PTC INDIA LTD. INVESTOR UPDATE MAY 2014

Transcription

1 PTC INDIA LTD. INVESTOR UPDATE MAY 2014

2 DISCLAIMER This presentation and the accompanying slides (the Presentation ), which have been prepared by PTC India Limited (the Company ), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to: the performance of the Indian economy and of the economies of various international markets, the performance of the power industry in India and world-wide, competition, the company s ability to successfully implement its strategy, the Company s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company s market preferences and its exposure to market risks, as well as other risks. The Company s future results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forwardlooking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. 2

3 A Re-cap of May 2013 Company The company s growth strategy envisages a balanced growth of trading volumes in Short Term, Long Term, Tolling and Retail Segment Subsidiaries to support growth strategy through synergies Business Environment Challenges and concerns in the form of financial health of state utilities, fuel availability, inadequacy in distribution system Challenges expected to alleviate through a combination of measures like FRP, tariff revisions and compensatory revisions Encouraging trend of shifting of trading volumes from UI to OTC and Exchanges

4 AGENDA PERFORMANCE WAY FORWARD 4

5 IN PERSPECTIVE Total Volumes (MUs) Total Revenue from Operations(Rs. cr.) 34% (0.5%) % 23% % (15%) % 30% Profit Before Tax (Rs. cr.) Profit After Tax (Rs. cr.) 104% % % (15%) 166 7% % (14%) %

6 Q4FY14 AT A GLANCE Total Volumes (MUs) 14% 7656 Total Income from operations (Rs. Cr.) 30% Q4FY13 Q4FY14 Q4FY13 Q4FY14 EBIDTA (Rs. Cr.) PAT (Rs. Cr.) % 86% Q4FY13 Q4FY14 Q4FY13 Q4FY14

7 KEY ACHIEVEMENTS Long Term Power Sale Agreements executed for more than 1500 MW capacity with Discoms of UP, Rajasthan and Tamil Nadu Commencement of Supply of 250 MW power to Bangladesh on Medium Term basis Increased focus on the retail (Direct-to-Business) segment. More than 1200 MUs contributed by Retail in Q4FY14 and more than 3000 MUs contributed for the year FY14 Tolling Agreements converted to PPAs to minimize risks Received net surcharge of Rs crore in Q4FY14, the net surcharge received for FY14 was Rs crore Increase in income from rebate during the quarter to Rs Crore. For the year net rebate income was Rs Crore Commencement of supply of 300 MW power from GMR and 200 MW from Jaypee Karcham Wangtoo on Long Term basis to Haryana in April 2014 and May 2014 respectively Maiden dividend of Rs Crores received from PTC India Financial Services

8 PHYSICAL PERFORMANCE - SNAPSHOT Segments (Units in Millions) (%) of Total Trade (Units in Millions) (%) of Total Trade vs Short Term Trades* 21, % 17, % 21.51% Medium Term Trades 1, % 1, % 1.44% Long Term Trades** % % 28.5% Generation % % 7.14% Total 35, % 28, % 22.85% * Short Term Trades also includes trades on power exchanges; **Long Term Trades also includes trades from Cross Border and tolling converted into trading 8

9 NUMBERS UP-CLOSE Q4FY14 (STANDALONE) Particulars Q4FY14 Q4FY13 % change (YoY) Power sold (MUs) % Total Sales (Rs. Cr.) % EBIDTA (Rs. Cr.) % EBIDTA Margin (%) bps Other Income (Rs. Cr.) % PBT (Rs. Cr.) % PAT (Rs. Cr.) % EPS % Depreciation of about Rs. 1 Crore in Q4FY14 and Q4FY13 Interest of about Rs. 2 Crore in Q4FY14 and Rs Crore in Q4FY13

10 RECIEVABLES & REBATES Q4FY14 Q4FY13 Particulars FY14 FY Net Rebate disallowed (Rs. Cr.) Net surcharge received (Rs. Cr.) Margin per unit (without rebate surcharge & tolling converted to PPA) (Rs./ unit) Debtor / Creditor position as at March 31, 2014 stood at Debtors Rs Crore Creditors Rs Crore Long Outstanding of Uttar Pradesh cleared during FY14 along with surcharge Tamil Nadu Receivables reduced to ~Rs. 260 Crores (Partial Surcharge also received from Tamil Nadu) 10

11 NUMBERS UP-CLOSE FY14 Standalone FY13 % change (YoY) Consolidated Particulars FY14 FY13 % change (YoY) % Power sold (MUs) % 11,511 8,857 30% Total Sales (Rs. Cr.) % % EBIDTA (Rs. Cr.) % bps EBIDTA Margin (%) bps 4 4 (0.2%) Depreciation (Rs. Cr.) 9 8 3% % Interest (Rs. Cr.) % % Other Income (Rs. Cr.) % % PBT (Rs. Cr.) % % Reported PAT (Rs. Cr.) %

12 LONG TERM PPA PIPELINE Power Trading Medium / Long term No of Projects Year Wind Gas Hydro Total Total Thermal Total Long term Capacities Capacity (GW) Stand By PPA Total Capacity Cross Border Grand Total Added During Added During Added During Added During Cummulative Upto GW of capacity tied with various power producers / IPPs. ~3.1GW is already operational and is being sold ~4.8 GW capacity is est. to be operational for long-term sales during the FY15 and FY16 o 14 thermal units and 11 hydro based units ~3.1GW capacity is est. to be operational for long-term sales during FY17. o from 6 thermal units 12

13 Way Forward Focus on balanced development of trading business portfolio for sustained growth o PPAs on long-term basis in place for ~11,000 MW, out of which on-sale arrangements tied up for an aggregate capacity of ~7,100 MW Long term volume will move to 50% plus of total trading volume in from 34% in Steady growth in business volumes; backed by a robust business model, built on multiple segments. Well positioned to benefit from improvements in policy & regulatory environment; strong balance sheet, robust cash flows, experience from a 15-year operating history,. PTC to continue to consolidate its leadership position and maintain growth; subsidiaries to give synergies. 13

14 Our Vision To be a frontrunner in power trading by developing a vibrant power market and striving to correct market distortions THANK YOU.