Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q4 FY2024 Earnings Presentation
54 slides from Gmr Airports's earnings presentation, May 29, 2024
Slide 1: Exchange disclosure cover letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) May 29, 2024 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai 400001 Mumbai - 400051 Scrip: 532
Slide 2: GMR Airports Infrastructure Limited Investor Presentation Q4FY24
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) INVESTOR PRESENTATION Q4FY24 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality Humility | Entrepr
Slide 3: Disclaimer
DISCLAIMER This Material and any discussions which follows may contain ‘forward looking statements’ relating to the Company and the GMR Group and may include All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financ
Slide 4: Corporate Overview
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… “Best Airport” in #96 2nd Largest1 CY23 No. of airport 27%5 globally In Asia Pacific assets under share of passenger Largest in India catering to 40mn+ operations or tra
Slide 6: Corporate Structure - Pre and Post merger
Corporate Structure - Pre and Post merger % of paid-up share capital Pre-Merger Immediately Post-Merger GMR Promoters Public Groupe ADP GMR Promoters Public 58.9% 41.1% 32.3% 33.7% 34.0% GMR Airports Infrastructure Ltd (GIL) GMR Airports Infrastructure Ltd (GIL) Groupe ADP India Outside India 51% 10
Slide 7: 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%) (74%)8 (100%)6 (49%) (33.3%)5 (n/a%)1 (100%)2 (100%)6 (21.6%) Base city D
Slide 8: Poised for Breakout Growth
Poised for Breakout Growth Present across most lucrative Asian markets – Organic growth visibility given expansion at Long term airport concessions to capitalize on the 1 5 Delhi, Hyderabad and Goa almost completed – growth in Indian aviation market which is expected EBITDA to improve to grow avg of
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 10: GIL Q4FY24 Consolidated Results at a Glance
GIL Q4FY24 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 199.2 INR 242 INR 360 31.4mn ▲ 6% YoY ▲ 21% YoY ▲ 4% YoY ▲ 11% YoY ▲ 1% QoQ ▲ 4% QoQ ▲ 1% QoQ ▲ 2% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 25.7bn INR 9.4bn INR 271bn Delhi – 99.6% Hyd – 99.7%
Slide 11: GIL FY24 Consolidated Results at a Glance
GIL FY24 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 120.8mn 781.5 INR 235 INR 356 ▲ 12% YoY ▲ 21% YoY ▲ 4% YoY ▲ 20% YoY EBITDA Net Debt4 Capex Gross Income Progress5 Delhi – 99.6% INR 92.1bn Hyd – 99.7% INR 34.2bn INR 271bn Crete – 32.7% ▲ 27% YoY ▲ 49% YoY ▲
Slide 12: GIL Financial Highlights
GIL Financial Highlights Strong YoY Growth in Operational Revenues Q4FY24 INR mn ➢ Revenue from Operations ▲29% YoY; ▲10% QoQ to INR 24.5bn ➢ YoY growth seen across airports Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social R
Slide 13: GIL Financial Highlights: Gross Income & EBITDA
GIL Financial Highlights Gross Income & EBITDA – Q4FY24 Gross Income & EBITDA – FY24 Margins Margins Margins Margins Margins 25% 46% 48% 43% 50% 25.7 92.1 23.5 20.0 72.7 INR bn INR bn 9.4 34.2 7.9 23.0 3.6 Q4FY2023 Q3FY2024 Q4FY2024 FY2023 FY2024 Gross Income EBITDA Gross Income EBITDA ➢ EBITDA: ✓ Q
Slide 14: GIL Consolidated EBITDA incl. JVs (Proforma) – FY24
GIL Consolidated EBITDA incl. JVs (Proforma) – FY24 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma) is ~INR 38.8bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Humility | Entrepreneurship | Teamwork & Res
Slide 15: GIL Consolidated Debt – FY24
GIL Consolidated Debt – FY24 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 56 • Gross Debt increased by INR 18.7bn QoQ mainly due to funds raised at GAL level • Net Debt increased by INR 16.7bn QoQ Note : FCCB of INR 25.4bn (KIA: INR 2.04bn; ADP: INR 23.31bn) not considered in debt ^ A
Slide 16: Business Highlights
BUSINESS HIGHLIGHTS
Slide 17: GIL Operated Airport Passenger Traffic At Record Highs
GIL Operated Airport Passenger Traffic At Record Highs Pax Traffic and YoY Growth - Q4FY24 Pax Traffic and YoY Growth - FY24 ❖ In FY24, airports operated by GIL handled 27% of total India passenger traffic (Delhi Airport: 20%) ✓ Share of domestic traffic handled was 26% (Delhi Airport: 18%) ✓ Share
