Slide 1: Q3 FY 2025 - Investor Presentation
Q3 FY 2025 - INVESTOR PRESENTATION CUBE HIGHWAYS TRUST February 2025
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the “Investment Manager”) on behalf of and in its capacity as the Investment Manager of Cube Highways Trust (“InvIT”) for general information purposes only without regards to specific objectives,
Slide 3: Agenda
Agenda 04 Q3 FY 2025 Updates 13 Corporate Governance & Management Team 18 Annexures 3
Slide 4: Q3 FY 2025 Updates
@ AIGHWAYS Q3 FY 2025 Updates
Slide 5: Portfolio Snapshot
Portfolio Snapshot As on 31st December 2024 except stated otherwise 25 79% : 21% ASSETS(1) TOLL REV. : ANNUITY REV. (1) 3 (based on FY 24A for 25 SPVs) 15 14 1,940 8,450 17 1 2 16 7 KILOMETERS LANE KILOMETERS 12 13 18 19.6 27 Assets 1. JMTPL, 2. MBEL, AVERAGE RESIDUAL TOLL PLAZAS 3. WUPTPL, 4. NAMEL
Slide 6: Executive Summary
Executive Summary As on 31st December 2024 except stated otherwise: Traffic Growth Toll Revenue Growth Electronic Toll Collection 5.5% Q3 YoY 5 7.5% Q3 YoY 96.5% Q3 Distribution Rating DSCR per unit (Q3 FY25) AAA INR 3.25 CRISIL, ICRA and 1.8X 3 Indian11 Ratings and per Ordinary Unit Research AUM NA
Slide 7: Revenue & Traffic Performance Snapshot: Q3 FY25 vs Q3 FY24
Revenue & Traffic Performance Snapshot: Q3 FY 25 v/s FY24 As on 31st December 2024 except stated otherwise Asset-wise daily average revenue collection Q3 FY25 v/s Q3 FY24)... Revenue: 7.5 %1 increase 6.2% Q3 FY 25 vs Q3 FY 24 16.2% Average daily Average Daily Collection (INR Mn)2 revenue 7.3% 4.8% -
Slide 8: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing Key Metrics As on 31st December 2024 except stated otherwise Our Marquee Lenders 8.25% INR 3.25 86% 39.8% 1.8x 4.5x Average cost (Q3 FY25) Floating rate Net Debt/ AUM 1 DSCR2 Debt/ EBITDA3 of Debt Distribution per borrowing (for borrowings at trust level) Ordinary
Slide 9: Net Distributable Cash Flow and Distributions: YTD FY 25
Net Distributable Cash Flow and Distributions: YTD FY 25 (Apr-Dec) (In INR Crores) Rounded off to zero decimals Items other than part of NDCF 2,782 Inflows forming part of NDCF 611 14 122 Outflows forming part of NDCF 131 377 391 86 12 480 2,049 1,159 168 930 968 66 30 38 117 813 Toll revenue Annuit
Slide 10: Dividend Distribution - Snapshot
Dividend Distribution - Snapshot Quarterly Distributions (INR Mn) 6,000.00 5,083.96 5,000.00 4,336.96 4,000.00 INR Mn 2,774.24 2,580.69 2,580.69 2,668.90 2,668.90 3,000.00 2,000.00 1,000.00 - Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Breakup of DPU (Distribution per ordinary unit) 5.00
Slide 11: Cube InvIT Journey
Cube InvIT Journey May 22nd, 2023 January 2024 World record of laying National Highways 4th June 2024 112.5 lane km of Excellence Award, 2022 Acquired 6 HAM 3rd Dec 2024 bituminous concrete for FRHL and WVEPL assets (51%) Acquired 6 HAM within 100 hours at 10th Aug 2023 22nd May 2024 31st July 2024
Slide 12: Corporate Governance & Management Team
Corporate Governance & Management Team 12
Slide 13: Board of Directors
Board of Directors As on 3oth December 2024: UPENDRA K SINHA | Independent Director HELLY BHARAT AJMERA | Non-Executive Director • He has served as the chairman of SEBI, UTI Asset Management • She is Director & Head of BCI’s India Investments since January 2023. Company Limited, Association of Mutua
Slide 14: Governance Committees
