INVESTOR PRESENTATION FINANCIAL YEAR : JUNE Salal Power Station, J&K

Transcription

1 Clean Power For Every Home INVESTOR PRESENTATION FINANCIAL YEAR : JUNE 2018 Salal Power Station, J&K

2 Presentation Outline 2 NHPC Today Financial Highlights Financial Ratios Other Business Initiatives Projects At Glance Our Vision: To be a global leading organization for sustainable development of clean power through competent, responsible and innovative values.

3 NHPC-Today 3 Subansiri Lower Project NHPC-Energising India With Hydropower Teesta V, Sikkim

4 Installed Capacity Incorporated in 1975 with authorised capital of Rs. 200 crore, the present authorised capital is Rs crore (Paid Up Capital Rs.10,259 crore) Mini-Ratna Category-I PSU (since Apr-08) Established track record, strong operational performance and in-house engineering capabilities Under Construction Involved across the entire chain of hydro power project development from concept to commissioning. Presence across 11 states. Awaiting Clearances 15% share of installed hydro-electric capacity in India (6,971 MW out of 45,403 MW*). Consultancy business. Exposure to international business opportunities. Under Pipeline PHYSICAL SNAPSHOT * Source-CEA as on Kishanganga Uri I Uri II Salal Sewa II Chamera I Chamera III Jaisalmer Indirasagar(JV) 7071 MW installed capacity (6971 MW Hydro & 100 MW Renewable Energy) through 24 power stations Gujarat Omkareshwar (JV) Theni/Dindigul J&K HP Punjab Parbati III Teesta V Uttaranchal Dhauliganga I Haryana Tanakpur Delhi Rangit Sikkim Rajasthan Uttar Pradesh Assam Bihar Maharashtra Karnataka Madhya Pradesh Andhra Pradesh Tamil Nadu Kerala Chutak Nimoo Bazgo Dulhasti Baira Siul Chamera II Jharkhand Chhattisgarh Orissa Parbati II West Bengal Teesta Low Dam - III 4 Arunachal Pradesh Nagaland Manipur Mizoram Tripura Teesta Low Dam - IV Subansiri Lower Loktak Operating power stations (7,071MW) Projects under construction (3,800 MW) Note : Map Not Be Scaled Pakal Dul

5 Installed Capacity Under Construction Awaiting Clearances Under Pipeline PHYSICAL SNAPSHOT Power Stations under Operation-22 Nos. (5551 MW*) Power Stations with Subsidiary (NHDC) - 2 Nos. (1520 MW) Total Operational Projects 24 Nos. (7071 MW) Projects Under Construction (including JV) :- Hydro - 3 Nos. (3800 MW) Projects Awaiting Clearances : - Standalone - 5 Nos. (4995 MW) Joint Venture - 3 Nos. (1934 MW) Subsidiary 1 Nos. (66 MW) Projects under Pipeline 3 Nos. (1160 MW) 5 Hydro Power is 13.20% (45403 MW) of All India Installed Capacity ( MW**). NHPC Contribution is 15.35% of Installed Hydro Power On Consolidated Basis. Status Capacity (MW) Operational Projects 7,071 Projects Under Construction (including JV) Projects Under Clearance: 3,800 Stand alone 4,995 JV Projects 1,934 Subsidiaries 66 Projects Under Pipeline 1,160 Total 19,026 * Including 50 MW Wind Power Project, Jaisalmer & 50 MW Solar Power Project, Tamilnadu. ** Source-CEA as on

6 NHPC s Track Record A Ten Year Digest Installed Capacity Under Construction Awaiting Clearances Standalone Generation in (M.U) Actual Q1 FY 18 Country Generation 333 BU Share of Hydro Power 36 BU (11%) Share of NHPC Standalone 8523 MU (24%) 6 Actual Q1FY 19 Country Generation 349 BU Share of Hydro Power 31 BU (9%) Share of NHPC (Hydro)- Standalone 6994 MU (23%) Hydro: MU, Wind: 70 MU & Solar: 4 MU. Nation Building Through Sustainable Power Development

7 7 Financial Highlights Sewa II, J&K Clean Power For Every Home Chamera I, Himachal

