Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q1 FY2019 Earnings Presentation
20 slides from Inox Wind's earnings presentation, Aug 7, 2018
Slide 1: Stock exchange filing cover letter for earnings presentation
IWL: N01: 37: 2018 07thAugust, 2018 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze J eej eebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai 400 001 Bandra (E), Mumbai 400 051 Fax No. o22—22723121/2037/39/41/61 Fax No. 022—2659 8237/38 Sc
Slide 2: Inox Wind Limited Q1FY19 Investor Update
INOX WIND LIMITED Q1FY19 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 QUARTERLY HIGHLIGHTS RESULT ANALYSIS WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS WIND SECTOR: GAINING STRENTH LIGHT AT THE END OF THE TUNNEL FOR WIND SECTOR WIND AUCTIONS ORDER BOOK MANUFACTURING CAPACITY PROJECT SITES TECHNOLOGY O&M – ANNUITY BUSI
Slide 5: Quarterly Highlights
QUARTERLY HIGHLIGHTS Inox Wind turns back into profitability after a 4 quarter gap on back of the start of SECI-1 execution. The past 12 months have been a period of painful transition which the company has successfully weathered and we look forward to strong execution and profitability in the com
Slide 6: Result Analysis
RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) (Consolidated Financials in Rs cr) 430 16.3% 70 106 -12.6% -13 Q1 FY18 Q1 FY19 Q1 FY18 Q1 FY19 REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) 2.4% 10 Q1 FY18 Q1 FY19 -36.8% -39 PAT PAT % Q1FY19 results reflect the turnaround with the start of execut
Slide 7: Working Capital Analysis – Positive Momentum Continues
WORKING CAPITAL ANALYSIS – POSTIVE MOMENTUM CONTINUES Particulars (Rs Cr) Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Inventory 690 867 955 941 929 779 Net Receivables 2,366 1,982 1,657 1,360 1,060 1,175 Payables 969 629 506 452 536 635 Others 284 139 179 140 214 138 Net Working Capital 1,804 2,080 1,
Slide 8: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS (In Rs Cr) Q1FY18 FY18 Q1FY19 Opening Net Debt (779) (779) (705) Cash Profit (26) (133) 27 Net Working Capital (276) 565 58 Capex (14) (177) (6) Others (16) (181) (11) Closing Net Debt (1,110) (705) (638) (In Rs Cr) Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Net Debt 1,110 1,037
Slide 9: Wind Sector: Gaining Strength
WIND SECTOR: GAINING STRENGTH Withdrawal of AD Reintroduction of AD The sector witnessed an (GW) & GBI Provision & GBI Provision abrupt transition to the auction regime. 6-10 5.5 3-5 3.2 3.3 2.3 2.3 2 1.7 1.7 1.7 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019E* FY2020E* Feed I
Slide 10: Light at the End of the Tunnel for Wind Sector
LIGHT AT THE END OF THE TUNNEL FOR WIND SECTOR Feb, 17: 1st SECI States stop signing The wind sector comes wind auction PPAs and refuse to to a complete stand still conducted honor signed PPAs Some of the challenges faced - Inventory pile up Oct, 17: SECI-2 Sept, 17: CERC conducted post issues trans
Slide 11: Wind Auctions
WIND AUCTIONS Auction Month Volume (MW) SECI 1 February 2017 1050 MW Tamil Nadu August 2017 500 MW SECI 2 October 2017 1000 MW Gujarat December 2017 500 MW SECI 3 February 2018 2000 MW Maharashtra March 2018 500 MW SECI 4 April 2018 2000 MW Total 7550 MW • The 7.5GW auctions conducted in the past 15
Slide 12: Order Book
ORDER BOOK SECI 3: 200MW SECI 2: 300MW SECI 4: • IWL: 250MW 100MW • Adani: 50MW SECI 1: Inox Wind 300MW Maharashtra Order state auction: • IWL: 250MW Book = 50MW • Adani: 50MW 950MW • Inox Wind confirmed order book of 950 MW would translate into revenues in excess of Rs 6,500 crores over FY19 & FY20
Slide 13: 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 14: Project Sites
PROJECT SITES Amongst the largest project site allottees in Gujarat, Rajasthan and Madhya Pradesh Rajasthan Expanded presence in Andhra Pradesh and Gujarat Madhya Pradesh Karnataka and Kerala Maharashtra Sufficient project site inventory for installation of an aggregate capacity of more than 5
Slide 15: Technology
TECHNOLOGY Moving towards bigger turbines on the same platform Inox Wind is working towards the next Higher Energy Lower Energy Higher Returns Yield Cost generation of Wind turbines with higher hub heights and longer blades to deliver superior PLFs. 20% Implementing “Power Booster” technology up
Slide 16: O&M – Annuity Business
O&M – ANNUITY BUSINESS Inox Wind has an installed wind turbine base of approx 2.4GW in India with multi year O&M agreements We expect this revenue stream to pick up strongly in the coming years as the fleet size increases on back of strong auction order inflow. O&M revenues are noncyclical in
Slide 17: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind share price (Rs) Market Data As on 06.08.18 (BSE) 160 150 140 Market capitalization (Rs. Cr) 2155 130 120 Price (Rs.) 97 110 100 90 No. of shares outstanding (Cr) 22 80 70 60 Face Value (Rs.) 10.0 Source - BSE Source - BSE % Shareholding – As of 30th June2018 % Key I
Slide 18: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT Q1FY19 Q1FY18 YoY Q4FY18 QoQ Sr No Particulars (In Rs Lakhs) (Unaudited) (Unaudited) (Audited) 1 Income (a) Revenue from operations (net of taxes) 43,045 10,599 306% 20,341 112% (b) Other income 329 1,069 -69% 223 48% Total Income (a+b) 43,374 11,668 27
Slide 19: Financial Summary
FINANCIAL SUMMARY ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt) Consolidated financials, FY13-15 as per IGAAP, FY16-17 as per Ind AS Revenue from Operations EBIDTA (Inc OI) & EBIDTA Margin % PAT & PAT Margin % 19.0% 14.2% 4,451 17.4% 17.6% 18.3% 8.4
Slide 20: Thank You
THANK YOU Mr. Atul Soni Head - Investor Relations- Inox Wind Contact No: 0120 6149881 Email : [email protected] 19