Governance Committees Audit Nomination & Stakeholders Risk Management Operations Investment Committee Remuneration Committee Relationship Committee Committee Committee Committee Composition Composition Composition Composition Composition Composition Consists of 3 Independent Consists of 3 Independen
Slide 15: Team of Specialists
Team of Specialists Investment Manager (IM) Team Vinay C Sekar Pankaj Vasani Abhijit S Sathe Saurabh Bansal Deepan Shah Saurabh Kumar Richa Gupta Rohatgi Chief Executive Officer Group Chief Financial SVP – Finance and SVP – Capital Raising and Assistant Vice President - Lead, Strategy & Investor Com
Slide 16: Team of Specialists
Team of Specialists Project Manager (PM) Team Dr. Harikishan Bovin Kumar Dr. Bhagwan Raju Rahul Shankar Dr. Mukul Shastry MVS Reddy Dr. Ashok Sharma Ankit Jain Anuj Maitrey Koppula Reddy Chief Executive Officer Chief Operating Chief HR Officer General Counsel Chief Information Chief Environment & Ch
Slide 17: Annexures
Annexures Portfolio Details InvIT Structure InvIT Vision & Mission Unit Holders Information Valuation Summary Key Differentiators ESG and Sustainability Strategy 17
Slide 18: Cube InvIT - Asset Portfolio (1/2)
Cube InvIT - Asset Portfolio (1/2) Project JMTPL MBEL WUPTL NDEPL FRHPL WVEPL DATRPL TOT32 GAEPL APEL No. of SPVs 1 1 1 1 1 1 1 9 1 1 State Rajasthan Rajasthan Uttar Pradesh Karnataka West Bengal Kerala Uttar Pradesh, Jharkhand, Uttar Pradesh Andhra Haryana Uttar Pradesh, Pradesh, Bihar, Telangana T
Slide 19: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic Stretch BWHPL MSHPL MHPL TIPL SIPL SPPL NAMEL No. of asset 1 1 1 1 1 1 1 States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Andhra Pradesh, Telangana Project Length (km) 52.0 kms 55.8 kms 48.96 kms 61.128 kms 38.7 kms 46
Slide 20: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on total number of tollable vehicles in Q3 FY25 Q3 FY25 Traffic Synopsis 3A Truck, 2% Q3 Average Daily Traffic LCV, 4% Commercial Vehicles: Bus, 6% 28% 33,115 PCUs* Passenger vehicles: 72% 2A Truck, 7% Electronic Toll on the basis o
Slide 21: Historic Traffic Trends
Historic Traffic Trends Average Daily Tollable Traffic and CAGR Cube’s toll asset portfolio exhibit strong long-term 5.4% traffic growth Year FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Period CAGR JMTPL 18,698 20,179 20,923 22,704 25,333 25,532 28,367 26,614 26,740
Slide 22: Cube Highways InvIT Structure
Cube Highways InvIT Structure CH-I = Cube Highways and Infrastructure Pte. Ltd., CH-III = Cube Highways and Infrastructure III Pte. Ltd., CHFAPL = Cube Highways Fund Advisors Private Limited, CHTAAPL = Cube Highways and Transportation Assets Advisors Private Limited, JMTPL = Jaipur-Mahua Tollway Pri
Slide 23: Cube Vision & Mission
Cube Vision & Mission VISION MISSIONS We are driven by following Missions We aspire to become the most admired organization, To invest in and operate offering a diversified and exceptional, sustainable, sustainable portfolio reliable, safe, and inclusive comprising high quality infrastructure assets
Slide 24: Marquee Investors
Marquee Investors Ordinary Unitholding Pattern As on 31st December 2024 Alternative Investment Fund, 0.9% Foreign Portfolio Investors, 0.6% Provident/pension funds, 1.1% Non-Resident Indians, 0.1% Individuals, 1.3% Trust, 0.1% Insurance Companies, 3.1% Mutual Funds, 9.2% Non-Institution - Body Spons
Slide 25: Valuation Summary
Valuation Summary As of 31st December 2024 for 24 Assets (excludes NAMEL): (INR Mn) Total Particulars Description Enterprise Value 2,90,291 Revenue Assumptions Revenue growth rate of 9.2% for the overall concession life based on Traffic Total Debt 1,26,979 report from Steer (SDG – traffic consultant
