Adani Power Limited
6,202words
2turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs,
67.7%
53.4%
37.4%
68.3%
75.0%
62.9%
100%
50%
63.2%
44.0%
64.71%
Guidance — 10 items
Solid fuel and fly ash
opening
“• • • • • • Ready-to-generate merchant capacity to target remunerative market opportunities efficiently.”
Solid fuel and fly ash
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“(2) Net Debt: Net Senior Debt excluding project debt of under-construction Godda plant.”
Solid fuel and fly ash
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“(1) Net Debt: Net Senior Debt excluding project debt of under-construction Godda plant.”
Note
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“Net Senior Debt for FY23 excludes Project Debt for Godda plant which was under construction as of 31st March 2023.”
Note
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“Plant operating performance was poor due to sponsor financial stress and non-availability of working capital – Post acquisition, APL restructured the project debt under 5-25 structure, to improve returns for the equity investor and seek a longer debt repayment profile in line with project life and PPA tenor – Capital management led to significant improvement in debt servicing capability and improvement in rating.”
Note
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“Ltd.) – 600 MW (1X600 MW) coal based power project in Raigarh District, Chhattisgarh – Successfully approved resolution plan to acquire the project under IBC(1) approved by NCLT(2)(3).”
Note
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“– The plant was supplying a medium term PPA for 500 MW capacity till July ‘23.”
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“– There has been a huge improvement in the financial performance of the Project after acquisition.”
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“It has tied up a 200 MW medium term PPA.”
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“for cooling and Sea water usage consumptive requirement at coastal locations; 7 out of 9 plants certified with Free SUP certification for FY 2022-23; APJL & MEL SuPF target for FY 2023-24.”
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Risks & concerns — 3 flagged
Risk Mitigants 74% of capacity tied up in contracts incorporating adequate fuel cost recovery.
— Solid fuel and fly ash
• Strategic synergies with sister concern’s leadership position in logistics sector.
— Solid fuel and fly ash
Plant operating performance was poor due to sponsor financial stress and non-availability of working capital – Post acquisition, APL restructured the project debt under 5-25 structure, to improve returns for the equity investor and seek a longer debt repayment profile in line with project life and PPA tenor – Capital management led to significant improvement in debt servicing capability and improvement in rating.
— Note
Speaking time
1
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Opening remarks
Solid fuel and fly ash
Sourcing and disposal logistics management High quality manpower development and knowledge dissemination Value creation out of waste products Ultra-modern fleet with strong growth pipeline Embedded logistics function among India’s largest Critical spares and vendor development Strengthening of local industrial base Reliable and efficient power supplier on growth path built on core strengths 9 APL: Highly efficient fleet with lower emissions Technology mix – Thermal (%) 26% 30% 44% Ultra-supercritical Supercritical Sub-critical Emission Control Equipment (%) 19% 58% 23% Thermal Generation Capacity MW Core (existing plants) 15,210 Brownfield projects (Under development) -- Committed 1,600 -- Proposed 3,200 Inorganic (Proposed) Total Projected Capacity (By FY 2028-29) 1,100 21,110 Existing with FGD Upcoming with FGD FGD retrofit Ultra-supercritical technology with FGD chosen for all new greenfield/brownfield capacity post-2017 MW: Mega Watt, GW: Giga Watt; PPA: Power Purchase Agreement; F
Note
Net Senior Debt for FY23 excludes Project Debt for Godda plant which was under construction as of 31st March 2023. 34 Clear pathway for growth post transformational changes in nature of business 08 APL : Compelling Investment Opportunity STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL APL: Compelling investment opportunity ▪ 2nd largest operating thermal capacity in India underpinning the increasing penetration of Scale ▪ Reaching ~100 million consumers in various markets. renewables ▪ Mature operating assets with 74% of total capacity using efficient Ultra-supercritical/Supercritical technologies resulting into low GHG emissions. Revenue and Cashflow Visibility ▪ 81% of capacity tied up in LT / MT PPAs, most of which offer fuel cost pass through or tariff escalation, yielding excellent revenue visibility and cash flow stability. ▪ Near-pithead capacity enjoys logistics cost advantage, enabling higher offtake and better margins. ▪ 56% of installed capacity based on domestic coal, with 79%
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