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  • Transcript of The Earning Call (Company Update)

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    Shyam Sunder
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    Transcript of the Earning Call [Company Update]

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    4 Ansichten17 Seiten

    Transcript of The Earning Call (Company Update)

    Hochgeladen von

    Shyam Sunder

    Copyright:

    © All Rights Reserved
    Als PDF herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 17
    Inox Wind Limited Q4 & FY15 Earnings Conference Call May 15, 2015 Moderator: Good Evening, Ladies and Gentlemen. | am Aman, moderator for this conference, Welcome to the Fourth Quarter end Full Year FYIS Resuits Conference Call of Inox Wind Limited organized by Axis Cepital United, At this moment, al partipants are in lsten-oaly mode, Later, we will conduct OBA session, Please note this conference is recorded. would now like to hand the floor to Mr. Bhavin \Vihlen from Axis Capital. Over to yous. Thank you. ‘havin Viton “Thank you, Amen. Good Evening, everyone and a very warm welcome to the Maiden Earnings Conference Calor Inox Wind Limited. From the management, we have Mr. Deepak Asher, Director ‘and Group Head (Corporate Finance) ofthe Inox Group of Compania, and Mr, Devansh ain, Executive Director, nox Wind Limited. What we would do Is we would request the management to take us ‘through the presentation and then we can open the flor for question-and-answer session, Over to You Me. Asher Deepak Asher ‘Thank you very much, Bhavin, thank you Aman, nd good afternoon everyone, On behalf ofthe Board ‘of Directors ané the Management ofthe Compeny we extend a very warm weleome to all of you to ‘his Malden Conference Callof nx Wind Limited fr the Ausite Financial Results forthe 4 Quarter ‘and the Full Financial Year 2014-18, We are atthe cusp of an exciting start to new chapter fr our ‘company. As many of you may be aware, we successfully culminated our inital public offering inthe Indian coptal markets in Apri 2085, An IPO, 2s many of you may rel, that was the largestin the lst 27 months, recived an absolutely overwhelming response from all categories of investors, and as ‘many have sale, ushered inthe revival ofthe primary markets In India, We take this oppertunity to ‘once agin sincerely thank al of you forthe tremendous response and the high subscription that we received in this IFO and also the sustained buying intrest tha the Company has witnessed since it ot listed. Before we dwell upon our Financial Peplormencefr the quarter and forthe fl financial year, would like to gve you a brief introduction about ourselves particularly forthe benefit of those who are not fara with us Inox Wind Umited isa part ofthe Inox Group of Companies sthich has diversified business interests ‘and significant leadership positions across diferent segments, Including Indusval Gases, Engineering Plastics, Refrigerants, Chemicals, Cryogenic Engineering, Renewal Enecpy and Entertainment. nox Wind i @ significant manufacturer of Wind Turbine Generators and, with Its 10086 subsidiary Inox Page 1 of 17 [Wind Infrastructure Limited, provides tos customers turakey solutions for setting up Wind Farm Projets across India. Our company has raplaly scaled up inthe last years, and with annual WTG sales Increasing more than & fold from 120 MIWS in FY12 to 578 MW In FY2S, cur consolidated revenues, EBITDA and PAT stand at 8.2 billon, 8.4.5 bllon and R.2.9billon In FS, clocking a CAGR growth rate of 148%, 150% and 161% respectively over the lst S years. Ourkey strenths Incl: (2) our ability to provide end-towend turnkey solutions in Wind Farm Projects including Wind Resource Assessments, site Acquisitions, Infrastructure Development, Erection and Commissioning and fong-tetm operation and maintenance for Wind Farm Projects for our (6) cccess to sophisticated technology and design for high quality wind turbines - we have, a8 you might know, a perpetual Teense from AMSC, Austria for the 2 MW Turbines resting in high performance efficency of WTGs and RAD cost savings (©) Our imhouse manufacturing capablites~ al the Key components in the WTGs that we make, ‘hich isthe Nacelles, the Hub, Rotor Blade Sets and the Towers, are manufactured in-house which ensures triet control over quality a5 wellas cst (4) We have a ready pipeline of project stes in excess of 4400 MWs spread across malor States Including Rajasthan, Gujrat, Madhya Pradesh ond Andhra Pradesh (e)_ We havea strong order book of about 1178 MW as of" March witha diversified and reputed Clientele - leost al major IPs in the country are our customers, and we have vey high epest order rates. {f) Werhave an extremely efficient cost structure leading to EBITDA margins in excess of 16% which are believed tobe amongst the highest this sector anywhere in the word (a) And we havea strong balance sheet with an extremely modest leverage ratio. ‘With these