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Gensol Engineering Limited - Investor Deck_26.09.2019

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Gensol is a leading Solar Advisory and Operation & Maintenance Service Provider with a footprint across 13 countries and 20 GW of projects. This presentation showcase company's business verticals, leadership team, growth trajectory, global presence, major projects executed (National, Government & International).

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Gensol Engineering Limited - Investor Deck_26.09.2019

  1. 1. Gensol Engineering Limited Investor Presentation September, 2019 Solar Advisory| Solar EPC | Solar O&M
  2. 2. Safe Harbour Statement This Investor Presentation has been prepared by Gensol Engineering Limited (GEL) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of GEL its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information. Also, no representation or warranty, express or implied, is made that such information remains unchanged in any respect as of any date or dates after those stated herein with respect to matters concerning any statement made in this Investor Presentation. GEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of GEL. This presentation is strictly private & confidential. The earlier versions of this presentation, were in draft form, and should not be circulated or referred to by any person.
  3. 3. Integrated Engineering and O&M Service Offerings in Solar Industry About Gensol  Incorporated in 2012, Ahmedabad based;  Provides Integrated Engineering and O&M Services across Solar Value Chain in India and abroad  Driven by experienced team of Management, Engineers, R&D  Providing Concept to Commissioning Solar Advisory, Project Diligence, Pre & Post bid Consulting, Execution, Operation & Management Services for Solar projects  Services to Leading Renewable Energy Companies, Financial Institutions, Government Organizations, Airports, Developers, Investors, etc.  Elite Clientele – ReNew Power, Adani Group, Greenko, Tata Power, BPCL, Soft Bank Energy, Shapoorji, SBI, Edelweiss, etc.  Demonstrating robust financial performance 500+ Employees 19,000+ MW Technical Expertise 10+ Countries 180+ Engineers 150+ Clients 40+ R&D Team Strength
  4. 4. Gensol – Consolidated Business Verticals 49% Advisory 19,372 MW EPC Service 190 MW Gensol Engineering Limited O&M Service Resco Services 1.4 MW 51% 2,200 MW Gensun Renewables Pvt.Ltd. (Subsidiary) Solarig Gensol Utilities Pvt. Ltd. (Joint Venture)
  5. 5. Leadership Team Anmol Singh Jaggi, Chairman & Managing Director • Bachelor of Technology under Petroleum Engineering branch from University of Petroleum & Energy Studies, Dehradun; • Experience of 12 yrs in Renewable Energy; • Responsible for all corporate decisions for the business operations Puneet Singh Jaggi, Whole Time Director • Bachelor of Technology (Chemical Engineering) from Indian Institute of Technology Roorkee; • Experience of 9yrs in Solar Industry; • Responsible for designing of Technical Architecture & Manage Product Development Cycle. Gaurav Kharbanda, Independent Director • MBA in Finance & IT; • Experience of 13 yrs; • Associated with Reliance Capital Ltd., Jamna Auto Ltd. • Working as an Individual Financial Advisors • B.Com from University of Delhi; • Experience of 28yrs; • Associated with Reliance Capital as Senior VP & Head Infra Finance, SBI as Chief Manager & Mytrah Energy India Ltd. as VP (Finance) in past Harish Kaushik, Independent Director Jasminder Kaur Jaggi, Non-Executive Director • Bachelors Degree in Political Science and a Bachelor’s degree in Education • 14 years of cumulative service as a Teacher in both Army as well as Private Schools • Responsible for Human Resource related activities of the Company
