TD POWER SYSTEMS LIMITED

June 2016

Company Presentation

BUSINESS STRUCTURE

Manufacturing

Manufacturer of AC Generators
(Up to 200 MW)
o Diversified portfolio customized for a wide range of turbines (steam, gas, hydro and wind) and
engines (diesel and gas)
o Since inception, manufactured 3,072 generators, including generators exported to 72
countries, with aggregate output capacity of 23,407 MW
o Three manufacturing facilities in Bangalore, backed by captive power/water supplies and a
well-developed ancillary vendor network
o Sales through OEMs, which are turbine and engine manufacturers; strong engineering
consultant relationships allow deep involvement in project tendering
Projects business
(Turbine Generator Island projects of output capacity up to 52 MW)
o Steam turbine power plant projects combining TDPS generators with Japanese turbines
o Completed 108 TG island projects with aggregate output capacity of 2,217 MW
o Projects executed in India, Uganda, Kenya, Zambia and the Philippines

Projects

EPC business
(Engineering, Procurement, Construction of Projects of output capacity utp 150 MW)
o Steam turbine power plant projects based on equipment sourced from multiple global OEMs
o Completed 13 BTG island projects with aggregate output capacity of 997 MW
2

STATE OF THE ART MANUFACTURING FACILITIES AND COST

EFFICIENT PRODUCTION
Manufacturing units with advanced machines help in delivering competitively priced products with
the highest quality standards
Unit I - 157,624 sq ft
ISO 9001:2008 compliant
manufacturing units in
Bangalore

Core building, Coil making, Winding & Machining

Impregnation and curing Balancing
Final assembly and testing
Material Handling & General Facilities
Power House
R&D Centre
Quality lab and instruments

Unit I Factory

Unit II 219,756 sq ft
Core building, Coil making, Winding & Machining
Impregnation and curing Balancing
Final assembly and testing
Material Handling & General Facilities
Power House
R&D Centre
Quality lab and instruments

Unit II Factory

2 Pole Factory 78,449 sq ft

Core building, Coil making, & Winding
Impregnation and curing
Final assembly and testing
Material Handling & General Facilities
Power House (Common with Unit 2)
R&D Centre (Common with Unit 2)
Quality lab (Common with Unit 2) and instruments

2 Pole Factory

FINANCIALS : FY17 Q1

Particulars (Rs Million)

FY17 Q1

FY16 Q1

Y-on-Y Change

851.38

1,038.83

(18)%

52.34

44.72

17%

Margins (%)

6.15

4.30

Depreciation

70.41

72.33

(3)%

8.25

10.68

(23)%

PBT

(26.32)

(38.29)

Tax

(4.36)

8.43

PAT

(21.96)

(46.72)

Total Income
EBITDA

Interest

PENDING ORDER
Total Rs. 4,105 Million
2,084

Domestic

1,053

968

Export

Deemed Export
1,121

1,053

968

963

Domestic

Export

Deemed Export

Manufacturing Rs. 2,984 Million

Domestic

Export

Deemed Export

Projects Business Rs. 1,121 Million

REVENUE ANALYSIS
Total Revenue* Rs. 876 million
395

368

113

Domestic

Export

Deemed Export

361

16

77

302

113
7
Domestic

Export

Deemed
Export

Manufacturing Revenues* Rs. 776 million

Domestic

Export

Deemed
Export

Projects Business - Rs. 84 million

* Prior to inter-segment and inter-company eliminations

Domestic

Export

Deemed
Export

EPC Business - Rs. 16 million

6

BUSINESS SEGMENT : MANUFACTURING

Business highlights

AC Generators for various applications

One of the leading manufacturers of AC Generators in the

range of 1 MW up to 200 MW for prime movers such as
steam & gas, and upto 52 MW for hydro, wind turbines,
diesel and gas engines.

Turbines
Steam
Up to 200 MW

Three manufacturing facilities in Bangalore equipped with

the latest technology.

Our generators have

engineering consultants.

been

approved

by

Hydro

Wind

Horizontal - Up to 15 MW
Vertical Up to 35 MW

3 MW

Engines

3,072 generators supplied as of June 30, 2016 with an

aggregate output capacity of over 23,407 MW in 72
Countries.

Gas
Up to 20 Mw

Diesel

Gas

Up to 15 MW

Up to 12MW

Special Applications

Other Generators

For Motor /transformer testing

leading

Geo Thermal / Solar application

Customized

Key Segment Financials (Rs Mn)

15%

15%

13%

Revenue Analysis FY 17 Q1 (Rs. 776 Mn)

302

361

113

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-

8%
3,768
2,940

447

482

FY14

Deemed Export

775

482

FY15
Revenue

Export

3,816

3,259

FY13

Domestic

9%

352

FY16

64

FY17 Q1

EBITD

EBITD Margins

Segmental revenues without inter-segment & inter-company elimination. Segmental EBITD

margins is on consol levels after adjusting income/expenses of wholly owned subsidiary.
EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization

BUSINESS SEGMENT : MANUFACTURING

Product-wise sales (%)
100%
90%

Key end user industries (%)

100%

0%
5%
10%

0%
5%
23%

80%

7%
6%

11%

9%

1%
13%

90%

7%

80%

70%
39%

60%

29%

29%

50%
40%

Others

70%

Traction

60%

Gas

50%

Diesel

84%

Hydro

69%

30%

44%

20%

49%

49%

Steam

0%

FY15

23%

11%

7%
4%

11%
2%

30%

29%

39%

Others

13%
1%

Gas
Metal

29%

Hydro
Sugar

11%

22%

30%

Power

17%

18%
26%

8%

FY12

FY16

*Other units include generators for transformer motor testing applications not reflected in charts above

