IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — India Grid Trust — Q2 FY23 Earnings Presentation
22 slides from IndiGrid Infrastructure Trust's earnings presentation, November 2022
Slide 1: Investor Presentation Q2 FY23 Results
I N V E S TOR P R E S E N TA TION Q 2 FY23 R E S U LTS 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: Vision
Vision 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 • Minimum 90% of Net 70% • Stable cash flows • Creating growth cash flo
Slide 4: Q2 FY23 Quarterly Update
Q2 FY23 Q UARTERLY UPDATE 4
Slide 5: Q2 FY23 Highlights
Q2 FY23 Highlights Portfolio Growth ❑ Acquired Raichur Sholapur Transmission Limited (RSTCPL) for ~ ₹ 2,500 million on 09th November 2022 ❑ RSTCPL, ISTS transmission project consisting of a 765kV single circuit line with line length of ~208 ckms Superior Financial Performance Total Returns ❑ Q2 FY23
Slide 6: Q2 FY23 Industry Update
Q2 FY23 Industry Update Power Demand and Supply Trend 7% CAGR ❑ Average quarterly peak power demand registered at 196.5 GW for Q2 FY23 200 194.0 196.5 ❑ Peak power demand witnessed light improvement (1% up) YoY due to a higher base of Q2 190 FY22 post Covid 2nd wave recovery in 2021 180 172.5 ❑ Indi
Slide 7: Q2 FY23 Operational Performance
Q2 FY23 Operational Performance Q2 FY23 availability(%) 99.97 99.96 99.95 99.92 99.99 99.98 99.97 99.17 99.93 100.00 97.44 99.86 ❑ Zero Harm on HSE 94.78 ▪ 1 Million Safe Manhours milestone achieved ▪ Zero Fatality, Zero LTI (Loss Time Injury) ❑ Transmission Availability ▪ Q2 FY23 Average availabi
Slide 8: Q2 FY23 Financial Performance
Q2 FY23 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) 5,807 ₹ Mn Q2 FY23 Q2 FY22 % change 5,476 5,354 5,040 Revenue 5,807 5,476 6% 3,840 EBITDA 5,354 5,040 6% 3,375 NDCF Generated 2,798 2,241 25% DPU (₹ per unit) 3.30 ~3.19 4% Q2 FY21 Q2 FY22 Q2 FY23 Q2 FY21 Q2 FY22 Q2 FY23 Collections
Slide 9: Q2 FY23 Distribution Update
Q2 FY23 Distribution Update Particulars Q2 FY23 Q2 FY22 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.30 ~3.19 - Interest ~3.111 1.86 3.30 3-4% YoY growth - Dividend NIL 0.052 3.19 3.10 - Capital Repayment/Others ~0.191 1.28 3.00 3.00 Outstanding Units (Mn) 700.2 700.2 Gross Distrib
Slide 10: Q2 FY23 Consolidated EBITDA to NDCF Waterfall
Q2 FY23 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 141 1 5,309 5,221 16 -21 -229 -17 Reserve worth 2,798 ₹ 487 Mn -2,392 replenished during -10 the quarter; reserve balance at ~ ₹ 1,536 Mn 487 -2,311 EBITDA at SPV Finance cost WC Movement Capex Tax at SPV NDCF at SPV Expenses at Finance cost at
Slide 11: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing (~ ₹ 130 Bn) AAA Rated ~7.51% INR 11.51 Bn By CRISIL, ICRA & Average Cost of Cash 3 4 India Ratings Debt Balance1 10 7 29 ~77% ~57% >2.19x Fixed Rate Net Debt/AUM EBITDA/Interest 14 Borrowings ❑ Weighted average cost of borrowing for incremental debt at ~7.50% in
Slide 12: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 14% 12% 10% 14% 10% 35%2 Total Returns1 31% 35% 105% 86% 66% 117% 68% 52% 43% 39% 100% 54% 39% 77% 34% 36% 62% 9% 12% 18% 29% 14% -3% -1% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT (10 year)
Slide 13: RSTCPL – Acquisition Completed
RSTCPL – Acquisition Completed Raichur Sholapur Transmission Company Private Limited (RSTCPL) • ISTS TBCB transmission project connecting Raichur in Karnataka and Sholapur in Maharashtra Asset Overview • 765 kV single circuit line with a line length of ~208 ckms • Operational since July 2014 • BOOM;
Slide 14: Business Outlook
Business Outlook Portfolio Strategy ❑ Focus on maintaining stable operations for predictable and sustainable distribution while looking for value- accretive acquisitions ❑ Delivering on increased DPU Guidance of ₹ 13.20 for FY23 ❑ ~₹.1,400 Bn worth of transmission projects to be added to the grid by
Slide 15: Annexures
A NNEXURES 15 15
Slide 16: Footprint
Footprint ~INR 214 Bn1,2 19 STATES & 1 UT ASSETS UNDER MANAGEMENT 57 REVENUE GENERATING ELEMENTS2 ~7,790 ckms 2 ~14,550 MVA2 42 LINES 12 SUBSTATIONS 100 MW(AC) ~29 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 2x315 MVA (400/220 kV GIS 765 kV S/C substation) 765 kV D/C 2x500 MVA (400/220 kV G
Slide 17: Asset Portfolio
Asset Portfolio 12 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Solar Generation 1 Under Construction TBCB Transmission Projects Transmission Project Transmission Project Asset Transmission Project Availability AUM2 FY23 Tariff Metal Asset States Elements Contract COD (%) 1 (INR Million)
Slide 18: Corporate Structure
Corporate Structure Other Unitholders Sponsor* ~24% ~20% ~56% 100%^ Investment Manager (IIML) Trustee 100% 100% 100% IGL IGL 1 IGL 2 100% 100% 100% 100% 100% 100% 70% 30% 100% 100% 100% 100% 100% 74% 100% 100% 100%** BDTCL JTCL RTCL PKTCL MTL NTL Kallam OGPTL PTCL ENICL GPTL JKTPL PrKTCL# NER-II Sol
Slide 19: Diversified Investor Base
Diversified Investor Base As on Sep 30, 2022 Corporates & Supported by marquee long term investor base Retail Trusts 21% 15% Insurance 8% ~24% owned by DIIs including insurance companies, mutual Others Other FIIs 2% funds, pension fund and corporates 10% Retail Holding at ~21% ; quadrupled in value
Slide 20: Experienced Board of Directors
Experienced Board of Directors • Over 30 years of rich experience, currently independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of Westlife Development Ltd., Jubilant Pharma Ltd. and Global Moats Fund • Member of the Asia-Pacific Infrastructure team of
Slide 21: Glossary
Glossary AC Alternate Current JKTPL Jhajjar KT Transco Private Limited AIS Air Insulated Substation M/C Multi Circuit AUM Assets Under Management Mn Million Availability Percentage amount of time for which the asset is available for power flow MT Metric Tonne BDTCL Bhopal Dhule Transmission Company
Slide 22: Thank You
T H AN K Y O U 22