Torrent Power Limited · NSE:TORNTPOWER
Torrent Power — Q4 2015-16 Earnings Presentation
36 slides from Torrent Power's earnings presentation, May 18, 2016
Slide 1: Torrent Power Limited Investor Presentation Q4 2015-16
TORRENT POWER LIMITED I N V E S T O R P R E S E N TAT I O N - Q4 2015-16
Slide 2: Disclaimer
DISCLAIMER This information may contain certain forward-looking statements/details in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views ex
Slide 3: Glossary
GLOSSARY AMGEN 422 MW Coal based Power Plant MMBTU Million Metric British Thermal Unit AT&C Aggregate Technical and Commercial Maharashtra State Electricity Distribution MSEDCL CDM Clean Development Mechanism Company Limited CERC Central Electricity Regulatory Commission MPPMC MP Power Management Co
Slide 4: Outline
OUTLINE Core Values Corporate Strategy Torrent Group - Snapshot Torrent Power Limited Performance Highlights 5 Year Key Highlights Gas Scenario Investor FAQs 18 May 2016
Slide 5: Core Values
CORE VALUES INTEGRITY - When truth is paramount PASSION FOR EXCELLENCE - When best is not enough PARTICIPATIVE DECISION MAKING - Involvement that engenders effectiveness CONCERN FOR SOCIETY & ENVIRONMENT - When every smile matters FAIRNESS WITH CARE - Harnessing equality TRANSPARENCY - Openness that
Slide 6: Corporate Strategy
CORPORATE STRATEGY Providing end-to-end solutions in order to better serve the end user is the mark of a company dedicated towards its customers. Torrent Power, through its seamless integration of services, continually strives to light up the lives of people, in the truest sense of the word. F
Slide 7: Torrent Group - Snapshot
TORRENT GROUP - SNAPSHOT Torrent Group Pharma Business Power Business Torrent Pharma Limited Torrent Power Limited Promoter’s Holding as Promoter’s Holding as on 31.03.16 : 71.25% on 31.03.16 : 53.57% Net Worth as on Net Worth as on 30.09.15 Rs. 3,384 Cr. 31.03.16 Rs. 7,535Cr. Market Cap a
Slide 8: Torrent Power Limited Snapshot
TORRENT POWER LIMITED SNAPSHOT Torrent Power, the Rs. 11,959 Cr. integrated power utility of the Torrent Group, is one of the largest private sector players in India having interests in power generation, transmission, distribution and manufacturing and supply of power cables. Power • 3334 MW capacit
Slide 9: Structure
TORRENT POWER LIMITED STRUCTURE Shareholding Pattern as on Subsidiaries of Torrent Power Limited: Torrent Power Grid Limited - joint 31.03.2016 venture between Torrent Power Others Limited and PGCIL for 400 kV FIIs 16% transmission system for evacuation of 3% power from SUGEN to Pirana substation
Slide 10: Generation
TORRENT POWER LIMITED GENERATION Torrent Power, along with its subsidiaries, has a portfolio of coal based, gas based and renewable power plants with an aggregate generation capacity of 3334 MW comprising: 1147.5 MW Gas based SUGEN Mega Power Plant near Surat 382.5 MW Gas based UNOSUGEN Power Pl
Slide 11: Generation: 1147.5 MW SUGEN Mega Power Plant
TORRENT POWER LIMITED GENERATION 1147.5 MW Gas based SUGEN Mega Power Plant Commissioning 2009 Location Near Surat in South Gujarat. Close to all required infrastructure, fuel supply sources and power off-take markets. Technology A combined cycle gas based power plant consisting of three power block
Slide 12: Generation: 382.5 MW UNOSUGEN Power Plant
TORRENT POWER LIMITED GENERATION 382.5 MW Gas based UNOSUGEN Power Plant Commissioning 2013 Location Adjacent to 1147.5 MW SUGEN Mega Power Plant, near Surat in South Gujarat. Close to all required infrastructure, fuel supply sources and power off-take markets. Technology A combined cycle gas based
Slide 13: Generation: 1200 MW DGEN Mega Power Plant
TORRENT POWER LIMITED GENERATION 1200 MW Gas based DGEN Mega Power Plant Commissioning December, 2014 Location At Dahej SEZ near Bharuch in South Gujarat. Close proximity to the industrial towns of Bharuch & Ankleshwar the Delhi Mumbai Industrial Corridor notified Petroleum, Chemicals and