Slide 26: Key Differentiators
@ CUBHIGHWAYS Key Differentiators
Slide 27: Irreplicable Portfolio built over the years
Irreplicable Portfolio built over the years Our Expertise Traffic Corridors Presence in nearly all of India’s most attractive and high growth traffic corridors, tracking future growth trends Traffic and toll Asset Technological Project planning Last mile Planning management management innovation and
Slide 28: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous Traffic Share Diversified No Premium Rich Operating Long Residual Diversification Assets Diversification Commodity Obligation History of Assets Concession Life Boasting a varied collection Our assets are contiguous or Significant share of Expo
Slide 29: Strong Corporate Finance Capabilities
Strong Corporate Finance Capabilities AAA Credit Diversified Expertise Driven Global Transparent Raised funds at Investor Rating Funding Financial Investors Financial Practices Competitive Confidence Management Financing rate Achieved AAA rating from Leverage a diversified Experienced financial We c
Slide 30: Technical Leadership
Technical Leadership Last-mile Construction Technology-Driven Testing Innovative Material Lifecycle Cost Management Excellence Utilization ⁻ Advanced testing techniques: Non- ⁻ Award winning surface mixes ⁻ Strategic Focus: A lifecycle focused ⁻ FRHL and DATRPL: Completed approach to strategic maint
Slide 31: Technology Driven Road Asset Management Systems
Technology Driven Road Asset Management Systems Road-Aid HiRate Build-Aid Data logging, workflow management and A first-of its kind application, developed fully in-house, that Quality control and progress tracking for highway oversight through digitizing highway operations objectively rates and asse
Slide 32: Awards and Achievements
Awards and Achievements ET Now Infra Focus Award 2023 - Most Admired Infrastructure Company Great Place to Cube Highways Work World Record of Felicitated with National Laying 112 lane kms special award M&A Deal of the Highways of Bituminous Year 2023 National Highways Excellence Concrete in 100 Exce
Slide 33: ESG and Sustainability Strategy
ESG and Sustainability Strategy 33
Slide 34: ESG Highlights H1 FY 2025
ESG Highlights H1 FY 2025 29% total women 13 female employees ~112 new ENERGY* RESOURCE strength in IM and promoted (IM, PM and hires PM SPV) ~123,00 MWh MANAGEMENT/CIRCULARITY* (IM, PM and SPVs) Electricity consumed ~31,000 MT Reclaimed across portfolio1 Asphalt Pavement used during 72 MWh of capti
Slide 35: Cube InvIT's Sustainability Strategy
Cube InvIT’s Sustainability Strategy Key Pillars Environmental Responsibility Social Responsibility Governance Key Initiatives ⁻ Efforts on Resource Management efficiency ⁻ Create and nurture safe workplace for ⁻ Adopt and Implement Environment & Social ⁻ Sustainable O&M practices employees and cont
Slide 36: Abbreviations
36 AIGHWAYS TRUST.
Slide 37: Abbreviations
Abbreviations Abbreviations Definition Abbreviations Definition 2A Truck 2 Axle Truck LCV Light Commercial Vehicle 3A Truck 3 Axle Truck LRTPL Lucknow-Raebareli Tollway Private Limited ADIA Abu Dhabi Investment Authority MAV Multi-Axle Vehicle APEL Andhra Pradesh Expressway Limited MBEL Mahua Bharat
Slide 38: Thank you
Thank you Cube Highways Trust Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301, Tel: +91-120-4868300 Email: Investor.Relations@cubehighways.com 38