  6. 6. Experienced Management Mr. Gurpreet Singh Walia Vice President Projects & Engineering Ms. Shivya Singhal Vice President Supply Chain & Finance Mr. Ali Imran Naqvi Vice President Business Development Mr. Pranay Mundra President Mr. Rajesh Parmar CS & Compliance Officer Ms. Shilpi Dangi Sr. Manager Engineering Ms. Payal Saxena Sr. Manager Strategic Advisory Mr. Kohinoor Dam General Manager Field Services Mr. Jabir Mahendi Aga Chief Financial Officer
  7. 7. BUSINESS OVERVIEW END TO END ADVISORY IN RENEWABLE ENERGY SPACE
  8. 8. Solar Advisory Services 19,372 MW 155+ PROJECTS OwnersEngineer •Detailed Project Report (DPR) •Procurement Assistance •Design Vetting •Construction Supervision •Plant Handover LendersEngineer •Techno - Commercial Assessment •Construction Progress Reporting •Generation & Operations Reporting DetailedEngineering •Basic Drawings •Detailed Drawings & Calculations •Field & Material Quality Procedures •As Built Drawings ProjectManagement •Implementation Schedule Adherence •Quality Adherence •Material & Work Certification •Health, Safety & Environment •Construction Management Policy&StrategicAdvisory •Bidding Assistance •Policy Advisory •Technical Due Diligence Benefitting by Providing Engineering & Advisory Services; Growing Demand backed by Strong Investment in Solar Power Sector RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  9. 9. Key Clients Solar Advisory Services - Clients Design Review & Detailed Engineering 2,750 MW Project Management 3,600 MW 2,570 MW Lenders’ Engineer 8,350 MW Policy & Strategic Advisory 11,490 MW Detailed Project Reports Key Lenders RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services Also Wind Clients
  10. 10. 800 MWp for Greenko in Andhra Pradesh India’s Largest Solar PV Plant in Single Location RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services Consulting Services Provided : - Due Diligence Services - Detailed Project Report - Detailed Engineering - Performance Acceptance Tests & Plant Handover - Project Management Consultancy
  11. 11. Solar EPC Services 190 MW 53 PROJECTS 180+ ENGINEERS Rooftop SolarShed Roof SolarGround Mounted Solar Services Offered Turnkey EPC Installation & Commissioning EPC Management Project Engineering √ √ (Selectively) √ Equipment Supply √ √ (Minor Equipment) - Project Execution √ √ √ (Management) Performance Guarantee √ Complete system √ (Equipment & Execution Only) √ (Design only) RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services Carport Solar
  12. 12. Solar EPC Services - Clients 25 MW Sunfan Energy, Karnataka 4.7 MW across, Madhya Pradesh 2 MW, Kenya Key Clients RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  13. 13. Samsonite South Asia Maharashtra, India RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  14. 14. Solar O&M Services 2200 MW 45 PROJECTS 210 EMPLOYEES  Long Term Contracts (5 to 10 years)  Annuity Revenue generation  Lead generation from Clients in Services & EPC segment  JV entity - Solarig Gensol Utilities Pvt. Ltd.  JV with Solarig Ngage from Spain;  49% held by Gensol Engineering  Started in 2015 RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  15. 15. Solar O&M Services - Clients Key Clients RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  16. 16. Thermography Drones Proprietary SCADA & Monitoring Centre I-V Curve Testing Robotic Cleaning CMMS Advanced Technology Onsite & At Monitoring Centres RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  17. 17. Analytics : Data Driven Performance Management RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  18. 18. Growth Trajectory – O&M Services RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services O&M Business has been growing at a CAGR of 300% with projects across 8 states in India and projects in 3 countries internationally.
