Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q2 FY2025 Earnings Presentation
55 slides from Gmr Airports's earnings presentation, Oct 24, 2024
Slide 1: Exchange filing cover letter
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) October 24, 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 : Mum
Slide 2: GMR Airports Limited Investor Presentation Q2FY25
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited (GIL) INVESTOR PRESENTATION Q2FY25 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 Limited the
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: 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%9) (74%) (100%)6 (49%) (33.3%)5 (n/a%)1 (100%)2 (100%)6 (21.6%) Base city D
Slide 7: 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 8: Business Highlights
GAR AERO BUSINESS HIGHLIGHTS
Slide 9: GAL Key Highlights – Q2FY25 (1/4)
GAL Key Highlights – Q2FY25 (1/4) ▪ Signed1 the Concession Agreement with MIHAN India Limited on 8 Oct’24. Process to takeover the Airport is underway Nagpur Airport ▪ Embarked on the transformation of the Airport with Hon’ble PM Shri Narendra Modi gracing the groundbreaking Concession ceremony for
Slide 10: GAL Key Highlights – Q2FY25 (2/4)
GAL Key Highlights – Q2FY25 (2/4) ▪ New Terminal 1 opened and operationalized from 17 Aug’24 Delhi Airport ▪ The state-of-the-art Terminal 1 gave a significant boost to DIAL capacity, easing pressure on Terminals 2 and 3 New T1 Operationalized ▪ The Terminal boasts of improved passenger facilities,
Slide 11: GAL Key Highlights – Q2FY25 (3/4)
GAL Key Highlights – Q2FY25 (3/4) ▪ Merger of GAL with GIL completed in Jul’245 Merger of GAL ▪ Minority shareholders of GIL move closer to the Airport Assets & Cash Flows with GIL Completed ▪ GMR Promoters continue to remain as the single largest shareholders and retain management control over GIL
Slide 12: GAL Key Highlights – Q2FY25 (4/4)
GAL Key Highlights – Q2FY25 (4/4) ▪ Mopa (Goa) Airport expansion • Pax capacity to increase from 4.4mn to ~7.7mn - expansion program in progress with ~99% progress achieved with Capex completion expected within Q3FY25 Updates ▪ Bhogapuram Airport: Detail design completed. Airside works, Terminal Bui
Slide 13: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Healthy Growth Continues Pax Traffic and YoY Growth – Q2FY25 Pax Traffic and YoY Growth – H1FY25 ▪ In Q2FY25, airports operated by GAL handled 31.5mn passengers, up 8% YoY • Domestic and International pax traffic of airports up 7% YoY and 12% YoY • Growth in
Slide 14: Passenger Traffic Continues to Achieve New Highs
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 15: Financial Highlights
GAR AERO 1 FINANCIAL HIGHLIGHTS ann
Slide 16: GAL Q2FY25 Consolidated Results at a Glance
GAL Q2FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.5mn 206.1 INR 260 INR 363 ▲ 8% YoY ▲ 7% YoY ▲ 9% YoY ▲ 1% YoY ▼ 1% QoQ ▲ 1% QoQ ▲ 4% QoQ ▲ 3% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 26.0bn INR 9.6bn INR 287bn ▲ 20% YoY ▲ 21% YoY Crete –
Slide 17: GAL H1FY25 Consolidated Results at a Glance
GAL H1FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 63.3mn 409.5 INR 255 INR 357 ▲ 8% YoY ▲ 7% YoY ▲ 9% YoY ▲ 2% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 51.2bn INR 19.8bn INR 287bn Crete – ~39.4% ▲ 19% YoY ▲ 21% YoY GVIAL6 – 41.8% ▲ 17% YoY 1In
Slide 18: GAL Financial Highlights
GAL Financial Highlights Gross Income & EBITDA – Q2FY25 Gross Income & EBITDA – H1FY25 Margins Margins Margins Margins Margins 52% 52% 49% 53% 50% 25.2 26.0 51.2 21.6 42.9 INR bn INR bn 10.2 9.6 19.8 8.2 16.9 Q2FY2024 Q1FY2025 Q2FY2025 H1FY2024 H1FY2025 Gross Income EBITDA Gross Income EBITDA ▪ EBIT
Slide 19: GAL Financial Highlights
GAL Financial Highlights Strong YoY Growth in Revenue from Operations in Q2FY25 INR mn ▪ Revenue from Operations ▲21% YoY; ▲4% QoQ to INR 25.0bn ▪ YoY growth seen across airports Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Soc
Slide 20: GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – H1FY25
GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – H1FY25 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma Attributable) is ~INR 21.9bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Humility | Entre
Slide 21: GAL Consolidated Debt – Q2FY25
GAL Consolidated Debt – Q2FY25 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) ▪ Gross Debt increased by INR 5.2bn QoQ ▪ Net Debt increased by INR 7.0bn QoQ • Payment of balance capex expenses at Delhi ▪ Others mainly includes net debt of GMR Airports Greece • Borrowings raised (INR 3.7b
Slide 22: Asset-wise Performance
GAR AERO s ASSET-WISE PERFORMANCE ually.
