Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q2 FY2024-25 Earnings Presentation
31 slides from Adani Power's earnings presentation, Oct 28, 2024
Slide 1: Exchange filing cover letter
October 28, 2024 To, BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sir(s), Sub.: Results Presentation for Post Results Conference Call
Slide 2: Adani Power Limited Earnings Presentation – Q2 FY 2024-25
Adani Power Limited Earnings Presentation – Q2 FY 2024-25 28th Oct 2024
Slide 3: Consolidated financial highlights for Q2 and H1 FY 2024-25
APL: Consolidated financial highlights for Q2 and H1 FY 2024-25 INR Crores Continuing Revenue Growth Continuing EBITDA Growth Continuing PBT Growth +25% +45% +11% 13,465 5,402 3,537 4,336 12,155 2,443 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 +20% +38% +69% 28,517 11,692 8,020 8,457 4,746 23,7
Slide 4: Consolidated operating highlights for Q2 and H1 FY 2024-25
APL: Consolidated operating highlights for Q2 and H1 FY 2024-25 O&M Availability (%) Generation Performance Despatch Performance Revenue Mix (%) (PLF %) (BU) Contracted (PPA) Merchant / Short Term 90% 91% 92% +29% 87% 72% 46.0 67% 17% 22% 18% 22% 58% 59% 35.6 +21% 21.9 18.1 83% 82% 78% 78% Q2 FY24 Q
Slide 5: 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 Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (c
Slide 6: Table of Contents
Table of Contents 1 About Adani Portfolio 2 About Adani Power Limited 3 Power Sector Growth Outlook 4 APL Quarterly Performance Highlights 5 Debt Profile 6 ESG Practice at APL 7 APL: Investment Case 5
Slide 7: About Adani Portfolio
01 About Adani Portfolio STRICTLY CONFIDENTIAL
Slide 8: 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 Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL Ada
Slide 9: 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 71% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platfor
Slide 10: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value C
Slide 11: About Adani Power Limited (APL)
02 About Adani Power Limited (APL) STRICTLY CONFIDENTIAL
Slide 12: Sector leader poised to capture thermal power growth potential
APL: Sector leader poised to capture thermal power growth potential Current Operating Capacity Planned Growth Target Capacity by 2030 121,2,3,4 17,550 + 9 13,120 = 21 30,670 Assets MW Assets MW Assets MW Asset Type Asset Type Asset Type 62% 38% 95% 5% 76% 24% Organic Inorganic Organic Inorganic Orga
Slide 13: 80 GW additional coal-based base load capacity required to meet rising demand
APL: 80 GW additional coal-based base load capacity required to meet rising demand 500 3000 Power Demand Growth Projections • Coal-based capacity critical for base load power to 450 2474 2500 400 integrate 500+ GW renewable power by 2030 350 2000 1626 300 • Focus on Ultra-supercritical / Supercritic
Slide 14: APL Quarterly Performance Highlights
03 APL Quarterly Performance Highlights STRICTLY CONFIDENTIAL
Slide 15: Key Business Highlights for Q2 FY 24-25
APL: Key Business Highlights for Q2 FY 24-25 ▪ Acquisition of 2x600 MW (1200 MW) Coastal Energen Private Limited (CEPL) completed on 31st Aug 2024. CEPL simultaneously amalgamated with Moxie Power Generation Limited (MPGL), in which APL has 49% stake. ▪ APL completed acquisition of 2x300 MW (600 MW)
Slide 16: Key Business Highlights for Q2 FY 24-25: Operational Updates and ESG
APL: Key Business Highlights for Q2 FY 24-25 ▪ APL’s Raipur plant won the “Gold Award” in the “16th EXCEED Green Future Award 2024” for Environmental Sustainability in Power (Inclusive Renewables) Sector category. Operation- ▪ APL’s Raipur plant received ''Gold Category Award" in “9th Apex India Occ
Slide 17: Growth potential from rising power demand fully realised