  19. 19. RESCO Services 1.4 MW 3 PROJECTS  Gensun Renewables Pvt. Ltd. is subsidiary of GEL mainly focus on RESCO Services;  Entered into Power Purchase Agreement (PPA) for o Design o Manufacture o Supply o Erection o Testing and Commissioning  Power production from solar PV plants What is RESCO? Under the RESCO model, a rooftop area is made available by the rooftop owners for setting up solar projects. Rooftop owners derive revenues from lease rentals and/or cheaper power from solar PV projects, while the solar company can contract with buyers such as DISCOMs or other open access consumers and sell solar power generated from the project. RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  20. 20. RESCO Services - Clients APPA University – 600 kWp BLDE – 709 kWp KLE – 150 kWp Key Clients RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
  21. 21. Environment, Health & Safety
  22. 22. Engineering Projects Overview Innovative Projects Carried by Gensol TANGEDCO Kadaladi Solar Park Bhadla II Solar Park APGENCO Kadapa Solar Park Owners’ Engineer Acquisitio n/Merger Lenders’ Engineer SOLAR PARKS SOLAR AT AIRPORTS Chennai Airport Ahmedabad Airport Delhi Airport Four Oman Airport Owners’ Engineer MAHAGENCO - AG FeederOwners’ Engineer FLOATING SOLAR MAHAGENCO REC- Thermal Plants Reservoir JSW Energy Limited- Owners’ Engineer CANAL TOP SOLAR Owners’ Engineer UJVNL Sam Solar SOLAR For AGRICULTURE FEEDERS SINGLE WINDOW ONLINE WEBTOOL IFC – Rooftop Proliferation Tool for Maharashtra Energy Development Agency End Client MAHAGENCO Kacharala Solar Park Hyderabad Airport
  23. 23. Engineering Software & Tool’s Toestimatetheenergygenerationatvarious probability exceedanceetc. Shading Analysis to illustrate the sunshine availability at the areasbeing planned for SolarPVPanel Conducted to analyze the possibility of GlintandGlareof the solar PVpanels Hybrid Optimization Model for Multiple Energy Resources) nests three powerful tools, i.e., Simulation, Optimization & Sensitivity Analysis Computer-aided design (CAD) program used for 2-D and 3-D design and drafting. Roof/Area Optimization, Computer Aided Designing and Energy Generation Simulation
  24. 24. Global Presence National Presence across 22 Indian states with offices at Delhi, Ahmedabad, Pune International Presence across Africa, Middle East & South East Asia
  25. 25. Select Projects Executed Location Capacity (MW) Description of Services Client Maharashtra 2500.00 Policy Advisory Owner’s Engineer Maharashtra 4.50 Detailed Project Report Detailed Engineering Procurement Assistance in selection of EPC contractors Tamil Nadu 500.00 Owner’s Engineer Tamil Nadu 6.50 Owner’s Engineer Uttar Pradesh 1.00 Detailed Engineering Assam - Techno Commercial Feasibility Study Haryana - Techno Commercial Feasibility Study (Ongoing) Gujarat 1.02 Engineering , Procurement & Construction (Ongoing) Project Location Capacity (MW) Description of Services Client N'djemena, Chad 100.00 Detailed Project Report Mouila, Gabon 100.00 Detailed Project Report Saudi Arabia 6000.00 Detailed Project Report Seirra Lione, Africa 50.00 Detailed Project Report Seirra Lione, Africa 100.00 Pre-Bid Assistance Kenya 1.53 Detailed Design Nepal 4.00 Detailed Engineering Clean Communications Philippines 25.00 Detailed Engineering Green Tech solar Inc Afghanistan 10.00 Design Vetting Solargy (Leone) 1.40 EPC National International
  26. 26. Blue Ocean Strategies Strengthen our solar advisory & consultancy services portfolio Focus on developing O&M portfolio Expand our customer base by getting repeat orders from current clients & adding new clients Targeting new geographies in MENA and South Asia market Continue to focus on R&D activities and introduction of new technologies
