Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q2 FY24 Earnings Presentation
27 slides from Inox Wind's earnings presentation, October 2023
Slide 1: Inox Wind Limited Q2 FY24 Results Presentation
INOX WIND LIMITED Q2 FY24 RESULTS PRESENTATION OCTOBER 2023 1
Slide 2: Contents
CONTENTS 1. KEY HIGHLIGHTS FOR THE QUARTER 2. GROUP & COMPANY OVERVIEW 3. MACRO ENVIRONMENT ENTAILS SIGNIFICANT WIND CAPACITY ADDITION OVER THE NEXT DECADE 4. IWL - BENEFITTING FROM THE TAILWINDS 5. IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH 6. Q2 FY24 EARNINGS UPDATE 2
Slide 3: Key Highlights of the Quarter
KEY HIGHLIGHTS OF THE QUARTER IWL breaks even at Cash PAT* level Supplies of 3.3MW WTGs on track to commence within Q3 FY24 Nani Virani 50MW SPV – IGESL divests 100% stake for a consideration of ~Rs 290 crores H1 FY24 order execution stood at 143MW Orderbook stands at 1,276MW, across 2MW a
Slide 4: Group & Company Overview
IN1OX WIND Greening INDIA GROUP & COM PANY OVERVIEW i ; a croup
Slide 5: Part of the Strong INOXGFL Group
PART OF THE STRONG INOXGFL GROUP Inox Wind is part of the INOXGFL group. The Group with a legacy of more than 90 years is one of the largest business Groups in India. The Group is a forerunner in diversified business segments comprising specialty chemicals, fluoropolymers, gases, wind turbines and r
Slide 6: Inox Wind – Merger to Simplify Business Structure
INOX WIND – MERGER TO SIMPLIFY BUSINESS STRUCTURE Promoter Family Promoter Entities Inox Wind Energy Limited (IWEL) Inox Wind Limited (IWL) Post Merger Inox Wind Limited (IWL) Resco Global Wind Inox Green Energy Resco Global Wind Inox Green Energy Services Services Pvt Ltd (RGSPL) Services Limited (
Slide 7: Inox Wind – Key Historical Milestones
INOX WIND – KEY HISTORICAL MILESTONES • Successful listing of • Most successful • Operations • Starts supplies Inox Wind through year for IWL with Year of commence to third parties IPO raising Rs10bn 826MW of WTG incorporation • Sets up first • O&M services sales & 786MW of • Secures ECS license WTG
Slide 8: Inox Wind – A Fully Integrated Wind Solutions Provider
INOX WIND – A FULLY INTEGRATED WIND SOLUTIONS PROVIDER Present Future Fully integrated wind energy player providing Ramping up supplies of our state-of-the-art end-to-end turnkey solutions to customers – 3MW WTGs from conception to commissioning to O&M Completing the deleveraging process to ac
Slide 9: Macro Environment Entails Significant Wind Capacity Addition Over the Next Decade
MACRO ENVIRONMENT ENTAILS SIGNIFICANT WIND CAPACITY ADDITION OVER THE NEXT DECADE 9
Slide 10: Favorable Macro Environment Expected to Boost Wind Sector Investments
FAVORABLE MACRO ENVIRONMENT EXPECTED TO SIGNIFICANTLY BOOST WIND SECTOR INVESTMENTS Higher bidding targets: GoI’s 50GW annual RE bids issue for FY24-28 period includes at least 10GW of wind as part of the target to reach 500GW of non-fossil fuel capacity by 2030 Bidding trajectory for FY24 issued by
Slide 11: Wind Is Amongst the Cheapest Sources of Power in India
WIND IS AMONGST THE CHEAPEST SOURCES OF POWER IN INDIA On average, wind LCoE is roughly 43% cheaper than the majority of coal plants present in the country Source: GWEC, MEC+ Report - India Wind Outlook Towards 2022 Note: • Figures in Rs/unit • Wind and solar LCoE calculations done at 11% internal r
Slide 12: Opportunities for the Indian Wind Sector Are Immense
OPPORTUNITIES FOR THE INDIAN WIND SECTOR ARE IMMENSE RENEWABLE ENERGY IMPLEMENTATION AGENCY-WISE BIDDING CALENDAR FOR FY24 RENEWABLE PURCHASE OBLIGATION TRAJECTORY NOTIFIED BY THE MoP OTHER LARGE-SCALE OPPORTUNITIES Year Wind RPO HPO Other RPO Total RPO Storage (on State auctions for wind, hybrid an
Slide 13: Updates on the Wind & Hybrid/RTC Auction Front
UPDATES ON THE WIND & HYBRID/RTC AUCTION FRONT 990MW of wind projects & 2,350MW of hybrid projects have RFS/NIT for additional 3,400MW of wind projects & 11,335MW been awarded in Q1FY24 of hybrid/RTC RE projects already issued 1,400 2,500 1,200 2,000 1,200 2,000 1,000 1,500 1,500 1,500 1,500 1,000 1
