Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q1 FY2025 Earnings Presentation
51 slides from Gmr Airports's earnings presentation, Aug 14, 2024
Slide 1: Disclosure under Regulation 30 cover letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly GMR Infrastructure Limited) August 14, 2024 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 Equity Scrip: 532754 Bandra (E) Debt Scrip
Slide 2: Investor Presentation Q1FY25
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) INVESTOR PRESENTATION Q1FY25 1
Slide 3: Disclaimer
Disclaimer All statements, graphics, data, tables, charts, logos, names, figures and all other information This Material and any discussions which follows may contain ‘forward looking statements’ relating to (“Contents”) contained in this document (“Material”) is prepared by GMR Airports Infrastruct
Slide 4: Corporate Overview
GAR AERO CORPORATE OVERVIEW
Slide 5: Leading global airports platform with end-to-end capabilities
Leading global airports platform with end-to-end capabilities across the airport value chain One of the largest airports platform #96 “Best Airport” in CY23 2nd Largest1 globally No. of airport assets In Asia Pacific catering 27%5 Largest in India under operations or to 40mn+ pax (DIAL) share of pas
Slide 6: Merger Completed
Merger Completed Corporate Structure Further Streamlined % of paid-up share capital Pre-Merger Post-Merger GMR Promoters Public Groupe ADP GMR Promoters Public 33.8% 58.9% 41.1% 32.3% 33.9% GMR Airports Infrastructure Ltd (GIL) GMR Airports Infrastructure Ltd (GIL) India Outside India Groupe ADP 51%
Slide 7: Portfolio of World Class Assets
Portfolio of World Class Assets Faster ramp-up expected given old airports with existing traffic to be closed post COD of new airports DIAL GHIAL MOPA Medan Mactan Cebu Bidar Nagpur Bhogapuram Crete Airport / % GAL stake (64%) (74%) (100%)6 (49%) (33.3%)5 (n/a%)1 (100%)2 (100%)6 (21.6%) Base city De
Slide 8: Poised for Breakout Growth
Poised for Breakout Growth Present across most lucrative Asian markets – Organic growth visibility given expansion at 1 Long term airport concessions to capitalize on the 5 Delhi, Hyderabad and Goa completed – EBITDA to growth in aviation market improve Mature and predictable tariff regime for Aero
Slide 9: Financial Highlights
GAR AERO 1 FINANCIAL HIGHLIGHTS ann
Slide 10: GIL Q1FY25 Consolidated Results at a Glance
GIL Q1FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.8mn 203.5 INR 249 INR 351 ▲ 7% YoY ▲ 6% YoY ▲ 9% YoY ▲ 3% YoY ▲ 1% QoQ ▲ 2% QoQ ▲ 3% QoQ ▼ 3% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 25.2bn INR 10.2bn INR 280bn Delhi – 99.9% Hyd – 99.9% ▲
Slide 11: GIL Financial Highlights
GIL Financial Highlights Strong YoY Growth in Revenue from Operations in Q1FY25 ▪ Revenue from Operations ▲19% YoY; ▼2% QoQ to INR 24.0bn ▪ YoY growth seen across airports Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Res
Slide 12: GIL Financial Highlights: Gross Income & EBITDA
GIL Financial Highlights Gross Income & EBITDA – Q1FY25 Margins Margins Margins 55% 48% 52% 25.7 25.2 21.3 INR bn 9.4 10.2 8.6 Q1FY2024 Q4FY2024 Q1FY2025 Gross Income EBITDA ▪ EBITDA: • Q1FY25: ▲ 8% QoQ; ▲18% YoY to INR 10.2bn with EBITDA margins at 52% ▪ Net Profit After Tax1 • Q1FY25: Loss of INR
