Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — FY2019 Earnings Presentation
21 slides from Inox Wind's earnings presentation, May 2019
Slide 1: Inox Wind Limited FY19 Investor Update
INOX WIND LIMITED FY19 INVESTOR UPDATE
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
Slide 3: Discussion Summary
DISCUSSION SUMMARY ANNUAL HIGHLIGHTS COMPETITIVE INTENSITY TAPERING OFF TECHNOLOGY ORDER BOOK YEARLY RESULT ANALYSIS Q4 RESULT ANALYSIS WORKING CAPITAL ANALYSIS CASH FLOW AND DEBT ANALYSIS O&M – ANNUITY BUSINESS WIND AUCTIONS WIND SECTOR: GAINING STRENTH MANUFACTURING CAPACIT
Slide 4: Annual Highlights
ANNUAL HIGHLIGHTS Financials Significant YoY turn around in topline and EBITDA margins on the back of SECI execution despite over 15 months delay in central grid evacuation readiness (which was finally commissioned on 14th April 2019): • Revenue of Rs. 1437 crs in FY19 up by 200% against revenue o
Slide 5: Annual Highlights: Technology and Order Book
ANNUAL HIGHLIGHTS Technology Over the year, entered into a technology agreement to launch 3.3 MW wind turbine. The 3.3 MW turbine is a globally operating and proven platform which will significantly improve energy yields and further reduce levelised cost of electricity. With this Inox Wind has t
Slide 6: Competitive Intensity Tapering Off
COMPETITIVE INTENSITY TAPERING OFF The past two years had seen huge pressure across all manufacturers to liquidate stock/ inventory which got stuck due to the transition from the FIT regime to the Auction regime. This inventory has since been virtually tied up across the players and going forward
Slide 7: Technology
TECHNOLOGY Inox Wind extends its existing 2MW product Technical Specification offering with the launch of the 3.3 MW wind turbines which are ideally suited for low wind Rated power: 3300 KW regimes in India. Drive Train : DF, 6 Pole Generator Turbine Design : AMSC, Austria The newly launched 3
Slide 8: Order Book
ORDER BOOK SECI 3: SECI 4: Particulars Capacity 200MW 100MW Auction based order book 990 MW SECI 2: 300MW Maharashtra Supplied 264 MW •IWL: 250MW state auction: •Adani: 50MW Net order book 726 MW 50MW SECI 1: 300MW Inox Wind Gujarat LOI for 3.3 MW from Adani 501.6 •IWL: Order state 250MW Book = auct
Slide 9: Yearly Result Analysis
YEARLY RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) In Rs. Cr. 1,437 10.9% 156 480 -81 FY18 FY19 FY18 FY19 -17.0% REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) -2.7% FY18 FY19 (39) -38.6% (185) PAT PAT % FY19 results reflect the beginning of sales under the auction regime post FY18 wherein th
Slide 10: Q4 Result Analysis
Q4 RESULT ANALYSIS REVENUES EBITDA & EBITDA MARGIN (%) In Rs. Cr. 203 Q4 FY18 Q4 FY19 -28 180 -30 -15.8% Q4 FY18 Q4 FY19 -14.6% REVENUES EBIDTA EBIDTA % PAT & PAT MARGIN (%) Q4 FY18 Q4 FY19 -27.1% -29.6% -55 -53 PAT PAT % Supplies in Q4 were cut back since the central grid was further delayed beyond
Slide 11: Working Capital Analysis – Positive Momentum Continues
WORKING CAPITAL ANALYSIS – POSITIVE MOMENTUM CONTINUES In Rs. Cr. • Inventory: Consolidated Inventory levels increased mainly on account of ramp-up of SECI 1 project execution since the current inventory includes the project work in progress of Dayapar, Gujarat site which will be commissioned over t
Slide 12: Cash Flow and Debt Analysis
CASH FLOW AND DEBT ANALYSIS In Rs. Cr. Healthy Net Debt to Equity ratio of 0.47x 12
Slide 13: O&M – Strong Annuity Model
O&M – STRONG ANNUITY MODEL Inox Wind has multi year O&M agreements for its fleet across customers and from the upcoming new financial year, a significant part of the WTGs will be beyond the free O&M/warranty period. Moreover, with the increase in the fleet size on the back of strong auction orde
Slide 14: 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 NTPC August 2018 1200 MW SECI 5 September 2018 1200 MW Hybr
Slide 15: 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. 5.5 3-5 3.2 3.3 2.3 2.3 2 1.7 1.7 1.7 1.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20E* Feed In Tariff Regime (FIT) Auc
Slide 16: 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 17: Shareholding Structure
SHAREHOLDING STRUCTURE Inox Wind Share Price (Rs) Market Data As on 17.05.19 (BSE) 120 110 Market capitalization (Rs. Cr) 1262 100 90 Price (Rs.) 56.85 80 70 No. of shares outstanding (Cr) 22 60 50 Face Value (Rs.) 10.0 May/2018 Jul/2018 Sep/2018 Nov/2018 Jan/2019 Mar/2019 May/2019 Source - BSE Sour
Slide 18: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT 18
Slide 19: Detailed Financials: Consolidated Balance Sheet
DETAILED FINANCIALS CONSOLIDATED BALANCE SHEET 19
Slide 20: 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, FY16-19 as per Ind AS Revenue from Operations EBIDTA (Inc OI) & EBIDTA Margin % PAT & PAT Margin % 19.0% 17.4% 14.2% 4,451 17.6% 18.3% 8.4
Slide 21: Thank You
THANK YOU Jitendra Mohananey Group Financial Controller Contact No: 0120 6149600 Email : [email protected] 21