Inox Wind Ltd. · NSE:INOXWIND

Inox Wind — Q4 FY16 Earnings Presentation

20 slides from Inox Wind's earnings presentation, May 2016

  1. Slide 1: Quarterly Investor Update Q4 & FY16

    INOX WIND LIMITED QUARTERLY INVESTOR UPDATE Q4 & FY16

  2. Slide 2: 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

  3. Slide 3: Discussion Summary

    DISCUSSION SUMMARY  KEY BUSINESS DEVELOPMENTS  Q4 & FY16 RESULT ANALYSIS  ORDER BOOK UPDATE  MANUFACTURING CAPACITY  LAUNCH OF 113 M TURBINE  SHAREHOLDING STRUCTURE  CONSOLIDATED FINANCIALS  SECTOR UPDATE 3

  4. Slide 4: Key Business Developments

    KEY BUSINESS DEVELOPMENTS LANDMARK YEAR FOR INOX WIND – INDIA’S LEADING WIND SOLUTIONS PROVIDER TECHNOLOGY  Two strategic long-term technology agreements signed with AMSC for securing technology know-how for 2MW ECS in India and collaboration for development of 3MW WTG in India  Successful launch

  5. Slide 5: Q4 & FY16 – Result Analysis

    Q4 & FY16 – RESULT ANALYSIS Q4 FY16 YoY ANALYSIS REVENUES* EBITDA AND EBITDA MARGIN EBITDA (Incl. OI) AND EBITDA MARGIN PAT AND PAT MARGIN 18.3% 17.2% 18.7% 18.3% 12.7% 18,286.4 11.4% 3,341.1 3,139.8 2,092.4 9,300.5 1,703.8 1,742.3 1,178.8 97 % 84 % 92 % 78 % Q4 FY15 Q4 FY16 Q4 FY15 Q4 FY16 Q4 FY15

  6. Slide 6: Q4 & FY16 – Sales & Commissioning Analysis

    Q4 & FY16 – SALES & COMMISSIONING ANALYSIS VOLUME BREAKUP - SALES (MW) COMMISSIONING (MW) 328 46 198 68 356 66 % 8 328 % 130 86 Q4FY15 Q4FY16 Q4FY15 Q4FY16 Turnkey Equipment Supply Turnkey Equipment Supply 826 578 130 216 68 696 8 570 510 43 % 287 % 266 FY15 FY16 FY15 FY16 Turnkey Equipment Supply T

  7. Slide 7: Q4 & FY16 – Cost Analysis

    Q4 & FY16 – COST ANALYSIS Q4 FY15 Q4 FY16 FY15 FY16 18.3% 16.9% 15.7% 17.2% 0.4% 6.3% 5.1% 6.1% 6.6% 2.0% 2.6% 3.1% 3.0% 76.3% 75.1% 75.1% 74.3% -2.9% -1.2% Q4 FY15 Q4 FY16 FY15 FY16 Raw Material and EPC Cost Variable Cost Fixed Cost Forex Exposure EBITDA Margin 7

  8. Slide 8: FY16 Working Capital Analysis

    FY16 WORKING CAPITAL ANALYSIS MARCH 2015 DECEMBER 2015 MARCH 2016 44 89 101 112 40 105 140 148 179 13 155 4 99 1 82 Receivables Days Inventory DaysPayables Days Others Net Working Capital Days Receivables Days Inventory DaysPayables Days Others Net Working Capital Days Receivables Days Inventory Day

  9. Slide 9: Order Book Update

    ORDER BOOK UPDATE MOVEMENT IN ORDER BOOK (MW) Order Book Update 31st March 2016 Total Order Book (MW) 1,104 360 402 1,178 1,146 1,104 Estimated Execution Period 12 - 15 Months Order Addition – Q3 FY16 (MW) 360 Mar-15 Dec-15 Orders Addition Orders Execution Mar-16 Q4 FY16 Q4 FY16 Robust order inflow

  10. Slide 10: Manufacturing Capacity – 1600 MW

    MANUFACTURING CAPACITY – 1600 MW CURRENT CAPACITY (WTGs) CAPACITY POST EXPANSION (WTGs) Una, Barwani, Una, Barwani, Rohika, Rohika, Plant Location Himachal Madhya Total Plant Location Himachal Madhya Total Gujarat Gujarat Pradesh Pradesh Pradesh Pradesh Nacelles & Hubs 550 - - 550 Nacelles & Hubs 55

