Transcript PTC India Financial Services Limited

PTC India Financial Services Limited
November 2011
Our Vision and Mission
Vision
Mission
2
Be the most preferred financial services
partner in the entire energy value chain.
To partner and forge strong relationships
with credible stakeholders to provide
complete financial services for all links in
the energy value chain.
Business Activities of PFS
To provide Investment and Financing solutions for the broader Energy Value Chain
Scope of business activities



Across energy
Value Chain
Debt
Financing
Fee Based
Services
Equity
Financing
To the companies engaged in
identified target sectors
Invest in identified projects

Power Exchange

Tolling projects

Biomass projects

Wind projects

Coal projects

Investment in cross border
transmission link

Term Financing

Financial solutions and advisory
3
PTC’s lineage
Invest in Greenfield projects,
Brownfield projects and provide
expansion capital on an ongoing
basis
Structured
Products
Strategic financial partnership to bring in :

Fund management best practices

Strong relationship with global investors
Shareholding Pattern as at September 30, 2011
Bodies Corporate
Individuals / NRIs & Others
3%
8%
Mutual
Insurance
Funds
Companies
1%
3%
Banks / FI
3%
PTC India Limited
FIIs
22%
FIIs
PTC India Limited
60%
Banks / FI
Insurance Companies
Bodies Corporate
Mutual Funds
Individuals / NRIs & Others
4
Our Shareholders
Top 10 shareholders as at September 30, 2011
Name
No. of
%
Name
shares
Equity
PTC India Limited
337,250,001 60.00 Life Insurance Corporation Of
India
GS Strategic Investments Ltd
48,666,667
8.66 Bajaj Allianz Life Insurance Co.
Ltd
HSBC Bank (Mauritius)
20,691,920
3.68 State Bank Of India
Limited A/C GMFA Asia
Venture Ltd
Macquarie India Holdings Ltd 19,466,667
3.46 Capital International Emerging
Markets Fund
Emerging Markets Growth
15,933,450
2.83 HDFC Trustee Company Limited
Fund, Inc.
- HDFC MF Monthly Income
Long Term
No. of
%
shares
Equity
13,882,595
2.47
12,147,346
2.16
11,355,601
2.02
10,220,735
1.82
5,610,613
1.00
Other institutional shareholders as at September 30, 2011
Corporation Bank
Indian Overseas Bank
Citigroup Global Markets Mauritius Private Limited Union Bank Of India
Aviva Life Insurance Company India Limited
Indian Overseas Bank
General Insurance Corporation Of India
IBM Diversified Global Equity Fund
BNY Mellon Vietnam India & China VIC Fund
Government Of Singapore Investment Corporation
5
Highlights of Income Statement
Amount’ Rs. in millions
Q2 FY
2012
Interest income
Interest expense
Net interest income
Other operating income
Operating expenditure
Foreign exchange translation loss
Profit from operations
Other Income
Profit before tax
Tax expense
Profit after tax
Q2 FY
2011
H1 FY
2012
H1 FY
2011
FY 2011
300.43
160.41
189.31
86.07
540.94
312.61
318.04
160.01
742.56
426.51
140.03
223.40
70.24
43.55
249.64
54.41
304.05
77.68
226.37
103.25
161.66
16.54
248.37
10.59
258.96
54.81
204.16
228.33
309.84
159.87
43.55
334.75
119.92
454.67
125.92
328.75
158.03
189.11
41.11
306.03
28.89
334.93
79.83
255.10
316.05
294.56
147.70
462.90
51.41
514.31
144.04
370.27
* Includes fund raising expenses, provision for contingencies and other expenditure incurred during
H1 FY 2012
6
Operational Highlights
Cumulative debt sanctioned
Outstanding loan book
9 914
50 000
10 000
45 707
Rs. millions
Rs. millions
30 319
30 000
16 823
20 000
10 000
6 000
3 022
4 000
200
2 000
2 843
-
-
-
FY 2008
FY 2009
FY 2010
FY 2011
FY 2008
Q2 FY
2012
20,00
16,03
14,10
13,20
Q2 FY
2012
13,84
12,00
8,74
5,84
4,00
3,88
2,83
10,35
9,89
8,17
6,55
8,00
-
3,49
Q2 FY 2011
NIM (%)
7
FY 2011
16,44
6,57
4,00
FY 2010
16,00
10,22
8,00
FY 2009
20,00
16,00
12,00
6 801
8 000
40 000
Spread (%)
Q2 FY 2012
Cost of funds
H1 FY 2011
Yield
NIM (%)
Spread (%)
H1 FY 2012
Cost of funds
Yield
Highlights
Profit after tax increased by 29% to Rs.328.75 mn in H1 FY 2012 from Rs.255.10
mn in H1 FY 2011
Net Interest Income increased by 44% to Rs.228.33 mn in H1 FY 2012 from
