Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q4 FY2019 Earnings Presentation
70 slides from Gmr Airports's earnings presentation, May 31, 2019
Slide 1: Investor Presentation cover letter to exchanges
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Ground Floor Opp. Terminal-3, IGI Airport New Delhi-110037, India CIN L45203MH1996PLC281138 T +911147197001 F +9111 47197181 w www.gmrgroup.in May 31, 2019 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Da
Slide 2: Investor Presentation Q4FY19
Investor Presentation Q4FY19 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. Institutional Framework 3–7 Business Overview 8 – 11 Airport Sector 12 – 19 Energy Sector 20 – 25 Urban Infrastructure & Transportation 26 – 29 Summing Up 30 – 33 Financial Analysis – Q4FY2019 34 – 53 Annexures 55 - 68 2
Slide 5: Institutional Framework
Institutional Framework Humility | Entrepreneurship | Teamwork ay onships | Deliver the Pronyée | Learning And inner Excellence | Social Respoysibility | Reshect for
Slide 6: Visionary Leadership - Building Institution For Perpetuity
Visionary Leadership - Building Institution For Perpetuity… THE GROUP HOLDING BOARD INDEPENDENT DIRECTORS ON GIL BOARD GM Rao RSSLN Group Chairman NC Sarabeswaran Bhaskarudu • Ex- director of RBI and • Ex- MD of Maruti Udyog • Founder Chairman of the Group ING Vysya Bank Limited • Since 1978, he has
Slide 7: External advisory council ensures highest standards of Governance and Professionalism
External advisory council ensures highest standards of Governance and Professionalism Dr Ram Charan • Highly acclaimed business advisor, speaker, and author. Group Performance • For 35 years, he's worked with companies like GE, BoA, DuPont, 3M,etc. Advisory Council M Damodaran • Retired IAS, with 30
Slide 8: Vision & Values
Vision & Values GMR Vision “GMR Group will be an Institution in perpetuity that will build Entrepreneurial Organizations, making a difference to Society through creation of Value” Our Values and Beliefs Family Constitution Run the family like business and run the business like family HUMILITY LEARNI
Slide 9: Committed to Giving Back To The Community
Committed to “Giving Back To The Community" through GMR Varalakshmi Foundation “To make sustainable impact on the human development of under- Mission of GMR Varalakshmi Foundation served communities through initiatives in education, health and livelihoods” Through Through Our Four Pronged approach “
Slide 10: Business Overview
Business Overview Humility | Entrepreneurship | Teamwork afi ela
Slide 11: GMR Group: Evolution And Key Milestones
GMR Group : Evolution And Key Milestones Managing Cash Flow Growth Phase Consolidation Turbulence Stabilisation 1996 - 2008 2009 - 11 2012 - 14 > 2015 Group • IPO - INR 8bn • QIP - USD 315mn • QIP - INR 14.8bn (Capital • QIP - USD 1bn • Rights issue - INR 14.0bn Raising) • FCCB - INR 20bn from KIA C
Slide 12: Business Overview
Business Overview AIRPORTS ~325 Mn Total Passenger Capacity • ~87 mn capacity operational, ~76 mn under development • Operational airports: Delhi and Hyderabad in India, Cebu in Philippines • New wins : Nagpur and Goa in India, Crete in Greece, Clark (EPC) in Philippines • Airport Land : 230 acres i
Slide 13: Corporate Structure and Shareholding
Corporate Structure FIIs 18.6% Shareholding GMR Infrastructure Ltd as on Mar 31, Promoter & Promoter Group 63.2% MF & DIIs 6.6% 2019 Others 11.6% 91.95%** 52%* 100%* 100% GMR Airports Ltd GMR Energy Other Energy Assets GMR Highways Ltd Special Investment Region Operational Projects Stake Operational
Slide 14: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 15: GMR is One of the World's Largest Integrated Airport Platform
GMR is One of the World’s Largest Integrated Airport Platform Leading Integrated Large Market 4th* Largest Private Airport Platform Opportunity in India Operator Globally Wide range of capabilities and Fastest growing aviation market Portfolio of 7 marquee airports – Delhi, Hyderabad, Cebu1, Goa, se
