Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — FY2022 Earnings Presentation
40 slides from Gmr Airports's earnings presentation, May 18, 2022
Slide 1: GMR Infrastructure Limited filing cover letter
GMR Infrastructure Limited Corporate Office : New Udaan Bhawan , Opp. Terminal 3 Ind ira Gandhi Internati onal A irport New Delhi - 110 037 CIN : L45203MH1996PLC2811 38 T +91 11 42532600 F + 91 47197181 E gJlQJsecy.@gmrqroup 111 W www gmrgroup in May 18, 2022 BSE Limited National Stock Exchange of I
Slide 2: Investor Presentation FY2022 & Q4FY2022
GMR Infrastructure Limited Investor Presentation FY2022 & Q4FY2022 0
Slide 3: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 4: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 5: GIL Performance Highlights – FY22
GIL Performance Highlights – FY22 Consolidated Financials • Gross Revenues: ▲ 29% YoY to INR 46.0 bn in FY22 ▼ 6% QoQ; ▼ 17% YoY to INR 12.8 bn in Q4FY22 • EBITDA ▲ 2.7x YoY to INR 21.0 bn in FY22 ▼ 25% QoQ; ▼ 32% YoY to INR 5.3 bn in Q4FY22 • Net profit after tax1 Loss of INR 7.5 bn in FY
Slide 6: GIL Consolidated EBITDA (Proforma) – FY22
GIL Consolidated EBITDA (Proforma) – FY22 INR mn GIL Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL) Cebu EBITDA EBITDA (Proforma) 2,914 23,863 21,026 (77) Consolidated Airport EBITDA (Proforma) is INR 23.9 bn # also include airport subsidiaries 4
Slide 7: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt (Sector-wise) ^ (INR bn) (in INR bn, %age of total) 263 48 215 Airport, Corporate, 196 , 91% 19 , 9% Gross Debt Cash & equivalents Net Debt Net Debt increased QoQ mainly due to utilization of cash for capex and repayment of debt • Delhi Airport – INR
Slide 8: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 9: Key Highlights - FY22
Key Highlights - FY22 • FY22 Strong domestic traffic –recovery Key Business in Delhi and highlights Hyderabad Airports to near 100% of pre-Covid Traffic levels • Restrictions on International flights lifted on March 27, 2022 • Goa airport construction in full swing – inauguration planned in August 2
Slide 10: Covid Timeline in Indian Aviation
Covid Timeline in Indian Aviation Apr- Jun 2020 Jul-Sep 2020 Oct-Mar 2021 Apr- May 2021 Jun-Dec 2021 Jan-Apr 2022 Complete Restricted Good Covid 2nd Road to strong Covid 3rd Wave Lockdown Operations Recovery Wave Impact Recovery Domestic flight Ban extended on Int’l Bubble Air bubble Air b
Slide 11: Pax Traffic Recovering Strongly Post 3rd Covid Wave
Pax Traffic Recovering Strongly Post 3rd Covid Wave Delhi Airport – Daily Average Pax 1,2,3 Hyderabad Airport – Daily Average Pax1,2,3 Domestic ('000) Domestic ('000) 160 140 50 120 40 96% of pre-covid 100 92% of pre-covid 80 30 60 20 40 20 10 0 0 Feb Apr Nov Dec 10 - 16 Jan 17 - 23 Jan 24 - 31 Jan
Slide 12: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo Traffic unfazed by Covid Waves Delhi Airport1 Traffic to gain further momentum with covid cases subsiding, lifting curbs in airline % of pre-Covid 120% capacity and rise in vaccination 100% • Scheduled international operations began
Slide 13: Our Assets
Our Assets Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 14: Portfolio of World Class Assets
Portfolio of World Class Assets Current PAX (FY20) (mn) DIAL, New Delhi, India PAX CAGR • Marquee asset of 67.3 66/119 national importance FY15–20 • Gateway to India – National Capital Cargo CAGR with large catchment area FY15–20 10.4% Partnerships 45.99% in Businesses Crete, Greece • Ranked 1st in
