Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q2 FY2023 Earnings Presentation
38 slides from Gmr Airports's earnings presentation, Nov 14, 2022
Slide 1: Regulation 30 disclosure cover letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) November 14, 2022 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001. Bandra-Kurla Complex Scrip: 532754 Bandra (E) Mumbai
Slide 2: GMR Airports Infrastructure Limited Investor Presentation Q2FY2023
GMR Airports Infrastructure Limited Investor Presentation Q2FY2023 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 ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 5: GIL Performance Highlights – Q2FY23
GIL Performance Highlights – Q2FY23 Consolidated Financials • Gross Revenues: 9 ͪ10% QoQ; ͪ54% YoY to INR 15.9 bn in Q2FY23 • EBITDA 9 ͪ10% QoQ; ͮ5% YoY to INR 4.7 bn in Q2FY23. YoY declined mainly due to commencement of revenue share payment to AAI in Delhi Airport from April 2022 • Net profit afte
Slide 6: GIL Consolidated EBITDA (Proforma) – Q2FY23
GIL Consolidated EBITDA (Proforma) – Q2FY23 INR mn GIL Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL) Cebu EBITDA EBITDA (Proforma) 1,721 229 10,962 9,012 Consolidated Airport EBITDA (Proforma) is ~INR 11 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) 296 46 250 Airport, 231 , 92% Corporate, 19 , 8% Gross Debt Cash & equivalents Net Debt • Delhi Airport – INR 102 bn • Hyderabad Airport – INR 65 bn Note : FCCB of INR 1.99 bn not considered in debt
Slide 8: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 9: Key Highlights – Q2FY23
Key Highlights – Q2FY23 • FY22 – Key Business highlights Domestic traffic up 76% YoY and 75% YoY in Delhi and Hyderabad respectively in Q2FY23 Traffic • International traffic up 230% YoY each in Delhi and Hyderabad respectively in Q2FY23 • Goa Airport received ‘Consent to Operate’ from Goa State Pol
Slide 10: Passenger Traffic
Passenger Traffic Delhi Airport –Monthly Pax 1,2 Hyderabad Airport – Monthly Pax1,2 Domestic ('000) Domestic ('000) 5000 1800 4000 1500 3000 93% of pre-covid 1200 95% of pre-covid 2000 900 600 1000 300 0 0 Feb Apr Nov Dec Aug Sep Oct Jan Mar May Jun Jul Feb Aug Sep Oct Apr May Jul Nov Dec Jan Mar Ju
Slide 11: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo business traffic Delhi Airport Hyderabad Airport % of pre-Covid % of pre-Covid 120% 120% 100% 100% 80% 80% 60% 60% 87% of pre-covid 84% of pre-covid 40% 40% 20% 20% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 12: Our Assets
Our Assets Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 13: 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 Crete, Greece • Gateway to India – National Capital Cargo CAGR with large catchment area FY15–20 • Important Tourist 10.4% Partnerships 45.99% in Busines
Slide 14: Domestic Airports
Domestic Airports Humility | Entrepreneurship | Teamwork a7 £e | Learning And Inner Excellence | Social Respofsibility | Res}
Slide 15: Key Highlights – Q2FY23: Delhi Airport (DIAL)
Key Highlights – Q2FY23 Delhi Airport (DIAL) • Traffic ͮ2% QoQ; ͪ76% YoY to 15 mn pax • Gross revenue ͪ8% QoQ; ͪ42% YoY to INR 9.6 bn o Aero revenue ͪ1% QoQ; ͪ62% YoY o Non-aero revenue ͪ14% QoQ; ͪ60% YoY 9 Retail incl. Duty Free ͪ18% QoQ; ͪ2.8x YoY o CPD Rentals ͮ1% QoQ; ͮ16% YoY. YoY down due to t
Slide 16: Key Highlights – Q2FY23: Hyderabad Airport (GHIAL)
Key Highlights – Q2FY23 Hyderabad Airport (GHIAL) • Traffic ͮ3% QoQ; ͪ75% YoY to 4.9 mn pax • Gross revenue ͪ7% QoQ; ͪ90% YoY to INR 2.9 bn o Aero revenue ͪ6% QoQ; ͪ105% YoY) o Non-aero revenue ͪ9% QoQ; ͪ68% YoY 9 Retail incl. Duty Free ͪ20% QoQ; ͪ2.7x YoY • EBITDA of INR 1.7 bn in Q2FY23 vs INR 1.6
Slide 17: Operational & Financial Highlights YoY – Q2FY23
Operational & Financial Highlights YoY – Q2FY23 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars Q2FY2022 Q1FY2023 Q2FY2023 Q2FY2022 Q1FY2023 Q2FY2023 Net Revenues 6,118 4,851 5,120 1,470 2,628 2,804 EBITDA 3,801 2,154 2,296 493 1,573 1,656 Interest 2,507 1,9
Slide 18: Operational & Financial Highlights YoY – H1FY23
Operational & Financial Highlights YoY – H1FY23 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars H1FY2022 H1FY2023 H1FY2022 H1FY2023 Net Revenues 11,517 9,971 2,441 5,432 EBITDA 6,954 4,450 525 3,228 Interest 4,525 3,945 1,292 1,419 PAT (3,051) (1,370) (883)
