Waaree RTL Investor Presentation Q4 & FY24 PDF

Execution with Pace & Comfort May 10, 2024 BSE Limited Corporate Relationship Department 1st Floor, P.J. Towers, Dalal Street Mumbai 400 001 BSE SCRIP CODE: 534618 Subject: Investors / Earnings Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations...

Execution with Pace & Comfort May 10, 2024 BSE Limited Corporate Relationship Department 1st Floor, P.J. Towers, Dalal Street Mumbai 400 001 BSE SCRIP CODE: 534618 Subject: Investors / Earnings Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, With reference to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the Quarter ended March 31, 2024. The Company will use this presentation for any meeting scheduled with analysts or institutional investors. The above information will also be available on the website of the Company at www.waareertl.com Request to kindly take this intimation on record. Thanking You, Yours faithfully, For WAAREE RENEWABLE TECHNOLOGIES LIMITED HEEMA Digitally signed by HEEMA KALPESHKU KALPESHKUMAR SHAH Date: 2024.05.10 MAR SHAH 20:59:51 +05'30' Heema Shah Company Secretary ACS 52919 Email ID: [email protected] Waaree Renewable Technologies Limited (A subsidiary of Waaree Energies Limited) 504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : 93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : [email protected] GST: 27AADCS 1824J2ZB W : www.waareertl.com Investor Presentation | Q4 & FY24 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Renewable Technologies 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. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. 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 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 cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual 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 forward-looking 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. All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. 2 Group Overview Vertically Integrated with Global Operations 12 GW Module 6 GW+ 32 Years of Capacity & 5.4 GW Modules Supplied Industry Experience Cell Capacity by FY24 Globally TIER 1 Solar Module #1 Indian Module Products Exported in Manufacturer Manufacturer* 68+ Countries 10,000+ Projects in 1.5+ GW Projects Energy Storage Pumps, Telecom Commissioned Solutions & Rooftop Authorised Sale 22% CAGR 7,000+ Employees points & Franchises YOY Growth Globally 1,400+ in India 4 Technologically Advanced End To End Solar Solutions Module Mounting Solar Modules EPC Services Structures Rooftop Solutions Floating Solar On Grid Inverters Energy Storage Off Grid Inverters Lithium-Ion Batteries Solutions Solar Products, Water Solar Thermal Solutions Solar Partners Pump & Streetlights 5 Marquee Clients 6 Company Overview Unique Propositions CUSTOMER CONNECT NETWORK QUALITY CERTIFICATION INNOVATION Strong Customer base of Strong & Proven Network with ISO 9001:2015 certificate Consistent Introduction of new respected industrial all stakeholders/authorities with received for Quality technologies & Innovative House/Companies more than a decade of Management System products & Solutions experience (QMS) MARKET ACCEPTANCE ON GROUND TRACK RECORD IN HOUSE TEAM Proven Name & Quality at Large Installations with Long (300+ Manpower) Competitive rate in national & Proven On-Ground Experienced & Strong Team with and international markets Performance Proven Performance in Solar 8  EPC Accomplishments 01 02 03 04 05 50+ MW 2,365 MWp 1.9+ GW 270+ MW 500+ MW ( More Than 400 Project ) Project site under Execution (More Than 50 Projects) Ground (08 Projects) Ground O&M Portfolio of solar Roof Top Mounted Mounted in INDIA and Mounted under IPP & Solar power plant assets International Locations Park scheme 06 07 08 09 10 600+ KW 1.2+ MW 50+ MW R&D Team Collaboration (1 Project) With New (2 Floating Solar (10,000+ Projects) In House R&D team with Technology of Battery Projects) Franchisee Project for New Technology 5B Maverick Services PTY Ltd. Storage Development Note: Includes some of the projects from Waaree Energies 9 Our Growth Strategy Achieve higher growth in the EPC segment o Evaluating opportunities in both international and domestic markets to secure more EPC contracts o Participating in government and private bidding process o Ecosystem of renewable energy from module to storage helps win clients Expand in O&M markets o The size of the O&M market is expected to grow as more solar capacities are added o Evaluating third-party O&M opportunities in international & domestic markets through both organic and inorganic methods o Enhance value to customers by offering differentiating O&M services, such as drone thermography, strong analytics and predictions, underground cable fault finder etc New business opportunity: Green Hydrogen o In process to set up a 1 MW Green hydrogen Plant integrated with ecosystem on BOB basis o National Green Hydrogen Mission promotes commercialization & scaling up of Electrolyser technologies by establishing GH2 component manufacturing facility in India o Open to collaborating within the hydrogen value chain to establish an Electrolyser gigafactory and explore opportunities for a Hydrogen valley in India 10 Board of Directors Mr. Nilesh Bhogilal Gandhi Mr. Pujan Pankaj Doshi Mr. Hitesh Pranjivan Mehta Mr. Viren Chimanlal Doshi Chairman & Non-Executive Independent Director Managing Director Executive Director Executive Director He holds a Bachelor's degree in Commerce, an LLB, and an He holds a BE in Instrumentation from Mumbai University. He holds a Bachelor's degree in Commerce from the University of He has been associated with our company since November FCA. He has over 30 years of experience in finance, power, He has over 10 years of experience in corporate strategy, Bombay and is a member of the Institute of Chartered Accountants 26, 2007, and currently, he is responsible for overseeing the and renewables and has previously been associated with business planning, and establishing new strategic of India. He has been associated with our company, Waaree engineering, procurement, and construction of the solar Group, as a director since April 1, 2011. He is responsible for companies such as Waacox Energy Pvt Ltd, Unid Finance partnerships with foreign entities projects of our company, its subsidiaries, and other leading our company's short and long-term strategy, setting Consultancy Pvt Ltd, Rational Engineers Limited, and strategic goals and overseeing overall operations. He has a proven companies within the group. With over 14 years of Jetking Infotrain Limited, among others track record of over 22 years in the field of engineering, solar and experience in the engineering industry, he has a wealth of oil industries. He was previously associated with Waaree knowledge and expertise in the field Instruments Limited as a Director Mr. Sunil Rathi Mr. Mitul Chandulal Mehta Ms. Anita Jaiswal Additional Director, Non-Executive, Non-Executive Independent Director Non-Executive Independent Director Non-Independent Director He holds a BE in Electronics and an MBA in Marketing from He holds a Bachelor's degree in Commerce from Mumbai She holds bachelor’s degree in commerce, Diploma in ITM, Mumbai. He has over 30 years of experience in sales University. He has 25 years of experience in production Human resource and LLB from Mumbai University and and marketing and has previously been associated with and is currently working as a director at ITEC Measures Company secretary from ICSI Delhi. She is having companies such as Vikram Solar Pvt Ltd, Waaree Energies Pvt Ltd experience in the area of Labour Laws, Accounting, Ltd, Powernetics Equipment, Control Paint Ltd, and Aplab Secretarial, Legal Ltd 11 Key Managerial Personnel Mr. Ravikesh Singh Mr. Rajiv Agrawal Mr. Dilip Panjwani Ms. Heema Shah Chief Operating Officer-EPC Chief Sales Officer Chief Financial Officer Company Secretary & Compliance Officer He holds a B. Tech in Electrical Engg & Post Graduate He holds a B.E in Electrical & Electronic Engg & MBA in He is a qualified financial professional holding both CA and She holds a Bachelor's degree in Commerce and LLB from Diploma in Business Management. He has over 20 years of finance from Cranfield School of Management. He has over CS credentials. He has a proven track record in Financial Mumbai University and is a Company Secretary from ICSI. experience in power projects and has previously been 30 years of experience in Business development and has Planning & Analysis (FP&A), Financial Management, and She has over 11 years of experience in corporate associated with companies such as CleanMax Enviro Energy previously been associated with companies such as Skeiron Finance Transformation. His expertise lies in optimizing compliance and governance. She was previously Solutions Pvt Limited, Cable Corporation of India Limited, Group, BSNL, Uptron india Ltd etc Profit & Loss (P&L) performance and establishing a robust associated with the Pittie group and Reliance Organic RattanIndia (Indiabulls) Power Limited, Adani Power Ltd, Financial Governance Framework. ABB Ltd, Reliance Energy Ltd. 12 Strong Progress Towards Sustainability Ambitions Sustainability Roadmap Operation & Maintenance Expand the O&M portfolio in order to ensure the efficient functioning of our assets. Order Execution Cutting-edge R&D Refined management Establishing strong technical processes to execute projects knowhow by building cutting on time or ahead of schedule edge Research & Development International Presence Supply Chain Resilience Explore more