Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — FY2024 Earnings Presentation
48 slides from Adani Green Energy's earnings presentation, May 3, 2024
Slide 1: Letter to exchanges: Submission of Presentation
Date: May 03, 2024 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 & Financ
Slide 2: Earnings Presentation – FY24 Consolidated Financials
Adani Green Energy Limited Earnings Presentation – FY24 Consolidated Financials Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 3: Table of Contents
Table of Contents 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Future Growth Strategy & Investment Rationale Annexures 2
Slide 4: FY24 key highlights: Revenue, EBITDA, Cash Profit
Revenue EBITDA Cash Profit Rs. 7,735 Cr Rs. 7,222 Cr Rs. 3,986 Cr 33% 30% 25% Net Debt/ EBITDA margin Run-rate EBITDA Run-rate EBITDA Rs. 91.8% Rs. 10,462 Cr 4.0x Industry-leading Improved from EBITDA margin 39% 5.4x in Mar-23 Photo: AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 5: Adani Portfolio
01 Adani Portfolio
Slide 6: 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 & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (56.4%) (73.2%) (65.9%) (100%) (66.7%) AGEL AESL APSE
Slide 7: 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 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL Adani’s Core Infra. Platfo
Slide 8: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group (AIIL) AIMSL1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Ana
Slide 9: 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 & Geotechnical studies ~2,00,000 acres ~40 GW potential Construction 85+ Wind data locations & Special studies (AIIL) Resource rich sites in strateg
Slide 10: Adani Green Energy Limited (AGEL): Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile Photo: AGEL’s Solar plant at Anjar, Gujarat
Slide 11: AGEL – India's largest renewable player and world's 2nd largest solar PV developer
AGEL – India’s largest renewable player and world’s 2nd largest solar PV developer 1 Strategically located in 12 Resource rich states 2 4.6x Targeted Growth by 2030 Renewable Capacity (in MW) 10% of Solar 50,000 India’s RE Ladakh Target Wind J&K 10,934 MW – Operational 4.6x Himachal Pradesh 11,019 M
Slide 12: AGEL – Holding Structure & Key Portfolio Highlights
AGEL – Holding Structure & Key Portfolio Highlights Adani Family 56.4% 7.0% 1 2.7% 1.4% 19.7% 12.8% Other Public Shareholders Locked-in portfolio: 21,953 MW AGEL - TotalEnergies 50:50 JV – 3,403 MW AGEL (100% Owned) – 18,550 MW AGE23L ARE9L Total – 1,050 MW Operational Under Execution 2,353 MW Opera
Slide 13: AGEL: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: AGEL: Executive Summary – FY24
AGEL: Executive Summary – FY24 Capacity Addition & Operational Performance Financial Performance ✓ Operational capacity increases by 35% YoY to 10.9 GW ✓ Revenue from Power Supply up by 33% YoY at Rs. 7,735 cr o Greenfield addition of 2.8 GW, 15% of India’s total RE capacity ✓ EBITDA from Power Supp
Slide 15: Khavda – World's largest single-location Renewable Energy Project
Khavda – World’s largest single-location Renewable Energy Project Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ✓ All projects to be developed on contiguous land in Significant Scale Khavda Renewable Park Khavda Efficiencies ✓ Significant scale effi
Slide 16: Energy storage development – Hydro Pumped Storage Projects
Energy storage development – Hydro Pumped Storage Projects Kicked off 1st Hydro PSP in Andhra Pradesh on Chitravathi river Development Pipeline across 4 states Upper Reservoir Powerhouse Water Conducting System Maharashtra Telangana Existing lower reservoir Key Highlights Andhra Pradesh • Installed
Slide 17: Operational Capacity Addition & Sale of Energy – FY24 YoY