21%

17%

20%

0%

FY14

21%

30%

10%

FY13

1%
10%

0%

40%

10%

FY12

30%

34%

13%

12%

FY13

FY14

10%

FY15

FY16

* Others include Chemical, Food, Paper, Textile, Process, Wind, Distillery, Fertilizer etc

Pending Order FY17 Q1 (%) (Rs. 2,984 Mn)

Customer Profile FY 16 (%)

New Customers

Repeat Customers

Revenue of Top 10
Customers (%)*

5%

1,053
69%

69%
52%

54%

FY14

FY15

65%

968

963

95%

Domestic

Export

Deemed Export

FY12

FY13

FY16

* Of Restated Consolidated Net Sales

Product portfolio spread across diverse and loyal customer base

BUSINESS SEGMENT : PROJECT BUSINESS

Business highlights

TG Projects for steam turbine power plants with output capacity of up to 52 MW done under TD Power Systems Ltd

DF Power Systems Private Ltd, a wholly owned subsidiary, executes EPC projects for steam turbine power plants with output
capacity up to 150 MW

Executed 121 projects aggregating 3,214 MW in India and abroad (108 TG island projects and 13 BTG island projects)

Experienced teams with established track record and reputation for efficient project management

Power Projects order book as on June 30th 2016 stands at Rs. 1,121 Mn

TG Projects including Japan WOS - Key Segment Financials (Rs Mn)

9%

10%

5%

EPC Projects Key segment Financials (Rs Mn)

8%

4%

-10%

-15%

-31%

-94%

-30%

2,000
1,800

1,682

1,633

1,600
1,248

1,400

1,200

991

1,000

800

200

1,000

500
159

61

98

50

83

( 200)

1,218

613

600
400

1,577

1,500

FY13

FY14

FY15
Reve nue

FY16

EBIT D

FY17 Q 1
-26

231

64

16

FY13

FY14
-119

FY15
-240

( 500)
Revenu e

EBITD Margins

FY16
-218

FY17 Q1
-5

EBITD

EBITD Margins

Segmental revenues without inter-segment elimination, including Japan subsidiary

EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization

Established track record of executing power projects

FINANCIAL TRACK RECORD

Segmental Revenues Consolidated (Rs Mn)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

EPC
Project Business
Manufacturing

FY13
1,633
1,682
2,940

Segmental revenues without inter-segment elimination

FY14
1,218
613
3,259

FY15
1,577
991
3,768

FY16
231
1,248
3,816

FY17 Q1
16
83
775

EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization including Other Income

10

FINANCIAL TRACK RECORD

Segmental EBITDA Consolidated (Rs Mn)
800
600
400
200

0
(200)
(400)

EPC
Project Business
Manufacturing

FY13
64
159
447

Segmental revenues without inter-segment elimination

FY14
(119)
61
482

FY15
(240)
50
482

FY16
(218)
98
352

FY17 Q1
(5)
(26)
64

EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization including Other Income

11

P & L SNAPSHOT
Consolidated
Rs Mn

FY13

FY14

FY15

FY16

FY17 Q1

Sales

5,871

4,802

5.974

5,068

814

EBITDA

495

198

141

67

15

Depreciation (incl. Amortization)

124

150

288

288

70

EBIT

371

49

(147)

(221)

(56)

Other Income

308

341

245

202

38

34

36

40

50

PBT

644

354

59

(69)

(26)

Tax

227

126

68

23

(4)

Restated PAT

417

227

(9)

(92)

(22)

417

227

(9)

(92)

(22)

EBITDA margin (%)

8.4%

4.1%

2.40%

1.32%

1.80%

PAT margin (%)

7.1%

4.7%

(-0.2%)

(-1.8%)

(2.7%)

Interest and Finance Charges

Minority Interest
Restated PAT after minority interest

EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization and Other Income

12

BALANCE SHEET SNAPSHOT

Mar-13

Mar-14

Consolidated
As on
Mar-15

Source of Funds
Net Worth
Minority Interest
Borrowings
Deferred Tax Liability

5,348
4,941

5,851
5,076

5,691
4,940

5,162
4,733

5,466
4,716

270
137

630
146

574
177

276
153

602
149

Uses of Funds
Gross Block
Less :- Depreciation
Net Block
CWIP
Technical Knowhow
Net Working Capital incl. cash

5,348
2,447
449
1,998
162
3,188

5,851
2,788
594
2,194
540
3,117

5,691
3,542
876
2,667
49
2,975

5,162
3,681
1,136
2,545
7
37
2,574

5,466
3,693
1,201
2,492
7
34
2,934

Current Assets
Inventories
Sundry Debtors
Cash and Bank Balances
Loans & Advances
Current Liabilities
Provisions

6,259
530
1,778
2,905
1,046
2,938
133

6,946
863
2,218
2,404
1,461
3,680
149

6,245
760
1,551
2,721
1.212
3,095
175

5,340
881
1,552
2,258
648
2,567
200

5,871
1,142
1,718
2,310
701
2,745
191

Rs Mn

Mar-16

FY17 Q1

EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization and Other Income

13

SHAREHOLDING STRUCTURE

Shareholding %

0.03%
6.70%

TDPS Stock Price Movement

Promoters

8.01%

190
170

Mutual Funds
11.27%

Foreign Portfolio
Investors
54.05%

19.94%

Individuals

150
130
110
90

Corporate Bodies

70

Others

50
8-Sep-11
6-Sep-11

6-Sep-12

6-Sep-13
TDPS

6-Sep-14

BSE_SENSEX

6-Sep-15
BSE_CG

As on 30th June, 2016

14

3-Aug-16

THANK YOU