Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q3 FY21 Earnings Presentation
20 slides from Inox Wind's earnings presentation, Feb 12, 2021
Slide 1: Exchange filing cover letter: Earnings Presentation
IWL: NOI: 109: 2021 12thFebruary, 2021 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip code: 539083 Scrip code: INOXWIND Sub: Disclosure of Mate
Slide 2: Q3FY21 Investor Update
INOX WIND LIMITED Q3FY21 INVESTOR UPDATE
Slide 3: Disclaimer
DISCLAIMER This presentation and the following discussion may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operation
Slide 4: Discussion Summary
DISCUSSION SUMMARY OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS SIGNIFICANT MARKET OPPORTUNITIES ORDER BOOK TECHNOLOGY O&M – STRONG ANNUITY MODEL WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND AUCTIONS WIND SECTOR: GAINING STRENGTH MANUFACTURING CAPACITY SHAREHOLDIN
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations The Company has become EBITDA positive after three consecutive quarters of negative EBITDA. The business is gradually getting back on track , as a result of ramp up in new supplies. Manufacturing operations are streamlined across all the plants and are fully gea
Slide 6: Operational Highlights
OPERATIONAL HIGHLIGHTS Operations Execution of the Continuum project is in full swing and commissioning of turbines will take place progressively in the near future. We have recently commissioned Renew Power‘s 18 MW at Anjar, in Gujarat and some small retail orders. Post receiving the requisite
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Key Balance Sheet Actions During the Q3FY21, The Company has raised Rs. 199 crs by issuing Non Convertible Debentures (NCDs) at 9.5%. The proceeds were utilised inter alia to optimise working capital and retire high cost debt. It will improve the short term fund availability
Slide 8: Significant Market Opportunities
SIGNIFICANT MARKET OPPORTUNITIES Globally there is a huge thrust on renewable energy. Across the world, the marginal cost of renewable energy today is the lowest within the energy basket. Recently the United States of America has rejoined the Paris Climate Accord. Tackling climate change and ESG c
Slide 9: Significant Market Opportunities
SIGNIFICANT MARKET OPPORTUNITIES The sector is witnessing active participation by multiple existing players as well as seeing entry of players like JSW, O2, Ayana and creation of new renewable energy platform of investors backed by private equity and pension funds like KKR, Edelweiss, Sakura, CPPI
Slide 10: Order Book
ORDER BOOK Particulars Capacity MW SECI 2: 300MW SECI 3: 200MW Auction based order book 950 •Inox: 250MW SECI 4: 100MW Others 54 •Adani: 50MW Supplied (380) Net order book 624 SECI 1: 300MW LOI for 3.3 MW from Adani 501.6 Inox Wind Maharashtra •Inox: 250MW Agreement signed with leading •Adani: 50MW
Slide 11: Technology
TECHNOLOGY Inox Wind extends its existing 2MW product offering Technical Specification with the launch of the 3.3MW wind turbines which are ideally suited for low wind regimes in India. Rated power: 3300KW Drive Train : DF, 6 Pole Generator The newly launched 3.3MW turbine is a globally Turbin
Slide 12: O&M – Strong Annuity Model
O&M – STRONG ANNUITY MODEL Inox Wind has multi year O&M agreements for its fleet across customers and from the upcoming new financial year, a significant part of the WTGs will be beyond the free O&M/warranty period. Moreover, with the increase in the fleet size on the back of strong auction orde
Slide 13: Working Capital Analysis
WORKING CAPITAL ANALYSIS In Rs. Cr. Particulars Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Inventory 1,086 993 994 1,115 1,020 958 Net Receivables 723 519 110 65 70 22 Net Payables 757 623 656 760 644 496 Others 224 255 296 311 231 164 Net Working Capital 828 635 152 109 214 320 •Inventory: Consolida
Slide 14: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Particulars Q3FY21 Q2FY21 FY20 FY19 Opening Net Debt (838) (645) (916) (705) Cash Profit (29) (55) (198) 27 Net Working Capital Changes (106) (105) 1,062 26 Capex (53) (2) (304) (113) Others (49) (32) (277) (151) Closing Net Debt (1,076) (838) (634) (916) Parti
Slide 15: Wind Auctions
WIND AUCTIONS Auction Period Volume (MW) SECI 1 – SECI 3 Feb’17 – Mar’18 4050MW State Auctions Feb’17 – Mar’18 1500MW SECI 4 Apr-18 2000MW NTPC Aug-18 1200MW SECI 5 Sep-18 1200MW Hybrid 1 Dec-18 840MW SECI 6 Feb-19 1200MW Gujarat May-19 745MW Hybrid 2 May-19 720MW SECI 7 Jun-19 480MW SECI 8 Aug-19 4
Slide 16: Wind Sector: Gaining Strength
WIND SECTOR: GAINING STRENGTH Withdrawal of AD Reintroduction of AD The sector witnessed (GW) an abrupt transition & GBI Provision & GBI Provision to the auction regime. 5.5 Tariff Cap Removed 3.2 3.3 2.99 2.3 2.3 2 2.1 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Feed
Slide 17: Manufacturing Capacity
MANUFACTURING CAPACITY CURRENT CAPACITY (MW) Una, Barwani, Rohika, Plant Location Himachal Madhya Total Gujarat Pradesh Pradesh Nacelles & Hubs 1,100 - - 1,100 Blades - 800 800 1,600 Towers - 300 300 600 Well positioned to take advantage of the growing market. Potential to debottleneck our nacel
Slide 18: Shareholding Structure
SHAREHOLDING STRUCTURE Market Data As on 11th Feb 21 (BSE) Inox Wind Share Price (Rs) 95.00 Market capitalization (Rs. Cr) 1627 75.00 Price (Rs.) 73.30 55.00 35.00 No. of shares outstanding (Cr) 22 15.00 Oct/2019 Dec/2019 Feb/2020 Apr/2020 Jun/2020 Aug/2020 Oct/2020 Dec/2020 Feb/2021 Face Value (Rs.
Slide 19: Financials: Consolidated P&L Statement
FINANCIALS : CONSOLIDATED P&L STATEMENT (In Rs Lakhs) Q3FY21 Q3FY20 Q2FY21 9M FY21 9M FY20 FY20 Income a) Revenue from operation (net of taxes) 20,380 17,274 17,109 47,155 57,093 76,019 Other Income 564 702 553 1,640 1,670 2,419 Total Income from operations (net) 20,944 17,976 17,662 48,795 58,763 7
Slide 20: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : Investors.iwl@inoxwind.com 19