TORNTPOWERNSE10 November 2022

Torrent Power Limited has informed the Exchange about Investor Presentation on Unaudited Consolidated Financial Results for the quarter and halfyear ended September 30, 2022

Torrent Power Limited

November 10, 2022

To,

Corporate Relationship Department BSE Limited, 14th Floor, P. J. Towers, Dalal Street, Fort, Mumbai-400001

To, Listing Department National Stock Exchange of India Limited “Exchange Plaza”, C – 1, Block G Bandra- Kurla Complex, Bandra (East), Mumbai-400051

SCRIP CODE: 532779

SCRIP SYMBOL: TORNTPOWER

Dear Sir / Madam,

Re: Investor Presentation

Investor Presentation on Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2022 is enclosed for your records.

Thanking you.

Yours faithfully,

For Torrent Power Limited

Rahul Shah Company Secretary & Compliance Officer Encl.: As above

TORRENT POWER LIMITED Email: cs@torrentpower.com CIN: L31200GJ2004PLC044068 Regd. Office: ''Samanvay'', 600, Tapovan, Ambawadi, Ahmedabad 380015, Gujarat, India Phone: 079-26628300 www.torrentpower.com

Torrent Power Limited

Investor Presentation Q2 FY 2022-23

DISCLAIMER

from the views expressed herein.

This information may contain certain forward-looking statements/details in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially Investors/shareholders/public are hence different cautioned not to place undue reliance on these statements/details, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. None of respective affiliates, advisors or the companies described herein or any of representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Materials or their contents or otherwise arising in connection with the Materials. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed herein are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the information, opinions or forward-looking statements expressed in this section, consequent to new information, future events or otherwise.

their

PRESENTATION OUTLINE

TORRENT GROUP

TORRENT POWER LIMITED

OVERVIEW OF OPERATIONS Q2 FY23

INVESTMENT RATIONALE

FIVE YEAR TREND: KEY FINANCIAL & TECHNICAL STATISTICS

TORRENT GROUP

TORRENT PHARMACEUTICALS LIMITED • A generics pharmaceutical major with strong global footprint • Ranked in top 10 in Indian pharma market with leading position in niche

therapeutic areas

• Ranked No. 1 among Indian Pharma companies in Brazil, Germany & Philippines

TORRENT POWER LIMITED • Leading private sector Integrated Power Utility with presence across generation,

transmission and distribution

• Lowest distribution losses in the country • 24 X 7 power supply in licensed areas • Excellent operational track record with delightful customer service

TORRENT GAS PRIVATE LIMITED • Started in FY 18, City Gas Distribution (CGD) business now has 17 areas operational which

are spread over 34 districts across 7 states

• 13 CGD areas won in the 9th & 10th Round of Bidding by PNGRB and 4 CGD areas acquired

from incumbent players

• Capex plan of ~ ₹ 9,000 crs over next 5 years • 347 operational CNG stations, 10,700+ Inch-Km steel pipeline network created • Crossed sales of 9 lakhs SCM per day

TORRENT GROUP

Turnover

$ 3.00 Bn

Enterprise Value $ 10.88 Bn

Market Cap $ 9.34 Bn

Employees

22,400+

Spreading smiles Illuminating Lives

Not just healthcare… Lifecare

Generating Trust. Distributing Opportunities.

Turnover: $ 1.12 Bn

Turnover: $ 1.88 Bn

Enterprise Value: $ 6.86 Bn

Enterprise Value: $ 4.02 Bn

Market Cap: $ 6.47 Bn

Market Cap: $ 2.87 Bn

Employees: 13,900+

Employees: 7,600+

Building pan-India state-of-art city gas distribution networks in 17 GAs across 7 States