Slide 23: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 22
Slide 24: Delhi Airport (DIAL) Key Highlights – Q2FY25
Delhi Airport (DIAL) Key Highlights – Q2FY25 Total Income Revenues ▪ Destinations Connected: Q2FY25: INR 13.8bn; Aero Revenue • Domestic: 75; International 70 ▲10.0% YoY ▲11.1% YoY ▪ New Terminal 1 opened and operationalized from 17 Aug’24 EBITDA Non-aero Revenue ▪ GAL awarded Delhi Duty Free Conces
Slide 25: 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 26: DIAL Expansion 3A – Impact in Numbers
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 27: Hyderabad Airport (GHIAL) Key Highlights – Q2FY25
Hyderabad Airport (GHIAL) Key Highlights – Q2FY25 Total Income Revenues Q2FY25: INR 5.8bn; ▪ Destinations Connected: ▲14.8% YoY Aero Revenue • Domestic: 72; International 18 ▲25.5% YoY EBITDA ▪ Expansion complete: Completed and commissioned the airport expansion. Non-aero Revenue Post this operation
Slide 28: 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 29: Mopa (Goa) Airport – GGIAL Key Highlights – Q2FY25
Mopa (Goa) Airport – GGIAL Key Highlights – Q2FY25 Total Income Q2FY25: INR 978mn; Revenues ▲134% YoY ▪ Destinations Connected: Aero Revenue • Domestic: 18; International 3 EBITDA ▲2.1x YoY ▪ New international route announced: Q2FY25: INR 406mn; Non-aero Revenue • Aeroflot commenced operations to Mo
Slide 30: Mopa (Goa) Expansion Program in Progress
Mopa (Goa) Expansion Program in Progress Physical progress ~99% Baggage Handling Apron Security Holding Works Area Area Passenger Boarding Escalator and Fixed Link Bridge Elevator Bridge Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellen
Slide 31: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ 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 - 3 years of construction, 1 year of stabilization, and 14 years of structured rep
Slide 32: Airports Operational and Financial Performance
Airports Operational and Financial Performance 31
Slide 33: Operational & Financial Highlights – Q2FY25
Operational & Financial Highlights – Q2FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q2FY2024 Q1FY2025 Q2FY2025 Q2FY2024 Q1FY2025 Q2FY2025 Q2FY2024 Q1FY2025 Q2FY2025 Net Income 6,960 7,556 7,666 4,824 5,532 5,536 418 946 978 EBITDA 4,010 3
Slide 34: Operational & Financial Highlights – H1FY25
Operational & Financial Highlights – H1FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn H1FY2024 H1FY2025 H1FY2024 H1FY2025 H1FY2024 H1FY2025 Net Income 13,649 15,222 9,381 11,067 846 1,925 EBITDA 7,788 7,905 6,653 7,306 (92 ) 803 Interest 5,
Slide 35: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 7% YoY in Q2FY25 ATMs increased 15% YoY in Q2FY25 Domestic International (Nos '000) Domestic International 48.2 (Nos '000) 106.0 113.2 42.0 7.5 23.6 26.5 6.6 40.7 82.4 86.6 35.4 Q2FY2024 Q2FY2025
Slide 36: Consolidated EBITDA (Proforma Attributable) – H1FY25
Consolidated EBITDA (Proforma Attributable) – H1FY25 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 9.5bn ▪ Hyderabad Airport: INR 9.8bn ▪ Steady YoY ▪ Increased 20.3% YoY
Slide 37: Non-Aero Revenues Performance – H1FY25
Non-Aero Revenues Performance – H1FY25 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 15.6 bn Non-Aero^ Revenue Break-up INR 2.9 bn Others Others Ground Handling 15% Retail (incl 12% Retail (incl 8% Duty Free) Duty Free) 28% F&B 21% 29% F&B 10% Advt. Advt. 7% Cargo Space Rentals 12% C
Slide 38: International Airports
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s 37
Slide 39: Medan Airport (Indonesia)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q2FY25 Passenger Traffic • Q2FY25 at 1.84mn - ▼6% YoY; ▲8% QoQ due to delay in reactivation of fleets by airlines. H1FY25 at 3.54mn - ▼6% YoY Domestic International 1.8 mn pax ▪ Gross Income: ▲6% QoQ to INR 1.3bn in Q2FY25 • Aero revenue ▲9% QoQ to
