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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.
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
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
SHAREHOLDING STRUCTURE
CONSOLIDATED FINANCIALS
ANNEXURE
DISCUSSION SUMMARY
OUTPERFORMANCE CONTINUES
148 DAYS
94 %
Q2 FY16
H1 FY16
16,440.5
REVENUES*
86 %
10,082.2
H1 FY15
8,475.0
Q2 FY15
5,431.3
REVENUES*
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%
EBIDTA
Q2 FY15
869.6
16.0%
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%
Q2 FY15
545.2
10.0%
In Rs. Mn
50
100
150
200
250
Q2FY15
114
Q2FY16
212
50
100
150
200
250
300
350
H1FY15
180
H1FY16
332
40
80
120
160
Q2FY15
30
Q2FY16
140
40
80
120
160
200
240
COMMISSIONING (MW)
H1FY15
30
H1FY16
218
Inventory Days
52
Others Days
148
Net 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)
Receivables Days
Net Working
Capital Days
188
Others Days
169
Payables Days
Inventory Days
74
Enhanced manufacturing
Receivables Days
189
59
June 2015
356
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
212
194
Jun-15
1,220
Sep-15
1,202
39.1%
Rajasthan
Gujarat
21.8%
0.8%
Madhya Pradesh
Andra Pradesh
38.3%
29.0%
Turnkey
71.0%
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
Tamil Nadu
Andhra Pradesh
Madhya Pradesh
Maharashtra
Karnataka
Gujarat
Rajasthan
Leadership
Across Wind
Rich States
Rajasthan
Madhya Pradesh
2.
3.
than 5,000 MW
Pradesh
10
Gujarat
1.
Towers
150
400
Rohika,
Gujarat
Barwani,
Madhya
Pradesh
150
400
550
Total
Towers
Blades
Plant Location
550
Una,
Himachal
Pradesh
300
400
Rohika,
Gujarat
300
400
400
Barwani,
Madhya
Pradesh
Blade plant at Madhya Pradesh has commenced production and is amongst the largest in Asia
550
Blades
Una,
Himachal
Pradesh
Plant Location
CURRENT CAPACITY
600
800
950
Total
11
WT
100
Improved Realisations
Higher Profitability
Incremental Margins
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
WT 113
13
Will be launching 113 Meter Turbines with Hub Height of 100 m and 110 m in this fiscal year
11,069.7
566.7
193.3
10,309.7
325.5
8,743.1
779.2
293.3
7,670.6
258.2
35.1% **
28.9% **
26.9%
0.4
0.7
32.6%
0.1
0.6
Debt : Equity
22,920.4
Total Assets
FY15
19,050.0
9,251.7
28,301.7
H1 FY16
Current Assets
14
In Rs. Mn
26,710.6
20,820.5
9,914.7
30,735.2
1,292.7
1,351.4
16.5
4,580.9
16.5
H1 FY16
2,502.6
FY15
Fixed Assets
Goodwill on Consolidation
Particulars
Total Debt
26,710.6
13,096.2
11,700.0
22,920.4
2,219.2
Share Capital
H1 FY16
15,315.4
FY15
13,919.1
Particulars
Source - BSE
Source - BSE
May-15
Jun-15
FII, 3.36
Public, 6.20
DII, 4.82
Promoter &
Promoter
Group, 85.62
Jul-15
600
500
400
Offer Price
300
Rs. 325.0
200
100
0
Apr-15
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
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
222
397.1
88,112.6
As on 23.10.15 (BSE)
Price (Rs.)
Market Data
15
844.5
Other Expenses
283.5
Finance Cost
322.7
891.3
8.8%
4.02
Tax Expense
PAT
PAT Margin %
1,214.0
206.2
Other Income
PBT
78.8
14.1%
1,425.6
13.6%
1,370.1
Depreciation
EBITDA Margin %
EBITDA
55.5
199.9
Employee Expenses
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
3,731.1
5,431.3
Q2 FY15
6,799.8
10,082.2
Q2 FY16
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
265.6
24.0
35.8
892.1
209.4
24.0
24.8
1,037.4
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
Short-term provisions
Current liabilities:
566.7
779.2
Non-current liabilities:
2,219.2
H1 FY16
2,219.2
FY15
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
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
Trade receivables
Inventories
Current Investments
0.0
Current assets:
Non-current investments
Fixed Assets
Goodwill on Consolidation
2,502.6
H1 FY16
16.5
FY15
16.5
Non-current assets:
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
330.0
578.0
2,964.2
10.9%
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%
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%
719.2
6,216.1
CAGR 147.8%
27,099.3
19
IR Consultant
Contact No : +91 9819576873 / +91 9819289131
Email : ammeet.sabarwal@dickensonir.com
nilesh.dalvi@dickensonir.com
THANK YOU
Green Corridor
Renewable Generator
Obligation (RGO)
Amendment to
Electricity Act & RE Law
Accelerated Depreciation
ANNEXURE
20
Attractive
Preferential Tariffs