  11. Slide 11: Launched 113 m Turbines

    LAUNCHED 113 m TURBINES Launched 113 Meter Turbines with Hub Height of 120 m IWL’s Technology Edge: Higher Energy Yield Lower Energy Cost Higher Returns • More efficient power curves • Higher uptime • Lower O&M • Increased margins • Higher market share 20% 20% • Higher IRR for investors • Expands ma

  12. Slide 12: Shareholding Structure

    SHAREHOLDING STRUCTURE Share Price Performance Market Data As on 05.05.16 (BSE) 450 Market capitalization (Rs. Mn) 64,589.3 350 CMP Rs. 291.0 Price (Rs.) 291.0 No. of shares outstanding (Mn) 222 250 Face Value (Rs.) 10.0 150 52 week High-Low (Rs.) 377.8 – 217.8 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr

  13. Slide 13: Detailed Financials: Consolidated P&L Statement

    DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT Particulars (Rs Mn) Q4 FY16 Q4 FY15 YoY % Q3 FY16 QoQ% FY16 FY15 YoY % Revenue from Operations 18,286.4 9,300.5 96.6% 9,414.4 94.2% 44,141.3 27,089.7 62.9% Cost of Material Consumed 10,770.0 6,499.6 65.7% 5,495.7 96.0% 27,148.1 18,152.5 49.6% Changes in

  14. Slide 14: Detailed Financials: Consolidated Balance Sheet

    DETAILED FINANCIALS CONSOLIDATED BALANCE SHEET Particulars (Rs Mn) FY16 FY15 Particulars (Rs Mn) FY16 FY15 Share Holders’ Funds: Non-current assets: Equity share capital 2,219.2 2,219.2 Goodwill on Consolidation 174.0 16.5 Reserves and Surplus 16,218.7 11,700.0 Fixed Assets 5,942.1 2,502.6 Total of

  15. Slide 15: Key Ratios FY15 FY16

    Key Ratios FY15 FY16 Debt : Equity 0.85 0.80 Net Debt : Equity 0.43 0.35 15

  16. Slide 16: Financial Summary – Last 5 Year Performance

    FINANCIAL SUMMARY – LAST 5 YEAR PERFORMANCE Revenue from Operations EBIDTA & EBIDTA Margin % PAT & PAT Margin % 22.8% 18.6% 16.9% 16.1% 14.2% 15.7% 8.4% 10.9% 10.2% 44,141.3 11.3% 6,918.9 4,518.7 CAGR – 63% 27,089.7 CAGR – 49% CAGR – 46% 4,564.7 2,964.2 15,668.1 10,589.1 1,504.0 1,322.8 6,216.1 1,41

  17. Slide 17: Sector Update: Positive Sector Tailwinds - Beyond FY16

    SECTOR UPDATE: POSITIVE SECTOR TAILWINDS - BEYOND FY16 STRONG GROWTH IN FY16 COMPETITIVE WIND ENERGY TARIFFS Tariff Control Period State • Highest ever annual installation of 3,472 MW (Rs./Unit) (Remaining Years) Gujarat 4.15 3 – 50% YoY Growth Tamil Nadu 4.16 2 Telangana 4.77 * 5 Madhya Pradesh 4.7

  18. Slide 18: Sector Update: Financers Prefer Wind

    SECTOR UPDATE: FINANCERS PREFER WIND AGGRESSIVE SOLAR BIDS – WORRY FOR FINANCIERS • Aggressive bids and unproven technology are raising concerns regarding viability of solar projects • Leading solar players already looking to exit; very large number of secondary deals in the market • Stiffer terms f

  19. Slide 19: Sector Update: Regulatory Impetus Driving Growth

    SECTOR UPDATE: REGULATORY IMPETUS DRIVING GROWTH Wind Power projects Attractive Accelerated Depreciation Generation Based Incentive as CSR Preferential Tariffs • Brings back SME, on balance sheet • Improved viability and funding of • Strengthens demand from PSUs • Significant boost to IPP demand and

  20. Slide 20: Thank You

    FOR FURTHER QUERIES : THANK YOU Mr. Dheeraj Sood Nilesh Dalvi / Kapil Jagasia Head IR- Inox Group IR Consultant Contact No: 0120 6149881 Contact No : +91 9819289131 / +91 9819033209 Email : [email protected] Email : [email protected] [email protected] 20

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