  27. 27. Implement Group Level SAP ERP systems for faster decisions making and better governance. Gensol’s project is one of the first projects on SAP Cloud Platform on a global level Plan to capitalize on India’s Digital Sky programme and induct the advanced fleet of drones to extend best global practices in thermography inspection and aerial surveillance of solar plants, thereby adding significant value to its customers and bringing overall cost of operations down Plan to ramp up third party testing services significantly to further our market share with existing client base. Third party testing services position Gensol with the likes of TUV and DNV who operate in similar space but are not cost effective w.r.t. Indian market expectations Blue Ocean Strategies – Current Major Initiatives
  28. 28. Media Coverage
  29. 29. INDUSTRY DYNAMICS INCREASE IN SOLAR CAPACITY INVESTMENT WILL LEAD TO DEMAND IN ADVISORY & CONSULTING SERVICES
  30. 30. GOI has set targets to achieve 175GW in solar capacities by 2022…Renewable Energy capacities expected to become 3x in 5 years 58 78 100 123 148 175 FY17 FY18E FY19E FY20E FY21E FY22E Renewable Energy(GW) 63% 21% 16% RE break-up in FY16 Wind Other Solar 34% 57% 9% Proposed RE break-up in FY22 Wind Solar Other …with emphasis on ground-mounted as well as rooftop… …supported by falling capital cost of Solar PV project 5.1 10 16 23 31 40 12.7 23 33 43 52 60 FY17 FY18 FY19 FY20 FY21 FY22 Roof-top (GW) Ground Mounted Solar (GW) 17.8 32.8 48.8 65.8 83.3 100 80 69 51 40 26 23 19 17 15 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E FY22E Module Price Trend & Forecast (INR/Wp) Over the next 6 years the sector will need investment of ~ INR 4.7 trillion India Renewables – Solar Energy Solar Capacity (GW)
  31. 31. Interesting Facts on Solar Industry  Registered lowest ever solar tariffs in India of Rs.2.44 per unit in July, 2018  Registered lowest ever wind tariff of Rs.2.43 per unit in December, 2017 International Energy Agency estimates “India’s solar potential is greater than 750 GW” 0% 20% 40% 60% 80% 1990 1995 2000 2007 2012 2013 2014 2015 2016 2017 2018 2019 2020 Shifts in India's Energy Mix: 1990-2019 REs contribution Coal contribution Source: CEA
  32. 32. Green Energy : Impact Investment Did You Know? • Nearly 300 million Indians are still under electrified. • India’s 2 GW park in Karnataka to be World’s Largest:  To power nearly 1 million households;  To reduce CO2 emissions by 20 million tons a year Direct environmental benefits of Solar Energy:  Lower carbon dioxide and methane emission  No harmful greenhouse gasses  Cheaper source of electricity powering millions of households  PRI highlights that signatories allocated ~US$900 billion to renewable and alternative energy investments in 2016.  World Bank lent more than $1 billion for Renewable Energy in FY 2017 to India. Bank’s largest-ever support for solar power in any country. Source: PRI, World Bank, “An Assessment of India’s Energy Choices” by ISB, CPI, JNU, IIT Delhi
  33. 33. FINANCIAL PERFORMANCE DEMONSTRATED FINANCIAL PERFORMANCE ACROSS BUSINESS SEGMENTS
  34. 34. Financial Snapshot (1/3) FY16 FY17 FY18 FY 19 O&M 20 93 558 1047 Engineering & Advisory 445 988 2250 1697 EPC 747 5136 4094 5595 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 Service-wise Revenue Breakup (in lakhs) 37% 62% 16% 83% 60% 32% 8% 67% 21% 13% 2% Total 1212 6217 6902 8339
  35. 35. Financial Snapshot (2/3) 15 121 654 1304 FY16 FY17 FY18 FY19 Networth (in lakhs) 55 182 785 1005 FY16 FY17 FY18 FY19 EBITDA (in lakhs) 36 119 534 650 FY16 FY17 FY18 FY19 PAT (in lakhs) Return on Equity – 66.4% Return on Cap Employed – 70.2% 0263% 0443% 0262%
  36. 36. Financial Snapshot (3/3) Total Outstanding Order Book as on Q1 2019 ₹ 341.18 cr
  37. 37. Consolidated Balance Sheet Particulars (in lakhs) FY 19 FY18 FY17 FY16 EQUITY AND LIABILITIES Share capital 604 1 1 1 Reserves and surplus 700 653 120 13 Networth 1,304 654 121 15 Minority Interest (0) 1 - - Long-term borrowings 680 74 16 0 Long-term Provisions 42 28 21 10 Short-term borrowings 5 20 15 - Trade payables 919 952 230 132 Other current liabilities 1,138 810 558 379 Short-term provisions 201 104 35 13 Total 4,289 2,644 997 550 ASSETS Fixed Assets 842 88 14 17 Deferred Tax Asset (Net) 48 38 47 42 Long-term loans and advances - 23 0 - Other non-current assets 163 35 10 9 Trade receivables 2,256 1,639 642 349 Cash and Bank Balances 256 192 71 45 Short-term loans and advances 98 218 212 26 Other Current Assets 627 411 1 62 Total 4,289 2,644 997 550