Operational Capacity Addition & Sale of Energy – FY24 YoY Operational Capacity (in MW AC) Hybrid 10,934 Wind 35% 2,140 8,086 Solar 1,401 2,140 ✓ Operational Capacity increases by 35% to 10,934 971 MW with greenfield addition of 2,848 MW 7,393 4,975 – Operationalized 2,418 MW Solar power plants FY23
Slide 18: Operational Performance – FY24 YoY
Operational Performance – FY24 YoY 24.7% 24.5% ✓ Sale of Energy up by 6% backed by: 6% – Capacity addition of 2,418 MW Solar 10,457 11,046 ✓ Consistent high CUF with: − 10 bps improvement in plant availability to 99.7% − 10 bps improvement in grid availability to 99.5% − Lower solar irradiation FY23
Slide 19: AGEL: Financial Performance – FY24 YoY
AGEL: Financial Performance – FY24 YoY (All figures in Rs. Crore) Reported Financials Revenue 2 EBITDA 2,3 Cash Profit 4 7,735 91.6% 91.8% 5,809 3,986 33% 7,222 3,192 5,538 30% 25% ✓ The robust growth in revenue, EBITDA and cash profit is primarily driven by greenfield capacity addition of 2,848 MW
Slide 20: Bridge of EBITDA from Power Supply – FY23 to FY24
Bridge of EBITDA from Power Supply – FY23 to FY24 (All figures in Rs. Crore) EBITDA up by 30% YoY backed by improved revenue performance 1. Change in Revenue also includes change in Carbon Credit Income & Prompt payment discount. 19
Slide 21: AGEL: Debt Evolution from Mar-23 to Mar-24
AGEL: Debt Evolution from Mar-23 to Mar-24 Gross Debt 1 (Rs. Cr) Net Debt Evolution (Rs. Cr) Gross 47,425 58,557 Debt 12,374 5,571 4,323 1,399 Additional Regular Change in MTM Change in Debt for Repayment Working changes in Cash & Bank Projects of Debt Capital Loan Foreign currency loans 4 40,455 41
Slide 22: De-risking & optimization of finance cost through Prudent Debt Management
De-risking & optimization of finance cost through Prudent Debt Management Long Term vs Short Term Split (Rs. Cr) – Mar’24 Gross Debt Mix 1 & Average Interest Cost 11.1% Long Term Debt Short Term Debt 9.4% New 22% 7% addition in 1% 21% the mix - 1% 28% 30% USD Bonds Includes Short 1% Reduction 53,612
Slide 23: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments ISS ESG has ranked AGEL Science Museum, London launched CDP rates AGEL 1st in Asia & in Top 5 Energy Revolution: The ‘A-’ – topmost globally in RE Sector Adani Green Energy Gallery category in its ESG rating assessment supported by AG
Slide 24: Assurance backed ESG framework
Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP discl
Slide 25: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets FY25 Indicator Status: FY24 80.0* Target Top 10 in RE sector by Sustainalytics/ Ranking in ESG benchmarking of Top 10 1st in RE Sector in Asia and amongst Top 5 electric utility sector in the world in RE Sector glo
Slide 26: ESG Ratings, Awards and Recognition
ESG Ratings, Awards and Recognition ESG Commitments ESG Ratings AGEL’s Rating CSRHub (Consensus ESG Rating) Ranking of 96 percentile, with consistent ranking above Alternative Energy industry average ISS ESG Prime Band (B+), Ranked 1st in RE Sector in Asia and Top 5 Globally ESG Risk Rating of ‘Low
Slide 27: Future Growth Strategy & Investment Rationale
05 Future Growth Strategy & Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 28: Future Growth Strategy
Future Growth Strategy Well secured resource rich sites for Growth Strategy – 2030 capacity addition up to 2030 50.0 GW+ Targeted Resource Mix - 2030 5% CAGR – 29% 11% Solar Solar, Wind & 13% Hybrid Wind Development CAGR – 41% In Gujarat & 10.9 GW Hybrid Rajasthan 2.0 GW Hydro PSP PSP development in
Slide 29: Key Investment Highlights
Key Investment Highlights – Resource Availability: Strategic sites with generation potential of ~40 GW backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. Developmental & – Project Management, Execution and
Slide 30: Annexures: AGEL Operational & Financial Highlights Q4 FY24
