Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q2 FY25 Earnings Presentation
42 slides from Adani Energy Solutions's earnings presentation, October 2024
Slide 1: Adani Energy Solutions Limited Q2 and 1HFY25 Results Presentation
Adani Energy Solutions Limited (Formerly known as Adani Transmission Limited) Q2 and 1HFY25 Results Presentation October 2024
Slide 2: Contents
CONTENTS 04 Executive Summary – Q2 FY25 04 Financial Highlights – Q2 and 1H 06 06-14 FY25 16-17 Debt and Capex Profile – 1HFY25 16 19-21 Operational Highlights – Q2FY25 19 24-30 AESL - ESG Framework 24 Annexure – Rating and AESL’s 32-36 Asset Portfolio 32 38 38-40 Annexure – Adani Portfolio
Slide 3: AESL – Q2FY25 Executive Summary
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL – Q2FY25 Executive Summary 14
Slide 4: Executive Summary – Q2FY25
AESL: Executive Summary – Q2FY25 Key Highlights for Q2 FY25 Key Operating Metrics Key Financial Metrics – Financial Performance update Transmission Q2 FY25 H1 FY25 – Operating Revenue increased by 23% in Q2FY25 YoY – EBITDA increased by 31% in Q2FY25 YoY 23,269 ckms 70,686 MVA ₹4,217 Cr ₹8,768 Cr –
Slide 5: Q2 FY25 Financial Highlights (YoY)
Operational EBITDA PAT Revenue Rs. 4,217 Rs. 1,891 Cr Rs. 773 Cr 23% up YoY 31% up YoY 172% up YoY Q2 FY25 Financial Highlights (YoY) 5
Slide 6: Consolidated Financial Highlights Q2FY25 YoY
AESL: Consolidated Financial Highlights Q2FY25 YoY (In Rs Cr) Total Income Operational Revenue EBITDA 6,360 4,217 3,766 3,421 1,891 1,443 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 PAT Cash profit 1,026^ 773^ 757 284 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Note: ^Includes deferred tax reversal of Rs 314 crore in
Slide 7: Segment–wise Financial Highlights Q2FY25 YoY
AESL: Segment–wise Financial Highlights Q2FY25 YoY Operational Revenue EBITDA (In Rs Cr) 3,014 1,278 2,480 907 536 588 1,197 941 Transmission Distribution Transmission Distribution Q2FY24 Q2FY25 Q2FY24 Q2FY25 PAT Cash Profit 398 690 364 259 501 323 256 25 Transmission Distribution Transmission Distr
Slide 8: Transmission – Revenue and Operating EBITDA Bridge YoY
AESL: Transmission – Revenue (ex incentive) and Operating EBITDA Bridge YoY (In Rs Cr) Revenue (excluding incentive) up 27% supported by revenue Operating EBITDA up 29% driven by strong revenue contribution from new line elements 248 285 9 ( 12 ) (30) 14 (21) 1,099 1,163 915 854 Q2 FY25 Newly operat
Slide 9: Distribution (AEML and MUL) - Revenue and Operating EBITDA Bridge YoY
AESL: Distribution (AEML and MUL) - Revenue and Operating EBITDA Bridge YoY (In Rs Cr) Revenue up 22% driven by higher energy demand Operating EBITDA ended 2% higher 155 (24) (35) (49) (74) 300 534 (498) 230 5 5 (4) 3,014 2,480 523 514 Q2FY25 Fuel adjustment Sale of energy Wheeling charges Other ope
Slide 10: 1H FY25 Financial Highlights (YoY)
Operational EBITDA PAT Revenue Rs. 8,768 Cr Rs. 3,653 Cr Rs. 1,088 Cr 25% up YoY 30% up YoY 133% up YoY 1H FY25 Financial Highlights (YoY) 10
Slide 11: Consolidated Financial Highlights 1HFY25 YoY
AESL: Consolidated Financial Highlights 1HFY25 YoY (In Rs Cr) Total Income Operational Revenue EBITDA 11,850 8,768 7,539 7,042 3,653# 2,821 1HFY24 1HFY25 1HFY24 1HFY25 1HFY24 1HFY25 PAT Cash Profit 1,934# 1,406 1,088# 466 1HFY24 1HFY25 1HFY24 1HFY25 Note: #Adjusted for an exceptional item due to car
Slide 12: Segment–wise Financial Highlights 1HFY25 YoY
AESL: Segment–wise Financial Highlights 1HFY25 YoY Operational Revenue EBITDA (In Rs Cr) 6,386 5,217 2,426 1,769 2,372 1,180# 1,052 1,825 Transmission Distribution Transmission Distribution 1HFY24 1HFY25 1HFY24 1HFY25 PAT Cash Profit 614 1,261 421 449# 918 643# 488 45 Transmission Distribution Trans
Slide 13: Transmission – Revenue and Operating EBITDA Bridge YoY