Slide 19: Consolidated EBITDA (Proforma) – H1FY23
Consolidated EBITDA (Proforma) – H1FY23 Delhi Airport Hyderabad Airport INR mn INR mn Share of EBITDA from JVs/ Consolidated EBITDA Share of EBITDA from JVs/ Consolidated EBITDA Standalone EBITDA Subsidiaries (Proforma) Standalone EBITDA Subsidiaries (Proforma) 1,406 5,855 988 4,216 4,450 3,228 Cons
Slide 20: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 41% YoY in Q2FY23 ATMs increased 37% YoY in Q2FY23 Domestic International (Nos '000 ) Domestic International (Nos '000) 38.3 106.8 5.7 22.2 27.9 75.6 2.7 12.1 32.6 84.6 25.2 63.5 Q2FY2022 Q2FY2023 Q2FY2022 Q2FY2
Slide 21: Non-Aero Revenues Performance YoY – H1FY23
Non-Aero Revenues Performance YoY – H1FY23 Delhi Airport Non-Aero Revenue Break-up INR 11.2 bn • Non-aero revenues ͪ60% to INR 11.2bn Cargo Advt. • Retail revenues ͪ3.3x YoY to INR 3.1bn 6% F&B 15% o Duty Free SPP increased to INR 973 in H1FY23 8% Ground Handling 6% from INR 941 in H1FY22 Space Rent
Slide 22: Key Highlights – Q2FY23: Goa, Bhogapuram, Nagpur
Key Highlights – Q2FY23 Goa Airport • Achieved physical progress of 91.32% as of Sep 30, 2022 • Multi Year Tariff Proposals for first control period filed to AERA and received Ad-hoc Tariff order - INR 450 per departing domestic passenger and INR 1100 per departing international passenger • The Ad-h
Slide 23: International Airports
International Airports Humility | Entrepreneurship | Teamwork a7 £e | Learning And Inner Excellence | Social Respofsibility | Res}
Slide 24: Key Highlights – Q2FY23: Cebu Airport
Key Highlights – Q2FY23 Cebu Airport (Phillipines) • Traffic ͪ2.2x QoQ;ͪ5.5x YoY to 1.46 mn pax • Revenue ͪ89% QoQ; ͪ3.3x YoY in constant currency terms o Pax growth ͪ2.2x QoQ, ͪ5.5x YoY; Air traffic movement ͪ2x QoQ, ͪ4.1x YoY o Operating expenses ͮ84% QoQ,ͮ84% YoY • Net loss after tax of INR 346 m
Slide 25: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q2FY2022 Q1FY2023 Q2FY2023 H1FY2022 H1FY2023 Q2FY2022 Q1FY2023 Q2FY2023 H1FY2022 H1FY2023 Revenues 170 303 572 333 874 170 292 551 333 843 EBITDA (72) 60 534 (167) 593 (72) 57 514 (167) 572 PAT (1
Slide 26: Key Highlights – Q2FY23: Crete and Medan Airports
Key Highlights – Q2FY23 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 • ~93% of Earth Works completed on Airport side. Works progressing in multiple fronts of Runway, Taxiwa
Slide 27: Well Placed to Build on Adjacencies
Well Placed to Build on Adjacencies
Slide 28: GAL plans to create 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 29: Phased approach across own network 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 30: 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 31: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 32: ESG
ESG Environment Profits • DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally under Airport Council International’s (ACI) Airport CSR Spend (Q2FY23) - INR 26.1 mn Carbon Accreditation program. Target is to achieve Net Zero by 2030 • DIAL is the 1st airpor
Slide 33: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 34: Annexures
Annexures Humility | Entrepreneurship | Teamwork ag a VY £e | Learning And Inner Excellence | Social Respofsibility | Reshect I
Slide 35: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C 33
Slide 36: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q2FY2022 Q1FY2023 Q2FY2023 H1FY2022 H1FY2023 Gross Revenue 10,339 14,440 15,884 19,530 30,324 Less: Revenue Share 730 4,137 4,622 1,596 8,759 Net Revenue 9,609 10,303 11,262 17,934 21,565 Total Expenditure 4,644 6,018 6,535 9,404 12,553 EBIT
Slide 37: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q2FY2022 Q1FY2023 Q2FY2023 H1FY2022 H1FY2023 Aero Revenue 1,364 2,194 2,207 2,441 4,401 Non Aero Revenue 3,746 5,256 5,994 7,042 11,250 CPD Rentals 1,666 1,416 1,406 3,510 2,822 Gross Revenue 6,776 8,866 9,607 12,993 18,473 Less: Revenue Sha
Slide 38: Annexure C: Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Q2FY2022 Q1FY2023 Q2FY2023 H1FY2022 H1FY2023 Aero Revenue 922 1,788 1,893 1,537 3,681 Non Aero Revenue 619 958 1,040 1,023 1,998 Gross Revenue 1,541 2,746 2,933 2,559 5,679 Less: Revenue Share 70 118 129 119 247 Net Revenue 1,470 2,628 2,804 2,441 5
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