NTPC Green Energy Ltd IPO

We are promoted by NTPC Limited, which has a legacy of around five decades, is one of India's largest power companies, and has experience in operating and maintaining power stations efficiently and in acquiring land for large power projects throughout India.

As of September 30, 2024, our Portfolio consisted of 16,896 MWs including 3,320 MWs operating projects and 13,576 MWs projects contracted and awarded. We are in the process of constructing 36 renewable energy projects in 6 states consisting of 13,576 MWs, contracted and awarded.

We along with the NTPC Group have a strong track record of developing, constructing and operating renewable power projects, driven by our experienced in-house management and procurement teams. Our superior execution capabilities are demonstrated by 5 decades of successful operations by NTPC Limited.

With strong parent support and diversified portfolio with long term PPA, the Company is able to maintain a healthy interest coverage ratio. (Source: CRISIL Report, November 2024). As of September 30, 2024 and March 31, 2024, our interest coverage ratio was 2.60 times and 2.64 times (on a restated basis), respectively, and, as of March 31, 2023 and March 31, 2022, was 2.80 times and 3.17 times (on a special purpose carvedout basis), respectively.

We benefit from a strong balance sheet and AAA rating from CRISIL as of May 8, 2024. We believe that our ability to leverage the NTPC Group's outstanding credit and its long-term relationships with financial institutions will continue to provide us with access to a low cost of capital.

There is a concentrated pool of utilities and power purchasers for electricity generated by its plants and projects. Accordingly, the company derived a significant portion (more than 87%) of its revenue from operations from the company top five offtakers in Fiscal 2024, with its single largest offtaker contributing around 50% of the company's revenue from operations in Fiscal 2024. Loss of any of these customers or a deterioration of their financial condition could adversely affect its business, results of operations and financial condition.

Its business and profitability is substantially dependent on the availability and cost of solar modules, solar cells, wind turbine generators and other materials, components and equipment for its solar, wind and other projects. The company is dependent on third party suppliers for meeting its materials, component and equipment requirements, and its top 10 suppliers accounted for 92.65% and 77.71% of the company supplies in the six months period ended September 30, 2024 and in Fiscal 2024, respectively. Any disruption to the timely and adequate supply, or volatility in the prices of required materials, components and equipment may adversely impact its business, results of operations and financial condition.

The company renewable energy project construction activities may be subject to cost overruns or delays which may adversely affect its business, results of operations, financial condition and cash flows. Further, its future growth is significantly dependent on successfully executing its contracted and awarded projects. In the event, the company is not successful in executing its contracted and awarded projects, the company's business, results of operations and financial condition may be adversely impacted.

Continue to grow project pipeline through prudent bidding and strategic joint ventures with PSUs and private corporates.

Focus on projects in new energy solutions like green hydrogen, green chemicals and storage

Drive efficiency and cost reductions in project execution and operating & maintenance.

Continue to contribute to India's sustainability efforts.