8 Financial Highlights : Standalone Particulars Q1-FY 19 Q1-FY 18 % Change Sale/Revenue from Operation Other Income Total Income (A) Generation Expenses Employee Benefits Expense Finance Costs Other Income 5% 8 Revenue & Expenditure-Analysis Revenue Q1FY 19 Sales Revenue 95% Finance Charge s, 15% Expenditure Q1 FY 19 Other Expenses, 17% Rs. In Crore Employees Benefits, 25% Generation Expenses, 17% Depre. & Amort. Expense Other Expenses Awaiting Clearances Total Expenditure(B) Rate Regu. Income (C) PBT (A-B+C) Tax Pipelined Projects Profit After Tax Other Comprehensive Income Total Comprehensive Income Depreciation, 26% Revenue Vs. Profit Vs. Dividend % % % % % 14.00% 14% % 6.00% % % % 3.00% % % 0 0% Revenue Profit Dividend Rs. In Crore Interim Dividend % & Final Dividend 2.80%.

9 Statement of Assets & Liabilities Equity and Liabilities Q-1 FY 19 FY 18 Share Holder s Funds Loan Funds-Long Term Deferred Tax Liabilities Other Long term Liabilities & Provisions Current Liabilities & Provisions Total Equity & Liabilities ASSETS PPE (incl. investment property) Capital Work in Progress Awaiting Clearances Rs. In Crore Other Intangible Asset Non Current Financial Asset Non Current Assets (Others) Regulatory Asset Trade Receivables Cash and Bank Balances Current Assets (Others) Total Assets

10 S. N. Particulars Total Debtors (in Crs.) As on As on Top Five Debtors Gross Amount (in Crs.) Debtors Position As on As on As on Sale of Energy More than 60 days (Net of Provn.) Rs. In Crore 10 Total Debtors (Sales of Energy) : Crs Less Than 60 Days: Crs Debtors Ageing More Than 60 Days: Crs Name Awaiting Clearances Pipelined Projects Total More than 60 days Total More than 60 days PDD, J&K UPPCL, UP PSPCL, Punjab BSES Yamuna WBSEDCL Collection Efficiency Opening Debtors Crs. Billing During Q1FY Crs. Closing Balance Crs. Collection During Q1 FY Crs. Collection Efficiency- 41% aprx. Debtor Turnover (days) - 69

11 Awaiting Clearances Pipelined Cr.) Projects Incentives Position Comparative Incentive YoY (in Crs.) Rs. In Crore Sl. Particulars FY17-18 FY Secondary Energy Q-1 Q-2 Q-3 Q-4 Total Q-1 Q-2 Q-3 Q-4 Total Incentives Deviation Chrgs G. Total PAF 92.32% 92.32% 97.12% 94.07% 76.79% 73.15% 85.32% Supplements Power Station With Highest PAF Incentive : URI-II (Rs Cr., PAF : 99.7%, NAPAF-55%) Power Station with highest Deviation Charges: Salal (Rs Power Station Giving Best Generation : Loktak (39% of the annual design energy) Supplements 11 Power Station with Highest PBT- Dulhasti (Rs Crs) NHPC Profit per MW : Rs. 13 lakhs (Q1 FY 19), Rs. 17 lakhs (Q1 FY 18) NHPC Profit per Employee: Rs. 10 lakhs (Q1 FY 19), Rs. 11 lakhs ( Q1 FY 18)

12 P&L Pipelined Projects 0 Standalone Total Income 2242 EBITDA* 1468 EBITDA Margin 66% PAT 738 Profit Margin 33% Dividend Pay Out (FY 18) Key Financials : Q1 FY 19 Rs 1.40 per Share/ 52% of Profit * EBITDA calculation doesn t include Finance Charges of Rs. 77 Crore, Depreciation of Rs. 2 Crore and Other Income of Rs.21 Crore which pertains to Subansiri Lower Project % 34% % Dividend Pay out % Balance Sheet Standalone Share Capital Net worth Long Term Debt Cash & Bank Bal Gross Block CWIP % Profit Dividend DIV. Payout Ratio 52% % 60% 40% 20% 0% 12 ` In Crore Shareholding pattern as on Individual /HUF- 5.60% DII, 16.06% FII 4.45% GOI % Others- 0.25%

