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INOX WIND LIMITED

QUARTERLY INVESTOR UPDATE


Q2 & H1 FY16

actual performance or achievements of IWL may vary significantly from such statements.

In particular, such statements should not be regarded as a projection of future performance of IWL. It should be noted that the

Such statements are not, and should not be construed, as a representation as to future performance or achievements of IWL.

achievements to differ materially from those in the forward looking statements.

other factors, some of which are beyond IWLs control and difficult to predict, that could cause actual results, performance or

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and

and markets in which IWL operates.

current beliefs, assumptions, expectations, estimates, and projections of the management of IWL about the business, industry

future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the

Company) that are not historical in nature. These forward looking statements, which may include statements relating to

This presentation and the following discussion may contain forward looking statements by Inox Wind Limited (IWL or the

DISCLAIMER

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

DISCUSSION SUMMARY

OUTPERFORMANCE CONTINUES

ROBUST ORDER BOOK - 1202 MW

148 DAYS

SHARP FALL IN QoQ NET WORKING CAPITAL 169 DAYS TO

HIGHEST QUARTERLY REVENUES - Rs. 10 billion

HIGHEST QUARTERLY COMMISSIONING - 140 MW

HIGHEST QUARTERLY SALES VOLUME - 212 MW

Q2 FY16 KEY PERFORMANCE HIGHLIGHTS

94 %

Q2 FY16

H1 FY16

16,440.5

REVENUES*

86 %

10,082.2

Note: * Revenue from Operations, ** EBIDTA excluding Other Income

H1 FY15

8,475.0

Q2 FY15

5,431.3

REVENUES*

Q2 FY16 YoY ANALYSIS

58 %

EBIDTA %

Q2 FY16

1,370.1

13.6%

77 %

EBIDTA

H1 FY15

1,260.8

14.9%

EBIDTA %

H1 FY16

2,233.9

13.6%

EBITDA** AND EBITDA MARGIN

H1 FY16 YoY ANALYSIS

EBIDTA

Q2 FY15

869.6

16.0%

EBITDA** AND EBITDA MARGIN

Q2 & H1 FY16 RESULT ANALYSIS

PAT

64 %

PAT %

Q2 FY16

891.3

8.8%

H1 FY15

780.0

9.2%

PAT

79 %

PAT %

H1 FY16

1,396.3

8.5%

PAT AND PAT MARGIN

Q2 FY15

545.2

10.0%

PAT AND PAT MARGIN

In Rs. Mn

50

100

150

200

250

Q2FY15

114

Q2FY16

212

50

100

150

200

250

300

350

H1FY15

180

VOLUME BREAKUP - SALES (MW)

Q2 FY16 SALES ANALYSIS- SUSTAINED GROWTH

H1FY16

332

40

80

120

160

Q2FY15

30

Q2FY16

140

40

80

120

160

200

240

COMMISSIONING (MW)

Q2 FY16 COMMISSIONING- SIGNIFICANT RAMP-UP

H1FY15

30

H1FY16

218

Lower receivables levels

Lower inventory levels

Inventory Days

52

Others Days

148

Net Working
Capital Days

Working Capital Days

Improvement in

Payables Days

84

September 2015

NOTE: Receivables days = 365 / (Last twelve month sales / receivables), Payables days = 365 / (Last twelve month sales / payables, Inventory days = 365 / (Last twelve month sales / inventory,
Others days = 365 / (Last twelve month sales / Others)

Increased project commissioning

Receivables Days

Steady Order Intake

Net Working
Capital Days

188

Efficient execution planning

Others Days

169

Reduced capacity mismatch

Payables Days

Healthy Order book

Inventory Days

74

Enhanced manufacturing

Receivables Days

189

59

June 2015

Improvement in Working Capital

Q2 & H1 FY16 WORKING CAPITAL ANALYSIS

356

Order Addition H1 FY16 (MW)

Key Highlights:
Strengthening position and increasing market
share across IPPs, PSUs, utilities, corporates and
retail customers
Repeat order from Tata Power
New orders bagged from Ostro Energy, Mytrah
Energy
Increased traction across accelerated
depreciation driven customers
Maintaining momentum in tender market- first
order bagged from GMDC

194

12 - 15 Months

1,202

30th September 2015

Order Addition Q2 FY16 (MW)

Estimated Execution Period

Total Order Book (MW)

Order Book Update

ORDER BOOK UPDATE

212

Orders Addition Orders Execution


Q2 FY16
Q2 FY16

194

Diversified & Reputed Clientele

Jun-15

1,220

Sep-15

1,202

39.1%
Rajasthan
Gujarat

21.8%

0.8%

Madhya Pradesh
Andra Pradesh

38.3%

State wise Breakup

29.0%

Turnkey

71.0%

Turnkey vs Equipment Supply

Sembcorp Green Infra, Continuum Wind, Tata Power, Bhilwara Energy, CESC, Renew
Wind Energy, Ostro Energy and PSUs like NHPC, RITES, GACL, GMDC amongst
others.

