Sterling And Wilson Renewable Energy Limited · NSE:SWSOLAR
Sterling And Wilson Renewable Energy — Q1 FY24 Earnings Presentation
21 slides from Sterling And Wilson Renewable Energy's earnings presentation, Jul 13, 2023
Slide 1: Exchange filing cover letter
July 13, 2023 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 (Equity) Symbol: SWSOLAR Scrip Code: 725032 (CP) Dear Sir/ Ma’am, Sub.: Investor presentat
Slide 2: The future of solar energy is - Investor Presentation 1Q FY24
The future of solar energy is STERLING AND WILSON RENEWABLE ENERGY LIMITED Investor Presentation – 1Q FY24 ONE OF THE LEADING SOLAR EPC AND O&M SOLUTIONS PROVIDER IN THE WORLD 13 Jul 2023
Slide 3: Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy 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: Who We Are
| WHO WE ARE Leading Solar EPC and O&M Solutions Provider Market Leader Leading Solar EPC We offer Design, Detailed Engineering, Procurement, Construction, Installation, solutions provider in Commissioning and Operations & Maintenance services under turnkey EPC and BoS the world (Balance of System)
Slide 5: A Global Leader in Solar EPC in 8 Years
| A GLOBAL LEADER IN SOLAR EPC IN 8 YEARS 2018 2022 Expanded operations in Reliance New Energy 2016 Australia by acquiring a 2020 acquired 40% stake in controlling stake in GCO Sterling and Wilson Diversified into Ranked 2nd largest O&M Electrical Pty Ltd Renewable Energy Limited Rooftop Solar playe
Slide 6: What Differentiates Us
| WHAT DIFFERENTIATES US Cost Effective Leveraging the Low-Cost India Base for global execution providing cost Expeditious competitive solutions Quick Decision Making & well-defined internal processes leading to timely execution Global Presence One of the only Global Pure-Play Solar EPC players with
Slide 7: Across the Globe
| ACROSS THE GLOBE UK Kazakhstan Jordan Spain USA USA Egypt Vietnam 455 MWp Morocco UAE Saudi Arabia Thailand Mexico MENA Mali 1,962 MWp Oman Philippines India Nigeria India Kenya 10,043 MWp Tanzania Zambia Singapore Namibia Southeast Asia Latin America 323 MWp 575 MWp Chile Argentina Australia Sout
Slide 8: Solar is Cheaper, Faster, Consistent
| SOLAR IS CHEAPER.. FASTER.. CONSISTENT SOLAR PV LCOE IS ONE OF THE LOWEST GLOBALLY $/MWh (nominal) 180 171 Gas 169 Coal 150 Onshore wind 120 Fixed-axis PV 97 Tracking PV 90 93 94 78 75 60 42 41 30 40 0 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 9: Solar Installations to Grow at ~12% CAGR in Key Markets
| SOLAR INSTALLATIONS TO GROW AT ~12% CAGR IN KEY MARKETS Annual Utility-Scale PV installations 2019 2021 2022 2030E CAGR 22-30E (GW) India 9.8 10.8 15.9 40.2 12% South-East Asia & Australia 1.8 2.7 2.5 4.7 8% Middle East and North Africa 3.9 2.6 5.1 18.9 18% Rest of Africa 1.2 1.3 1.8 10.5 25% Euro
Slide 10: PSU Market – A Huge Opportunity to Tap Into
| PSU MARKET – A HUGE OPPORTUNITY TO TAP INTO PSUs HAVE INDICATED A STRONG PIPELINE Projected Pipeline (GWp) Entity FY23-24E FY24-25E FY25-26E NTPC 5.9 8.7 10.0 NHPC 1.8 1.4 1.7 GSECL 1.2 1.3 1.8 SJVNL 1.1 1.8 2.2 Coal India 1.1 0.8 1.0 NLC 0.9 1.2 1.4 GIPCL 0.8 0.9 1.3 Others * 0.5 1.0 1.3 Total 13
Slide 11: Key Costs Are on the Decline
| KEY COSTS ARE ON THE DECLINE Australia LATAM 0.28 0.27 18,400 0.25 14,000 (price in USD per Wp) ** (per 40 feet container) Freight rates Ex China Module price trends 11500 0.22 9300 0.22 8,000 0.19 0.18 4900 3,500 2000 2,300 4,000 1,400 1,800 1,200 650 Sep ’20 Mar ’21 Sep ‘21 Mar ’22 Sep ‘22 Mar ‘
Slide 12: 1Q FY 2024
STERLING & WI LsoncA> | 1Q FY 2024 ?
