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Matrix Gas And Renewables Unlisted Shares

MATRIX Gas & Renewables Corporate Presentation - June 2024 **Overview:** Matrix Gas & Renewables presents itself as the fastest-growing gas aggregator and green hydrogen infrastructure player in India. The company aggregates natural gas and is expanding into green hydrogen production and infrastructure development. It sources gas on a medium-to-long-term basis and aims to contribute significantly to meeting India's energy demand through assured gas and hydrogen supplies at competitive prices. **Business Philosophy:** Matrix's strategic goals include becoming an Integrated Energy Value Chain Group in India and the largest private gas aggregator and green hydrogen developer. This involves establishing a dominant position in the gas and green hydrogen infrastructure sector, building a strong brand image, developing a satisfied customer base, creating a business with a strong moat structure, targeting a listing by FY 2025-26, and developing an AI-based digital system interface. **Problems Solved:** Matrix Gas and Renewables addresses challenges faced by industrial customers and City Gas Distribution (CGD) companies in procuring gas. These challenges include: * Need for ideal duration contracts * Lack of flexibility in contracts * Security of gas supply concerns * Complexity of gas transportation network management * Dealing with complex tax structures across different states * Difficulties in importing full cargo lots of LNG * Need for an AI-based digital system Matrix addresses these problems by providing a robust mechanism for gas supply. **Key Milestones:** * Emerging as the fastest-growing digital gas aggregator in India * Sourcing rLNG and domestic gas from major players like RIL, BP, ONGC, and Vedanta * Developed Digital Gas aggregation business with volumes of 225 mmscm till March′24 * Achieved Rs. 480+ Crore revenue in FY 2022-23 with Gross Margins of Rs. 58 Crore and Rs. 700+ Crores in FY 2023-24 * Successfully sourced Long Term Gas [4 Years] in recent bid auctions from Reliance - BP Consortium * Won prestigious Hydrogen EPC & BOO contracts from NHPC Ltd and National Chemical Laboratory, Pune * Won Production Linked Incentives (PLI) from the Government of India (SIGHT) Scheme for Electrolyser Manufacturing * Raised Rs. 350 Crore in the pre-IPO round * Acquired Gasonet for its City Gas Distribution business **Business Overview and Operations:** The company has achieved a gas aggregation peak of 1.50 mmscmd of rLNG and domestic gas from ex-Dahej, Hazira, RIL-bp, and ONGC. The gas is sold to both open market customers (0.75 mmscmd) and aggregators (0.75 mmscmd). The company has executed sales to 21 customers across 7 states via 5 pipeline networks. They handle increasing operational complexity setting up operational capability with multiple purchase, transportation and sale agreements. Achieved peak sales of 50,000 mmbtu/day and cumulative 86 mmscm volumes, delivering a gross profit margin of INR 58 Cr. **Customer Relationships:** Matrix leverages strong customer relationships and is empanelled with companies like BPCL, HPCL, DFPCL, GSFC, GNFC, Nayara Energy, MGL, IGL and OPAL. They also have firm contracts with NHPC and NCL for Green Hydrogen infrastructure development. The company highlights that its customers are AAA-rated and backed by 100% advance/SBLC. **AI-Based Digital Natural Gas Aggregation:** Matrix Gas and Renewables is developing an AI-based digital system for gas operations to improve customer service. **Financial Projections (Gas Aggregation Business):** The company provides financial projections for its gas aggregation business, showing increasing revenue and gross margins from FY 2022-23 to FY 2030-31. Revenue is projected to increase from Rs. 490 Crore to Rs. 2,735 Crore, and gross margin is projected to increase from Rs. 58 Crore to Rs. 306 Crore. **Sourcing Portfolio and Sales Contracts:** Matrix engages in long-term sourcing (1 to 4 years) from RIL CBM block, RIL-BP KGD6 block, and ONGC KG DWN block. The company is also focusing on long-term sale contracts with potential customers, including Saint Gobain India Pvt Ltd, Haryana City Gas, and fertilizer sector companies. Matrix has India Gas Exchange (IGX) presence. **City Gas Distribution (CGD):** Matrix has acquired Gasonet for its City Gas Distribution business. A summary of Gasonet's GAS MWP (Min. Work Program) shows distribution across several states in India. The company estimates cumulative Capex requirement of INR 2,200 Crores during 10 years for CGD Infra Development with NPV of INR 10,000 Crores. **Financial Projections (CGD):** The company provides financial projections for its City Gas Distribution business. **Hydrogen Initiatives:** * **Hydrogen EPC Projects:** Matrix is developing hydrogen projects from concept to commissioning for state-owned companies like NHPC, NTPC, NCL and private entities. * **Electrolyzer Manufacturing Plant:** Matrix is setting up an electrolyzer manufacturing plant with an alkaline-based 350 MW capacity by 2024. This capacity is planned to expand to 1 GW by 2026 and further to 2 GW by 2030. Matrix has been awarded Production Linked Incentive for electrolyzer manufacturing by the Govt. of India. * **Bio Hydrogen as fuel for mobility solutions:** MOU execution with SGH2 (US based Company) to setup Green hydrogen retail outlet for H2 cars with initial capacity to fuel 250 cars per day in NCR Delhi **Hydrogen EPC Projects (Under pipeline):** Matrix has multiple Hydrogen EPC projects under pipeline, including projects with National Hydro Power Corporation Ltd. (NHPC), National Thermal Power Corporation Ltd. (NTPC), National Chemical Laboratories (NCL), Etihad ESC, and Deepak Fertilizer and Petrochemical Ltd. **Project Synopsis:** * **NHPC, Kargil:** This project has comprehensive scope including Solar power generation to Green Hydrogen to storage, compression and dispensing. This plant will become one of its kind 1st Green Hydrogen plant to boost green hydrogen application in mobility sector significantly. * **NCL, Pune:** Matrix is first company to receive award of Hydrogen Valley Projects. * **Electrolyser Manufacturing:** Awarded 63MW PLI by SECI ( MNRE ) for manufacturing of Electrolyzer **Financial Projections (Hydrogen Generation & Electrolyser Manufacturing):** The company presents financial projections for both hydrogen generation (BOO & EPC model) and electrolyser manufacturing, forecasting significant revenue and profit growth in both sectors. **Financial Projection for Matrix Consolidated - All Businesses:** The presentation includes consolidated financial projections for all Matrix businesses, showing projected revenue growth from Rs. 1,487 Crore in FY 2024-25 to Rs. 7,940 Crore in FY 2030-31 and a net profit growth from Rs. 98 Crore to Rs. 1,053 Crore over the same period.

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