13 NHPC Key Ratios S. No. Particulars Q1 FY 19 FY 18 Particulars Standalone Standalone Consolidated 1. PAT (Rs. in Crore) Net-worth (Rs. in Crore) No. of Equity Shares (In Crore) EPS (Rs.) 0.72# Earning Yield(%)* 2.90# Dividend Per Share (Rs.) Dividend Yield(%)* Book Value per share (Rs.) PB Ratio* PE Ratio* 8.63** Return On Net worth (%) 2.54# Market Capitalisation (In Crore)* Debt Equity Ratio * Stock Price (BSE): as on : Rs & as on : Rs ** Based on annualized EPS, # Not annualized

14 NHDC Ltd. (Subsidiary) Snapshots :FY17-18 Shareholding Pattern : 51:49 (NHPC : GoMP) Installed Capacity : 1520 MW Design Energy : MU Generation : MU (FY 18), (FY 17) 6,000 5,000 4,000 3,000 2,000 1, % 5, Physical Performance 3, % 93.26% 93.64% 2,933 4, % 1, Generation (MU) PAF 95% 94% 93% 92% 91% 90% 89% 88% PAF : 90.64% (FY 18), 93.64% (FY17) Sales Revenue : Rs. 785 Crs. (FY 18), 1225 Crs (FY 17) Profit : 554 Crs. (FY18), 929 Crs. (FY17) PAF Incentive : FY18- Rs. 24 crore FY17- Rs. 40 Cr Financial Performance Sales Revenue Other Income Profit

15 NHPC Progressive Physical & Financial Schedule (Hydro) Progressive Physical Chart Progressive Financial Chart Cap. Add. / Cuml. Cap MW Subansiri Lower : 2000 MW Cap.Add / Cuml. Cap. 800 MW 6251 MW Parbati II : 800 MW 5000 Installed Capacity MW FY FY FY After Subansiri Existing Regu.Eqty./Increase (Aprx.) Cumulative RE Expected Additional PAT Rs. In Crore Power Station with highest generation during Q1 FY 19 : Salal (1030 MU, Annual D.E-3082 MU)

16 NHPC CAPEX F.Y Amount In Crore) (Rs. Remarks (Actual) (Actual) (Actual) (Actual) (Actual) (Actual) BE Going Forward CAPEX is expected to be higher after resumption of active Construction works at Subansiri Lower Project and clearance of pipelined projects.

17 NHPC Major Highlights Q1 FY All Units of Kishanganga H. E. Project has been put under commercial operation (Unit # 1 w.e.f & Unit # 2 & Unit # 3 w.e.f ). Power Purchase Agreement (PPA) in respect of Kishanganga HE Project (3X110MW) has been signed on with U.P. Power Corporation Limited (UPPCL) for a period of 35 years from the date of commercial operation (COD) of last unit of the above Project. PPA with Chhattisgarh State Power Distribution Company Ltd. has already been signed on License for trading of power granted by CERC on MoU for the year with Ministry of Power (MoP), Govt. of India was signed on

18 18 Other Business Initiative Solar Energy Wind Energy Clean Power For EVERY HOME

19 Other Business Initiative Solar Power 32 MW Solar Power Project in Jalaun, Uttar Pradesh 19 JVC of NHPC Ltd. & UPNEDA namely Bundelkhand Saur Urja Limited formed on Share of NHPC & UPNEDA : >=74:<=26 Current Status: Award of work & Signing of PPA under Progress Ha land got transferred from UPNEDA and Mutation of the land in favour of BSUL finalised on Wind Power 8 MW Wind Power Project in Palakkad District of Kerala 8 MW Wind Farm to be set up in Palakkad District, Kerala. Order issued by KSEB on to purchase power from 8 MW Wind Rs. 4.53/unit or tariff fixed by KSERC, which ever is lower. Current Status : Allotment of Land by State Govt. is under process. Signing of PPA by KSEB is awaited. Bidding process under progress.