  38. 38. Consolidated Profit & Loss Statement Particulars (in lakhs) FY19 FY18 FY17 FY16 Revenue from operations 8,339 6,902 6,217 1,212 Other income 47 62 15 4 Total Revenue 8,385 6,964 6,232 1,216 Expenses: Purchase of stock in trade 3,458 3,227 4,179 472 Employee benefits expense 1,532 1,085 604 331 Other expenses 2,390 1,867 1,266 358 EBITDA 1,005 785 182 55 Depreciation and amortization expense 44 12 12 1 EBIT 961 773 171 54 Finance costs 77 28 4 2 PBT 884 745 166 52 Tax expense: (1) Current tax 244 203 52 13 (2) Deferred tax (10) 9 -5 3 PAT 650 534 119 36
  39. 39. Consolidated Cash Flow Statement Particulars (in lakhs) FY19 FY18 FY17 FY16 Cash flow from Operating Activities Net profit before taxation, and extraordinary items 884 745 166 52 Adjustments for : • Depreciation & Amortisation 44 12 12 1 • Interest & Finance Cost 77 28 4 2 • Interest income (6) (6) (2) - Operating Profit Before Working Capital Changes 999 779 181 55 Adjusted for (Increase)/ Decrease: • Trade Receivables (617) (997) (293) (243) • Other Current assets (344) (435) 60 (55) • Loans and advances and other assets 143 (29) (186) 5 • Trade payables (33) 722 98 103 • Other Current Liabilities & Provisions 274 265 199 170 Less : Income Tax paid (80) (141) (52) (19) Net Cash Flow from Operating Activities (A) 343 165 6 15 Cash flow from Investing Activities Purchase of Fixed Assets (798) (85) (9) (17) Bank Deposit Matured (47) (7) (48) (1) Interest Income 6 6 2 - Net Cash Flow from Investing Activities (B) (839) (87) (55) (19) Cash Flow From Financing Activities (Payment)/ Proceeds From Share Capital/Minority Interest Holders - 0 - - Proceeds from long term borrowings 605 59 16 - (Repayments)/ Proceeds from short term borrowings (Net) (15) 4 15 - Interest & Financial Charges (77) (28) (4) (2) Net Cash Flow from Financing Activities (C) 513 35 27 (2) Net (Decrease)/ Increase in Cash & Cash Equivalents (A+B+C) 17 113 (22) (5) Cash and cash equivalents at the beginning of the period 130 16 38 43 Cash and cash equivalents at the end of the period 147 130 16 38
  40. 40. IPO OPPORTUNITY
  41. 41. IPO Details Sr. No. Particulars Amt. (INR in lakhs) 1. Fundingofworkingcapital requirement 1,350 2. GeneralCorporatePurposes [▪] IPO Details Issue Size Upto21,60,000 Equity Shares Issue Size inAmount INR 17.49 crs – INR 17.93 crs FaceValue INR10 PriceBand INR 81 – 83 Pre Issue No. of Shares 60,42,737Equity Shares Post Issue No. of Shares 82,02,737 Equity Shares Listing On BSE SME Bid/ Issue Opens On September 30, 2019 Bid/ Issue Closes On October 4, 2019 Shareholding Pattern Pre-IPO Post-IPO Promoter & Promoter Group Holding 96.00% 70.72% PublicHolding 4.00% 29.28% Book Running Lead Manager PantomathCapitalAdvisorsPvt.Ltd. Registrar to the Issue Link Intime India Pvt.Ltd. ReservationFor No. ofShares Market Maker 1,08,800 RetailPortion 10,25,600 Non-RetailPortion 10,25,600 Utilization of Net Proceeds
  42. 42. Investment Rationale Why Invest in Gensol Engineering Integrated Services Offerings for entire Solar Value chain Clienteles includes Soft Bank, ReNew Power, Adani, etc Growing pie of Annuity revenue generating O&M business Strong Human capital - Experienced team of Management, Engineers, R&D Continuous investment in R&D and Technology Demonstrated Operational Track Record in field of Services & Consultancy to Solar Companies, Banks & Other Stakeholders Huge Addressable Market : Domestic as well as Overseas Robust financial track record across segments 1 2 3 4 5 6 7 8
  43. 43. THANK YOU Registered Office SCO : 156-157, First Floor, Sector 9C, Madhya Marg, Chandigarh -160009, India Corporate Office A2, 12th Floor, Palladium, Opposite Vodafone's House, Corporate Road, Prahladnagar, Ahmedabad - 380051, India Gensol Engineering Ltd | Solarig Gensol Utilities Pvt Ltd | Gensun Renewables Pvt Ltd THANK YOU!

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