AESL: Transmission – Revenue (ex incentive) and Operating EBITDA Bridge YoY (In Rs Cr) Revenue (excluding incentive) up 30% supported by revenue Operating EBITDA up 31% driven by strong revenue contribution from new line elements 559 534 56 (21) (60) (37) 12 2,307 2,171 1,773 1,661 H1 FY25 Newly ope
Slide 14: Distribution (AEML and MUL) - Revenue and Operating EBITDA Bridge YoY
AESL: Distribution (AEML and MUL) - Revenue and Operating EBITDA Bridge YoY (In Rs Cr) Revenue up 22% driven by higher energy demand Operating EBITDA ended 10% higher (56) 1,168 590 (62) (72) (93) (113) (675) 544 18 11 6 6,386 5,217 1,057 961 H1FY25 Fuel adjustment Sale of energy Wheeling charges Ot
Slide 15: 1HFY25 – Debt and Capex Profile
1HFY25 – Debt and Capex Profile 15
Slide 16: Capital Management Program elongates debt maturity and improves credit quality
AESL’s Capital Management Program elongates debt maturity and significantly improves credit quality Refinancing risk minimized1- above 5-year maturity increased from 12% to 70% 12% As of As of 30 September 24 31 March 16 < 1 Y - 19% < 1 Y - 6% (year of inception) 1 to 5 Y - 69% 1 to 5 Y - 24% 89% >
Slide 17: Capex Profile: Significant ramp-up in capital expenditure
Capex Profile: Significant ramp-up in the capital expenditure to tap the underlying growth opportunity Capex: Q2 FY25 vs Q2 FY24 (In Rs Cr) 3,031 443 209 • AESL is entering the accelerated growth phase driven by triple engines 1,212 of transmission, distribution, and smart metering 199 2,379 1,013 •
Slide 18: Q2FY25 Operational Highlights (YoY)
▪ Average Transmission System Availability 99.7% ▪ Transmission Network at 23,269 ckm added 140 ckm ▪ Supply Reliability (ASAI) in AEML 99.99% ▪ Distribution Loss in AEML further improved to 4.85% Q2FY25 Operational Highlights (YoY) 18
Slide 19: Transmission Utility – Key Operating Metrics Q2FY25
AESL: Transmission Utility – Key Operating Metrics Q2FY25 (YoY) Transmission Network Length(2) (ckm) Power Transformation Capacity(2) (MVA) 23,269 70,686 19,862 53,161 New project wins and line Continuous expansion in commissioning leading to expansion transformation capacity on in the total transmi
Slide 20: AEML: Distribution Utility – Key Operating Metrics Q2FY25
AEML: Distribution Utility – Key Operating Metrics Q2FY25 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI 99.999% 99.999% 31.95 32.72 Maintained supply reliability of more Reliability parameters than 99.9% remains robust 1.98 1.98 0.06 0.06 Q2 FY2
Slide 21: AEML: Distribution Utility – Key Operating Metrics Q2FY25
AEML: Distribution Utility – Key Operating Metrics Q2FY25 (YoY) Consumer base (million) Distribution Loss (%)(1) E-payment (% of total collection) 5.81% 83.27% 3.17 3.15 79.19% 4.85% Rise in consumer Distribution loss is Share of e-payment base reflecting AEML constantly improving and increasing wit
Slide 22: A platform well-positioned to leverage growth opportunities in energy domain
AESL: A platform well-positioned to leverage growth opportunities in energy domain RAB expansion through Execution Prowess Strategic Presence Asset Hardening in Discoms Transmission Network of Transmission - Presence in 14 states 7% CAGR growth in RAB in Mumbai Development 23,269 ckm(1) Distribution
Slide 23: AESL - ESG Framework
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL is now certified Won the prestigious Continue to maintain Awarded one of the India’s Most Single Use Plastic (SUP) Free Sustainable Companies by Business Best-in-class ESG ratings from World in 2024. The Company ha
Slide 24: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Integrated Reporting Policies Guiding Principles and TCFD framework CDP principle Disclosure Standards UN Sustainable TNFD GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as part of IMS po
Slide 25: Environment
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity AEML has achieved 39.06% renewable in power mix as of - RE share in power procurement 3% FY19 60% by FY27 70% by FY30 Sept 2024 AEML has r
Slide 26: Social