Slide 15: Domestic Airports
Domestic Airports Humility | Entrepreneurship | Teamwork ay
Slide 16: Key Highlights - Q4FY22 Delhi Airport (DIAL)
Key Highlights - Q4FY22 Delhi Airport (DIAL) • Traffic ▼13% QoQ (▲23% YoY) to 11.9 mn pax. Q4FY22 impacted by third covid wave • Gross Revenue (▼2% QoQ, ▼30% YoY) to INR 8.0 bn o Aero revenue (▼8% QoQ, ▲26% YoY) o Non-aero revenue (▼1% QoQ, ▲25% YoY) Retail incl. Duty Free (▼5% QoQ, ▲60% YoY) o CP
Slide 17: Key Highlights - Q4FY22 Hyderabad Airport (GHIAL)
Key Highlights - Q4FY22 Hyderabad Airport (GHIAL) • Traffic ▼14% QoQ (▲13% YoY) to 3.8 mn pax. Q4FY22 impacted by third covid wave • Gross Revenue (▼14% QoQ, ▲6% YoY) to INR 1.9 bn o Aero revenue (▼10% QoQ, ▲9% YoY) o Non-aero revenue (▼19% QoQ, ▲2% YoY) Retail incl. Duty Free (▼7% QoQ, ▲69% YoY)
Slide 18: Operational & Financial Highlights YoY - Q4FY22
Operational & Financial Highlights YoY - Q4FY22 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars Q4FY2021 Q3FY2022 Q4FY2022 Q4FY2021 Q3FY2022 Q4FY2022 Net Revenues 9,420 7,804 7,893 1,739 2,148 1,845 EBITDA 6,841 5,475 4,706 773 1,095 593 Interest 1,927 2,088
Slide 19: Operational & Financial Highlights YoY - FY22
Operational & Financial Highlights YoY - FY22 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars FY2021 FY2022 FY2021 FY2022 Net Revenues 20,854 27,214 4,187 6,434 EBITDA 6,832 17,137 531 2,213 Interest 6,961 8,625 2,367 2,585 PAT (3,174) 177 (1,511) (1,081) De
Slide 20: Consolidated EBITDA (Proforma) – FY22
Consolidated EBITDA (Proforma) – FY22 Significant Contribution of JVs and Subsidiaries Delhi – Passenger Traffic increased 74% YoY Hyderabad – Passenger Traffic increased 54% INR mn INR mn Share of EBITDA from JVs/ Consolidated Proforma Share of EBITDA from JVs/ Consolidated Proforma Standalone EBIT
Slide 21: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 48% YoY ATMs increased 33% YoY Domestic International (Nos '000 ) Domestic International (Nos '000) 332.7 114.4 12.5 56.9 86.3 224.0 7.7 39.9 275.8 101.8 78.6 184.2 FY2021 FY2022 FY2021 FY2022 Destinations Pre-C
Slide 22: Non-Aero Revenues Performance YoY - FY22
Non-Aero Revenues Performance YoY - FY22 Delhi Airport Non-Aero Revenue Break-up INR 16.6 bn • Non-aero revenues ▲30% to INR 16.6bn • Retail revenues ▲2.3x YoY to INR 3bn Advt. Cargo 6% F&B 20% 7% o Duty Free SPP increased to INR 990 in FY22 from INR 848 in FY21 Ground Handling 6% • Cargo revenues ▲
Slide 23: Duty Free Performance Remained Resilient
Duty Free Performance Remained Resilient inspite of Volatile Traffic Scenario Delhi Airport Hyderabad Airport Duty free Int. traffic Duty free Int. traffic SPP (USD) (mn) SPP (USD) (mn) 16.0 1.20 12.00 0.25 14.0 1.00 12.0 10.00 0.20 10.0 0.80 8.00 0.15 8.0 0.60 6.00 6.0 0.10 0.40 4.00 4.0 0.20 2.00
Slide 24: Key Highlights - Q4FY22 Goa, Bhogapuram, Nagpur
Key Highlights - Q4FY22 Goa Airport • Construction & Development work is in full swing at multiple locations and the Airport is expected to be inaugurated during August 2022 • Achieved physical progress of 72% as of March 31, 2022 • Letter of Award for Construction of Expressway (NH 166S) connecting
Slide 25: International Airports
International Airports Humility | Entrepreneurship | Teamwork ay
Slide 26: Key Highlights - Q4FY22 Cebu Airport
