UJAAS ENERGY LIMITED INVESTOR PRESENTATION J U N E 2 0 1 8
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 • UEL was listed on both BSE and NSE in October 2011. OVERVIEW • Company‟s market capitalization as on 31 st May 2018 was approximately INR 2,920 Mn. UJAAS Rooftop Solar Power Plant O&M UJAAS Parks UJAAS EPC • Leveraging the experience, both in • With UJAAS Rooftop, the The company operates and • UEL‟s flagship offering for one • the power & solar sector, the company offer small grid- maintains over 230 MWp on stop comprehensive solar company is now offering solar EPC connected and off-grid behalf of its clients. turn-key projects to any BUSINESS MIX services to potential solar power solutions to the customer. UEL also has a 15.5 MWp solar potential solar power • power plant on its own books. producer. producers &captive generators. • UJAAS Parks – UEL has set up more than 190 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 20 MWp of Solar Rooftop projects for several clients like PNB IIT, NTPC Auraiya etc. • Total Income in FY18 reported at INR 3,374 Mn. • EBITDA in FY18 reported at INR 436 Mn; EBITDA Margins reported at 12.92% FINANCIALS • Net Profit in FY18 reported at INR 170 Mn; PAT Margins reported at 5.04% 2
COMPANY OVERVIEW 3
Company at a Glance • One of the Leading Solution Providers in the Indian Solar Power Segmental Break-up FY18 Sector. Focused on developing, operating and maintaining a diversified portfolio of solar energy power plants under its flagship Solar Power Plant Brand „UJAAS‟ Operations • Founded by Mr. Shyam Sunder Mundra in 1976 , as a sole 9.7% 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 Solar Power & thereafter developed a technology to transform energy with the Plant Sale 90.3% manufacturing of Energy Transformers viz. Distribution, Power & 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 4,907 5,000 becoming one of India‟s first public companies to enter into the solar 4,000 3,374 power generation and solar power turnkey project management . 2,795 3,000 Ujaas Energy Ltd also became the first company to register under Solar REC Mechanism. 2,000 1,133 991 743 649 1,000 445 436 374 364 • Realizing the vast potential, Ujaas Energy Ltd erected and 209 170 117 commissioned its first 2.2 MWp Solar Power Plant in March 2012 and - FY14 FY15 FY16 FY17 FY18 then went on to add over 300 MWp of solar power projects across the Income EBITDA PAT country over the years. 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. Amit Neema Subhomoy Gangully Sumit Somani Pawan Kothari VP - Business Development AVP - Strategy VP - Operations Senior GM- Business Devlopment & EPC ● 12+ years of experience in Business Analytics, ● Has ~20 years of work experience and ● An electrical engineer possessing 25+ years of ● Possesses experience of >13 years in the Strategy, Project Management, etc. Currently currently heading Rooftop Business segment field of renewable energy, and currently hands-on managerial experience involving working on planning, monitoring, reviewing and Business Development Policy of the heads the Business Development vertical. strategic planning and people handling skills. and executing overall strategy. Company. 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% 28% 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 ~230 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 4,00,000 Nuclear 2% 3,50,000 3,00,000 Renewable 1,21,309 18% 1,01,722 88,707 2,50,000 80,226 75,519 2,00,000 Large Coal 58% 63,494 Hydro 14% 1,50,000 2,22,693 2,18,330 42,414 2,10,675 1,00,000 1,88,898 27,897 1,68,255 Gas 8% 1,31,603 50,000 86,105 74,429 - 2002 2007 2012 2014 2015 2016 2017 2018 The electricity sector in India had an installed capacity of 344.002 GW as of end March Thermal (in MW) Renewable (in MW) 2018. 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 12,988 14,000 110% 12,000 10,134 100% 10,000 90% 8,000 6,539 80% 5,407 6,000 3,762 70% 4,000 2,529 60% 765 100% 100% 100% 100% 100% 100% 100% 2,000 65% 94% 93% 62% 66% 98% 97% 75% 83% 98% 79% 85% 50% 51% 0 40% India China Brazil UK Russian Australia US 1990 2000 2010 2012 Federation …which will drive rapid growth in electricity generation (In GWh) Over dependence on fossil fuels should drive a shift in Energy Mix 2.6% 6.4% Coal 10.0% Gas 1,200 1,027 1,000 Diesel 800 Mar Nuclear 13.3% 2018 600 Hydro 58.1% 302 400 2.0% Wind 200 0.2% Bio Power 0 7.3% 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 FY18 Proposed RE break-up in FY22 200 175 148 Wind 150 123 32% 100 34% 100 78 Others 49% 57% 175 GW 69 GW 57 50 9% 19% Solar - FY17 FY18E FY19E FY20E FY21E FY22E …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 55 31 60 60 23 16 10 30 60 5.1 52 43 33 23 12.7 0 30 FY17E FY18E FY19E FY20E FY21E FY22E FY14 FY15 FY16 FY17 Over the next 6 years the sector will need investment of ~INR 4.7 trillion Source: Niti Aayog, India Infrastructure Research, March 2017 11 11
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