APL: Growth potential from rising power demand fully realised O&M Availability PLF Generation (BU) Sales (BU) 90% 91% 92% 87% 49.4 46.0 72% 67% 58% 59% 38.6 35.6 23.4 21.9 19.6 18.1 Q2 FY24 Q2 FY25 H1FY24 H1FY25 Q2 FY24 Q2 FY25 H1FY24 H1FY25 Power Demand in key States (BU)* 102.7 98.7 73.9 77.9 51.9
Slide 18: All-round improvement reflected in sustained strong profitability
APL: All-round improvement reflected in sustained strong profitability Snapshot of Profit & Loss Account INR Crores Summary Income Statement Q2 FY25 Q2 FY24 +/- H1 FY25 H1 FY24 +/- Effective Capacity (MW) 15,837 15,250 3.8% 15,545 14,861 4.6% Continuing Operating Revenue 12,949 11,866 9.1% 27,666 23
Slide 19: Revenue Bridge
APL: Revenue Bridge INR Crores Growth in Revenues Q2 FY24 to Q2 FY25 598 14,063 1,310 13,465 12,155 Q2 FY24 Continuing Revenue Change in volumes and tariffs Q2 FY25 Continuing Revenue One-time income (Q2 FY25) Q2 FY25 Reported Revenue Growth in Revenues H1 FY24 to H1 FY25 1,020 4,750 28,517 29,537 2
Slide 20: EBITDA Bridge
APL: EBITDA Bridge INR Crores Growth in EBITDA Q2 FY24 to Q2 FY25 598 79 1,310 323 6,000 5,402 4,336 Q2 FY24 Continuing Change in volumes and Change in fuel cost Change in other Q2 FY25 Continuing One-time income (Q2 Q2 FY25 Reported EBITDA tariffs operating expenses EBITDA FY25) EBITDA Growth in EB
Slide 21: Deleveraged Balance Sheet
APL: Deleveraged Balance Sheet INR Crores Summary Balance Sheet 30th Sep 2024 31st Mar 2024 • Outstanding UPS reduced to Rs. 4,643 Equity & Reserves(1) (incl. UPS) 57,996 43,145 Crore as of 30th September 2024 vs Rs. Long Term Borrowings incl. Current Maturities 30,255 28,060 7,315 crore as of 31st
Slide 22: Robust Cashflow Generation
APL: Robust Cashflow Generation INR Crores Summary Cash Flow Statement (Recasted) H1FY25 FY24 • Strong improvement in net cash from Profit after tax 7,210 20,829 operations mainly due to improved recurring profitability Non-cash items (incl. deferred tax) 3,432 3,600 Non-operating items 905 (5,809)
Slide 23: Debt profile
05 Debt profile STRICTLY CONFIDENTIAL
Slide 24: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars As on 30th Sep 2024 As on 31st Mar 2024 As on 31st Mar 2023 Senior Secured Loans Existing entities 28,798 27,875 21,425 Under-construction project 950 - 8,196 Total Senior Secured Loans (after Ind-AS adjustment) 29,748 27,875 29,621 Working Capit
Slide 25: Deleveraging of balance sheet and stronger net worth
APL: Deleveraging of balance sheet and stronger net worth Senior Term Debt / Equity Ratio (times) 5.32 Listed Entities Rating Agency Ratings APL CARE AA; Stable APL CRISIL & India Ratings AA-; Stable 2.57 MEL India Ratings AA-; Stable 1.86 0.99 APJL India Ratings BBB; Stable 0.65 0.51 Mar-20 Mar-21
Slide 26: ESG Practice at APL
06 ESG Practice at APL STRICTLY CONFIDENTIAL
Slide 27: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation Climate Change • Average Emission intensity - 0.85 tCO2e/MWh. Adaptation Reduction in GHG emission Water Management and Mitigation • intensity to 0.84 tCO2e/MWh Water Intensit
Slide 28: Board of Directors and Management overview
APL: Board of Directors and Management overview 100% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 29: APL: Investment Case
07 APL: Investment Case STRICTLY CONFIDENTIAL
Slide 30: Unique positioning to catapult on the tail-wind of India's growth story
APL: Unique positioning to catapult on the tail-wind of India’s growth story Secure Business ▪ 83% of capacity contracted under LT / MT PPAs, of which 92% has assured fuel cost recovery Model ▪ 88% of domestic fuel requirements secured under LT / MT contracts ▪ Full resolution of all regulatory matt
Slide 31: Thank You
adar Power Thank You