Annexures AGEL: Operational & Financial Highlights Q4 FY24
Slide 31: Operational Performance – Q4 FY24 YoY
Operational Performance – Q4 FY24 YoY 26.8% 25.4% ✓ Sale of Energy up by 7% backed by: – Capacity addition of 2,418 MW 3,066 Solar 2,872 7% ✓ Consistent high CUF with: − Consistent high plant availability of 99.8% − 10 bps improvement in grid availability to 99.7% − Lower solar irradiation Q4 FY23 Q
Slide 32: AGEL: Financial Performance – Q4 FY24 YoY
AGEL: Financial Performance – Q4 FY24 YoY (All figures in Rs. Crore) Reported Financials Revenue 1 EBITDA 1,2 Cash Profit 3 91.4% 91.3% 2,119 1,941 1,968 1,811 1,365 8% 1,042 ✓ The robust growth in revenue, 8% 24% EBITDA and cash profit is primarily driven by greenfield capacity addition of 2,848 MW
Slide 33: Annexures: AGEL Receivables Details
Annexures AGEL: Receivables Details
Slide 34: AGEL: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in Rs. Cr) Due 31-Mar-24 Not Due Off Takers 31-Mar-24 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 198 34 4 - - - 38 NTPC 115 - - - - - - SECI 288 - - - - - - KREDL 106 - - - - - - TSSPDCL 23 9 - - - 27 37 Others 256 - - - 32 32 Total 987 4
Slide 35: Annexures: RG1 & RG2 Operational and Financial Highlights – FY24
Annexures AGEL: RG1 & RG2 Operational and Financial Highlights – FY24
Slide 36: AGEL: RG1 Portfolio (930 MW) Performance in FY24 YoY
AGEL: RG1 Portfolio (930 MW) Performance in FY24 YoY Sale of Energy & CUF 23.3% 23.4% ✓ Sale of Energy up by 1% on the back of: - 10 bps improvement CUF 1,895 1,913 1% ✓ Improved CUF performance backed by: - 50 bps improvement in plant availability to 99.5% - 60 bps improvement in grid availability
Slide 37: AGEL: RG2 Portfolio (570 MW) Performance in FY24 YoY
AGEL: RG2 Portfolio (570 MW) Performance in FY24 YoY Sale of Energy & CUF 26.4% 26.5% ✓ Sale of Energy up by 1% on the back of: - 10 bps improvement CUF 1,320 1,328 1% ✓ Improved CUF performance backed by: - 30 bps improvement in plant availability to 99.8% FY23 FY24 - 60 bps improvement in grid ava
Slide 38: Annexures: RG1, RG2 & Holdco Bond Covenants vs Actual
Annexures AGEL: RG1, RG2 & Holdco Bond Covenants vs Actual
Slide 39: Consistent Strong Credit Performance
Consistent Strong Credit Performance • Actual (“x” times; unless specified otherwise) —Stipulated / Threshold CFCR Disc. FCFE / Net Senior Debt Net Senior Debt/ NTM FCFE Consol Net Debt /RR EBITDA AGEL 3.96 3.33 3.59 3.36 Holdco 2.90 3.20 3.10 2.64 5.00 7.50 4.04 6.53 Ba3 5.93 1.60 2.98 5.39 4.99 (M
Slide 40: Annexures: AGEL Asset Level Details
Annexures AGEL: Asset Level Details
Slide 41: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity COD/ Counterparty PPA SPV` Project Location Type Tariff Capitalizati (AC) (DC) on 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
Slide 42: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization 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 GES
Slide 43: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization Name Term ASEKANPL Karnataka Solar 200 300 2.82 Dec-19 SECI 25 ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 ASERJOPL Rajasthan Solar 30
Slide 44: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitaliza (AC) (DC) Name Term tion 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.
Slide 45: 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 Solar+ Mfg 1,000 1,370 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 1,275 1,747 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 567 777 2.42 SE
Slide 46: 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 600 Solar: 570 Solar: 855 AHEJFL Gujarat Hybrid 2.41 SECI 25 Wind: 200 Wind: 200 Total Hybrid 600 770 1,055 2.41 11,019 15,2
Slide 47: 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 48: Thank You
adani Renewables Thank You