20 20 NHPC Projects At A Glance NHPC-Energising India With Hydropower

21 NHPC Projects in Operation 21 S. No NHPC Project & State Installed Capacity (MW) Design Energy (MU) Year of comm. Capital Cost as on Tariff (18-19) (Rs. /Kwh) Type of the project 1 Baira Siul (3x60) Himachal Pradesh 2 Loktak, (3*35) Manipur 3 Salal, (6x115) Jammu & Kashmir 4 Tanakpur, (3x40) Uttarakhand 5 Chamera-I, (3x180) Himachal Pradesh 6 Uri-I, (4x120) Jammu & Kashmir 7 Rangit, (3*20) Sikkim 8 Chamera-II, (3*100) Himachal Pradesh 9 Dhauliganga-I, (4x70) Uttarakhand 10 Dulhasti, (3x130) Jammu & Kashmir (Sep) (May) (Nov) (Apr) (Apr) (Apr) (Feb) (Feb) (Oct) (Mar) Run of River (ROR) with small pondage Storage ROR ROR Storage ROR ROR with small pondage ROR with small pondage ROR with small pondage ROR with small pondage

22 NHPC Projects in Operation contd. S.No. NHPC Project 11 Teesta-V, (3x170) Sikkim 12 Sewa-II, (3x40) Jammu & Kashmir 13 Chamera-III, (3x77) Himachal Pradesh 14 Chutak, (4x11) Jammu & Kashmir 15 TLDP-III, (4x33) West Bengal 16 Nimoo Bazgo, (3x15) Jammu & Kashmir 17 Uri II, (4x60) Jammu & Kashmir 18 Parbati-III (4x130) Himachal Pradesh TLDP IV (4x40), West Bengal Kishanganga (3x110) Jammu & Kashmir Installed Capacity (MW) Design Energy (MU) Year of Comm (Mar) (Jun) (Jun) (Jan) (Mar) (Jan) (Feb) (May) (Aug) 2018 (Mar) Capital Cost as on Tariff (18-19) (Rs. /Kwh) 22 Type of the project ROR with small pondage * ROR with small pondage * ROR with small pondage ROR * ROR with small pondage ROR with small pondage ROR * ROR with small pondage * Run of River with small poundage * Run of River with Pondage Total-A * Provisional

23 NHPC Projects in Operation contd. Renewable Energy S.No Project Installed Capacity (MW) Design Energy (MU) Year of Comm. Capital Cost as on Tariff (Rs./unit) 23 Place of Project 1 Wind Power * Lakhmana, Jaisalmer 2 Solar Power Theni/Dindigul District, Tamilnadu Total-B *Excluding GBI of Rs per unit & REC. Sub Total Stand-alone(A+B) Operational Projects with Subsidiary S.No Project 1 Indrasagar, (8x125) Madhya Pradesh 2 Omkareshwar, (8x65) Madhya Pradesh Installed Capacity (MW) Design Energy (MU) Year of Comm. Capital Cost Tariff (Rs./Kwh) Type of the project Storage Storage Total-C Grand Total- D:(A+B+C)

24 NHPC: Projects Under Construction NHPC Project Subansiri Lower (250X8) Assam/ Ar. Pradesh Parbati II (200x4) Himachal Pradesh Installed Capacity (MW) Design Energy (MU) Type of the project CCEA Estimated Cost (Rs. Crore) (Price Level) Reservoir (Dec02) Run of River with small pondage (Dec01) Anticipated Project Cost (Rs. Crore) (Apr 17) (Mar15) Provisional Project Expenditure till June 18 (Rs. Crore) 24 Expected Commissioning Schedule Within 4 years after resumption of work FY (Q-3) Total (A) Project Under Construction-JV S.No Projects Installed Capacity (MW) Design Energy (MUs) Cost (In Cr.) & PL 1 Chenab valley Power Projects Ltd. (JV between NHPC (49%) JKSPDC (49%), & PTC (2%) i) Pakal Dul (4x250) J&K (Mar 13) TOTAL(B) Grand Total (A+B) Status DAM & Power House Package awarded & work started. Bidding process for other works is under progress.

