Inox Wind Ltd. · NSE:INOXWIND
Inox Wind — Q2 FY2016 Earnings Presentation
20 slides from Inox Wind's earnings presentation, October 2015
Slide 1: Quarterly Investor Update Q2 & H1 FY16
INOX WIND LIMITED QUARTERLY INVESTOR UPDATE Q2 & H1 FY16
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 • Q2 FY16 KEY PERFORMANCE HIGHLIGHTS • Q2 & H1 FY16 RESULT ANALYSIS • ORDER BOOK UPDATE • CURRENT PROJECT SITE PIPELINE • UPDATE ON CAPACITY EXPANSION • UPDATE ON TECHNOLOGY UPGRADATION • SHAREHOLDING STRUCTURE • BALANCE SHEET PERSPECTIVE • CONSOLIDATED FINANCIALS • ANNEXURE 3
Slide 4: Q2 FY16 Key Performance Highlights
Q2 FY16 KEY PERFORMANCE HIGHLIGHTS HIGHEST QUARTERLY SALES VOLUME - 212 MW HIGHEST QUARTERLY COMMISSIONING - 140 MW HIGHEST QUARTERLY REVENUES - Rs. 10 billion SHARP FALL IN QoQ NET WORKING CAPITAL – 169 DAYS TO 148 DAYS ROBUST ORDER BOOK - 1202 MW OUTPERFORMANCE CONTINUES 4
Slide 5: Q2 & H1 FY16 Result Analysis
Q2 & H1 FY16 RESULT ANALYSIS Q2 FY16 YoY ANALYSIS REVENUES* EBITDA** AND EBITDA MARGIN PAT AND PAT MARGIN 16.0% 13.6% 10.0% 8.8% 10,082.2 1,370.1 5,431.3 891.3 869.6 545.2 86 % 58 % 64 % Q2 FY15 Q2 FY16 Q2 FY15 Q2 FY16 Q2 FY15 Q2 FY16 EBIDTA EBIDTA % PAT PAT % H1 FY16 YoY ANALYSIS REVENUES* EBITDA**
Slide 6: Q2 FY16 Sales Analysis - Sustained Growth
Q2 FY16 SALES ANALYSIS- SUSTAINED GROWTH VOLUME BREAKUP - SALES (MW) 250 350 332 212 300 200 250 150 200 180 114 100 150 100 50 50 0 0 Q2FY15 Q2FY16 H1FY15 H1FY16 6
Slide 7: Q2 FY16 Commissioning - Significant Ramp-up
Q2 FY16 COMMISSIONING- SIGNIFICANT RAMP-UP COMMISSIONING (MW) 160 240 218 140 200 120 160 80 120 80 40 30 30 40 0 0 Q2FY15 Q2FY16 H1FY15 H1FY16 7
Slide 8: Q2 & H1 FY16 Working Capital Analysis
Q2 & H1 FY16 WORKING CAPITAL ANALYSIS Improvement in Working Capital June 2015 September 2015 59 74 52 84 189 188 5 169 8 148 Receivables Days Inventory Days Payables Days Others Days Net Working Receivables Days Inventory Days Payables Days Others Days Net Working Capital Days Capital Days Enhanced
Slide 9: Order Book Update
ORDER BOOK UPDATE Order Book Update 30th September 2015 MOVEMENT IN ORDER BOOK (MW) Total Order Book (MW) 1,202 194 212 1,178 1,220 1,202 Estimated Execution Period 12 - 15 Months Order Addition – Q2 FY16 (MW) 194 Mar-15 Jun-15 Orders Addition Orders Execution Sep-15 Order Addition – H1 FY16 (MW) 35
Slide 10: Current Pipeline of Project Sites
CURRENT PIPELINE OF PROJECT SITES Leadership Across Wind Amongst the largest land bank owners in Rich States 1. Gujarat 2. Rajasthan Rajasthan 3. Madhya Pradesh • Already entered into Andhra Pradesh. Focused Gujarat Madhya Pradesh on increasing land bank further in Andhra Maharashtra Pradesh • Suffi
Slide 11: Update on Capacity Expansion
UPDATE ON CAPACITY EXPANSION 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 550 - 400 9
Slide 12: Technological Recognition - Leading The Industry
TECHNOLOGICAL RECOGNITION- Leading The Industry IWL’s 100 Meter Rotor recently improved and recertified by TUV SUD to have a higher energy yield of 6% than previous WT 100 model Modifications to further improve the power curve. Benefits of higher margins to accrue in the next financial year as curre
Slide 13: Bigger and Better - Launch of 113 m Turbines
BIGGER AND BETTER- LAUNCH of 113 m TURBINES Will be launching 113 Meter Turbines with Hub Height of 100 m and 110 m in this fiscal year 42% Higher Yield than 93 m Turbine & 20% Higher Yield than 100m Turbine: • More Efficient Power Curves, Improved Up-times and Reduced O&M • Ideal for low wind pocke
Slide 14: Balance Sheet Perspective
BALANCE SHEET PERSPECTIVE Particulars FY15 H1 FY16 Particulars FY15 H1 FY16 Total of Shareholder funds 13,919.1 15,315.4 Goodwill on Consolidation 16.5 16.5 Share Capital 2,219.2 2,219.2 Fixed Assets 2,502.6 4,580.9 Reserves & Surplus 11,700.0 13,096.2 Total Debt 8,743.1 11,069.7 Other Non-Current A
Slide 15: Shareholding Structure
SHAREHOLDING STRUCTURE Share Price Performance Market Data As on 23.10.15 (BSE) 600 Market capitalization (Rs. Mn) 88,112.6 CMP Rs. 397.1 500 400 Price (Rs.) 397.1 300 Offer Price No. of shares outstanding (Mn) 222 200 Rs. 325.0 100 Face Value (Rs.) 10.0 0 52 week High-Low (Rs.) 315.0 – 494.7 Apr-15
Slide 16: Detailed Financials: Consolidated P&L Statement
DETAILED FINANCIALS CONSOLIDATED P&L STATEMENT Particulars (Rs Mn) Q2 FY16 Q2 FY15 YoY % Q1 FY16 QoQ % H1 FY16 H1 FY15 YoY % FY15 Revenue from Operations 10,082.2 5,431.3 85.6% 6,358.3 58.6% 16,440.5 8,475.0 94.0% 27,099.3 Cost of Material Consumed 6,799.8 3,731.1 82.2% 4,082.7 66.6% 10,882.4 5,854.
Slide 17: 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 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 Ammeet Sabarwal / Nilesh Dalvi Head IR- Inox Group IR Consultant Contact No: 0120 6149881 Contact No : +91 9819576873 / +91 9819289131 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