Employees: 900+

TORRENT POWER LIMITED

Spreading smiles Illuminating Lives

Thermal

Solar

Wind

Transmission

Distribution

- 2,730 MW state-of-art gas power based plants

based plants

- 2730 MW of gas

- 362 MW of coal

- 362 MW of coal based plant

based plant

- 138 MW of

- 263 MW oper- ational capacity over 5 locations portfolio - 300 MW under- development

operational

- 355 kms 400 kV & 128 Kms of - 355 km 400 kV 220 KV, double double circuit circuit lines to lines to evacuate evacuate power from gas power from gas based plants based plants

- 805 MW oper- - 430 MW of ational capacity operational portfolio 10 over locations pipeline - 115 MW project under- development

- 975 MW under

- L1 for 300 MW, LOA issued

- Licensed: - Licensed Ahmedabad/ distribution Gandhinagar, covering areas Surat, Dahej SEZ, Ahmedabad / Gandhinagar, SIR & Dholera Surat, & Dahej DD/DNH SEZ

- Franchised: - Franchised distribution Bhiwandi, Agra & areas covering SMK Bhiwandi & Agra

ASSETS AT A GLANCE

TORRENT POWER LIMITED

GUJARAT

AMGEN (362 MW)

DGEN (1200 MW)

SUGEN & UNOSUGEN (1530 MW)

Wind (49.6 MW)

Wind (251.6 MW)

Wind (50.9 MW)

Wind (50.4 MW)

Wind (26 MW)

Wind (70 MW)

Solar (87 MW)

Solar (25 MW)

Solar (51 MW)

Sabarmati, Ahmedabad

Dahej, Bharuch

Kamrej, Surat

Jamnagar

Kutch

Rajkot

Bhavnagar

Surendranagar

Amreli and Rajkot

Kamrej, Surat

Surendranagar

Patan

Ahmedabad and Gandhinagar

Surat

Dahej SEZ

Dholera

MAHARASHTRA

Wind (126 MW)

Solar (50 MW)

Osmanabad

Solapur

Bhiwandi

Shil, Mumbra and Kalwa

Agra

UTTAR PRADESH

KARNATAKA

Wind (120 MW)

Gulbarga and Raichur, Karnataka

RAJASTHAN

Wind (24 MW)

Jaisalmer

MADHYA PRADESH

Wind (36 MW)

Mandsaur

DADRA & NAGAR HAVELI AND DAMAN & DIU

Dadra & Nagar Haveli and Daman & Diu

TELANGANA

Solar (50 MW)

Nizamabad

Legends Power Generation

Gas

Wind

Coal

Solar

Distribution Licensee

Distribution Franchisee

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : THERMAL GENERATION

Particulars

Sugen

Capacity (MW)

1147.5 (3 x 382.5)

Unosugen

382.5 (1 x 382.5)

Dgen

1200 (3 x 400)

Amgen

362 (1 x 120, 2 x 121)

Plant Type

Gas-based CCPP

Coal Based

Location COD

Fuel

Near Surat, Gujarat August – 2009 Domestic Gas & Imported LNG

Near Surat, Gujarat April - 2013 Domestic Gas & Imported LNG

PPA

835 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat, and 50 MW with MP

278 MW for Distribution areas of Ahmedabad / Gandhinagar & Surat

Near Bharuch, Gujarat Ahmedabad, Gujarat

November - 2014

Imported LNG

No tie up

1988 Domestic & Imported Coal Embedded generation for licensed areas of Ahmedabad / Gandhinagar

Others

Contracted Storage-cum-Regasification capacity of 1 MTPA with Petronet LNG, Dahej Terminal for 20 years from April 2017

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : RENEWABLE GENERATION

Particulars

Capacity (MW)

Solar 263

Location

Gujarat, Maharashtra & Telangana

COD Avg Tariff (₹/kWh)

FY 15 to FY17 7.46

Wind 804.50 Gujarat,Maharashtra,Karnataka, Rajasthan & Madhya Pradesh FY 12 to FY 19 3.96 • 352.50 MW with Company’s Licensed

