Sterling And Wilson Renewable Energy Limited · NSE:SWSOLAR
Sterling And Wilson Renewable Energy — Sterling and Wilson Solar — Q1 FY21 Earnings Presentation
20 slides from Sterling And Wilson Renewable Energy's earnings presentation, Sep 16, 2020
Slide 1: Exchange cover letter for investor presentation
September 16, 2020 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 Standal
Slide 2: Analyst Presentation – Q1 FY21
STERLING AND WILSON SOLAR LIMITED Analyst Presentation – Q1 FY21 Noor Abu Dhabi - World’s Largest Single Location Solar Project 15th September 2020
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 COVID-19 update on Business Operations 3 2 Unexecuted order book movement 4 3 Key Highlights 5 4 Order Book 8 5 Financials 9 6 Way Forward 17 2
Slide 5: Update on Impact of COVID-19 on Business Operations
Update on Impact of COVID-19 on Business Operations Demand and Supply Chain Liquidity and Operations Order Inflow Financials ✓ Project sites in US, Australia, ✓ Robust order intake inspite ✓ PV Module suppliers had ✓ No probability of bank Oman and Chile were of COVID-19 situation started operating
Slide 6: Unexecuted Order Value (UOV) Movement
Unexecuted Order Value (UOV) Movement INR Crore Gross UOV as on 15 Sep 2020 (before adjusting revenue post 30th June 2020) [EPC Revenue] +2,064 -5,815 * +3,633 -51 -1,004 MENA Europe 3.6% 2.7% India Americas 13.8% 13,974 21.5% Africa 6.6% 11,396 10,223 INR 10,223 crore Australia 51.9% UOV as on 31 N
Slide 7: Key Order Book Highlights
Key Order Book Highlights Healthy order inflow and robust order book ✓ Current year order inflow to date is Rs 5,696 crore (1.4 GW) as compared to Rs 828 crores during the same period last year ✓ 7.8 GW contracted O&M as at 15th September 2020 ✓ Gross Unexecuted Order Value (UOV) as at 15th Septembe
Slide 8: Key Financial Highlights for Q1 FY21
Key Financial Highlights for Q1 FY21 ✓ Revenue impacted due to delay in commencement of few projects ✓ O&M revenue increased by 77% in Q1FY21 to Rs 63 crore compared to Q1FY20 ✓ Gross margins stood at 10.7% in Q1FY20 compared to 12.8% in FY20 ✓ EBITDA for Q1FY21 was Rs 18 crore and EBITDA margins (e
Slide 9: Significant geographic diversification continues
Significant geographic diversification continues FY19 FY20 Q1FY21 EPC + O&M Revenue break-up by geography Australia India 5.9% India 10.6% Africa 19 Projects India 18 Projects 11 Projects 1.3% 9 Countries 27.1% 7 Countries 10 Countries 30.3% MENA MENA INR 8,241 23.7% INR 5,575 INR 1,004 Americas 47.
Slide 10: Order Inflow – April to June 2020 and till date
Order Inflow – April to June 2020 and till date Country MW INR. Crore India 380 280 United States of America 194 728 Australia 450 2,625 Apr to June 2020 (a) 1,024 3,633 July 2020 onwards Chile 106 462 Australia 309 1,601 July 2020 onwards till 15th Sep 2020 (b) 415 2,063 TOTAL (a+b) 1,439 5,696 MEN
Slide 11: Consolidated Financial Highlights – Q1FY21
Consolidated Financial Highlights – Q1FY21 INR Crore Revenue from Operations Gross margins & Gross Margin % Operating EBITDA & EBITDA Margin % 10.7% 13.1% 14.7% 1.7% 5.4% 1,245 67 184 1,068 114 18 Q1 FY21 Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 Q1 FY20 PBT & PBT Margin % PAT & PAT Margin % Net Working Capit
Slide 12: O&M Business – Key Highlights
O&M Business – Key Highlights INR Crore Revenue from O&M Operations Key Highlights O&M revenue increased by 77% in GW of solar power Q1FY21 compared to Q1FY20 7.8 projects with active 63 O&M constitutes 5.9% of revenue in service contracts Q1FY21 compared to 2.8% in Q1FY20 36 O&M gross margins
Slide 13: Consolidated Profit & Loss – Q1 FY21
Consolidated Profit & Loss – Q1 FY21 INR Crore Q1FY21 Q1FY20 FY20 Key Highlights Revenue from Operations 1,068 1,245 5,575 Revenue* lower in Q1FY21 on account of Gross Margin 114 183 715 ▪ higher revenue in previous period on completion of projects in MENA and Gross Margin % 10.67% 14.7% 12.8% SEA
Slide 14: Other Comprehensive income – Q1FY21
Other Comprehensive income – Q1FY21 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 15: Consolidated Balance Sheet
Consolidated Balance Sheet INR Crore Jun 20 Mar 20 Key Highlights Assets Assets Non current assets 99 91 Business continues to remain asset light Tangible assets (incl. CWIP) 43 43 Intangible assets 6 6 Increase in non-current asset on account of recognition of Deferred tax assets on Deferred ta
Slide 16: Consolidated Cashflow
Consolidated Cashflow INR Crore Q1 FY21 FY20 Key Highlights Profit before tax 19 398 Cash flow from Operations Adjustments for noncash / other items 50 (24) Cash flow from Operations has been negative for Q1FY20 due to due to Operating profit before working capital changes 69 375 changes in workin
Slide 17: Core Working Capital
Core Working Capital Key Highlights INR Crore Jun 20 Mar 20 Working capital level as at June 20 increased by Rs 207 crore compared to Current Assets 2,639 2,640 Mar 20 Net working capital days increased by 20 days to 32 days as at June 20 Inventories 254 14 due to lower turnover and higher unbil
Slide 18: Term Debt and Intercompany Deposit (ICDs)
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 1,858 cr from the date of • Rs 103 crore repaid post 30 June 2020 listing till September 15, 2020 • Repayment timelines exten
Slide 19: Way Forward
Way Forward ❑ Despite the current COVID-19 situation, the Company expects a better performance in FY21as compared to FY20 ❑ We are diversifying into newer markets like Far East and additional countries in South America ❑ Setting up of strong management teams in Spain to cater the fast growing Europe
Slide 20: 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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