Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q3 FY2020 Earnings Presentation
33 slides from Gmr Airports's earnings presentation, Feb 14, 2020
Slide 1: GMR Infrastructure Limited filing cover letter
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal·3 Indira Gandhi International Airport New Delhi· 110 037 CIN L45203MH1996PLC281138 T +9111 42532600 F +9111 47197181 W www.gmrgroup.in February 14, 2020 BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeeb
Slide 2: Investor Presentation Financial Performance Q3FY20
Investor Presentation Financial Performance Q3FY20 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: Table of Contents
Table of Contents Particulars Pg. No. GIL Financial Performance 3–5 Airport Sector 6 – 14 Energy Sector 15 – 18 Annexures 20 - 31 2
Slide 5: GIL Performance Highlights – Q3FY20
GIL Performance Highlights – Q3FY20 Consolidated Financial • Net Revenues ▲11% YoY o Airport business revenues ▲20% YoY aided by Delhi Airport • EBITDA ▲78% YoY on healthy revenue growth • EBITDA margin 44% in Q3FY20 vs 27% in Q3FY19 • Net Loss after tax ~INR 2.8 bn in Q3FY20 vs INR 5.4 bn in Q3FY19
Slide 6: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 16.7 15.1 15.3 15.0 15.3 19% 17% 19% 14% 14% Net Revenue 7% 6% 8% 8% 9% 11% 12% 10% 14% 8% 62% 66% 68% 67% 61% Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 INR bn Airport Highways Energy + Others 7.3 6
Slide 7: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 322.3 65.7 Energy 10% 256.6 Highways 10% Others Airport 2% 43% Corporate (Inc. debt for PE Exit) Gross Debt Cash & equivalents Net Debt 35% Net Debt increased vis-à-vis Q2FY20 primarily on utilization of cash & equivalents fo
Slide 8: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 9: Key Developments in Q3FY20 - Airport Business
Key Developments in Q3FY20 - Airport Business Delhi Airport (DIAL) • Revenue growth (▲26% YoY) o Aero revenue (▲2% YoY) and Non-aero revenue (▲12% YoY) o CPD Rentals (▲4x YoY) on revenue recognition for new contracts with Bharti Realty • Aero revenue growth driven by o Implementation of BAC w.e.f. D
Slide 10: Key Developments in Q3FY20 - Airport Business
Key Developments in Q3FY20 - Airport Business Cebu Airport • Revenue ▲7% YoY and EBITDA ▲1% YoY in constant currency terms o Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 o 7% YoY increase in air traffic movement o Operating expenses ▲21% YoY primarily due to commencement of prop
Slide 11: Airports Business (Q3FY20) - Operational & Financial Highlights
Airports Business (Q3FY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q3FY2019 Q3FY2020 Q3FY2019 Q3FY2020 Q3FY2019 Q3FY2020 Gross Revenues 13,583 16,152 8,355 10,122 3,694 4,114 Net Re
Slide 12: Airports Business (9MFY20) - Operational & Financial Highlights
Airports Business (9MFY20) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) 9MFY2019 9MFY2020 9MFY2019 9MFY2020 9MFY2019 9MFY2020 Gross Revenues 39,206 45,515 24,239 28,690 10,762 11,847 Net
Slide 13: Delhi Airport - Non-Aero Revenues (9MFY20)
Delhi Airport - Non-Aero Revenues (9MFY20) Delhi Airport Non-Aero Revenue Break-up INR 16.9 bn • Non-aero revenues ▲8% to INR 16.9bn • Retail revenues ▲11% YoY to INR 5.0bn Others 15% o Duty Free revenues in overall Retail is ~72% Retail (incl Ground Handling o Duty Free SPP improved to INR 821 in 9
Slide 14: Hyderabad Airport - Non-Aero Revenues (9MFY20)
Hyderabad Airport - Non-Aero Revenues (9MFY20) Hyderabad Airport Non-Aero Revenue Break-up INR 4.7 bn • Non-aero revenues ▲19% to INR 4.7bn • Retail revenues ▲17% to INR 765mn Others Retail (incl Duty Free) o Duty Free revenues in overall Retail is 53% 20% 16% o Duty Free SPP improved to INR 452 in
Slide 15: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q3FY2019 Q3FY2020 9MFY2019 9MFY2020 Q3FY2019 Q3FY2020 9MFY2019 9MFY2020 Gross Revenues 1,039 1,111 2,649 3,297 1,039 1,206 2,649 3,565 EBITDA 728 733 1,968 2,151 728 796 1,968 2,326 PAT 96 87 1,02
Slide 16: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – 9MFY20 Consolidated EBITDA (Proforma) I NR mn 930 22,151 2,522 18,699 Airport Consolidated JVs EBITDA Cebu EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Proforma EBITDA DIAL – 9MFY20 Consolidated EBITDA (Proforma) GHIAL – 9MFY20 Consolidate
Slide 17: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork a4 Relationships | Deliver the P é | Learning And Inner Excellence | Social Respofsibility | Reshect for Individual
Slide 18: Key Developments in Q3FY20 - Energy
