFE / Net Senior Debt Net Senior Debt/ NTM FCFE Consol Net Debt /RR EBITDA AGEL 3.33 3.59 3.36 Holdco 2.90 3.20 2.64 5.00 7.50 4.04 6.53 Ba3 5.93 1.60 2.98 5.39 (Moody’s) 1.10 2.
Slide 32: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details
Slide 33: 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 34: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term 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 GES
Slide 35: 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 36: 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 Solar+ Mfg 1,000 1,370 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 3,000 4,110 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 667 914 2.42 SE
Slide 37: 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 10,131 14,0
Slide 38: Asset Level Details – Under Execution (contd.)
Asset Level Details – Under Execution (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Gujarat Solar+ Mfg 1,799 2,465 2.92 SECI 25 Various SPVs Rajasthan Solar 100 142 NA Merchant NA Total Near Construction 1,899 2,607 2.92 20,4
Slide 39: 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 40: Thank You
adani Renewables Thank You