Key Highlights - Q4FY22 Cebu Airport (Phillipines) • Traffic ▲98% QoQ (▲3.8x YoY) to 0.56 mn pax • Revenue (▲55% QoQ, ▲81% YoY) in constant currency terms o Pax growth ▲98% QoQ, ▲3.8x YoY; Air traffic movement ▲67% QoQ, ▲2.6x YoY o Operating expenses ▼3% QoQ,▼13% YoY • 23 domestic destinations conne
Slide 27: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q4FY2021 Q3FY2022 Q4FY2022 FY2021 FY2022 Q4FY2021 Q3FY2022 Q4FY2022 FY2021 FY2022 Revenues 159 186 289 1,595 787 159 181 279 1,595 792 EBITDA (126) (69) 40 251 (192) (126) (67) 39 251 (194) PAT (6
Slide 28: Key Highlights - Q4FY22 Crete and Medan Airports
Key Highlights - Q4FY22 Crete Airport (Greece) • Project is fully funded mainly through State Grant which is already received and Airport Modernisation & Development Tax. It is a debt free Project • Earthworks are progressing in multiple fronts of Runway, Apron, Terminal Building and Access Roads al
Slide 29: Well Placed to Build on Adjacencies
Well Placed to Build on Adjacencies
Slide 30: Focus on creating an asset light ancillary platform
Building on its existing capabilities, GAL plans to focus on creating an asset light ancillary platform… Current strategy Future strategy (expanding presence across (typical airport developer) value chain) Airport development and Self operated operations Self operated Self operated Concessioned out
Slide 31: Phased manner targeting opportunities across own and external airports
…in a phased manner targeting opportunities across both own network as well as external airports GAL platform growth strategy – significant progress made across all 3 phases Phase 1: Phase 2: Phase 3: Platform building Own / network airports External opportunities Build and scale ancillary Scale pla
Slide 32: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player Presence across most lucrative markets; Domestic and International Pax Traffic of Indian Airports grew @17.6% & 8.3% CAGR over FY14-19; India poised to rank 3rd in the world on pax traffic1 Mature tariff regime for aero revenue driving ‘Sustainable
Slide 33: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 34: ESG
ESG Environment Profits • DIAL became Asia Pacific's first Level 4+ (Transition) accredited airport and 2nd airport globally under ACI's Airport Carbon CSR thrust areas Accreditation program. • DIAL is the first airport registered with UNFCCC for Clean Development Mechanism for energy efficient meas
Slide 35: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 36: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 37: Annexures
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C 35
Slide 38: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q4FY2021 Q3FY2022 Q4FY2022 FY2021 FY2022 Gross Revenue 15,556 13,641 12,836 35,660 46,007 Less: Revenue Share 2,107 438 206 3,608 2,240 Net Revenue 13,449 13,203 12,630 32,052 43,767 Total Expenditure 5,593 6,048 7,289 24,173 22,741 EBITDA 7
Slide 39: Annexure B : Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q4FY2021 Q3FY2022 Q4FY2022 FY2021 FY2022 Aero Revenue 1,453 2,001 1,832 4,000 6,274 Non Aero Revenue 3,810 4,783 4,755 12,782 16,580 CPD Rentals 6,183 1,356 1,421 7,453 6,287 Gross Revenue 11,445 8,140 8,008 24,235 29,141 Less: Revenue Share
Slide 40: Annexure B : Hyderabad Airport (Standalone)
Annexure B : Hyderabad Airport (Standalone) INR mn Q4FY2021 Q3FY2022 Q4FY2022 FY2021 FY2022 Aero Revenue 1,092 1,327 1,190 2,781 4,054 Non Aero Revenue 728 919 741 1,631 2,683 Gross Revenue 1,820 2,246 1,931 4,412 6,737 Less: Revenue Share 81 99 86 225 303 Net Revenue 1,739 2,148 1,845 4,187 6,434 O