Mar-15

1,178

MOVEMENT IN ORDER BOOK (MW)

Tamil Nadu

Andhra Pradesh

Madhya Pradesh

Maharashtra

Karnataka

Gujarat

Rajasthan

Leadership
Across Wind
Rich States

CURRENT PIPELINE OF PROJECT SITES

Rajasthan
Madhya Pradesh

2.
3.

than 5,000 MW

installation of an aggregate capacity of more

Sufficient Land Bank as of September 2015 for

Pradesh

on increasing land bank further in Andhra

10

Already entered into Andhra Pradesh. Focused

Gujarat

1.

Amongst the largest land bank owners in

Towers
150

400

Rohika,
Gujarat

Barwani,
Madhya
Pradesh

150

400

550

Total

Towers

Blades

Nacelles & Hubs

Plant Location

550

Una,
Himachal
Pradesh

300

400

Rohika,
Gujarat

300

400

400

Barwani,
Madhya
Pradesh

PROPOSED CAPACITY POST EXPANSION

Tower plant is on track to be commissioned in H2FY16

Blade plant at Madhya Pradesh has commenced production and is amongst the largest in Asia

550

Nacelles & Hubs

Blades

Una,
Himachal
Pradesh

Plant Location

CURRENT CAPACITY

UPDATE ON CAPACITY EXPANSION

600

800

950

Total

11

WT
100

Improved Realisations

Higher Profitability

Higher Market Share

Incremental Margins

IWL Technology Edge-

Modifications to further improve the power


curve. Benefits of higher margins to accrue in
the next financial year as current year capacity
is sold out.

12

IWLs 100 Meter Rotor recently improved and recertified by TUV SUD to have a higher energy
yield of 6% than previous WT 100 model

TECHNOLOGICAL RECOGNITION- Leading The Industry

WT 113

Better Return on Investment

Prototype installed in September

Ideal for low wind pockets

13

Improved Up-times and Reduced O&M

More Efficient Power Curves,

20% Higher Yield than 100m Turbine:

42% Higher Yield than 93 m Turbine &

Will be launching 113 Meter Turbines with Hub Height of 100 m and 110 m in this fiscal year

BIGGER AND BETTER- LAUNCH of 113 m TURBINES

11,069.7
566.7

193.3
10,309.7
325.5

8,743.1
779.2

293.3
7,670.6
258.2

Long Term Debt

Current Portion of Long Term Debt

Return on Capital Employed (ROCE)

35.1% **
28.9% **

26.9%

0.4

0.7

32.6%

0.1

Net Debt : Equity


Return on Equity (ROE)

0.6

Debt : Equity

22,920.4

Total Assets
FY15

19,050.0

9,251.7

28,301.7

Net Current Assets

H1 FY16

Less: Current Liabilities

Current Assets

14

In Rs. Mn

26,710.6

20,820.5

9,914.7

30,735.2

1,292.7

1,351.4

Other Non-Current Assets

16.5
4,580.9

16.5

H1 FY16

2,502.6

FY15

Fixed Assets

Goodwill on Consolidation

Particulars

Key Balance sheet Ratios

** Based on Last Twelve Month Period.


ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)

Total Sources of Funds

Other Non-Current Liabilities

Short Term Debt

Total Debt

26,710.6

13,096.2

11,700.0

Reserves & Surplus

22,920.4

2,219.2

Share Capital

Total of Shareholder funds


2,219.2

H1 FY16
15,315.4

FY15
13,919.1

Particulars

BALANCE SHEET PERSPECTIVE

Source - BSE

Source - BSE

May-15

Jun-15

FII, 3.36

Public, 6.20
DII, 4.82

Promoter &
Promoter
Group, 85.62

Jul-15

CMP Rs. 397.1

% Shareholding September 2015

600
500
400
Offer Price
300
Rs. 325.0
200
100
0
Apr-15

Share Price Performance

SHAREHOLDING STRUCTURE

Source - Bloomberg

Reliance Capital
Goldman Sachs Asset Management
Sundaram Asset Management
IDFC Mutual Fund
Birla Sun Life Asset Management
Birla Sun Life Insurance
Morgan Stanley Asset Management
Blackrock Group