Slide 13: GIL Consolidated EBITDA incl. JVs (Proforma)
GIL Consolidated EBITDA incl. JVs (Proforma) – Q1FY25 # 1 Consolidated EBITDA incl. JVs (Proforma) is ~INR 11.2bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Humility | Entrepreneurship | Teamwork & Respect
Slide 14: GIL Consolidated Debt – Q1FY25
GIL Consolidated Debt – Q1FY25 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) ▪ Gross Debt decreased by INR 4.1bn QoQ ▪ Net Debt increased by INR 8.8bn QoQ ▪ Key movements being: • Repayment of foreign currency notes at GHIAL ▪ Others mainly includes net debt of Bhogapuram Airport • Bor
Slide 15: Business Highlights
GAR AERO BUSINESS HIGHLIGHTS
Slide 16: GIL Operated Airport - Passenger Traffic
GIL Operated Airport - Passenger Traffic Continues to Achieve New Highs Pax Traffic and YoY Growth – Q1FY25 Pax Traffic and YoY Growth - FY24 ▪ In Q1FY25, airports operated by GIL handled 31.8mn passengers, up 7% YoY • Domestic and International pax traffic of airports up 5% YoY and 16% YoY ▪ Indian
Slide 17: Passenger Traffic: Delhi and Hyderabad Monthly Pax
Passenger Traffic Continues to Achieve New Highs Delhi Airport – Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic (mn) Domestic (mn) 5.5 2.0 4.5 1.5 3.5 1.0 2.5 0.5 1.5 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024
Slide 18: Key Parameters
Key Parameters Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 6% YoY in Q1FY25 ATMs increased 11% YoY in Q1FY25 Domestic International (Nos '000) Domestic International (Nos '000) 46.8 105.7 111.7 42.2 7.1 23.1 25.6 6.6 35.6 39.7 82.6 86.2 Q1FY2024 Q1FY2025 Q1FY2024 Q1FY202
Slide 19: GIL Key Highlights – Q1FY25 (1/3)
GIL Key Highlights – Q1FY25 (1/3) Merger of GAL ▪ Merger of GAL with GIL completed in Jul’241 with GIL ▪ Minority shareholders of GIL move closer to the Airport Assets & Cash Flows Completed ▪ GMR Promoters continue to remain as the single largest shareholders and retain management control over GIL
Slide 20: GIL Key Highlights – Q1FY25 (2/3)
GIL Key Highlights – Q1FY25 (2/3) ▪ All flights moved to T2 and T3 immediately post the incident; no material impact on passenger traffic Delhi Airport ▪ Staff at T1 deployed to T2 and T3 to ensure smooth operations. Further, DIAL has enhanced capacity through (DIAL) additional X-Ray machines and do
Slide 21: GIL Key Highlights – Q1FY25 (3/3)
GIL Key Highlights – Q1FY25 (3/3) Other ▪ GIL included as part of the newly launched Nifty Tourism India Index with a current weight of 14.8% Developments ▪ Delhi Airport submitted Tariff Proposal for 4th Control Period (1 Apr’24 to 31 Mar’29) in Q1FY25 ▪ Delhi Airport • Included in the ACI1 list of
Slide 22: Key Focus Areas for FY25 and beyond
Key Focus Areas for FY25 and beyond Deleveraging Work towards optimizing of debt at GIL Capex • Complete the ongoing expansion at Mopa (Goa) within FY25 • Accelerate the progress in greenfield projects at Crete and Bhogapuram Adjacencies business at platform level Regulatory Strengthen non-aero adja
Slide 23: Asset-wise Performance
GAR AERO s ASSET-WISE PERFORMANCE ually.
