Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q3 FY2022 Earnings Presentation
35 slides from Gmr Airports's earnings presentation, Feb 10, 2022
Slide 1: Cover letter to stock exchanges
GMR Infrastructure Limited Corporate Office: New Udaan Bhawan, Opp. Terminal 3 Indira Gandhi International Airport New Delhi – 110 037 CIN: L45203MH1996PLC281138 T +91 11 42532600 F + 91 47197181 E gil.cosecy@gmrgroup.in W www.gmrgroup.in February 10, 2022 BSE Limited National Stock Exchange of Indi
Slide 2: Investor Presentation Q3FY22
GMR Infrastructure Limited Investor Presentation Q3FY22 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: World's 2nd largest and India's only listed pure-play airport company
GMR Infrastructure Ltd (GIL) World’s 2nd largest, most experienced and India’s ONLY listed pure-play airport company
Slide 5: Leading Airport Platform Globally
Leading Airport Platform Globally 2nd Largest1 101 mn2 Private airport developer in the Passengers handled in FY20 world, largest in India across key gateway airports 9 nos. Of airport assets under ~2,490 acres3 operations or various stages of Of land with strong RE development development potential
Slide 6: Portfolio of World Class Assets
Portfolio of World Class Assets Current PAX (FY20) (mn) DIAL, New Delhi, India PAX CAGR • Marquee asset of 67.3 66/119 national importance FY15–20 • Gateway to India – National Capital Cargo CAGR with large catchment area FY15–20 10.4% Partnerships 45.99% in Businesses Crete, Greece • Ranked 1st in
Slide 7: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player Presence across most lucrative markets; Domestic and International Pax Traffic of Indian Airports grew @17.6% & 8.3% CAGR over FY14-19; India poised to rank 3rd in the world on pax traffic1 Mature tariff regime for aero revenue driving ‘sustainable
Slide 8: Well Placed to Build on Adjacencies – Capital Light Model
Well Placed to Build on Adjacencies – Capital Light Model
Slide 9: GMR Airports Vertical has Uniquely Diversified Beyond Airport Development & Operations
GMR Airports Vertical has Uniquely Diversified Beyond Airport Development & Operations Towards High Growth Potential, Capital Light Businesses Airport Value- Airport Development Airport Ancillary Chain: and Operations Service Operations Typical Airport Concessioned Out to Operators Self Operated Dev
Slide 10: GMR Airports Vertical has Built Expertise in Airport Ancillary Business
GMR Airports Vertical has Built Expertise in Airport Ancillary Business Operations Airports Journey GMR Airports Identified Opportunity Areas and entered the following Businesses through Joint Ventures/ Operation Partners Started off as • Duty Free Airport Operator • Car Park • Food & Beverage • Adv
Slide 11: GMR Airports Vertical to Grow Through Scaling Ancillary Business Platforms
GMR Airports Vertical to Grow Through Scaling Ancillary Business Platforms Across Own/Network Airports and External Airports GMR Airports Growth Path Phase 1 : Phase 2 : Phase 3 : Platform Building Own/Network Airports External opportunities Build and Scale Ancillary Business Scale Platform Expand
Slide 12: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 13: Covid Timeline in Indian Aviation
Covid Timeline in Indian Aviation Apr- Jun 2020 Jul-Sep 2020 Oct’20–Mar’21 Apr- May 2021 Jun-Dec 2021 Jan 2022 Covid 3rd Wave but Complete Restricted Good Covid 2nd Road to strong imact waning Lockdown Operations Recovery Wave Impact Recovery fast Domestic flight Ban extended on Int’l Bubble
Slide 14: Impact of 3rd Covid Wave on Pax Traffic Lower Than Previous Two Waves
Impact of 3rd Covid Wave on Pax Traffic Lower Than Previous Two Waves Delhi Airport – Daily Average Pax 1,2,3 Hyderabad Airport – Daily Average Pax1,2,3 Domestic ('000) Domestic ('000) 160 140 60 120 50 100 40 80 30 60 20 40 58% of pre-covid 10 56% of pre-covid 20 0 0 10 - 16 Jan 17 - 23 Jan 24 - 31
Slide 15: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo Traffic unfazed by Covid Waves Traffic to gain further momentum with covid cases subsiding, lifting curbs in airline capacity and rise in vaccination Delhi Airport • Scheduled International Operations are restricted by Indian Govern
Slide 16: Performance Highlights – Q3FY22
Performance Highlights – Q3FY22
Slide 17: GIL Performance Highlights – Q3FY22
GIL Performance Highlights – Q3FY22 Consolidated Financials • Revenues ▲ 32% QoQ; ▲63% YoY to INR 13.6 bn • EBITDA ▲ 44% QoQ; ▲8.3x YoY to INR 7.2 bn driven by Delhi Airport (▲ 44% QoQ; ▲7.7x YoY) • Net profit after tax INR 584 mn in Q3FY22 vs loss of INR 5.0 bn in Q2FY22 and loss of INR 3.8 bn in Q
Slide 18: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt (Sector-wise) ^ (INR bn) (in INR bn, %age of total) 266 63 203 Airport, 184 , 91% Corporate, 19 , 9% Gross Debt Cash & equivalents Net Debt Note : FCCB of INR 1.8 bn not considered in debt, ^ As on Dec 2021 16