opportunities in Ensure a reliable and stable international projects & global solar supply of raw materials storage business development 14 Key Order Wins Engineering, Procurement and Construction (EPC) works of a solar power project o 980 MWp Ground Mounted solar power project (Order won in Q4FY24) o 450 MWp Ground Mounted solar power project (Order won in Q4FY24) o 412 MWp Ground Mounted solar power project (Order won in Q4FY24) o 4 MWp Ground Mounted solar power project (Order won in Q4FY24) o 70 MWp Capacity Ground Mounted solar power project (Order won in Q3FY24) o 4.27 MWp Capacity Rooftop solar power project (Order won in Q3FY24) o 600 KWp Capacity Rooftop solar power project (Order won in Q2FY24) o 78 MWp Capacity Ground Mounted solar power project (Order won in Q2FY24) Green Hydrogen Project o Won a contract to set up 1 MWp Green hydrogen Plant integrated with ecosystem on BOB basis IPP contract details o The company has developed 39.98 MWp solar power generating assets 15 Advanced Operation & Maintenance Our O&M Advantage o Over 500+ MWp O&M Portfolio of solar power plant assets o Achieved 99%+ of plant available time and 80%+ of PR for the asset under management o Leveraging tech-based data analytics, technical audits, consulting and R&D to improve overall plant efficiency. o Providing end to end solutions for all kinds of solar plants to reduce breakdown and maximize generation. o Adopting advance technologies to increase plant reliability. o Plant remote Monitoring to observe plant real time data and immediate response if any breakdown results to achieve maximum up time Total O&M Capacity of 500+ MWp 16 Key Ongoing Projects 295.68MWp Ground Mounted project at 210 MWp Ground Mounted project at Kurnool, Andhra Pradesh Khandwa 6.5MWp Ground Mounted Project at 70MWp Ground Mounted project at 150MWp Ground Mounted project at Raigarh, Chhattisgarh Jalna Ratlam, Madhya Pradesh 154MWp Ground Mounted project at 6.62MWp Rooftop project at Shri Godiji Thoothukudi, Tamil Nadu Plant, Chikhli 412 MWp at Bikaner, Rajasthan 980 MWp at Kurnool, Andhra Pradesh 78MWp Ground Mounted Project at Tamnar, 100 MWp at Jamnagar, Gujarat Chhattisgarh 17 Performance Highlights FY24 Solid Performance in FY24 (Consolidated) Revenues EBITDA PAT Rs. 876.44 Crs +149.73% Rs. 207.18 Crs +147.40% Rs. 148.04 Crs +167.55% YoY change YoY change YoY change Unexecuted Order Book Successfully executed orders of Revenue from O&M 2,365 MWp 704 MWp Rs. 10.42 Crs 19  Key Financial Highlights (Consolidated) (₹ in Cr) Revenue EBITDA & EBITDA Margin PAT & PAT Margin 36.25% 27.56% 19.96% 19.83% +344.38% +237.83% +341.41% 273.25 75.30 54.18 22.29 61.49 12.28 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Revenue EBITDA & EBITDA Margin PAT & PAT Margin 23.86% 23.64% 15.77% 16.89% +149.73% +147.40% +167.55% 876.44 207.18 148.04 350.96 83.75 55.33 FY23 FY24 FY23 FY24 FY23 FY24 *Excluding Other Income 20 Consolidated Income Statement Particulars (₹ Crs) Q4FY24 Q4FY23 Y-o-Y FY24 FY23 Y-o-Y Revenue from Operations 273.25 61.49 876.44 350.96 Total Revenue 273.25 61.49 344.40% 876.44 350.96 149.73% Cost of EPC contract 190.04 34.84 644.90 252.96 Employee Expenses 4.97 2.58 17.30 9.78 Other Expenses 2.94 1.77 7.05 4.47 EBITDA 75.30 22.29 237.83% 207.18 83.75 147.40% EBITDA Margin (%) 27.56% 36.25% 23.64% 23.86% Other Income 1.34 0.16 3.45 1.53 Depreciation 1.55 0.73 5.46 2.95 Finance Cost 3.54 2.09 6.77 5.30 Profit before Tax 71.54 19.62 264.56% 198.41 77.01 157.63% Profit before Tax(%) 26.18% 31.92% 22.64% 21.94% Tax 17.36 7.35 50.37 21.68 Profit After Tax 54.18 12.28 341.41% 148.04 55.33 167.55% PAT Margin (%) 19.83% 19.96% 16.89% 15.77% EPS (As per Profit after Tax) 5.20 1.18 14.22 5.33 21 Consolidated Balance Sheet Particulars (₹ Cr) FY24 FY23 Shareholders' Funds 232.03 85.00 Non-Current Liabilities 49.93 46.19 Current Liabilities 432.06 151.48 Total Liabilities 714.02 282.68 Fixed Assets 159.63 154.49 Other Non- Current Assets 4.05 0.64 Current Assets 550.34 127.55 Total Assets 714.02 282.68 22 Consolidated Cash Flow Particulars (₹ Cr) FY24 FY23 Net Cash Inflow / (Outflow) from Operating Activities 126.80 65.15 Cash Flow from Investing Activities -113.98 -65.96 Cash Flow from Financing Activities -6.48 -9.20 Net increase/ (decrease) in Cash & Cash equivalent 6.34 -10.01 Cash and cash equivalents as at 1st April 3.26 13.27 Cash and cash equivalents as at 31st March 9.59 3.26 23 For further information, please contact: Company : Investor Relations Advisors : Waaree Renewable Technologies Ltd. Orient Capital (a division of Link Group) Thank You CIN: L93000MH1999PLC120470 Mr. Nikunj Jain +91 9769060608 Mr. Rohit Wade [email protected] GM – Investor Relations Mr. Viral Sanklecha +91 9987123158 [email protected] [email protected] www.waareertl.com www.orientcap.com