Key Developments in Q3FY20 - Energy Warora Power Project • Revenue ▲10% YoY − PLF improved to 80.8% from 75.3% YoY • EBITDA ▲26% YoY aided by improved PLF • Cash profit of INR 660 mn vs. INR 352 mn in Q3FY19 Kamalanga Power Project • PLF (63.2% vs. 74.0% YoY) due to strike in Mahanadi Coal Fields −
Slide 19: GMR Energy Ltd (GEL) - Operational & Financial Highlights
GMR Energy Ltd (GEL) - Operational & Financial Highlights (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q3FY19 Q3FY20 Q3FY19 Q3FY20 Q3FY19 Q3FY20 Q3FY19 Q3FY20 Revenue 11,072 11,541 4,721 5,187 6,242 6,261 140 130 EBITDA 3,799 3,968 1,326 1,669 2,469 2,368 130 120
Slide 20: Coal Assets - PT GEMS
Coal Assets - PT GEMS (figures in INR mn) Golden Energy Mines Particulars Q3FY2019 Q3FY2020 9MFY2019 9MFY2020 Sales Vol. (mn tons) 6.6 7.4 17.0 20.8 Revenues 19,797 18,897 51,468 53,310 EBITDA 2,942 1,805 9,469 6,127 Net Interest 42 126 40 432 PAT 2,036 750 6,589 3,294 • Production ▲ 18% YoY to 8.1
Slide 21: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 22: Annexures
Annexures Humility | Entrepreneurship | Teamwork ay Relati De Ze | Learning And Inner Excellence | Social Respofsibility | Reshect for individuel
Slide 23: Annexures index
Annexures Particulars No. Checklist of Companies : Ind AS Consolidation and Change in Accounting Policy A Profitability Statement (Consolidated) B Financial Performance • Airport Sector (Consolidated) C o Delhi Airport (Standalone) D o Hyderabad Airport (Standalone) E • Energy Sector (Consolidated)
Slide 24: Annexure A: Checklist of Companies - Ind AS Consolidation
Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies Delhi Airport Yes Hyderabad Airport Yes Mactan – Cebu Airport No Airports Goa Airport Yes DIAL JVs (excl Car Park JV) No GHIAL JVs (excl Advertisement JV) Yes GMR Airports Ltd Yes GMR Energy Ltd (Standalone) Projects under
Slide 25: Annexure B: Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Gross Revenue 19,578 20,182 21,965 56,093 62,068 Less: Revenue Share 4,518 4,911 5,232 13,120 15,015 Net Revenue 15,060 15,270 16,733 42,973 47,053 Total Expenditure 10,938 8,842 9,410 29,117 27,3
Slide 26: Annexure C: Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Aero Revenue 4,806 4,846 4,984 13,930 14,525 Non Aero Revenue 8,407 8,546 9,749 23,738 26,559 CPD Rentals 370 1,555 1,419 1,537 4,431 Gross Revenue 13,583 14,947 16,152 39,206 45,515 Less: Revenue Share
Slide 27: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Aero Revenue 2,539 2,471 2,582 7,147 7,418 Non Aero Revenue 5,471 5,232 6,138 15,649 16,893 CPD Rentals 345 1,586 1,402 1,443 4,378 Gross Revenue 8,355 9,290 10,122 24,239 28,690 Less: Revenue Sha
Slide 28: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Aero Revenue 2,267 2,374 2,402 6,785 7,106 Non Aero Revenue 1,427 1,546 1,712 3,976 4,741 Gross Revenue 3,694 3,920 4,114 10,762 11,847 Less: Revenue Share 157 166 175 457 503 Net Revenue 3,537 3,754 3,93
Slide 29: Annexure F: Energy Business (Consolidated)
Annexure F : Energy Business (Consolidated) INR mn Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Gross Revenue 1,457 1,676 2,072 3,968 4,911 Operating Expenditure 1,309 1,869 2,132 4,356 5,284 EBITDA 148 (193) (60) (388) (373) EBITDA margin 10% -12% -3% -10% -8% Other Income 54 280 185 178 683 Intere
Slide 30: Annexure G: Warora (Standalone) Power Plant
Annexure G : Warora (Standalone) Power Plant INR mn Particulars Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Total Revenue 4,721 3,885 5,187 13,114 13,801 Fuel - Consumption 2,746 2,021 2,790 7,477 7,556 Other Expenses 648 589 728 1,738 1,915 EBITDA 1,326 1,275 1,669 3,900 4,329 EBITDA margin 28% 33
Slide 31: Annexure H: Kamalanga (Standalone) Power Plant
Annexure H : Kamalanga (Standalone) Power Plant INR mn Particulars Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Total Revenue 6,242 4,356 6,261 16,420 16,160 Fuel - Consumption 3,088 2,026 2,936 9,117 7,754 Other Expenses 686 805 957 2,021 2,808 EBITDA 2,469 1,524 2,368 5,282 5,598 EBITDA margin 40%
Slide 32: Annexure I: PT GEMS (Indonesian Coal Mine)
Annexure I : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Production (mn tons) 6.9 5.4 8.1 16.0 20.7 Sales Volumes (mn tons) 6.6 5.8 7.4 17.0 20.8 Gross Revenue 19,797 15,433 18,897 51,468 53,310 Total Expenditure 16,855 13,663 17,091 41,999 47,183 E
Slide 33: Annexure J: Highway Business (Consolidated)
Annexure J : Highway Business (Consolidated) INR mn Q3FY2019 Q2FY2020 Q3FY2020 9MFY2019 9MFY2020 Gross Revenue 1,672 1,414 1,376 4,464 4,300 Less: Revenue Share 283 288 317 824 919 Net Revenue 1,389 1,127 1,059 3,640 3,381 Operating Expenses 384 332 265 1,270 850 EBITDA 1,005 794 794 2,370 2,531 EBI