Slide 18: Passenger Traffic: At Record Highs
Passenger Traffic: At Record 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 2021 2022 2023
Slide 19: Key Parameters Continue to Trend Upwards
Key Parameters Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 2% YoY in Q4FY24 ATMs increased 9% YoY in Q4FY24 Domestic International (Nos '000) Domestic International (Nos '000) 108.7 45.5 106.4 41.8 7.0 22.3 26.0 5.8 84.1 82.7 36.0 38.5 Q4FY2023 Q4FY2024 Q4FY2023 Q4FY2024
Slide 20: GIL Key Highlights – Q4FY24 (1/4)
GIL Key Highlights – Q4FY24 (1/4) Steady Progress ❖ Application submitted before the Hon’ble NCLT1 for approval of the scheme on Merger of ❖ Joint Motion Application was heard by NCLT on 10 May’24 and 13 May’24. Merger expected to be GAL with GIL completed in Q1FY25. Order is reserved ❖ AERA has all
Slide 21: GIL Key Highlights – Q4FY24 (2/4)
GIL Key Highlights – Q4FY24 (2/4) ❖ Group level (GAL): Raised INR 22.5bn in the form of senior unsecured bonds. With this, all the debt at GAL has been refinanced. Gross debt in GAL was INR 49.7bn as on 31 Mar’24 Fund Raise and ❖ DIAL: Raised INR 8.0bn through 10-year bonds in Mar’24 Refinance ❖GHIA
Slide 22: GIL Key Highlights – Q4FY24 (3/4)
GIL Key Highlights – Q4FY24 (3/4) ❖ Mopa (Goa) Airport fully operational ✓ Pax capacity to increase from 4.4mn to ~7.7mn - expansion program in progress with ~61% progress achieved ✓ Expressway (NH166S) connectivity to airport: ~ 90% of work completed ❖ Expansion of GMR Hyderabad Air Cargo ✓ Termina
Slide 23: GIL Key Highlights – Q4FY24 (4/4)
GIL Key Highlights – Q4FY24 (4/4) ❖ ACI1-ASQ Awards 2023 ✓ Delhi Airport secured the Best Airport Award (in the “over 40 MPPA” category) for the sixth consecutive year ✓ Hyderabad Airport secured the Best Airport Award (in the “15 to 25 MPPA” category in Asia Pacific Region) ✓ ASQ score for both Del
Slide 24: Key Focus Areas for FY25 and beyond
Key Focus Areas for FY25 and beyond Merger of GAL with GIL Merger expected to be completed in Q1FY25. Order on the 2nd motion reserved by NCLT after completion of all formalities Deleveraging Work towards optimizing of debt at GMR Airport Limited Capex • Complete the ongoing expansion at Delhi, Hyde
Slide 25: Asset Wise Performance
ASSET WISE 7) | PERFORMANCE
Slide 26: Domestic Airports Key Highlights
DOMESTIC AIRPORTS K e y H i g h l i g h t s
Slide 27: Delhi Airport (DIAL) Key Highlights – Q4FY24
Delhi Airport (DIAL) Key Highlights – Q4FY24 • Destinations Connected: ✓ Domestic: 80; International 70 • Phase 3A Expansion project completed and Aero Revenue inaugurated by Hon’ble Prime Minister in March Total Income ✓ Delhi Airport joined the elite club of global airports having ▲11.0% YoY 100 M
Slide 28: DIAL Expansion 3A
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 29: DIAL Expansion 3A
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 30: DIAL Expansion 3A
DIAL Expansion 3A Terminal Departure Check-in View Forecourt Island Domestic Arrival Apron Transfer Area B Phase - III Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 28
Slide 31: Hyderabad Airport (GHIAL) Key Highlights – Q4FY24
Hyderabad Airport (GHIAL) Key Highlights – Q4FY24 • Destinations Connected: ✓ Domnestic: 67; International 20 • Regulatory Update: TDSAT1 pronounced its order with respect to appeal filed by Hyderabad Airport (GHIAL) Total Income where some issues were upheld and some disallowed Aero Revenue Q4FY24:
Slide 32: 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 33: Mopa (Goa) Airport – GGIAL Key Highlights – Q4FY24
Mopa (Goa) Airport – GGIAL Key Highlights – Q4FY24 • Destinations Connected: ✓ Domestic: 25; International 4 • AERA approved final tariff implemented from 1 Jan’24 • Achieved ~40% market share in FY24 in first full year of Total Income operations Q4FY24: INR 1.2bn; Aero Revenue • Non-aero revenue in
Slide 34: Mopa (Goa) Expansion Program in Progress
Mopa (Goa) Expansion Program in Progress Physical progress ~61% Arrival Emigration Automatic Tray Node Carousel Counters Retrieval System Building Baggage Breakup Area Immigration Automatic Tray Apron Conveyor Room Counters Retrieval System Area Humility | Entrepreneurship | Teamwork & Respect for I
Slide 35: Mopa (Goa) Expressway Connectivity
