Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q3 FY16 Earnings Presentation
20 slides from Inox Wind's earnings presentation, February 2016
Slide 1: Quarterly Investor Update Q3 & 9M FY16
INOX WIND LIMITED QUARTERLY INVESTOR UPDATE Q3 & 9MFY16 1
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 KEY BUSINESS DEVELOPMENTS Q3 & 9M FY16 RESULT ANALYSIS ORDER BOOK UPDATE PIPELINE OF PROJECTS MANUFACTURING CAPACITY LAUNCH OF 113 M TURBINE SHAREHOLDING STRUCTURE CONSOLIDATED FINANCIALS ANNEXURE 3
Slide 4: Key Business Developments: AMSC Technology Agreements
KEY BUSINESS DEVELOPMENTS TWO STRATEGIC LONG-TERM TECHNOLOGY AGREEMENTS SIGNED WITH AMSC Securing exclusive and perpetual license and know-how for manufacturing of 2MW ECS in India - Reduces dependence on AMSC – long term security - Improved supply chain control and cost savings due to indigenisat
Slide 5: Key Business Developments: Common Infrastructure for Power Evacuation
KEY BUSINESS DEVELOPMENTS COMMON INFRASTRUCTURE COMMISSIONED FOR 600 MW OF POWER EVACUATION Significant pick-up in project execution 220 KVA sub-station and transmission line commissioned at Rojmal, Gujarat - Capable of supporting power evacuation of 400 MW - Projects for customers such as Sembc
Slide 6: Q3 & 9M FY16 Result Analysis
Q3 & 9M FY16 RESULT ANALYSIS Q3 FY16 YoY ANALYSIS REVENUES* EBITDA** AND EBITDA MARGIN PAT AND PAT MARGIN 16.4% 16.4% 10.8% 10.9% 9,323.9 9,414.4 1,530.7 1,545.3 1,005.7 1,030.0 1% 1% 2% Q3 FY15 Q3 FY16 Q3 FY15 Q3 FY16 Q3 FY15 Q3 FY16 EBIDTA EBIDTA % PAT PAT % 9M FY16 YoY ANALYSIS REVENUES* EBITDA**
Slide 7: Q3 & 9M FY16 Sales & Commissioning Analysis
Q3 & 9M FY16 SALES & COMMISSIONING ANALYSIS VOLUME BREAKUP - SALES (MW) COMMISSIONING (MW) 200 166 166 158 17 % 5% Q3FY15 Q3FY16 Q3FY15 Q3FY16 498 384 380 188 31 % 104 % 9MFY15 9MFY16 9MFY15 9MFY16 SIGNIFICANT PICK-UP IN COMMISSIONING 7
Slide 8: Q3 & 9M FY16 Cost Analysis
Q3 & 9M FY16 COST ANALYSIS Q3 FY15 Q3 FY16 9M FY15 9M FY16 -0.3% 0.7% 14.6% 0.3% 16.4% 0.5% 16.4% 16.1% 4.3% 6.1% 7.7% 2.8% 8.2% 3.6% 3.3% 2.9% 72.0% 74.5% 73.6% 76.2% Raw Material and EPC Cost Variable Cost Fixed Cost Forex Exposure EBITDA 8
Slide 9: Q3 & 9M FY16 Working Capital Analysis
Q3 & 9M FY16 WORKING CAPITAL ANALYSIS WORKING CAPITAL ANALYSIS Q2 FY16 Q3 FY16 Particulars (Rs Mn) Sep-2015 Dec-2015 101 112 Inventory 4949 7,057 62 109 198 179 13 Receivables 18024 189,95 - 151 155 Payables 8049 9,508 Others 725 277 Gross Working Capital 14199 16266 Receivables Inventory Payables O
Slide 10: Order Book Update
ORDER BOOK UPDATE MOVEMENT IN ORDER BOOK (MW) Order Book Update 31st December 2015 110 166 Total Order Book (MW) 1,146 1,178 1,202 1,146 Estimated Execution Period 12 - 15 Months Order Addition – Q3 FY16 (MW) 110 Mar-15 Sep-15 Orders Addition Orders Execution Dec-15 Q3 FY16 Q3 FY16 Robust order infl
Slide 11: Current Pipeline of Project Sites
CURRENT PIPELINE OF PROJECT SITES Amongst the largest land bank owners in 1. Gujarat 2. Rajasthan 3. Madhya Pradesh Rajasthan • Focused on increasing land bank further in Gujarat Madhya Pradesh South India. Multiple sites acquired at very Maharashtra competitive acquisition cost in Andhra Pradesh •
Slide 12: Manufacturing Capacity - 1,600 MW by FY16
MANUFACTURING CAPACITY- 1,600 MW by FY16 CURRENT CAPACITY PROPOSED CAPACITY POST EXPANSION 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
Slide 13: Set to Launch 113 m Turbines & 120 m Hybrid Towers
SET TO LAUNCH 113 m TURBINES & 120 m HYBRID TOWERS Will be launching 113 Meter Turbines with Hub Height of 120 m in this fiscal year IWL’s Technology Edge: Higher Energy Yield Lower Energy Cost Higher Returns • More efficient power curves • Higher uptime • Lower O&M • Increased margins • Higher mark
Slide 14: Shareholding Structure
SHAREHOLDING STRUCTURE Share Price Performance Market Data As on 05.02.16 (BSE) 450 Market capitalization (Rs. Mn) 65,465.9 CMP Rs. 295.0 350 Price (Rs.) 295.0 No. of shares outstanding (Mn) 222 250 Face Value (Rs.) 10.0 150 52 week High-Low (Rs.) 411.5 – 282.4 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Sou
Slide 15: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT Particulars (Rs Mn) Q3 FY16 Q3 FY15 YoY % Q2 FY16 QoQ% 9M FY16 9M FY15 YoY % FY15 Revenue from Operations 9,414.4 9,323.9 1.0% 10,082.2 -6.6% 25,854.9 17,798.9 45.3% 27,099.3 Cost of Material Consumed 5,495.6 5,798.8 -5.2% 6,799.7 -19.2% 16,378.1 11,652
Slide 16: Detailed Financials: Consolidated Balance Sheet
DETAILED FINANCIALS CONSOLIDATED BALANCE SHEET Particulars (Rs Mn) FY15 H1 FY16 Particulars (Rs Mn) FY15 H1 FY16 Share Holders’ Funds: Non-current assets: Equity share capital 2,219.2 2,219.2 Goodwill on Consolidation 16.5 16.5 Reserves and Surplus 11,700.0 13,096.2 Fixed Assets 2,502.6 4,580.9 Tota
Slide 17: Balance Sheet Perspective
BALANCE SHEET PERSPECTIVE Particulars 9M FY15 9M FY16 Particulars 9M FY15 9M FY16 Total of Shareholder funds 6,062.6 16,345.4 16.5 47.2 Goodwill on Consolidation Share Capital 2,000.0 2,219.2 Fixed Assets 2,112.1 4,852.7 Reserves & Surplus 4,062.6 14,126.2 Total Debt 7,525.0 13,836.0 Other Non-Curre
Slide 18: 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% 16.1% 14.2% 16.3% 16.9% 8.9% 10.9% 27,099.3 11.3% 8.4% 4,574.4 2,964.2 CAGR – 147.8% 15,668.1 CAGR – 150.1% CAGR – 160.9% 10,589.1 1,965.0 1,762.7 1,504.0 1,322.8 6,216.1 1,418
Slide 19: 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] 19
Slide 20: Annexure: Regulatory Impetus Driving Growth
ANNEXURE 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 capti