PPA

• 138 MW with its own Licensed

Distribution business,

Distribution,

• 25 MW with GUVNL • 50 MW with SECI • 50 MW with Telangana State

• 120 MW with GESCOM, Karnataka • 96 MW with GUVNL Gujarat, 36 MW with MP and 24 MW with Rajasthan State discoms

DISCOM

FY 22 PLF

18%

• 126 MW with MSEDCL • 50 MW with PTC (thru SECI)

27%

New Projects: a. PPA signed with TPLD for 300 MW at tariff of ₹ 2.22/unit for 25 years. SCOD: Aug/Oct 2023. b. EPC contract executed for 115 MW SECI-V wind project. Tariff ₹ 2.76/unit. Likely to get commissioned by December 2022. c. 300 MW SECI XII Wind Power Project won in Q1 FY23; LOA received, PPA to be executed in due time.

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : LICENSED DISTRIBUTION

Particulars

Ahmedabad/ Gandhinagar

Surat

Dahej

Licensed Area

~ 356 sq. km.

~ 52 sq. km.

~ 17 sq. km.

Peak Demand(FY22)

License validity

1,646 MW

Till 2025

689 MW

Till 2028

93 MW

Till 2034

Accolades / Highlights

 T&D loss 3.9% during FY 22, is amongst

 Second Licensee at Dahej

the lowest in the country;

SEZ;

 Substantial

distribution

network

undergrounded;

 Minimal Distribution losses;

enjoy

 Consumers

power availability of 99.9%, which is among the highest in the country;

enviable

 ~99.9% power reliability;

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : LICENSED DISTRIBUTION

Particulars

Licensed Area

Peak Demand(FY22)

License validity Accolades / Highlights

Dholera SIR

~ 920 sq. km.

Till 2044

 Major project on DMIC,

into developed manufacturing hub;

to be global

 New state-of-art network & a large industrial base will ensure minimal T&D losses & low cost of supply;  Planning & development of an efficient distribution network is under progress;

 Investment of about ₹1,200 Crore is envisaged over next 10 years to cater to demand of about 425 MVA;

Dadra and Nagar Haveli and Daman and Diu Power Distribution

~603 sq. km.

~1,150 MW

Till 2047  Area was formally taken over wef. 1st formed through a newly April company Dadra and Nagar Haveli and Power and Limited Distribution (DNHDD Distribution Company) with 51% stake owned by Torrent Power;

Diu Corporation Power

Daman

TORRENT POWER LIMITED

PORTFOLIO OF ASSETS : FRANCHISED DISTRIBUTION

Particulars

Bhiwandi

Agra

Shil, Mumbra, Kalwa (SMK)

Licensed Area

Peak Demand (FY22)

License validity

Accolades / Highlights

~ 721 sq. km.

~ 221 sq. km.

~65 sq. Km.

566 MVA

472 MVA

132 MVA

31st March 2030

 Reduction

AT&C losses from 58.77% at the time of takeover to 12.10% in FY 22.

 Reliable power supply & customer

improved services

25th Jan 2027  Country's first unique PPP distribution franchisee agreement with MSEDCL, now adopted as a standard distribution for model reforms in the country

 Reduction in AT&C losses the time of

from 58% at takeover to 11.64% in FY 22.

 Reliable power

supply &

improved customer services

29th Feb 2040  SMK operations taken over w.e.f 1st Mar 20 competitive a under bidding process;  ~₹300 Crs of in

capex estimated the franchised area over the of agreement which Crs expected to be invested in first 5 years;

~₹150

term,

 Reported AT&C losses of 47% in FY 17 estimated to come down to 12% over 15 years

OVERVIEW OF OPERATIONS – Q2 FY 2022-23

Consolidated Financial Statement (₹ in Cr.)

Revenue from Operations

Power Purchase Cost

Material Cost & Change in Inventory

Contribution

Other Income

Gen. & Admin Exp.