25 NHPC Standalone Projects Under Clearance S.No. 1 2 Projects Kotli Bhel IA (3x65) (Uttarakhand) Teesta-IV (4x130) (Sikkim) Installed Capacity (MW) Design Energy (MUs) Cost (In Crore) & PL 2625 (Oct17) 5694 (July 17) Status 25 In the PIB Meeting on 23 rd Oct 13, project was recommended for investment subject to clearance from Hon ble SC for Uttarakhand Projects. Decision of Hon ble SC is awaited. All statutory clearances received except forest clearance (stage-ii). Approval of pre-investment activities conveyed by MoP on FRA Compliance is underway. Draft PIB memo for implementation of project submitted on Dibang (12x240) (Ar. Pradesh) (July 17) Concurrence to Project, Environment Clearance and Forest Clearance available. PIB memo circulated by MoP on Replies to various agencies are attended to. 4 Tawang I (3x200) (Ar. Pradesh) (Dec 16) All statutory Clearances have been received except Forest clearance. FRA compliance is underway and Basin Study Report has been submitted and accepted. After receipt of Forest Clearance (Stage-I), the process for PIB / CCEA shall be initiated. Final PIB memo submitted to MoP on Tawang II (4x200) (Ar. Pradesh) (Sep 15) All statutory clearances received except forest clearance (stage-ii). FRA Compliance is underway. Approval of pre-investment activities by MoP accorded on Total

26 NHPC JV Projects Under Clearance S.No Projects Installed Capacity (MW) Design Energy (MUs) Projects Under JV Cost (In Cr.) & PL 1 Chenab valley Power Projects Ltd. (JV between NHPC (49%) JKSPDC (49%), & PTC (2%) (i) (ii) Kiru (4x156) J&K Kwar (4x135) J&K (May17) 4231 (Sep17) TOTAL Status 26 Appraisal of DPR accorded by CEA on Forest Clearance accorded by State Forest Department of Govt. of J&K on Environment Clearance accorded by MoEF &CC on Draft PIB note seeking recommendation for implementation of Kiru Project submitted to MoP on PIB memo circulated by MoP on Environment Clearance accorded by MoEF on Forest Clearance accorded by State Forest Department on Appraisal of DPR accorded by CEA on Draft PIB note seeking recommendation for implementation of Kwar Project submitted to MoP on PIB memo circulated by MoP on Foreign Assignment Under JV Scheme 1 Chamkharchhu (Bhutan) (Dec 16) JV Grand Total Project to be developed by JVC of NHPC and DRUKGreen Power Corporation, Bhutan. Joint venture Agreement cum Share Holder s Agreement of proposed JV Company is ready for signing. SHA & AOI shall be signed after finalisation of concession agreement with RGoB & CCEA approval of GoI. Revised draft material for PIB Memorandum submitted to MoP on & PIB memo circulated by MoP on Reply to all observations of various agencies stand submitted.

27 NHPC Subsidiary Under Clearance 27 Projects Under Subsidiary S.No Projects Installed Capacity (MW) Design Energy (MUs) Cost (In Cr.) & PL Status 1 Loktak D/S (2x33) Manipur (JV between NHPC (74%) & Govt. of Manipur (26%) ( Nov17) JVC formed & Board started functioning. Environmental clearance has been accorded in Jan 13. Forest Clearance has been accorded by MOEF on Concurrence by CEA accorded on Draft PIB memo submitted to MoP on TOTAL

28 NHPC Projects Under Pipeline 28 S. No. Projects State Installed Capacity (MW) Projects Under FR/DPR Preparation 1 Bursar* Jammu & Kashmir Dhauliganga Intermediate Uttarakhand Gauriganga-III A** Uttarakhand 150 Total 1160 *DPR submitted to CEA on & the same is under examination at CEA/CWC. **DPR submitted to CEA on

29 Trading Business of NHPC 29 License from CERC for Category I Trader granted on Trader membership of Indian Energy Exchange IEX obtained on Registration on Discovery of Efficient Electricity Price (DEEP) portal for short term & medium term trading of power activated from NHPC targets around 9000 MUs for trading in FY & FY NHPC as a trade member has sold non solar REC in IEX, generated from its Wind Power Project, Jaisalmer, Rajasthan against generation up to Total revenue against the same is Rs crores.

30 NHPC-Energising India With Hydropower 30