Slide 16: GMR Airports: Focus on Emerging Markets
GMR Airports : Focus on Emerging Markets GMR Infrastructure Ltd 91.95%^^ Private Equity 5.86%^^ GMR Airports Ltd Investors (GAL) 64% 63% Delhi Airport Hyderabad Airport 100% Goa Airport (Mopa) (DIAL) (GHIAL) 67%* 100% Duty Free (DDFS) Duty Free ** 21.6% 100% Crete Airport, Greece 26% Cargo (Celebi)
Slide 17: Airport Assets - Domestic
Airport Assets - Domestic Delhi International Airport Hyderabad International Goa International Airport Project Nagpur Airport (DIAL) Airport (GHIAL) (GGIAL) Status Operational Greenfield Development Brownfield Development GMR 100% 100% GMR 10% 13% Shareholding 64% 63% GoT GMR GMR* Fraport 13% 26% A
Slide 18: Airport Assets – Outside India
Airport Assets – Outside India Project Mactan - Cebu International Airport, Philippines Crete International Airport, Greece Status Brownfield Development Greenfield Development GMR 32% GMR Shareholding 40% TERNA S.A. 60% 22% Megawide 46% Govt. of Greece 16 mn * 15 mn Passenger Capacity (annual) (Exi
Slide 19: Non-Aero Businesses: Delivering Strong Growth
Non-Aero Businesses : Delivering Strong Growth Demonstrated Track Record of Successful Execution Across Value Chain of Non-Aero Businesses Duty Free F&B Advertising Car Park Cargo Fuel Farm MRO Delhi Airport : Non-Aero Revenues Hyderabad Airport : Non-Aero Revenues INR bn INR bn 20.9 5.4 18.0 4.5 15
Slide 20: Real Estate: Unique Opportunity Beyond Core Airport
Real Estate : Unique Opportunity Beyond Core Airport Delhi Airport Aerocity – Upcoming Central Business District in NCR Marquee Customer Base Prime Real Estate Strategic Location Long Lease Period Between Central Delhi 230 acres available for Land parcels available (current CBD) & Gurgaon developmen
Slide 21: Airports Business: Main Growth Engine
Airports Business : Main Growth Engine Rapidly growing • Low penetration of flying (0.07 trips per capita vs. 0.3 in China) passenger • 3rd largest domestic aviation market in 2016; to become 3rd largest global aviation market by volumes 2025 • Government agenda to privatize airports opens up big pi
Slide 22: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 23: GMR Energy: Strategic Partnership with Tenaga Nasional Berhad
GMR Energy : Strategic Partnership with Tenaga Nasional Berhad GMR Infrastructure Ltd Tenaga Nasional 30% 52% Berhad 18% GMR Energy Ltd Other Assets Private Equity Investors Chhattisgarh Power Plant Thermal Renewables (Coal – 1370MW) (Coal & Gas) (Hydro & Solar) Rajahmundry Power Warora Power Plant
Slide 24: GMR Energy Ltd.: Diversified Portfolio of Projects
GMR Energy Ltd. : Diversified Portfolio of Projects Warora Kamalanga Vemagiri Bajoli Holi Project (Maharashtra) (Orissa) (Andhra Pradesh) (Himachal Pradesh) Fuel Coal Coal Gas Hydro Ownership 100% 87.4% 100% 100% ^ Capacity 600 MW 1,050 MW * 388 MW 180 MW Project Cost INR 42.5 bn INR 65 bn INR 11.5
Slide 25: Other Energy Projects
Other Energy Projects Raikheda Rajahmundry Project (Chhattisgarh) (Andhra Pradesh) Fuel Coal Gas Ownership 48% 45% Capacity 1,370 MW 768 MW Project Cost INR 124 bn INR 49.4 bn CoD • November 2015 (Unit - 1) • October 2015 • March 2016 (Unit – 2) Power Off-take • Long term PPA with Chhattisgarh Trans
Slide 26: Indonesia Coal Mines
Indonesia Coal Mines Project PT GEMS Mine Location Indonesia Ownership 30% Resources 2.4 Bn Tons Reserves 828 Mn Tons Sales Volume 24.4 mn tons in CY18 ( ▲ 43%) 24
Slide 27: Energy Business: High Visibility of Stable Cash-flows
Energy Business : High Visibility of Stable Cash-flows Strong • Well balanced portfolio across fuel - coal, natural gas, hydro & others Diversified Portfolio • Bajoli Holi project in advanced stages of construction with 83% completed by Mar’19 Highly Contracted • Over 80% of the operational capacity
Slide 28: Urban Infrastructure & Transportation
Urban Infrastructure & Transportation
Slide 29: Highways Projects