Key Institutional Investors at September 2015

Source - BSE

1.84%
1.03%
0.99%
0.73%
0.52%
0.41%
0.36%
0.33%

% Holding

315.0 494.7

10.0

Face Value (Rs.)


52 week High-Low (Rs.)

222

397.1

88,112.6

As on 23.10.15 (BSE)

No. of shares outstanding (Mn)

Price (Rs.)

Market capitalization (Rs. Mn)

Market Data

15

844.5

Other Expenses

283.5

Finance Cost
322.7
891.3
8.8%
4.02

Tax Expense

PAT

PAT Margin %

Earnings Per Share (EPS)

1,214.0

206.2

Other Income

PBT

78.8

14.1%

1,425.6

13.6%

1,370.1

Depreciation

EBITDA Margin % Excluding Forex Impacts

EBITDA Excluding Forex Impacts

EBITDA Margin %

EBITDA

55.5

199.9

Employee Expenses

Foreign Exchange Fluctuation (Gain)/Loss (net)

780.6

2.73

10.0%

545.2

191.3

736.5

145.7

61.0

48.4

15.3%

831.2

16.0%

869.6

-38.4

544.5

128.7

541.8

-346.0

31.7

EPC, O&M, Common Infrastructure Facility and


Site Development expenses

3,731.1

5,431.3

Q2 FY15

6,799.8

10,082.2

Revenue from Operations

Cost of Material Consumed


Changes in inventories of finished goods & workin-progress

Q2 FY16

Particulars (Rs Mn)

DETAILED FINANCIALS
CONSOLIDATED P&L STATEMENT

2.28

7.9%

-120bps
47.3%

505.0

182.2

687.2

221.2

107.5

63.5%

68.7%

64.8%

94.6%

238.0%

62.8

14.9%

-116bps
62.8%

945.6

13.6%

-242bps
72%

863.7

81.9

576.2

188.1

733.0

-167.2

4,082.7

6,358.3

Q1 FY16

57.6%

-244.6%

55.1%

55.4%

44.1%

-109.2%

82.2%

85.6%

YoY %

76.3%

90bps

76.5%

77.1%

76.6%

28.2%

91.9%

25.5%

-73bps

50.8%

0bps

58.6%

-32.2%

46.6%

6.3%

6.5%

-119.0%

66.6%

58.6%

QoQ %

6.29

8.5%

1,396.3

504.9

1,901.2

504.7

313.6

141.6

14.4%

2,371.2

13.6%

2,233.9

137.4

1,420.7

388.0

1,513.6

-135.5

10,882.4

16,440.5

H1 FY16

3.90

9.2%

780.0

242.8

1,022.8

302.3

156.1

91.7

14.9%

1,260.8

14.9%

1,260.8

0.0

825.5

245.2

653.5

-364.0

5,854.0

8,475.0

H1 FY15

61.3%

-71bps

79.0%

107.9%

85.9%

66.9%

100.9%

54.4%

-45bps

88%

-129bps

77.2%

72.1%

58.3%

131.6%

-62.8%

85.9%

94.0%

YoY %

16

14.81

10.9%

2,964.2

927.1

3,891.3

622.5

143.0

203.6

15.7%

4,258.8

16.9%

4,574.4

-315.6

1,944.8

549.1

3,635.5

-1,441.3

18,152.4

27,099.3

FY15

13,096.2
15,315.4

11,700.0
13,919.1

Reserves and Surplus

Total of Shareholder funds

265.6
24.0
35.8
892.1

209.4
24.0
24.8
1,037.4

Deferred tax liabilities (Net)

Other Long Term Liabilities

Long Term Provisions

10,309.7
8,053.9
1,431.7
622.4

20,417.7
36,625.3

7,670.6
7,207.8
1,813.9
523.4

17,215.7
32,172.2

Short-term borrowings

Trade payables

Other current liabilities

Short-term provisions

Total of Current liabilities

Total Equity & Liabilities

Current liabilities:

Total of Non-current liabilities

566.7

779.2

Long term Borrowings

Non-current liabilities:

2,219.2

H1 FY16

2,219.2

FY15

Equity share capital

Share Holders Funds:

Particulars (Rs Mn)

DETAILED FINANCIALS
CONSOLIDATED BALANCE SHEET

4,580.9
0.0

410.4
828.4
53.9
5,890.1

0.0

223.9
1,081.0
46.5
3,870.5

Other non-current assets


Total non-current assets

0.0
4,948.9
18,025.3
4,678.8
2,697.3
384.8
30,735.2
36,625.3

4,238.2
14,321.8
7,096.1
2,355.3
290.3
28,301.7
32,172.2

Cash and bank balances


Short-term loans and advances
Other Current Assets
Total Current Assets
Total Assets

Trade receivables

Inventories

Current Investments

0.0

Current assets:

Long-term loans and advances

Deferred Tax Assets (Net)

Non-current investments

Fixed Assets

Goodwill on Consolidation

2,502.6

H1 FY16

16.5

FY15

16.5

Non-current assets:

Particulars (Rs Mn)

17

FY12

19.9%

FY15

32.6%
26.9%

36.6%

FY13
FY14
ROCE %
ROE %

40.5%

69.9%

0.6
66%

FY11

FY12
Equity

FY13
FY14
Debt

FY15
D/E

198.0

Captive Sales
Total Sales (MW)

FY13

1.3

FY13

FY15

PAT Margin %

FY14

FY14

15%

85%

FY15E

100%

18

In Rs. Mn

Third Party Sales

330.0

578.0

2,964.2

10.9%

Sales Captive vs Third Party

FY12

1.3

8.4%

1,504.0 1,322.8

14.2%

PAT (mn)

FY12

34%

0.9

Leverage Analysis

FY14
FY15
EBITDA Margin %

998.0

13,919.1
100%
3,754.9
8,743.1
5,566.5
2,955.7
4,277.9
966.1 1,303.1
120.0
1,348.5
350.1

2.8

ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)

FY11

7.2%

20.0%

69.4%

117.6%

Return Ratios

FY12
FY13
EBITDA (mn)

FY11

FY12

16.1%

PAT & PAT Margin %

CAGR 160.9%

8.9%

FY11

FY15

4,574.4

16.9%

FY11

FY14

11.3%

1,965.0 1,762.7

18.6%

64.0

1,418.0

CAGR 150.1%

22.8%

117.0

FY13

10,589.1

15,668.1

16.3%

EBIDTA & EBIDTA Margin %

719.2

6,216.1

CAGR 147.8%

27,099.3

Revenue from Operations

FINANCIAL SUMMARY LAST 5 YEAR PERFORMANCE

Mr. Dheeraj Sood


Head IR- Inox Group
Contact No: 0120 6149881
Email : dheeraj.sood@inoxwind.com

FOR FURTHER QUERIES :

19

IR Consultant
Contact No : +91 9819576873 / +91 9819289131
Email : ammeet.sabarwal@dickensonir.com
nilesh.dalvi@dickensonir.com

Ammeet Sabarwal / Nilesh Dalvi

THANK YOU

Fast Tracks Evacuation for green


power enabling more renewables
to be added to the grid
National Clean Energy cess
doubles resulting into access to
low cost funds

Green Corridor

Brings back SME, on balance sheet


and captive demand.

Ministry is working on introducing


10% RGO targets
The same will create additional
renewable energy demand.

Renewable Generator
Obligation (RGO)

Improved viability and funding of


wind power projects.

Generation Based Incentive

Amendments to regulations for


RPO, RGO compliance,
preferential grid access and inter
state open access

Amendment to
Electricity Act & RE Law

Strengthens demand from PSUs


and corporate with CSR
obligations.

Wind Power projects


as CSR

REGULATORY IMPETUS DRIVING GROWTH

The Government is aiming for 10 GW of Wind Energy addition every year

Accelerated Depreciation

ANNEXURE

20

As per Reserve Bank of Indias


notification released on 23rd April
2015, bank loans up to Rs.150 mn
per borrower (AD customer) for
installation of wind mills will be
classified under Priority Sector
Lending.

Priority Sector Lending

Significant boost to IPP demand


FIIs increasing their capital
investments in India thru IPP
model.

Attractive
Preferential Tariffs