Slide 14: Generation: 422 MW AMGEN Coal Power Plant
TORRENT POWER LIMITED GENERATION 422 MW Coal based AMGEN Power Plant Commissioning C station – 1961, D station – 1978, E station – 1984, F station – 1988 Location Ahmedabad Technology Currently consists of four stations running on domestic as well as imported coal C station - 60 MW, D station – 12
Slide 15: Generation: 49.6 MW Wind Power Plant
TORRENT POWER LIMITED GENERATION 49.6 MW Wind Power Plant Commissioning 2012 Location Spread across three talukas - Lalpur, Jamjodhpur and Bhanvad at a distance of 40 km from Jamnagar in the state of Gujarat. Technology Consists of 62 Nos. 800 kW gearless wind turbines with synchronous generator Pow
Slide 16: Generation: Solar Power Plant
TORRENT POWER LIMITED GENERATION 51 MW Solar Power Plant Implemented by Torrent Solargen Limited (formerly known as Torrent Power Bhiwandi Ltd.), the wholly owned subsidiary of Torrent Power Limited Commissioning March, 2015 Location At Charanka Solar Park, Patan district in the state of Gujarat Tec
Slide 17: Generation: GENSU Solar Power Plant
TORRENT POWER LIMITED GENERATION 81 MW GENSU Solar Power Plant Commissioning March, 2016 Location Adjacent to 1147.5 MW SUGEN Mega Power Plant, near Surat in South Gujarat Technology Polycrystalline technology with fixed tilt Power Offtake By Company’s Distribution business in Ahmedabad and Surat On
Slide 18: Transmission
TORRENT POWER LIMITED TRANSMISSION Transmission System from Generation to Various Off takers / Grid SUGEN to 400 kV transmission system with length of 249 km Ahmedabad implemented through Torrent Power Grid Limited, a Joint Distribution Area venture with PGCIL in which Torrent has 74% stake. SUGEN t
Slide 19: Distribution Licensee
TORRENT POWER LIMITED DISTRIBUTION Distribution Licensee Area Ahmedabad and Surat admeasuring an area of total 408 sq. km. Peak Demand At Ahmedabad 1576 MW and at Surat 627 MW during FY 15-16 Sale of Units 9,978 MUs of power during FY 15-16 No. of 23.91 lacs consumers as on 31st March, 2016 Consumer
Slide 20: Distribution Franchisee
TORRENT POWER LIMITED DISTRIBUTION Distribution Franchisee Commencement Bhiwandi Circle of MSEDCL from 26th Jan, 2007 of Operations Agra Circle of DVVNL from 1st Apr, 2010 Area Bhiwandi, Agra admeasuring an area of total 942 sq. km. Peak Demand At Bhiwandi 586 MVA and at Agra 429 MVA during FY 15-16
Slide 21: Performance Highlights: Income Statement
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS FY 2015-16 FY 2014-15 Income Statement – Consolidated (Rs. Cr.) Q4 2015-16 Q4 2014-15 (Audited) (Audited) Income from Operations 2,481 2,590 11,687 10,396 Fuel, Power Purchase & Other Material Cost 1,582 1,595 7,397 7,194 Staff cost and other exp. 401 306
Slide 22: Performance Highlights: Reasons for Variation
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS The major reasons for variation in FY 2015-16 results as compared to FY 2014- 15 results (other than as mentioned in the notes to the financial results): Recovery of partial fixed cost of its DGEN and UNOSUGEN power plants due to availability of gas und
Slide 23: Performance Highlights: Balance Sheet
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS Balance Sheet - Consolidated As on 31.03.2016 As on 31.03.2015 Shareholders’ Funds 7,535 6,556 Minority Interest 31 31 Non-current liabilities 10,315 10,272 Current Liabilities 1,715 2,774 Total Liabilities 19,596 19,633 Non-current Assets 16,256 15,486 C
Slide 24: Performance Highlights: Q4 PAF and PLF
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS PAF of Gas based Plants PLF of Gas based Plants 98.37% 97.69% 100% 90.15% 44.75% 64.62% 25.78% 27.65% 15.42% 0% SUGEN UNOSUGEN DGEN SUGEN UNOSUGEN DGEN Q4 2014-15 Q4 2015-16 Q4 2014-15 Q4 2015-16 PAF & PLF of AMGEN Unit wise Generation (MUs) 99.63% 91.12%
Slide 25: Performance Highlights: FY PAF and PLF