Slide 14: Gujarat & Rajasthan State Renewables Policies in Force
GUJARAT & RAJASTHAN STATE RENEWABLES POLICIES IN FORCE GUJARAT RENEWABLE ENERGY POLICY 2023 RAJASTHAN RENEWABLE ENERGY POLICY 2023 Effective From Oct’23 up to 2028 Effective From Oct’23 The policy envisages 50% of cumulative electric power The policy aims to develop a total of 90 GW of renew
Slide 15: IWL - Benefitting from the Tailwinds
IWL - BENEFITTING FROM THE TAILWINDS 15
Slide 16: WTG Order Book – Q2 FY24-End
WTG ORDER BOOK – Q2 FY24-END Particulars Order capacity (MW) SECI 350 NTPC 500 LOI for 3.3 MW WTG from Adani 502 Retail and others 169 Total as of FY23-end 1,521 Less: supplied 245 Net orderbook as at FY23-end 1,276 16
Slide 17: Strategic Activities
STRATEGIC ACTIVITIES • Successfully completed IPO of Inox Green Energy Services Ltd (IGESL - O&M subsidiary) in November Monetization 2022, raising Rs. 740 crs. Proceeds used to pare debt and deleverage balance sheet O & M Business - IGESL • IGESL’s first inorganic acquisition of 51% stake in Ifox W
Slide 18: 3.3MW WTG - Manufacturing & Supplies Started
3.3MW WTG - MANUFACTURING & SUPPLIES STARTED Our state-of-the-art 3.3MW WTG has been developed with globally renowned AMSC as the technology partner, and features a 100/120/140 m tubular tower and 145 m rotor diameter. The turbine is built for Indian wind conditions. Type certification for the turbi
Slide 19: IGESL – Wind O&M Business – Stability with Growth
IGESL – WIND O&M BUSINESS – STABILITY WITH GROWTH 19
Slide 20: IGESL – A Stable Annuity Business Proposition
IGESL – A STABLE ANNUITY BUSINESS PROPOSITION Established track Technology driven Comprehensive O&M record in the company with focus on Solutions Provider for WTG wind energy predictive maintenance and common infrastructure O&M industry of over reactive O&M contracts >10 years maintenance Strong sup
Slide 21: IGESL – Portfolio of 3,200MW of O&M Assets
IGESL – PORTFOLIO OF 3,200MW OF O&M ASSETS O&M Portfolio Growth Journey 3,200MW 2,750MW 2,362MW 1,082MW 91MW 2019 2022 2023 2013 2016 Key Metrics 1 2 3 4 5 6 3,200 MW >6 years 5-20 years 1,276 MW INR 116.5 crs INR 61.8 crs Current Residual Duration of Tenor of O&M Net Order Book of H1 FY24 Revenue f
Slide 22: IGESL – O&M Business Poised for Growth
IGESL – O&M BUSINESS POISED FOR GROWTH Inorganic growth prospects# O&M business of inactive/stressed players maintaining ~10GW of capacity provides a significant opportunity for IGESL’s inorganic growth. Majority of this fleet is across retail customers. Leveraging both company’s own and group’s exi
Slide 23: IGESL – Growth Strategy Going Forward
IGESL – GROWTH STRATEGY GOING FORWARD A. Organic Growth: The execution of orders by Inox Wind shall lead to a firm addition to the existing O&M fleet of ~ 3GW. Pricing Reset: Pricing of O & M contracts be it shared services or comprehensive are reset at the time of renewal of O & M contracts t
Slide 24: IWL – Q2 FY24 Financials
WIND Greening INDIA IWL - Q2 FY24 FINANCIALS i , a croup
Slide 25: Key Financials - Audited Consolidated Income Statement
KEY FINANCIALS - AUDITED CONSOLIDED INCOME STATEMENT Quarter Ended Half year ended Year ended Particulars 30-09-2023 30-06-2023 30-09-2022 30-09-2023 30-09-2022 31-03-2023 a) Revenue from operation (net of taxes) 37,064 34,142 10,711 71,206 31,605 73,305 b) Other Income 1,376 355 479 1,731 716 2,131
Slide 26: Key Financials - Audited Consolidated Balance Sheet
KEY FINANCIALS - AUDITED CONSOLIDED BALANCE SHEET Particulars As at 30 September 2023 As at 31 March 2023 As at 30 September As at 31 March Particulars 2023 2023 ASSETS EQUITY AND LIABILITIES (1 ) Non-current assets Equity (a) Property, Plant and Equipment 124,696 152,059 (a) Equity Share capital 32
Slide 27: Thank You
THANK YOU Anshuman Ashit Manish Garg Contact No: +91 84518 30601 Contact No: +91 98104 36606 Email : [email protected] Email : [email protected] This presentation and the related discussions may contain “forward looking statements” by Inox Wind Limited (“IWL” or “the Company”) tha