Slide 40: 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 ~39.4% achieved as of 30 Sep’24. 98% of structural concreting works of Passenger Termina
Slide 41: Cebu Airport (Philippines)
Cebu Airport (Philippines) 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 – Q2FY25: ▼2% QoQ;▲5% YoY to 2.78mn pax; H1FY25: ▲7% YoY to
Slide 42: ESG Practices
GAR AERO ESG PRACTICES an
Slide 43: ESG Snapshot
ESG Snapshot Largest Airport in the World to achieve ACI Level 5 accreditation. DIAL is Asia’s first Airport to achieve Net Zero Carbon Emission status ~ INR 20 crores investments in social 1st Indian Airport to be certified Single welfare through GMR Varalakshmi Use Plastic Free; all airports aim F
Slide 44: DIAL ACI Level 5 Accreditation
DIAL ACI Level 5 Accreditation DIAL is World’s Largest Airport to achieve ACI Level 5 accreditation ACI Airport Carbon Accreditation DIAL’s ACA Journey Level 5 Net Zero balance on scopes 1 and 2 18 Global; 2 Indian 2024 Level 4+ Transition: Compensation for residual emissions with reliable offsets 4
Slide 45: ESG Performance Highlights - Environment
ESG Performance Highlights - Environment Environmental initiatives are guided by the policy on ‘Climate Resilience’ which commits to alignment with 1.5°C growth. This is further complemented by the site level Environment / EHS Policies. Sustainable Airport Management Net Zero Initiatives Waste and E
Slide 46: ESG Performance Highlights - Social
ESG Performance Highlights - Social Community and Social Welfare Employee Wellbeing and Training Human Rights • Focus Areas: CSR activities continue to positively affect • High Training Coverage: 172 business/corporate • Code of Conduct: Human rights issues, including child education, health, and li
Slide 47: ESG Performance Highlights - Governance
ESG Performance Highlights - Governance Transparent and Ethical Practices Compliance and Risk Management Sustainable Supply Chain • Ethics and Integrity: GMR has a dedicated Ethics and • Strict Regulatory Adherence: The Group rigorously • Code Implementation: Implemented a Supplier Code Integrity te
Slide 48: Key Focus Areas for FY25 and beyond
Key Focus Areas for FY25 and beyond Deleveraging Work towards optimizing of debt at GAL 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 49: For further information, please visit
For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in 48
Slide 50: Annexures
GAR AERO | ANNEXURES
Slide 51: Annexures
Annexures Particulars No. ▪ GAL 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
Slide 52: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Quarterly Analysis Particulars Q2FY2024 Q1FY2025 Q2FY2025 H1FY2024 H1FY2025 Revenue from Operations 20,635 24,022 24,955 40,811 48,977 Other Income 989 1,201 1,026 2,074 2,227 Gross Income 21,624 25,223 25,981 42,885 51,204 Less: Revenue
Slide 53: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2024 Q1FY2025 Q2FY2025 H1FY2024 H1FY2025 Aero Revenue 2,516 2,793 2,796 5,079 5,589 Non Aero Revenue 7,035 7,705 7,903 14,067 15,607 CPD Rentals 1,948 1,995 1,984 4,021 3,979 Other Income 1,037 393 1,104 1,356 1,497 Gr
Slide 54: Annexure B: Hyderabad Airport (Standalone)
Annexure B : Hyderabad Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2024 Q1FY2025 Q2FY2025 H1FY2024 H1FY2025 Aero Revenue 3,130 3,718 3,928 6,123 7,646 Non Aero Revenue 1,482 1,454 1,480 2,723 2,934 Other Income 411 586 357 918 943 Gross Income 5,023 5,758 5,765 9,764 11,523 Less:
Slide 55: Annexure B: Mopa (Goa) Airport (Standalone)
Annexure B : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2024 Q1FY2025 Q2FY2025 H1FY2024 H1FY2025 Aero Revenue 246 742 771 518 1,513 Non Aero Revenue 99 165 169 179 334 CPD & Other Income 73 39 39 149 79 Gross Income 418 946 978 846 1,925 Less: Revenue Share 0 0 0 0 0 N