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS PAF of Gas based Plants PLF of Gas based Plants 98.12% 98.38% 95.68% 35.78% 90.30% 25.70% 25.41% 25.66% 89.64% 0% SUGEN UNOSUGEN DGEN SUGEN UNOSUGEN DGEN FY 2014-15 FY 2015-16 FY 2014-15 FY 2015-16 PAF & PLF of AMGEN Unit wise Generation (MUs) 95.63% 90.0
Slide 26: Performance Highlights: Consumers and Losses
TORRENT POWER LIMITED PERFORMANCE HIGHLIGHTS No. of Consumers (in lacs) No. of Consumers (in lacs) 17.49 18.03 3.56 3.82 2.70 2.86 5.79 5.88 As on 31.03.2015 As on 31.03.2016 As on 31.03.2015 As on 31.03.2016 A'bad Surat Bhiwandi Agra T&D loss (%) AT&C loss (%) 8.69% 7.95% 35.69% 31.40% 35.90% 7.34%
Slide 27: 5 Year Key Highlights: PAF-PLF and Losses
TORRENT POWER LIMITED 5 YEAR KEY HIGHLIGHTS SUGEN PAF-PLF (%) AMGEN PAF-PLF (%) 98.89% 98.12% 98.38% 89.29% 94.32% 95.38% 90.05% 95.63% 87.13% 81.69% 75.99% 77.80% 81.22% 74.90% 80.69% 65.05% 41.21% 35.78% 22.87% 25.70% 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12* 2012-13 2013-14 2014-15 2015-16
Slide 28: 5 Year Key Highlights: Revenue, PBT, EBITDA, PAT
TORRENT POWER LIMITED 5 YEAR KEY HIGHLIGHTS Revenue from Operations PBT (Rs. Crore) (Rs. Crore) 1698 11687 1243 10396 7954 8221 8681 740 630 275 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12 2012-13 2013-14 2014-15 2015-16 EBIDTA* (Rs. Crore) PAT (Rs. Crore) 3255 2418 2423 1253 866 1494 1534 387 3
Slide 29: 5 Year Key Highlights: Net Worth, Debt:Equity, EPS
TORRENT POWER LIMITED 5 YEAR KEY HIGHLIGHTS Net Worth (Rs. Crore) Debt:Equity Ratio 10,000 1.50 1.37 1.21 1.26 7,535 7,500 5,761 6,103 6,205 6,556 0.87 1.01 1.00 5,000 0.50 2,500 - 0.00 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12 2012-13 2013-14 2014-15 2015-16 Earning Per Share (Rs.) 30 27 18 2
Slide 30: Gas Scenario
TORRENT POWER LIMITED GAS SCENARIO E-bid RLNG UNOSUGEN and DGEN Power Plant refrained from participating in the e-auction under Round 3 (i.e. for the period April 2016 to September 2016) of “Scheme for utilisation of Gas based plants” as the Scheme envisaged zero financial support to discoms and a
Slide 31: Investor FAQs: Future Growth Plans
TORRENT POWER LIMITED INVESTOR FAQS 1) What are the future growth plans of the Company? The Company continues to believe in its play of being an integrated utility. It has positioned itself well even in difficult times as compared to its peers with its balanced portfolio. As part of its future growt
Slide 32: Investor FAQs: Capex
TORRENT POWER LIMITED INVESTOR FAQS 2) What is the actual capex incurred for FY16 and annual capex guidance for FY17/FY18 for the two franchisees? Actual capex for FY16: Rs. 748 crores • Regulatory Capex (AMGEN, TPL-D, Dahej Distribution) – GERC related I. AMGEN: Rs. 19 crores II. TPL-D: Rs. 573 c
Slide 33: Investor FAQs: Power Purchase Agreements
TORRENT POWER LIMITED INVESTOR FAQS 3) Details of PPAs (quantum and duration) under which power is supplied to the three licensees (Ahmedabad, Surat and Dahej) AMGEN is the embedded power plant for Ahmedabad distribution. Entire 422 MW of power from AMGEN plant is supplied to Ahmedabad distributio
Slide 34: Investor FAQs: Debt and Re-organisation
TORRENT POWER LIMITED INVESTOR FAQS 4) What is the outstanding debt as of FY15, repayment timelines and cost of debt? What is the quantum of f/x debt in total debt The total outstanding debt of TPL as on 31.03.2016 was Rs. 7557 crores with repayments spread across 16 years starting from 31st Decem
Slide 35: Investor FAQs: DGEN Navsari Line and Bhiwandi Assets
TORRENT POWER LIMITED INVESTOR FAQS 6) What is the project cost of 400 kV DGEN Navsari double circuit line of 105 km and how the same is funded Project cost is Rs. 268.72 crores which has been entirely funded by equity. 7) What is the net asset value at Bhiwandi currently? What amount would TPL be
Slide 36: Thank You
THANK YOU w w w . t o r r e n t p o w e r. c o m Contact details: Torrent Power Limited CIN: L31200GJ2004PLC044068 Torrent House, Off Ashram Road, Ahmedabad – 380 009 Ph. No. (079) 2658 5090, 2658 3060 Fax No. (079) 2658 2326 Email: [email protected]