Slide 13: Key Highlights for 1Q FY24
| KEY HIGHLIGHTS FOR 1Q FY24 • Company achieved two new order wins in the domestic market • Received two new contracts in India for Solar EPC from existing clients – Serentica, and Amplus for projects located in Bikaner, Rajasthan and Jhansi, UP respectively • Contract signed with NTPC for 1,500 MW
Slide 14: Consolidated Profit & Loss – 1Q FY24
| CONSOLIDATED PROFIT & LOSS – 1Q FY24 INR Crore Q1FY24 Q1FY23 Q4FY23 FY2023 INR Crore Q1FY24 Q1FY23 Q4FY23 FY2023 Revenue from Operations * 515 1,206 88 2,110 Revenue from Operations Gross Margin (post project MTM) 59 (180) (275) (651) - International EPC 159 1,000 (46) 1,400 Gross Margin % 11.3% (
Slide 15: Standalone Profit & Loss – 1Q FY24
| STANDALONE PROFIT & LOSS – 1Q FY24 INR Crore Q1FY24 Q1FY23 Q4FY23 FY2023 Revenue decreased by 51.6% in Q1FY24 to Rs 384 crore but has improved Revenue from Operations * 384 793 157 1,554 substantially over Q4FY23 Gross Margin (post project MTM) 48 (19) (14) (36) Gross Margin % 12.5% (2.4%) (8.8%
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET INR Crore Jun-23 Mar-23 Breakdown of Net Debt (INR Crore) Jun-23 Mar-23 Sources of Funds Term debt 1,500 1,500 Shareholders Funds (335) (240) Borrowings from Banks 2163 2,015 Working capital related debt 543 495 Total 1,828 1,775 Commercial Paper 120 20 Application of Fund
Slide 17: Domestic EPC Momentum Gaining Traction
| DOMESTIC EPC MOMENTUM GAINING TRACTION India Order Inflow • NTPC - I INR Cr 5,000 4,387 • BOS package of 1,570 MW DC of proposed solar 4,000 PV plant at Khavda, Gujarat 3,000 • NTPC - II 2,000 • BOS package of 1,500 MW DC at Khavda, Gujarat 1,000 713 466 0 • Aggregate capacity of 260 MW DC FY22 FY
Slide 18: MOU Announced in FY23
| MOU ANNOUNCED IN FY23 • Sterling and Wilson Solar Solutions, Inc (SWSS), the US step down subsidiary signed a MOU with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa in September 2022 • MOU is for the development, design, construction, and commissio
Slide 19: Order Book & Pipeline
| ORDER BOOK & PIPELINE Unexecuted Order Value Movement Gross UOV as on 12 July 2023 USA LATAM Australia 1.2% 0.4% 4.4% +466 -468 -9 4,913 4,903 India 94.1% UOV as on 31 Mar Forex adjustments Order inflow Projects executed UOV as on 12 Jul 2023 in 1QFY24 2023 Order bid pipeline remains strong New or
Slide 20: FY24E Key Expectations
| FY24E KEY EXPECTATIONS • Order booking ✓ Target Nigeria agreement closure by 2QFY24E ✓ Leverage existing strong order pipeline to target orders worth USD 1bn+ from domestic and international markets (ex-Nigeria) ✓ Capture major share of Group companies’ domestic solar portfolio buildout • Profitab
Slide 21: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : Sterling and Wilson Renewable Energy Limited Strategic Growth Advisors Private Limited CIN: L74999MH2017PLC292281 CIN: U74140MH2010PTC204285 Mr Sandeep Mathew Mr Jigar Kavaiya / Mr. Parin Narichania Head – Investor Rela
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