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2,830 students benefited) & School Uniforms Tiroda, Dahanu and to Anganwadi children (5,780 students benefi
Slide 27: Social
AESL: Key Social Indicators and Milestones Material Actual Target Material Themes Key Performance Indicators Baseline Categories (1HFY24-25) (FY24-25) Zero Rate of fatalities per million hours worked Zero Zero (FY 20-21) Work related injury Rate of recordable work-related injuries per 0.33 0.23 Zero
Slide 28: Governance
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate Governance • Due –diligence for CoC, HR, ESG etc Responsibility Committ
Slide 29: Governance
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals 16.6% - women Board Gender Balance the board composition in terms of men • % of women directors in board improved to Board Gender Diversity directors in boar
Slide 30: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q2FY25 Safety Performance in Q2FY25 • Safety training: 47,771 man-hours of safety training and awareness during Q2FY25 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q2FY25 Q2FY24 Q2FY25 Q2FY24 o Conducted group s
Slide 31: Annexure – Rating and Operational and Under-construction Asset Portfolio
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission Annexure– Rating and Operational and Under-construction Asset Portfolio 14
Slide 32: AESL and AEML Credit Ratings
AESL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) SPV Ratings - Domestic Rating Agency Facility Rating/Outlook Company Rating Agency Rating Outlook AESL India Ratings AA+ Stable Fitch Dollar Bond BBB-/Stable AESL ICRA A1+ Stable Moody’s Dollar Bon
Slide 33: Operational Asset Portfolio as of September 2024 (1/2)
AESL’s Operational Asset Portfolio as of September 2024 (1/2) Adani Energy Solutions Limited 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% ATSCL & WTGL, PPP Bikaner ATIL MEGPTCL AEML MUL ATBSPL ATRL RRWTL CWRTL FBTL GTL APTL STL Khetri Discom Discom MTSCL WTPL 8/9/10
Slide 34: Operational Asset Portfolio as of September 2024 (2/2)
AESL’s Operational Asset Portfolio as of September 2024 (2/2) Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% Obra-C Lakadia WRSS – XXI Jam Karur Kharghar Khavda- ATSTL Khambaliya WKTL - Vikhroli Bhuj (EPTCL) Badaun Banaskantha (A) Transmission Obra Lakadia Lakadia - Jam
Slide 35: Transmission Under-construction Asset Portfolio as of September 2024
AESL‘s Transmission Under-construction Asset Portfolio as of September 2024 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Line & MP AEMIL Khavda Khavda NKTL WR-SR KTL KPS-1 STSL Navinal Jamnagar SS Package II HVDC# – III - A – IV - A Projects North MP Pow
Slide 36: Smart Metering Under-construction Portfolio as of September 2024
AESL‘s Smart Metering Under-construction Portfolio as of September 2024 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% MSEDCL MSEDCL BEST APDCL APEPDCL APCPDCL APSPDCL NBPDCL UPCL NSC-05 NSC-06 BEST Smart NE Smart Adani Adani Adani Adani Adani Adani Energy Adani Metering
Slide 37: Adani Portfolio
adani Energy Solutions Adani Portfolio
Slide 38: Adani: A World Class Infrastructure & Utility Portfolio
Adani: 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 AdaniConneX3
Slide 39: 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 ATGL Adani’s Core Infra. Pl
Slide 40: Adani: Repeatable, robust & proven transformative model of investment
Adani: 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 Creation AC
Slide 41: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Energy Solutions Limited (together with its subsidiaries, the “Company” or “AESL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given sole
Slide 42: Thank You
MUSHKILON K\ adani , NAHI SUNTE, HUM KARKE DIKHATE HAIN. #HumKarkeDikhateHain — adani Energy Solutions Thank You
Adani Energy Solutions — Q2 FY25 Earnings Presentation on 6ix