PBDIT

Finance Cost

Depreciation & amortization

Profit Before Exceptional Items & Tax

Exceptional Items

Profit Before Tax

Tax Expenses

Profit After Tax

OCI / (Exp.) – net of tax

TCI

Q2 22-23 Unaudited 6,703

Q2 21-22 Unaudited 3,648

Growth % 84%

H1 22-23 Unaudited 13,213

H1 21-22 Unaudited 6,747

FY 21-22 Growth Audited % 96% 14,257

4,457

642

1,604

439

1,258

215

319

725

-- 725 240

484

1 485

2,165

133

9,182

942

4,068

168

8,520

557

1,350

19%

3,090

2,511

23%

5,180

412

974

157

332

485

-- 485 116

369

(2) 367

202

865

844

29%

2,427

1,739

40%

401

630

1,396

-- 1,396 409

986

2 988

49%

31%

32%

321

660

758

181

577

(1)

576

84%

71%

72%

235

1,589

3,826

628

1,334

1,864

1300 564 105

459

2 461

OVERVIEW OF OPERATIONS – Q2 FY23

The TCI for Q2 FY23 was higher by Rs. 118 Cr compared to Q2 FY22. The major reasons for improvement in the adjusted TCI for the y-o-y basis are:

 Increase in contribution from franchised distribution business due to reduction in T&D losses on account of continuous and sustained focus on Loss reduction activities and increase in electricity demand;

 Improved performance of licensed distribution businesses;  Net gain from trading of LNG;  Increase in Finance Cost;  Increase in tax expenses;

OVERVIEW OF OPERATIONS – Q2 FY23

Q2 Thermal PLF(%)/ Net Generation(MUs)

59.2%

1459 MUs

69.8%

573 MUs

7.0%

174 MUs

0.0%

82.8%

91.5%

670 MUs

603 MUs

34.7% 2032 MUs

3.0%

174 MUs

40.3%

2635 MUs

13.3%

844 MUs

SUGEN 1147.5 MW

UNOSUGEN 382.5 MW

DGEN 1200 MW

GAS PLANTS 2730 MW

AMGEN 362 MW

THERMAL 3092 MW

Q2 21-22

Q2 22-23

OVERVIEW OF OPERATIONS – Q2 FY23

Q2 Renewable PLF (%)/ MUs Dispatched

35.9%

558 MUs

27.7%

475 MUs

264 MUs

12.9% 39 MUs

14.9%

86 MUs

WIND 804.5 MW

SOLAR 213 MW

Q2 21-22

Q2 22-23

OVERVIEW OF OPERATIONS –Q2 FY23

2,266

2,281

Q2 USO/Purchase (MUs)

2,487

1,004

913

181

166

993

886

663

693

186

193

Ahmedabad

Surat

Dahej

DDDNH

Bhiwandi

Agra

SMK

Q2 22

Q2 23

T&D Loss (%)

6.12%

5.57%

3.60%

3.13%

T&D Loss(%)

42.26%

35.32%

2.13%

13.07%

10.98%

13.09%

11.35%

0.44%

0.57%

Ahmedabad

Surat

Dahej

DDDNH

Bhiwandi

Agra

SMK

H1 2021-22

H1 2022-23

H1 2021-22

H1 2022-23

INVESTMENT RATIONALE

• State of the art gas

based plants

• Direct import of LNG

at efficient cost

• Low environmental footprint & large quantum of renew- ables in power system creates a favourable conditions for sustain-able operations of unutilised capacities

• Need for a robust grid to support increase in renewables capacity presents attractive opportunities for private transmission players

• Robust regulations & limited project risks

• Company’s right to win : strong project development & financial capabilities

• Huge growth potential in renewables; returns above COE for selected projects

• Company’s capability to win coming from strong project development, O&M & financial capabilities

• Opportunity of

flexible generation to sell pooled RTC power [Renewable + Gas] at competitive cost on a long term basis

Thermal Generation

Renewable Generation

Transmission

• Opportunities for private sector considering the endemic inefficiencies of the public distribution sector

• Successful

privatization of Union Territory utilities will spur the States to follow the path

