Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — 9M FY23 Earnings Presentation
43 slides from Adani Green Energy's earnings presentation, Feb 7, 2023
Slide 1: Submission of Presentation to Stock Exchanges
Date: February 07, 2023 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Submission of Presentation on Operational & F
Slide 2: Adani Green Energy Limited Earnings Presentation 9M FY23
Adani Green Energy Limited Earnings Presentation 9M F Y23 Consolidated Financials 1
Slide 3: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures
Slide 4: Adani Group
Adani Group Renewables
Slide 5: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio ~USD 222 bn 1 Combined Market Cap Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (60.8%) (74.2%) (65.1%) (100%
Slide 6: 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 Growth 5x EBITDA 70% 1,2 EBITDA 92% 1,4 Core Portfolio Utility 92% Transport 85% Consumers ~400 mn Served Growth 3x
Slide 7: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt • Engineering & design • Redesigning the capital structure Activity • Analysis & market • Site acquisition • Life cycle
Slide 8: 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 ~2,00,000 acres ~40 GW potential Geotechnical studies Resource rich sites in strategic locations 85+ Wind data locations and detailed design plannin
Slide 9: Adani & TotalEnergies Renewable Partnership
Adani & TotalEnergies Renewable Partnership Adani and TotalEnergies have a long-term partnership and commitment to expanding the renewable footprint through AGEL – Amongst Largest infrastructure and real asset platform with deep – One of the largest energy players in the world with presence across e
Slide 10: Adani Green Energy Limited Company Profile
Adani Green Energy Limited Company Profile Renewables 9
Slide 11: AGEL at a glance
AGEL at a glance Adani Family 60.8% 1.3% 19.7% Public 18.2% Shareholders 50% 50% 100 % 100 % 100 % AGE23L 1 Other Operating Locked-in Under Execution Near construction 2,353 MW 4,971 MW 10,377 MW 2,733 MW portfolio: 20,434 MW Large Renewable 7,324 MW – Operational 89% Resource and 12 resource-rich s
Slide 12: Leading Renewable Energy player in India
AGEL: Leading Renewable Energy player in India Pan India Presence 1 3x Locked-in Growth Renewable Capacity (in MW) Operational 20,434 Under exec../ Near Const. Wind Solar 7,324 MW – Operational 3x Solar-Wind Hybrid 10,377 MW – Under execution 2,733 MW – Near Construction 2 7,324 130 395 20,434 MW -
Slide 13: Operational & Financial Highlights
Operational & Financial Highlights 9M FY23 Renewables 12
Slide 14: Executive Summary – 9M FY23
AGEL: Executive Summary – 9M FY23 Capacity Addition & Operational Performance ✓ Total Operational Capacity increases by 35% YoY to 7,324 MW; on track to complete ~ 8,300 MW, the largest in India, by end of FY23 ✓ Commissioned 1,915 MW renewable projects in 9M FY23: • 1,440 MW solar-wind Hybrid plant
Slide 15: Executive Summary – 9M FY23 (Contd..)
AGEL: Executive Summary – 9M FY23 (Contd..) Financial Performance ✓ Revenue from Power Supply up by 39% YoY at Rs. 3,695 cr ✓ Realized Carbon Credit income of Rs. 153 cr ✓ EBITDA from Power Supply 1 increases by 44% YoY to Rs.3,570 Cr with a high EBITDA margin of 91.7% ✓ Cash Profit 2 up by 41% YoY
Slide 16: Operational Capacity Addition & Sale of Energy – 9M FY23
AGEL: Operational Capacity Addition & Sale of Energy – 9M FY23 (YoY) Operational Capacity (in MW AC) Hybrid 7,324 35% ` Wind Solar 1440 5,410 2 ✓ Operational Capacity increases by 35% to 7,324 MW 647 971 ❑ Commissioned 1,440 MW solar–wind Hybrid plants, 4,763 4,913 India’s first and World’s largest,
Slide 17: Operational Performance – 9M FY23 (YoY)
AGEL: Operational Performance – 9M FY23 (YoY) Solar Portfolio Performance Wind Portfolio Performance CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units) 24.0% 7,585 22.6% 41% ` 33.2% 1,392 29% ` 5,380 27.1% 1,076 9M FY22 9M FY23 9M FY22 9M FY23 9M FY22 9M FY23 9M FY22 9M FY23 • Sal
Slide 18: Hybrid Portfolio Performance in 9M FY23
AGEL: Hybrid Portfolio Performance in 9M FY23 Plant Availability Grid Availability 99.9% 97.3% 99.9% 97.8% 99.5% 99.3% • 1,440 MW Solar-Wind Hybrid projects commissioned in 9M FY23: - Solar: 1,380 MW Solar Wind Hybrid Solar Wind Hybrid - Wind: 355 MW • High CUF of 34.0% backed by: CUF (AC) Sale of E
Slide 19: Financial Performance – 9M FY23 (YoY)
AGEL: Financial Performance – 9M FY23 (YoY) (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 39% 3,695 ` 44% 3,570 ` 2,655 2,474 ▪ The robust growth in revenues is primarily driven by greenfield commissioning of 1,915 MW in 9M FY23. ▪ The state-of-the-art ENOC enables
Slide 20: Bridge of EBITDA from Power Supply – 9M FY22 to 9M FY23
AGEL: Bridge of EBITDA from Power Supply – 9M FY22 to 9M FY23 (All figures in INR Crore) 1 EBITDA up by 44% YoY on back of improved revenue backed by significant increase in capacity 1. Change in Revenue also includes change in Carbon Credit Income and change in Prompt Payment Discount 19