Slide 24: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 23
Slide 25: Delhi Airport (DIAL) Key Highlights – Q1FY25
Delhi Airport (DIAL) Key Highlights – Q1FY25 Total Income Revenues ▪ Destinations Connected: Q1FY25: INR 12.9bn; Aero Revenue • Domestic: 79; International 70 ▲7.5% YoY ▲9.0% YoY ▪ Submitted Tariff Proposal for 4th Control Period (1 Apr’24 to 31 Mar’29) in EBITDA Non-aero Revenue Q1FY25 Q1FY25: INR
Slide 26: DIAL Expansion 3A: Terminal 1 Impact in Numbers
DIAL Expansion 3A Impact in Numbers Earlier Key Parameters - Terminal 1 Post Expansion 17 Capacity (MPPA) 40 4 Check-In Islands 5 NIL Self Baggage Drop 36 4 Baggage Make-Up Carousels 9 8 (52 Mtr Each) Baggage Reclaim Carousels 10 (70 Mtr Each) NIL Passenger Boarding Bridges 22 Cont act St ands 3,240
Slide 27: DIAL Expansion 3A: Terminal 3 and Infrastructure
DIAL Expansion 3A Impact in Numbers Earlier Key Parameters Post Expansion Terminal 3 34 Throughput (MPPA) 45 12 Baggage Reclaim Carousels 14 12 Baggage Make-Up Carousels 13 Cont act St ands 1,575 International Transfers Area (Sqm) 2,945 Other Infrastructure 3 Runways 4 NIL Eastern Cross Taxiways Dua
Slide 28: DIAL Expansion 3A
DIAL Expansion 3A Departure Security Hold Area Baggage Reclaim Check-in Island And Frisking Booths Hall Arrival Meet Reserve Ceremonial and Greet Area Lounge Lounge Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibi
Slide 29: Hyderabad Airport (GHIAL) Key Highlights – Q1FY25
Hyderabad Airport (GHIAL) Key Highlights – Q1FY25 Total Income Revenues Q1FY25: INR 5.8bn; ▪ Destinations Connected: ▲21.4% YoY Aero Revenue • Domestic: 68; International 18 ▲24.2% YoY EBITDA ▪ New duty-free store opened which provides an additional facility for Non-aero Revenue passengers to shop Q
Slide 30: GHIAL Expansion Works
GHIAL Expansion Works East Processor - East Processor – West Pier (Bulb) – Departures Arrival Grand Entry Mezzanine Floor West Pier (Bulb) – East Processor – East Processor – Remote Departure Gates (International) Arrival Carousels Departures Village Area Humility | Entrepreneurship | Teamwork & Res
Slide 31: Mopa (Goa) Airport – GGIAL Key Highlights
Mopa (Goa) Airport – GGIAL Key Highlights – Q1FY25 Total Income Q1FY25: INR 946mn; Revenues ▲121% YoY ▪ Destinations Connected: Aero Revenue • Domestic: 17; International 3 EBITDA ▲1.7x YoY ▪ New international route announced: Uzbekistan Airways confirmed flight Q1FY25: INR 397mn; Non-aero Revenue o
Slide 32: Mopa (Goa) Expansion Program in Progress
Mopa (Goa) Expansion Program in Progress Physical progress ~88% Baggage Handling Apron Ground Support Equipment Node Works Area Area Building Passenger Boarding Visual Docking Fixed Link Screening Bridge Guidance System Bridge Machine Humility | Entrepreneurship | Teamwork & Respect for Individual |
Slide 33: Mopa (Goa) Expressway Connectivity
Mopa (Goa) Expressway Connectivity NH 166S Inaugurated on 11 Jul’24 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 32
Slide 34: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ Bhumi Pujan ritual (i.e. Ground Breaking Ceremony) performed on 1 Nov’23 ▪ Authority declared 14 Dec’23 as the Appointed Date ▪ Received approval from project finance lenders for debt of INR 32.15bn with a tenure of 18 years - three
Slide 35: Airports Operational and Financial Performance
Airports Operational and Financial Performance 34
Slide 36: Operational & Financial Highlights – Q1FY25
Operational & Financial Highlights – Q1FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q1FY2024 Q4FY2024 Q1FY2025 Q1FY2024 Q4FY2024 Q1FY2025 Q1FY2024 Q4FY2024 Q1FY2025 Net Income 6,689 7,339 7,556 4,557 5,304 5,532 428 1,215 946 EBITDA 3,778
Slide 37: Consolidated EBITDA (Proforma) – Q1FY25