Rs.158.03 mn in H1 FY 2011
Return on Assets of 1.90% for H1 FY 2012
Nil NPA as at 30th September 2011
NIM stands at 6.57% in Q2 FY12 as compared to 4.97% in Q1 FY12. NIM in FY11
was 6.42%. Net interest income considered for NIM excludes interest income on
temporary surplus funds
Spread stands at 3.88% in Q2 FY12 as compared to 3.03% in Q1 FY12. Spread in
FY11 was 4.63%.
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Resource Mix
Amount’ Rs. in millions
As at
September 30, 2011
Shareholders' Funds
Share Capital
Reserves and Surplus (including ESOPS
outstanding)
Loan Funds
Debentures
Term loans from banks
Short term loans
External commercial borrowings
Long term infrastructure bonds
Deferred Tax Liability
Total
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As at
March 31, 2011
5,620.83
4,886.27
5,620.83
4,556.10
2,900.00
2,359.14
387.50
488.00
420.86
42.67
17,105.27
2,900.00
2,377.89
420.86
49.87
15,925.55
Overview of Major Equity Investments
Equity Investments
Capacity
(MW)
Indian Energy
Exchange Limited
N.A.
Ind-Barath
Powergencom Limited
189
Ind- Barath Energy
(Utkal) Limited
700
Outstanding as
at 30.09.11
(Rs. Million)
Investment Status
•
57.66 •
•
•
435.03
•
•
1,050.00 •
•
Meenakshi Energy
Private Limited
East Coast Energy
Private Limited
R S India Wind Energy
Private Limited
Total
10
900
1,094.64
•
•
•
1,320
99
Operational since June 2008.
PFS holds 21% after divesting 5% stake during FY 2011.
Further divestment is underway.
The project is fully commissioned.
PFS has completely exited in October 2011
Financial closure has been achieved.
All clearances received and project is on track to be commissioned
by March 2012.
Phase I (300MW) project is expected to be commissioned in
December 2011
Phase II (600 MW) project is on track after financial closure and
expected to be commissioned in March 2013.
Project on track after financial closure.
Clearance from Expert Appraisal Committee , MoEF received on
1,333.85
recent environment issues.
• Received FIPB approval for swap of shares to the holding
company.
• Rs 539.44 million invested in 99.45 MW wind power project.
Phase I (41.25 MW) of the project fully commissioned and phase
611.21
II is under implementation
• Rs 71.77 million invested in WTG manufacturing facility housed
in a subsidiary company
4,582.39
Portfolio Mix – Debt Assisted Projects
As at September 30, 2011
Debt Sanctioned
Wind
3%
Solar
3%
Outstanding Loans
Others
13%
Others
20%
Wind
12%
Hydro
15%
Coal
64%
Gas
2%
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Coal
55%
Gas
9%
Hydro
4%
Fuel and PPA for Coal Based Projects (Debt)
Fuel Source
100% Domestic
Coal Linkage
100% Captive
Coal Block
Sanctioned & Disbursement
started (Case 1 or process of FSA
started)
Sanctioned
Group Company
but
having own
disbursement mines
yet to start
Others
Sanctioned & Disbursement
started
Sanctioned but disbursement yet
to start
100% Imported Coal through own mines
70% Domestic
Coal linkage +
30% Imported
Coal
Total
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Sanctioned & Disbursed
Sanctioned but documents yet to
be executed
Total No. of Projects
(Amount Sanction)
To% of total
sanction
PPA with PTC
(Long / Short
Term)
PPA with State
Utilities / Captive
2
6.68%
1
2
(106.87)
1
12.49%
1 (Captive)
(200)
1
7.81%
(125)
5
19.92%
3
2
(319.17)
2 (450.00)
28.11%
1
7.50%
1
-
(120.00)
1
7.50%
2
-
(120.00)
1
9.99%
(160.00)
14
100%
7
6
2 (Captive)
Way Forward
Focus on renewable
power and other emerging
segments of power sector
13
Expand fee based
services and CER
financing
Continue to develop
strategic partnerships
with international
finance institutions
Maintain optimal mix
of equity investments
and debt financing
Offer comprehensive
structured financing
solutions to private
power sector
developers
Consolidate position as
preferred financing
solutions provider,
especially for smaller &
medium power projects
Thank You
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