Slide 19: Key Developments in Q3FY22 – Delhi Airport (DIAL)
Key Developments in Q3FY22 Delhi Airport (DIAL) • Traffic ▲61% QoQ (▲82% YoY) to 13.8 mn pax • Revenue (▲20% QoQ, ▲55% YoY) to INR 8.1 bn o Aero revenue (▲47% QoQ, ▲72% YoY) o Non-aero revenue (▲28% QoQ, ▲37% YoY) Retail incl. Duty Free (▲86% QoQ, ▲2.6x YoY) o CPD Rentals (▼19% QoQ, ▲2.2x YoY). Yo
Slide 20: Key Developments in Q3FY22 – Hyderabad Airport (GHIAL)
Key Developments in Q3FY22 Hyderabad Airport (GHIAL) • Traffic ▲56% QoQ (▲52% YoY) to 4.3 mn pax • Revenue (▲46% QoQ, ▲72% YoY) to INR 2.2 bn o Aero revenue (▲44% QoQ, ▲52% YoY) o Non-aero revenue (▲48% QoQ, ▲2.1x YoY) Retail incl. Duty Free (▲1.8x QoQ, ▲2.5x YoY) • EBITDA of INR 1.1 bn in Q3FY22
Slide 21: Key Developments in Q3FY22 – Cebu and Goa Airports
Key Developments in Q3FY22 Cebu Airport • Traffic ▲8% QoQ (▲2.3x YoY) to 0.29 mn pax • Revenue (▲9% QoQ, ▲12% YoY) to INR 185 mn in constant currency terms o Pax growth ▲8% QoQ, ▲2.3x YoY; Air traffic movement flat QoQ, ▲2.1x YoY o Operating expenses ▼2% QoQ,▼8% YoY o EBITDA loss at INR 68 mn in Q3F
Slide 22: Key Developments in Q3FY22 – Crete, Bhogapuram, Medan, Nagpur
Key Developments in Q3FY22 Crete Airport • Project is fully funded mainly through State Grant which is already received and Airport Modernisation & Development Tax. It is a completely debt free Project • Earthworks are progressing in multiple fronts of runway, taxiway, apron, terminal building, exte
Slide 23: Q3FY22 - Operational & Financial Highlights QoQ
Q3FY22 - Operational & Financial Highlights QoQ (figures in INR mn) GIL Delhi Airport Hyderabad Airport (Consolidated) (Standalone) (Standalone) Particulars Q3FY2021 Q2FY2022 Q3FY2022 Q3FY2021 Q2FY2022 Q3FY2022 Q3FY2021 Q2FY2022 Q3FY2022 Net Revenues 7,351 9,609 13,203 4,296 6,118 7,804 1,242 1,470
Slide 24: 9MFY22 - Operational & Financial Highlights YoY
9MFY22 - Operational & Financial Highlights YoY (figures in INR mn) GIL Delhi Airport Hyderabad Airport (Consolidated) (Standalone) (Standalone) Particulars 9MFY2021 9MFY2022 9MFY2021 9MFY2022 9MFY2021 9MFY2022 Net Revenues 18,603 31,137 11,434 19,321 2,448 4,588 EBITDA 19 15,684 (9) 12,429 (242) 1,
Slide 25: Delhi and Hyderabad Airport Non-Aero Revenues (9MFY22)
Delhi Airport - Non-Aero Revenues (9MFY22) Performance YoY Delhi Airport Non-Aero Revenue Break-up INR 11.8 bn • Non-aero revenues ▲32% to INR 11.8bn Cargo Advt. 5% F&B • Retail revenues ▲2.9x YoY to INR 2bn 21% 6% o Duty Free SPP increased to INR 1017 in 9MFY22 from INR 769 in 9MFY21 Ground Handlin
Slide 26: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q3FY2021 Q2FY2022 Q3FY2022 9MFY2021 9MFY2022 Q3FY2021 Q2FY2022 Q3FY2022 9MFY2021 9MFY2022 Revenues 165 169 185 1,427 502 165 169 181 1,427 512 EBITDA (110) (88) (68) 370 (245) (110) (88) (67) 370
Slide 27: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GIL – 9MFY22 Consolidated EBITDA (Proforma) INR mn GIL Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL) Cebu EBITDA Proforma EBITDA 1,865 17,449 15,684 (100) DIAL – 9MFY22 Consolidated EBITDA (Proforma) GHIAL – 9MFY22 Consolidated EBI
Slide 28: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 29: ESG
ESG Environment Profits • DIAL became Asia Pacific's first Level 4+ (Transition) accredited airport and 2nd airport globally under ACI's Airport Carbon CSR thrust areas Accreditation program. • DIAL is the first airport registered with UNFCC&C for Clean development mechanism for energy efficient mea
Slide 30: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 31: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 32: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C 30
Slide 33: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q3FY2021 Q2FY2022 Q3FY2022 9MFY2021 9MFY2022 Gross Revenue 8,363 10,339 13,641 20,104 33,171 Less: Revenue Share 1,012 730 438 1,501 2,034 Net Revenue 7,351 9,609 13,203 18,603 31,137 Total Expenditure 6,490 4,644 6,048 18,584 15,453 EBITDA
Slide 34: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q3FY2021 Q2FY2022 Q3FY2022 9MFY2021 9MFY2022 Aero Revenue 1,160 1,364 2,001 2,547 4,442 Non Aero Revenue 3,480 3,746 4,783 8,972 11,825 CPD Rentals 606 1,666 1,356 1,270 4,866 Gross Revenue 5,247 6,776 8,140 12,790 21,133 Less: Revenue Share
Slide 35: Annexure B: Hyderabad Airport (Standalone)
Annexure B : Hyderabad Airport (Standalone) INR mn Q3FY2021 Q2FY2022 Q3FY2022 9MFY2021 9MFY2022 Aero Revenue 872 922 1,327 1,689 2,864 Non Aero Revenue 431 619 919 903 1,942 Gross Revenue 1,304 1,541 2,246 2,592 4,806 Less: Revenue Share 61 70 99 145 217 Net Revenue 1,242 1,470 2,148 2,448 4,588 Ope