Highways Projects Annuity Based Road Projects (285 kms) Toll Based Road Projects (216 kms) Project Name GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL Tambaram- Ambala- Hyderabad- Location Tuni-Anakapalli Pochampalli Chennai ORR Tindivanam Chandigarh Vijayawada Shareholding 100% 100% 100% 90% 100% 90% Ro
Slide 30: Urban Infrastructure: Special Investment Regions of ~13,000 acres
Urban Infrastructure : Special Investment Regions of ~13,000 acres Kakinada SIR (Andhra Pradesh) : 10,400 acres • Port-based SIR, located in the Krishna-Godavari basin, to include an all weather multi-purpose deep-water port, a logistics park, a petrochemicals cluster and an eco-industrial park • La
Slide 31: EPC Projects in Dedicated Freight Corridor Projects
EPC Projects in Dedicated Freight Corridor Projects DFCC’s Project Network GMR’s Scope and Highlights • GMR along with it’s partner SEW Infra has been awarded contract to construct a part of the eastern corridor: Contract Length Corridor Value Kanpur (Kms) (INR bn) GMR’s stretch Mughalsarai to New o
Slide 32: Summing Up
Humility | Entrepreneurship | Teamwork a
Slide 33: Key Developments - Airports
Key Developments - Airports Value Unlocking of • Signed Binding Term Sheet with Investors Airport Subsidiary − Tata Sons, GIC Infra Holdings and SSG Capital for proposed equity investment of INR 80 bn i.e. GMR Airport Ltd. − Secondary Sale – INR 70 bn and Primary Sale – INR 10 bn • Second phase of R
Slide 34: Key Developments – Other Sectors
Key Developments – Other Sectors • Tenaga Nasional Berhad invests INR 2.26 bn in GMR Bajoli Holi Hydropower Ltd. Stabilizing Energy • Achieved tariff increase in Warora & Kamalanga related to ‘change in law’ and ‘coal cost pass-through’ Assets • Kamalanga power project tied up long term coal linkage
Slide 35: Strengths of GMR
Strengths of GMR Airports Business : 4th largest private Airport company in the world; Set to double capacity in ~5 years Energy Business : Stabilized and operational portfolio with a growth pipeline Managed turbulence despite strong headwinds especially from the macro environment Ability to
Slide 36: Financial Analysis
Financial Analysis Humility | Entrepreneurship | Teamwork ay onships | Deliver the Pronyée | Learning And inner Excellence | Social Respoysibility | Reshect for
Slide 37: Key Highlights – FY19
Key Highlights – FY19 • Value Unlocking of Airport Business through Strategic Partnership to deleverage the Balance Sheet • Airports Portfolio continues to grow with addition of newer airports contributing to a stronger platform for GMR • The sector continues to show strong and sustained growth driv
Slide 38: Performance Highlights – Q4FY2019
Performance Highlights – Q4FY2019 Consolidated Financial • Net Revenues (excl. energy trading business) ▲4% YoY o Airport business revenues recorded ▲11% YoY o Energy trading revenues ▼51% YoY - Under Ind AS the same gets netted off with power purchase cost • EBITDA (excl. one offs) ▲14% YoY • Net L
Slide 39: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn 17.1 Airport Energy Highways Others 15.0 15.3 14.7 17% 21% 19% 19% 17% 13.2 Net Revenue 7% 7% 9% 8% 9% 6% 12% 10% 14% 27% 64% 62% 62% 61% 49% Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 INR bn 5.3 Airport Highways Energy + Others 4
Slide 40: GIL Consolidated – Yearly Trends
GIL Consolidated – Yearly Trends INR bn Airport Energy Highways Others 67.9 68.1 9% 17% 19% 7% Net Revenue 7% 8% 19% 11% 23% 58.0 65% 62% 53% FY17 FY18 FY19 FY17 FY18 FY19 32.3 INR bn Airport Highways Energy + Others 19% 9% 13% 21.9 EBITDA 16.9 96% 93% 100% -5% -6% -19% FY17 FY18 FY19 FY17 FY18 FY19
Slide 41: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 255.5 44.3 211.1 Corporate (Inc. debt Airport for PE Exit) 36% 31% Others 4% Energy Highways 16% Gross Debt Cash & equivalents Net Debt 13% On going equity fund raising at Airport business and divestment of non-core assets to