Slide 21: ESG
Renewables Adani Green Energy Limited ESG
Slide 22: Robust ESG Assurance Framework
AGEL : Robust ESG Assurance Framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond Guiding SBTi Biodiversity Performance Policies Global Compact Development Goals Principles principle Initiative (IBBI) Standards Disclosure Standards TCFD SASB GRI Standards CDP
Slide 23: Update on ESG Program
AGEL: Update on ESG Program Guiding Principles Disclosure Standards ✓ Signatory to United Nations Global Compact (UNGC): Submitted ✓ TCFD: Supports TCFD and the annual ESG Report enumerates Communication on Progress (COP) for FY22 progress on Governance; Strategy; Metrics and Targets and Risk Manage
Slide 24: Update on ESG Program: Environment & Social Initiatives
AGEL: Update on ESG Program Key Updates on Environment & Social initiatives – 9M FY23 ➢ Pollution control & GHG emission reduction ➢ Bio-diversity management ✓ 11 Mn ton CO2 emission avoided in 9M FY23 ✓ Signed MoU with Rajasthan Government for a habitat development project for Great Indian Bustard,
Slide 25: Adopted UN Sustainable Development Goals
AGEL : Adopted UN Sustainable Development Goals United Nations Sustainable Our Key Social Initiatives mapped to UNSDG Development Goals 2030 Health Rajasthan, o Provided Hospital beds at Bagalkot, Gulberga and Sindagi, Karnataka and health ATM in 3. Good Health & Well-being Karnataka & other Sahaswa
Slide 26: ESG – Ratings, Awards and Recognition
AGEL: ESG – Ratings, Awards and Recognition ESG Ratings AGEL’s Rating CSRHub (Consensus ESG Rating) ✓ Ranking of 89 percentile, with consistent ranking above Alternative Energy industry average ✓ ESG Risk Rating of ‘Low Risk’ with a score of 14.7, the best amongst key global peers and significantly
Slide 27: Investment Rationale
AGEL: Investment Rationale Renewables
Slide 28: Key Investment Highlights
AGEL: Key Investment Highlights – World class project execution with equipment sourced from tier 1 suppliers through strategic alliances Excellent execution – Central monitoring of all project execution by Project Management & Assurance Group track record – Track record of executing projects ahead o
Slide 29: Appendix: Operational & Financial Highlights Q3 FY23
Appendix Operational & Financial Highlights Q3 FY23
Slide 30: Operational Performance – Q3 FY23 (YoY)
AGEL: Operational Performance – Q3 FY23 (YoY) Solar Portfolio Performance Wind Portfolio Performance CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units) 23.3% 18.6% 300 21.9% 2,507 9% 47% ` ` 2,300 14.0% 204 Q3 FY22 Q3 FY23 Q3 FY22 Q3 FY23 Q3 FY22 Q3 FY23 Q3 FY22 Q3 FY23 • Sale of
Slide 31: Hybrid Portfolio Performance in Q3 FY23
AGEL: Hybrid Portfolio Performance in Q3 FY23 Plant Availability Grid Availability 99.9% 97.7% 99.4% 100.0% 97.3% 99.4% • 450 MW Solar-Wind Hybrid project commissioned in Q3 FY23 taking the total Hybrid Capacity to 1,440 MW: Solar Wind Hybrid Solar Wind - Solar – 1,380 MW Hybrid - Wind – 355 MW CUF
Slide 32: Financial Performance – Q3 FY23 (YoY)
AGEL: Financial Performance – Q3 FY23 (YoY) (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 29% ` 1,260 31% ` 1,174 973 895 ▪ The robust growth in revenues is primarily driven by greenfield commissioning of 1,915 MW in 9M FY23. ▪ The state-of-the-art ENOC enables real
Slide 33: Appendix: Receivables Details
Appendix 32 AGEL: Receivables Details
Slide 34: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Due Not Due 31-Dec-22 Off Takers 31-Dec-22 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 147 47 4 - - 111 162 NTPC 163 - - - - - - SECI 240 - - - - - - KREDL 61 3 2 4 5 68 82 TSSPDCL 14 15 8 9 - 1 33 Others 258 2 1 2 4 67 76 Total
Slide 35: Appendix: Asset Level Details
Appendix 34 AGEL: Asset Level Details
Slide 36: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) 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 86 5.76 Mar-16 TA
Slide 37: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) 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 GESCOM 25 KNIVSEPL
Slide 38: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) Name Term 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 3.46 Mar-17 GUVNL 2
Slide 39: 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/ Gujarat Solar+ Mfg 4,667 6,767 2.42 SECI 25 Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,300 1,885 2.54 SECI 25 AREEL Gujarat Solar 150 225
Slide 40: 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 700 Solar: 600 Solar: 870 AHEJFL Rajasthan Hybrid 3.24 AEML 25 Wind: 510 Wind: 510 600 Solar: 570 Solar: 855 AHEJFL Rajastha
Slide 41: Asset Level Details – Near Construction
Asset Level Details – Near Construction Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan/ Gujarat Solar+ Mfg 2,033 2,948 2.92 SECI 25 Various SPVs Rajasthan Solar 100 142 NA TBD 25 ASEJSPL Gujarat Solar 600 900 2.5 SECI 25 Tota
Slide 42: 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 43: Thank You
Renewables 42 Thank You