IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — IndiGrid — Q1 FY2022 Earnings Presentation
22 slides from IndiGrid Infrastructure Trust's earnings presentation, August 2021
Slide 1: Investor Presentation Q1 FY22 Results
I NVESTOR P RESENTATION Q 1 F Y 2 2 R ESULTS 1
Slide 2: Safe Harbor
Safe Harbor This presentation is prepared and issued by IndiGrid Investment Managers Limited (the “Investment Manager”) on behalf of and in its capacity as the investment manager of India Grid Trust (“IndiGrid”) for general information purposes only without regards to specific objectives, financial
Slide 3: Our Vision
Our Vision OUR VISION To become the most admired yield vehicle in Asia Focused Business Value Accretive Predictable Optimal Capital Model Growth Distribution Structure • Long term contracts • DPU accretive • Quarterly distribution • Cap on leverage at • Low operating risks acquisitions Y-o-Y • Minim
Slide 4: IndiGrid at a Glance
I N D I G R I D AT A G LANCE 4
Slide 5: IndiGrid – India's First Power Transmission Yield Platform
IndiGrid – India’s First Power Transmission Yield Platform ~INR 210 18 STATES & 1 UT Bn* AUM ACROSS INDIA 40 Lines 11 SUBSTATIONS ~7,570 ckms ~13,550 MVA 100 MW(AC) ~30 YEARS S OLAR G ENERATION RESIDUAL CONTRACT# ~11,550 >4,35,000 MT 765 kV S/C 2x315 MVA (400/220 kV GIS substation) Towers STEEL AND
Slide 6: Q1 FY22 Performance Update
AVA \\ rs \RS ie Wa Q1 FY22 PERFORMANCE UPDATE
Slide 7: Q1 FY22 Highlights
Q1 FY22 Highlights • Q1 FY22 Revenue & EBITDA grew by 53% YoY to INR 5,542 Mn and INR 5,039 Mn respectively Robust • Q1 FY22 DPU increased by 6% YoY to ~INR 3.19 vs INR 3.00 YoY Financials • Collections at 69% in Q1 FY22 as compared to 56% in Q1 FY21 • Net Debt/AUM at ~58%; AAA rated by CRISIL, Indi
Slide 8: COVID-19 Impact
COVID-19 Impact Impact on Demand: Impact on Collections: • Transmission tariffs are based on availability and not linked to • Collections at 69% in Q1 FY22 vs 56% YoY power flow • Collections impacted temporarily on account of seasonality • Power demand rebounded sharply, post temporary slump in Q1
Slide 9: Operational Performance – Q1 FY22
Operational Performance – Q1 FY22 Q1 FY22 Availability (%) 99.7% 99.8% 100.0% 99.9% 100.0% 100.0% 99.6% 99.9% 100.0% 99.9% 99.7% 99.8% • Consistent track record of maintaining superior availability and 98.4% maximize incentives; Q1 FY22 Average availability at ~99.7% • Increased Reliability: Trips/L
Slide 10: Financial Performance – Q1 FY22
Financial Performance – Q1 FY22 Consolidated Financials Particulars Q1 FY22 FY21 INR Mn Q1 FY22 Q1 FY21 % change Distribution per unit (DPU) (INR) ~3.19 12.20 Revenue 5,542 3,612 53% Interest ~3.04 10.61 EBITDA 5,039 3,295 53% Dividend ~0.15 0.52 NDCF Generated 1,684 2,205 -24% Capital Repayment/Oth
Slide 11: Consolidated EBITDA to NDCF Waterfall – Q1 FY22
Consolidated EBITDA to NDCF Waterfall – Q1 FY22 (In INR Mn) Reserve worth INR 548 Mn utilized during the quarter; balance reserve at INR 1,150 Mn Note: Working Capital includes factoring/discounting of receivables worth INR 500 Mn during the quarter (partly prepaid in July) 11
Slide 12: Robust Balance Sheet
Robust Balance Sheet Gross Borrowings** (INR 126.63 Bn) ➢ Debt worth INR 34.1 Bn raised in Q1 FY22 for refinancing and funding acquisitions As on June 30,2021 ➢ Weighted average cost of borrowing for incremental debt at ~7.57% 443 9 AAA Rated ~7.94% INR 10.12 Bn 9 44 By CRISIL, ICRA & Average Cost o
Slide 13: Superior Risk-Adjusted Total Returns for Investors
Superior Risk-Adjusted Total Returns for Investors Substantially higher than Gsec as well as comparable indices; Significantly better returns than NSE 500 Annualised Return 6% 16% 7% 13% 8% 8% 9% Total Returns 27% 83% 32% 66% 36% 39% 43% 90% 80% 70% 37% 60% 50% 40% 60% 30% 1% 27% 35% 14% 26% 20% 10%
Slide 14: Looking Ahead…
L OOKING A HEAD… 14
Slide 15: FY22 Business Outlook
FY22 Business Outlook • INR 500 Bn worth inter state (TBCB) and INR 450 Bn intra-state bids (TBCB) are expected to be tendered over next 3-4 years creating a healthy acquisition pipeline • Inter-state transmission bids worth INR 150 Bn expected in FY22 Portfolio • Additionally, inter-state transmiss
Slide 16: Annexures
ANNEXURES 16
Slide 17: Our Portfolio Assets
Our Portfolio Assets (In INR Mn) 11 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Solar Generation Asset Transmission Projects Transmission Project Transmission Project FY22 Tariff Metal (‘000 Metric Asset States Elements Contract COD Availability* AUM Contribution^ Ton) 6 Lines – 945 ckm
Slide 18: Our Corporate Structure
Our Corporate Structure Other Unitholders Sponsor* ~24% ~20% ~56% 74%^ Investment Manager (IIML) Trustee 100% 100% 100% IGL IGL 1 IGL 2 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 74% 100% 100% BDTCL JTCL RTCL PKTCL MTL NTL OGPTL PTCL ENICL GPTL JKTPL PrKTCL# NER-II FRV- I & II Initial Po
Slide 19: Diversified Investor Base
Diversified Investor Base As on June 30, 2021 Corporates & • Supported by marquee long term investor base Retail Trusts 21% 15% Insurance • ~25% owned by DIIs including insurance companies, 8% mutual funds, pension fund and corporates Other FIIs Others 11% 1% • Retail Holding inched up to ~21.3% ; q
Slide 20: An Experienced Board
An Experienced Board • Over 30 years of rich experience, currently he serves as an independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of Westlife Development Limited, Jubilant Pharma Limited and Global Moats Fund (Mauritius) Tarun Kataria • Previously,
Slide 21: Glossary
Glossary AUM Assets Under Management Availability Percentage amount of time for which the asset is available for power flow BDTCL Bhopal Dhule Transmission Company Limited CERC Central Energy Regulatory Commission DPU Cash paid to the Unitholders in the form of interest/ capital repayment / dividend
Slide 22: Thank You
T H AN K Y O U 22