Slide 42: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 43: Key Developments in Q4FY19 - Airport Business
Key Developments in Q4FY19 - Airport Business Delhi Airport (DIAL) • Robust revenue growth (▲12% YoY) despite Jet Airways debacle o Aero revenue (▲29% YoY) and Non-aero revenue (▲8% YoY) • Aero revenue growth driven by o Implementation of BAC w.e.f. December 2018 o Recovery of unclaimed passenger UD
Slide 44: Key Developments in Q4FY19 - Airport Business (Cebu, Goa)
Key Developments in Q4FY19 - Airport Business Cebu Airport • Revenue ▲42% YoY and EBITDA ▲33% YoY in constant currency terms o Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 o Addition of new flights and frequencies • Operating performance in INR impacted by ~12% YoY appreciation
Slide 45: Value Unlocking at Airport Business
Value Unlocking at Airport Business Item Description Transaction Signed binding term sheet for Equity Raise from Long Term Strategic & Financial Investors Equity Investment: INR 80 bn (INR 8,000 Cr) Investment Amount o Secondary Sale: INR 70 bn (INR 7,000 Cr) o Primary Infusion: INR 10 bn (INR 1,000
Slide 46: Airports Business (Q4FY19) - Operational & Financial Highlights
Airports Business (Q4FY19) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Gross Revenues 12,151 13,566 7,462 8,388 3,355 3,761 Net Rev
Slide 47: Airports Business (FY19) - Operational & Financial Highlights
Airports Business (FY19) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) FY2018 FY2019 FY2018 FY2019 FY2018 FY2019 Gross Revenues 54,338 52,772 36,810 32,626 12,520 14,523 Net Revenues 36,1
Slide 48: Delhi Airport - Non-Aero Revenues (FY19)
Delhi Airport - Non-Aero Revenues (FY19) Delhi Airport Non-Aero Revenue Break-up INR 20.9 bn • Non-aero revenues ▲16% to INR 20.9bn • Retail revenues ▲23% YoY to INR 6.3bn Others o Duty Free revenues in overall Retail is ~71% 19% Reta il (incl Duty Free) o Duty Free SPP improved to USD 10.3 in FY19
Slide 49: Hyderabad Airport - Non-Aero Revenues (FY19)
Hyderabad Airport - Non-Aero Revenues (FY19) Hyderabad Airport Non-Aero Revenue Break-up INR 5.4 bn • Non-aero revenues ▲21% to INR 5.4bn • Retail revenues ▲33% to INR 877mn Others Retail (incl 17% o Duty Free revenues in overall Retail is 54% Duty Free) 16% o Duty Free SPP improved to USD 5.7 in FY
Slide 50: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenues 787 1,039 992 3,153 3,641 EBITDA 565 728 665 2,315 2,632 PAT 301 96 157 1,578 1,179 • Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 • Operatin
Slide 51: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – FY19 Consolidated EBITDA (Proforma) I NR mn 2,804 1,053 22,277 18,420 Airport Consolidated JVs EBITDA Cebu EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Proforma EBITDA DIAL – FY19 Consolidated EBITDA (Proforma) GHIAL – FY19 Consolidated EB
Slide 52: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 53: Key Developments in Q4FY19 - Energy
Key Developments in Q4FY19 - Energy Warora Power Project • Revenue normalised for Coal Pass Through (CPT) and Change in law (CIL) ▲13% YoY led by − Traction in PLF (85% vs. 78% YoY) − Additional claim for CPT and CIL accounted in Q4FY18 • EBITDA (normalized for CPT and CIL) ▼8% YoY impacted by escal
Slide 54: Energy Business (Q4FY19) - Operational & Financial Highlights
Energy Business (Q4FY19) - Operational & Financial Highlights (figures in INR mn) Power Assets Warora (A) Kamalanga (B) Total (A + B) Particulars Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Revenues* 6,207 5,828 6,757 5,534 12,965 11,362 EBITDA 3,134 1,992 3,022 2,147 6,156 4,139 Interest
Slide 55: Energy Business (FY19) - Operational & Financial Highlights
Energy Business (FY19) - Operational & Financial Highlights (figures in INR mn) Power Assets Warora (A) Kamalanga (B) Total (A + B) Particulars FY2018 FY2019 FY2018 FY2019 FY2018 FY2019 Revenues* 17,707 18,942 19,896 21,954 37,603 40,896 EBITDA 7,159 5,892 7,244 7,429 14,403 13,321 Interest 4,193 4,