Consolidated EBITDA (Proforma) – Q1FY25 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs / Subsidiaries Consolidated (Proforma) (Proforma) 2 3 22 3 Standalone EBITDA Share of EBITDA from J s Subsidiaries Consolidated EBITDA (Proforma) Standalone
Slide 38: Non-Aero Revenues Performance – Q1FY25
Non-Aero Revenues Performance – Q1FY25 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 7.7 bn Non-Aero^ Revenue Break-up INR 1.5 bn Others Others Ground Handling 15% 12% Retail (incl Retail (incl 8% Duty Free) Duty Free) 28% F&B 27% 21% F&B 10% Advt. Space Rentals 18% Advt. Space Renta
Slide 39: International Airports
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s 38
Slide 40: Medan Airport (Indonesia)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: • Q1FY25 at 1.71mn - ▼6% YoY; ▼4% QoQ on account of supply side constraints. Q1FY25 Passenger Traffic FY24 at 7.39mn Domestic International 1.7 mn pax ▪ Gross Income: ▲3% QoQ to INR 1.23bn in Q1FY25 • Aero revenue ▲1% QoQ to INR 883mn • Non-aero re
Slide 41: Crete Airport (Greece)
Crete Airport (Greece) Key Highlights ▪ Project is fully funded mainly through State Grant, which is already received, and Airport Modernisation & Development Tax. It is a debt free project ▪ Overall progress of ~36% achieved as of 30 Jun’24. Structural Concreting works of Passenger Terminal Buildin
Slide 42: Cebu Airport (Philippines)
Cebu Airport (Philippines)1 Key Highlights ▪ GMR continues to operate as “Technical Services Provider” until Dec'26 and will be entitled to additional deferred consideration based on the performance of the airport during the period ▪ Traffic – Q1FY25: ▲6% QoQ;▲9% YoY to 2.84mn pax; FY24: ▲47% YoY to
Slide 43: ESG Practices
GAR AERO ESG PRACTICES an
Slide 44: ESG
ESG Environment Social Key Initiatives: CSR Spend (Q1 FY25) - INR 25.40 mn • DIAL • Became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally under Airport Council Total beneficiaries - Over 20,000 International’s (ACI) Airport Carbon Accreditation program. Target i
Slide 45: For further information
For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in 44
Slide 46: Annexures
GAR AERO | ANNEXURES
Slide 47: Annexures index
Annexures Particulars No. ▪ Profitability Statement (Consolidated) A ▪ Financial Performance • Delhi Airport (Standalone) B • Hyderabad Airport (Standalone) C • Mopa (Goa) Airport (Standalone) D Note Some totals may not match due to rounding-off differences Humility | Entrepreneurship | Teamwork & R
Slide 48: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Particulars Q1FY2024 Q4FY2024 Q1FY2025 FY2024 Revenue from Operations 20,176 24,468 24,022 87,546 Other Income 1,085 1,237 1,201 4,524 Gross Income 21,262 25,705 25,223 92,070 Less: Revenue Share 5,488 6,071 5,563 23,466 Net Income 15,773 19
Slide 49: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q1FY2024 Q4FY2024 Q1FY2025 FY2024 Aero Revenue 2,563 2,840 2,793 10,618 Non Aero Revenue 7,032 7,753 7,705 29,417 CPD Rentals 2,074 2,040 1,995 8,017 Other Income 319 563 393 2,897 Gross Income 11,987 13,196 12,885 50,949 Less: Revenue Share
Slide 50: Annexure B: Hyderabad Airport (Standalone)
Annexure B : Hyderabad Airport (Standalone) INR mn Particulars Q1FY2024 Q4FY2024 Q1FY2025 FY2024 Aero Revenue 2,993 3,362 3,718 12,602 Non Aero Revenue 1,241 1,539 1,454 5,704 Other Income 507 610 586 1,924 Gross Income 4,741 5,511 5,758 20,230 Less: Revenue Share 184 208 226 787 Net Income 4,557 5,
Slide 51: Annexure B: Mopa (Goa) Airport (Standalone)
Annexure B : Mopa (Goa) Airport (Standalone) INR mn Particulars Q1FY2024 Q4FY2024 Q1FY2025 FY2024 Aero Revenue 272 760 742 1,728 Non Aero Revenue 80 187 165 508 CPD & Other Income 76 269 39 528 Gross Income 428 1,215 946 2,764 Less: Revenue Share 0 0 0 0 Net Income 428 1,215 946 2,764 Operating Expe
GMR Airports Infrastructure — Q1 FY2025 Earnings Presentation on 6ix