strengths, we hope to sustain ¢ robust growth rate and further improve our return ratios sing forward. With these bl words of introduction | would now like to take you through the financial highlights of ‘ur performance and then request Devanch to take you through som ofthe key business parameters Un tems of Financia ooking fsa the quarterly numbers, and C4 FY we are comparing with {A F714 for¥-on analysis, our quarterly revenues grew from R68 billon R83 ition, whichis * growth rae of about 35%, Our quarterly EBITDA grew fom R45 mlon to 7 bllon which {a growth rate of 212% in fot, our EFDA margins for the quater Improved fom 7S86to 18.3%, Out PAT grew from 8459 millon oR. billon which a growth ate of 156%. Ou PAT marhnsin ck forthe quarter improved from 6.7% to 12.7%, These are the quarterly numbers ‘As faras sanuel numbers go, our revenues for FY14 were Rs.15.6bilion these have grown to R6.27.1 billion which i a growth rate of 73%. Our EBITDA has grown from R27 billon to REA bilon, a ‘rout ate of 160%. EBITDA margin for the year stond st 26.9% as compared to 11.38 last year, ur Page 2 of 17 Devansh Jain: PAT has grown from Rs.1.3bllion to Rs.28 billion, growth of 126% and PAT margins have improved fom 8.4%6to 10.9%. These are the key financial numbers. In terms of quantitative Numbers, forthe quarter we sold 198 MWs worth of Turbines, of which 230 ‘were on turnkey bas's and 6B were on equipment supply bass. We commissioned $4 Turbines: AE ‘compared to having sold 132 Turbines inthe 4 quater of lst year, of which 114 were turkey and 18 were pure equipment supply and the commissioninglastyearin Qt was 130 MWs, Fo the fullyear {in FY24, we sold 330 MWs Turbines whereas this year we did 578 M/s, We commissioned 350 MWs ‘of Turbines ast year FY14, ths year we have commissioned 274 MWs, So those are the volume metre tals, Interms of Balance Sheet, our total shareholders! funds Increased from 8.4.2 bilon toRs.138 billion “otal fixed assets increased from Rs.1.9 billion to RE.25 billon, Working capital hs increased from °s.2billon to roughty about Rs. billon, but there is 8 sght aberration here because this inches «ash balance because ofthe IPO which happened on 30 March. Net ofthe cash because ofthe IPO working capital stands at about Rs bill, And in terms of umber of days, he gross working capital, 47058 of bank borrowings stands at Rs.1.7billon compared to Rs.6.2 bill lst year. So that is 2 broad overview ofthe Fanci, | now request Devansh to take you take you through the key business parameters, (We wil stat with order book. Our order book as on 3 March 2035 ls at 1178 MWS. The estimated ‘execution period for this s the next 32 to 15-months. Over Q 2015 we have added 124 MWs net of hat was alresdy commissioned. | would ik to add that our current order book as on date which s {25.0 35° May i far higher than the order book which I ust spoke about. Our sresent order Book s in excess of 400 Mis, but we would prefer to talk about this on 31% Marchand June and so on as we move forward. In term ofthe kindof customers we are working with, we have gota very diversified and reputed ‘customer base, we have had reset orers fom vitally every customer we worked with, we are amongst te largest supoliersor probably are the largest suppis to Green infra which is owned by Sembcor DFC, the largest supplies to Continuum whichis owned by Morgan Steney, the largest suppliers to Tata Power Renewable Enery, one of the key suppliers to Renew Wind whichis owned ‘by Goldman Sachs, one of he key sup to Bhivare Energy, Hero Future Energies, ESC besises a whole host of PSU tenders which wefhave begged which are n our ity and which ae going tobe ‘executed ove the course ofthe inancislyea fom the kes o NHPC, GACL and ATES We are work ‘ona ver large number of enquiries at this point In tine and over the next to 2 quarters we shoud 202i orge bli upinterms ofadtional orders which obvcusly willget subtracted tothe extent ‘that we continue executing some ofthe previous orders. As many of you would know, Qs generally 2 slow petiod infers of getting new orders becuse the focus ison executing 1der. Again, 02s ‘pica slowinthe begining, because you are completing orders andrelesing the ast-208 against Page 3 of 17 punch points so on and so forth And as we start to move towards Q2, the order built-up stats happening because you are negotiating contracts and IPPs come tothe table to start signing deals {terms of our order book analysis of captive versus 3° party, 96% of our ord book s 3% party sales ‘ess than 49% which is less than 50 MWS ifr In-house companies suchas Inox Renewables So ofthe {1478 MWs of order bookas on 31" Merch, less than 5O1MWS for group companies andthe remeining 96% which s 1130-0d¢-M¥s I for 3% partes, ‘Ourfocus on nox Wind has unt now been IPs andutlity companies. As many of you may know since the time we entered the market, Inox Wind which Ie about 3 or 4years old, the accelerated

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