Slide 56: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 57: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 58: 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 • Airport JVs and Subsidiaries
Slide 59: 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 60: Annexure A: Change in Accounting Policy
Annexure A : Change in Accounting Policy Fair Valuation of Investments Following Global best practices, the Company has voluntarily chosen to report its Investments on a Fair Value basis as per Ind AS as against Historical cost basis, pursuant to which, the Net Worth of GIL (Standalone) has been rei
Slide 61: Annexure B: Profitability Statement (Consolidated)
Annexure B : Profitability Statement (Consolidated) INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenue 21,094 19,488 19,825 87,212 75,649 Less: Revenue Share 4,014 4,518 4,528 19,115 17,648 Net Revenue 17,080 14,970 15,298 68,097 58,001 Total Expenditure 12,952 10,848 12,208 46,238 41,055
Slide 62: Annexure C: Airport Business (Consolidated)
Annexure C : Airport Business (Consolidated) INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Aero Revenue 4,287 4,806 5,052 25,108 18,982 Non Aero Revenue 7,309 8,407 8,093 27,356 31,831 CPD Rentals 555 370 422 1,874 1,959 Gross Revenue 12,151 13,583 13,566 54,338 52,772 Less: Revenue Share ^ 3,755
Slide 63: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Aero Revenue 2,112 2,539 2,731 17,055 9,878 Non Aero Revenue 4,865 5,471 5,260 17,988 20,909 CPD Rentals 485 345 397 1,767 1,839 Gross Revenue 7,462 8,355 8,388 36,810 32,626 Less: Revenue Share ^ 3,6
Slide 64: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Aero Revenue 2,174 2,267 2,321 8,056 9,106 Non Aero Revenue 1,181 1,427 1,440 4,465 5,416 Gross Revenue 3,355 3,694 3,761 12,520 14,523 Less: Revenue Share ^ 138 157 159 529 615 Net Revenue 3,218 3,537 3,602
Slide 65: Annexure F: Airport JVs and Subsidiaries
Annexure F : Airport JVs and Subsidiaries (figures in INR mn) DIAL JVs and Subsidiaries FY2018 FY2019 Growth Particulars Duty Free Others Total Duty Free Others Total (YoY) Gross Revenues 11,358 12,487 23,844 14,032 13,894 27,926 17% Revenue shared with DIAL 4,172 4,280 8,452 5,142 4,964 10,106 20%
Slide 66: Annexure G: Energy Business (Consolidated)
Annexure G : Energy Business (Consolidated) INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenue 4,535 1,457 2,204 15,654 6,172 Operating Expenditure 4,551 1,309 2,797 15,767 7,152 EBITDA (16) 148 (593) (113) (980) EBITDA margin 0% 10% -27% -1% -16% Other Income (281) 54 61 150 239 Interest
Slide 67: Annexure H: Warora (Standalone) Power Plant
Annexure H : Warora (Standalone) Power Plant INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Total Revenue 6,207 4,721 5,828 17,707 18,942 Fuel - Consumption 2,526 2,774 3,005 8,678 10,482 Other Expenses 547 620 831 1,870 2,568 EBITDA 3,134 1,326 1,992 7,159 5,892 EBITDA margin 50% 28% 3
Slide 68: Annexure I: Kamalanga (Standalone) Power Plant
Annexure I : Kamalanga (Standalone) Power Plant INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Total Revenue 6,757 6,242 5,534 19,896 21,954 Fuel - Consumption 3,390 3,088 2,596 10,075 11,713 Other Expenses 346 687 791 2,576 2,812 EBITDA 3,022 2,467 2,147 7,244 7,429 EBITDA margin 45% 4
Slide 69: Annexure J: PT GEMS (Indonesian Coal Mine)
Annexure J : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Production (mn tons) 5.5 6.9 6.7 15.6 22.6 Sales Volumes (mn tons) 6.4 6.6 7.4 17.1 24.4 Gross Revenue 19,834 19,801 19,939 50,170 71,409 Total Expenditure 15,426 16,882 19,099 38,069 61,286 EBITD
Slide 70: Annexure K: Highway Business (Consolidated)
Annexure K : Highway Business (Consolidated) INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenue 1,524 1,672 1,510 5,897 5,705 Less: Revenue Share 258 283 295 971 1,120 Net Revenue 1,265 1,389 1,215 4,926 4,585 Operating Expenses 534 384 333 2,084 1,333 EBITDA 731 1,005 882 2,842 3,252 EBI