UJAAS ENERGY LIMITED INVESTOR PRESENTATION M A R C H 2 0 1 7
Executive Summary • Ujaas Energy Ltd (UEL) was founded by Mr. Shyam Sunder Mundra and is run today along with his two sons, Mr. Vikalp Mundra and Mr. Anurag Mundra. • Manufacturing transformers for more than 30 years, the company diversified into the generation of solar energy and launched a solar power turn- key project called „UJAAS‟ since 2010. COMPANY OVERVIEW • UEL was listed on both BSE and NSE in October 2011. • Company‟s market capitalization as on 31 st January 2017 was approximately INR 8,650 Mn. UJAAS Rooftop Solar Power Plant O&M UJAAS Parks UJAAS EPC • Leveraging the company‟s • With UJAAS Rooftop, the • The company operates and • UEL‟s flagship offering for experience, both in the power and company offer small maintains over 200 MWp on one stop comprehensive solar sector, the company is now grid-connected and off- behalf of its clients. solar turn-key projects to BUSINESS MIX offering solar EPC services to grid solutions to the • UEL also has a 15.5 MWp solar any potential solar power customer power plant on its own producer. potential solar power producers and captive generators. books. • UJAAS Parks – UEL has set up more than 175 MWp of Solar Power plants for several corporate and Individual clients like KRBL, SRS, Friends Group, Rockwell, Avon Cycles, SECI etc. • UJAAS EPC – UEL has also set up solar power projects at client sites for various reputed clients such as Airports Authority of India, SECI, Oil India Ltd and West Bengal State Electricity Board. MARKETS • UJAAS Rooftop - UEL has set up more than 5 MWp of Solar Rooftop projects for several clients like PNB IIT, NTPC Auraiya etc. • Total Income in FY16 reported at INR 2,795 Mn • EBITDA in FY16 reported at INR 649 Mn; EBITDA Margins reported at 23.22% FINANCIALS • Net Profit in FY16 reported at INR 209 Mn; PAT Margins reported at 7.44% 2
COMPANY OVERVIEW 3
Company at a Glance • One of the Leading Solution Providers in the Indian Solar Power Segmental Break-up FY16 Sector. Focused on developing, operating and maintaining a diversified portfolio of solar energy power plants under its flagship Transformer Solar Power s Brand „UJAAS‟ Plant 1% Operation • Founded by Mr. Shyam Sunder Mundra in 1976 , as a sole 11% proprietorship firm under the name of M & B Switchgears. In August 2013, M & B Switchgears Limited was re-named to Ujaas Energy Ltd. • Started with the manufacturing of panel meter for energy controlling & thereafter developed a technology to transform energy with the Ujaas manufacturing of Energy Transformers viz. Distribution, Power & 88% Furnace. • Taking from its experience in the transformers and the utilities Industry, Ujaas Energy Ltd realized the huge potential in ‘Green Energy’ and Financial Performance (INR Mn) ventured into the generation of Solar Power. 6,000 5,332 • The company became a pioneer in generation of green energy by 5,000 becoming one of India‟s first public companies to enter into the solar power generation and solar power turnkey project management . 4,000 2,795 Ujaas Energy Ltd also became the first company to register under 2,480 3,000 Solar REC Mechanism. 2,000 1,133 991 649 508 445 1,000 • Realizing the vast potential, Ujaas Energy Ltd erected and 374 270 209 117 commissioned its first 2.2 MWp Solar Power Plant in March 2012 and 0 then went on to add over 200 MWp of solar power projects across the FY13 FY14 FY15 FY16 country over the years. Income EBITDA PAT 4
Experienced promoters and professional management team Shyam Sunder Mundra Vikalp Mundra Anurag Mundra Chairman & MD Joint MD Joint MD ● Has >43 years of experience in the power industry ● Possesses an overall experience spanning 22 years in the ● Joined the Company in 1999 and possesses over 16 years Energy sector experience in the Energy Sector ● Prior to Ujaas, worked for the Madhya Pradesh Electricity ● Currently designated as the Chairman of Renewable Energy ● Holds the CFA Charter from Institute of Chartered Financial Board, before venturing into the transformer business independently Committee, IEEMA Analysts of India, Hyderabad Sumit Somani Amit Neema Ashu Gupta Anjan Ghosh Manish Agarwal Prashant Gupta VP - Business Business Head- EPC VP - Retail Business VP - Operations VP - Corporate COO Development ● An IIT Kharagpur Alumnus with post-graduation ● Has >19 years of experience in ● Has ● Possesses extensive hands-on ● 16+ ● Possesses experience of ~20 years of work