• Torrent has a strong distribution platform to take advantage of upcoming Franchisee & privatisation opportunities in distribution sector

Distribution

INVESTMENT RATIONALE

Regulated businesses ensuring stable returns

Excellent operational records

Promising growth opportunities

Unmatched distribution model

Strong project management skills

World class generation assets

Value Creation

Rational allocation of capital

5 YEAR TREND - FINANCIAL STATISTICS

Revenues from Operations (₹ Crore)

EBIDTA (₹ Crore)/EBIDTA Margin (%)

13151

13641

12173

14257

11512

3734

3826

3607

30%

27%

3381 29%

3389

26%

2017-18 2018-19 2019-20 2020-21 2022-22

2017-18 2018-19 2019-20 2020-21 2021-22

TCI* (₹ Crore)

1291

1145

956

893

Net Worth (₹ Crore) 10724

10569

10289

9722

454

9235

2017-18 2018-19 2019-20 2020-21 2021-22

*Without Minority Interest

Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers , hence the numbers of previous periods are not comparable. Net worth includes DTL. TCI of FY22 is lower due to impairment provision made in the year.

5 YEAR TREND - FINANCIAL STATISTICS

2.49

Net Debt / EBITDA 2.61

2.18

1.98

2.24

Net Debt Equity Ratio

0.89

0.80

0.64

17-18

18-19

19-20

20-21

21-22

17-18

18-19

19-20

20-21

21-22

Return on Capital Employed

Return on Networth

9.62%

9.32%

8.23%

10.01% 10.31%

12.62%

9.54%

12.42%

11.05%

14.22%

17-18

18-19

19-20

20-21

21-22

17-18

18-19

19-20

20-21

21-22

Note: From 1st April 2018, the Company has adopted Ind AS 115, Revenue from Contracts with Customers, hence the numbers in previous periods are not comparable.

5 YEAR TREND - OPERATIONAL STATISTICS

THERMAL PLF (%)

71.4%

65.3%

33.3%

0.0% 0.0%

17-18

87.8%

62.3%

33.4%

0.0% 0.0%

18-19

72.9%

60.1%

57.8%

59.9%

44.3%

40.7%

6.5%

38.4% 9.8%

19-20

20-21

76.9%

44.3%

41.1%

30.6% 0.1%

21-22

T&D loss (%) Licensed Distribution

6.31%

5.61%

3.59%

3.43%

4.98%

3.43%

6.03%

4.06%

4.17%

3.38%

0.40%

0.35%

0.31%

0.49%

0.45%

17-18

18-19

19-20

20-21

21-22

AMGEN

SUGEN

UNOSUGEN

DGEN

THERMAL

A'bad

Surat

Dahej

RENEWABLE PLF (%)

T&D loss (%) Franchised Distribution

27.3%

30.1%

29.0%

25.0%

27.1%

17.3%

17.6%

17.1%

17.6%

16.8%

24.69%

21.69%

19.16%

17.58%

44.89%

40.48%

14.18%

12.51%

16.22%

12.10%

15.13%

11.93%

13.50%

11.64%

21-22

17-18

18-19

19-20

20-21

21-22

16-17

17-18

18-19

19-20

20-21

SOLAR

WIND

Bhiwandi

Agra

SMK

Note: (i) SMK takeover from 1st March, 2020. (ii) For fair comparison, PLF of Solar/ Wind projects is excluding 75 MW Solar and 156 MW Wind projects acquired in the month of Feb / March 2022.

THANK YOU

Contact details: Rishi Shah Torrent Power Limited “Samanvay”, 600 Tapovan, Ambawadi, Ahmedabad 380015 Ph. No. (079) 26628473 Email: IR@torrentpower.com

← All Transcripts TORNTPOWER Stock Page →

Torrent Power Limited has informed the Exchange about Investor Presentation on Unaudited Consolidated Financial Results for the quarter and halfyear ended September 30, 2022

Market Movers