years of track in Business management. He over 30 years of key Leadership roles. Prior to experience and currently renewable energy experience record in managing >13 years in the field of experience in solar business with Companies Ujaas, he managed Deloitte’s heading Rooftop Business and is currently heading the operations, entailing renewable energy, and like Crompton Greaves, Voltas, Murugappa, Strategy, Research and segment and Business Rooftop Business segment Sales, Distribution, currently heads the Caterpillar, Tata BP Solar & Tata International. Innovation Group Development Policy of the and Business Development Marketing Business Development He heads EPC Business of the Company Company Policy of the Company vertical Experienced team of employees Purchase Quality Admin & BD and O&M and Human F&A Design IT Retail Strategy and Stores Project Assurance Liaisoning Sales SCADA Resources 4% 4% 4% 2% 7% 9% 1% 30% 27% 3% 7% 1% 5 5
Key Strengths and Differentiators One of the leading integrated solar Demonstrated ability to execute solar energy power project providers power projects across states, terrains with comprehensive service offering and diversified customer base Established track record for Experienced promoters and successfully setting up solar energy professional management team power projects Strong Operation & Maintenance capabilities with ~200 MWp+ under management UEL’s strengths and asset light business model has helped it become one of the leading Solar solution providers in the countr y 6 6
Awards & Recognition Assigned Solar Energy Grading of SP 1A Awarded certificate of empanelment as ‘Channel Partner’ by Ministry of New and Renewable Energy Declared winner of the Top 100 SMEs of India, at the India SME 100 Awards 2014-15 Acknowledged by ‘The Economic Times’ amongst The Best Infrastructure Brands of 2016 Acknowledged by Forbes Asia Best Under A Billion Forum & Awards, in December 2014 Acknowledged by BusinessWorld’s India’s Fastest Growing Companies Awards Certifications 7 7
SOLAR INDUSTRY OVERVIEW 8
Indian Power Scenario Sources of Electricity in India 350000 Nuclear, Oil, 0% 2% 300000 94,077 Gas, 8% 250000 73,324 Renewabl e Energy 69,994 200000 Sources, 15% 63,493 150000 Coal, 60% Hydro, 2,20,563 15% 42,414 100000 1,89,498 27,897 1,68,274 22,560 1,31,603 18,307 50000 86,015 74,429 61,010 43,764 0 1990 1997 2002 2007 2012 2014 2015 2016 The electricity sector in India had an installed capacity of 314.642 GW as of end January Thermal (in MW) Renewable (in MW) 2017. Source: Wikipedia, Power Ministry 9
India - Energy Dynamics …with one of the lowest per capita electricity consumption… India lags BRICS with only 79% population having access to Electricity … India South Africa China Brazil Russian Federation 100% 100% 12,988 100% 14,000 100% 100% 100% 110% 98% 100% 94% 98% 97% 12,000 10,134 100% 93% 10,000 85% 90% 83% 79% 8,000 6,539 75% 80% 5,407 6,000 66% 65% 3,762 70% 62% 4,000 2,529 60% 51% 765 2,000 50% 0 40% India China Brazil UK Russian Australia US 1990 2000 2010 2012 Federation …which will drive rapid growth in electricity generation Over dependence on fossil fuels should drive a shift in Energy Mix 1.6% 2.8% GW Coal 9.1% Gas 1,200 1,027 1,000 Diesel 15.4% 800 Nuclear Oct 2016 600 Hydro 1.9% 60.7% 302 400 Wind 0.3% 200 8.2% Bio Power 0 Solar Power FY16 FY32 India needs additional capacities of 725 GW by 2032 and a substantial part of which should come through RE route Source: World Bank, Central Electricity Authority, Note : RE – Renewable Energy 10 10
India Renewables – Solar’s Contribution RE capacities in India are expected to become 3x in the next 5 years GOI has set targets to achieve 100GW in solar capacities by 2022… Renewable Energy (GW) RE break-up in FY16 Proposed RE break-up in FY22 200 175 148 150 16% 123 100 34% 100 78 43 GW 57% 175 GW 21% 58 63% 50 9% 0 FY17E FY18E FY19E FY20E FY21E FY22E Wind Others Solar …with emphasis on ground - mounted as well as rooftop… …supported by falling capital cost of Solar PV project Solar Capacity (GW) Ground mounted Solar (GW) Roof-top (GW) Capital Cost (INR Mn/MW) GW 17.8 32.8 48.8 65.8 83.3 100 90 79.7 120 69.1 90 60.6 40 31 60 60 50.1 23 16 10 30 60 5.1 52 43 33 23 12.7 0 30 FY17E FY18E FY19E FY20E FY21E FY22E FY14 FY15 FY16 FY17E Over the next 6 years the sector will need investment of ~INR 4.7 trillion Source: Niti Aayog, India Infrastructure Research, March 2016 11 11
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