Mopa (Goa) Expressway Connectivity ~90% work completed Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 33
Slide 36: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights • Bhumi Pujan ritual (i.e. Ground Breaking Ceremony) performed on 1 Nov'23 • Agreement for EPC works signed with L&T on 1 Nov'23 and notice to proceed issued on 7 Dec'23. • Received approval from project finance lenders for debt of IN
Slide 37: Airports Operational and Financial Performance
Airports Operational and Financial Performance
Slide 38: Operational & Financial Highlights – Q4FY24
Operational & Financial Highlights – Q4FY24 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q4FY2023 Q3FY2024 Q4FY2024 Q4FY2023 Q3FY2024 Q4FY2024 Q4FY2023 Q3FY2024 Q4FY2024 Net Income 6,440 7,307 7,339 3,742 4,759 5,304 258 703 1,215 EBITDA 3,084
Slide 39: Operational & Financial Highlights – FY24
Operational & Financial Highlights – FY24 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn FY2023 FY2024 FY2023 FY2024 FY2023 FY2024 Net Income 23,966 28,296 13,299 19,444 290 2,764 EBITDA 12,481 15,593 6,583 12,789 (363 ) 599 Interest 8,103 11,27
Slide 40: Consolidated EBITDA (Proforma) – FY24
Consolidated EBITDA (Proforma) – FY24 Delhi Airport Hyderabad Airport INR mn INR mn Consolidated Consolidated Standalone JVs / Subsidiaries Standalone JVs / Subsidiaries (Proforma) (Proforma) ➢ Delhi Airport: INR 19.0bn ➢ Hyderabad Airport: INR 15.9bn ➢ Increased 19.7% YoY ➢ Increased 84.6% YoY Humi
Slide 41: Non-Aero Revenues Performance – FY24
Non-Aero Revenues Performance – FY24 Delhi Airport Non-Aero Revenue Break-up INR 29.4 bn • Non-aero revenues ▲19% YoY to INR 29.4bn • Retail revenues ▲21% YoY to INR 8.3bn Others o Duty Free SPP at INR 997 in FY24 vs INR 985 in 16% FY23 Ground Handling Retail (incl 7% Duty Free) 28% • Cargo revenues
Slide 42: International Airports Key Highlights
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s
Slide 43: Medan Airport (Indonesia) - Key Highlights
Medan Airport (Indonesia) - Key Highlights • Traffic: Key Financials (figures in INR mn) o Q4FY24 at 1.78mn - ▲3% YoY; ▼ 4% QoQ. FY24 at 7.39mn. Started operating the airport from Jul'22 Reported Particulars • Gross Income: ▼ 5% QoQ to INR 1.19bn in Q4FY24 (Standalone) o Aero revenue ▼ 9% QoQ to INR
Slide 44: Crete Airport (Greece) - Key Highlights
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 32.69% achieved as of 31 Mar’24. Structural Concreting works of Passenger Terminal Bui
Slide 45: Cebu Airport (Philippines) - Key Highlights
Cebu Airport (Philippines)1 - 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 – Q4FY24: ▲5% QoQ;▲20% YoY to 2.69mn pax; FY24: ▲47% YoY
Slide 46: ESG Practices
ESG PRACTICES
Slide 47: ESG
ESG Environment Social DIAL • Became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally CSR Spend (Q4 FY24) - INR 92.45 mn under Airport Council International’s (ACI) Airport Carbon Accreditation program. Target is to achieve Net Zero by 2030 Total beneficiaries - O
Slide 48: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 49: Annexures
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Slide 50: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C o Mopa (Goa) Airport (Standalone) D Note Some totals may not match due to rounding-off differences Humility | Entrepreneurship | Teamwork & Respe
Slide 51: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Quarterly Analy Particulars Q4FY2023 Q3FY2024 Q4FY2024 FY2023 FY2024 Revenue from Operations 18,897 22,267 24,468 66,738 87,546 Other Income 1,071 1,240 1,237 5,952 4,524 Gross Income 19,968 23,507 25,705 72,690 92,070 Less: Revenue Share 5,
Slide 52: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q4FY2023 Q3FY2024 Q4FY2024 FY2023 FY2024 Aero Revenue 2,558 2,699 2,840 9,376 10,618 Non Aero Revenue 6,770 7,597 7,753 24,772 29,417 CPD Rentals 1,527 1,956 2,040 5,751 8,017 Other Income 676 978 563 2,643 2,897 Gross Inc
Slide 53: Annexure C: Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Quarterly Analy Particulars Q4FY2023 Q3FY2024 Q4FY2024 FY2023 FY2024 Aero Revenue 2,113 3,117 3,362 7,853 12,602 Non Aero Revenue 1,390 1,442 1,539 4,610 5,704 Other Income 390 396 610 1,381 1,924 Gross Income 3,894 4,955 5,511 13,843 20,230 Less: R
Slide 54: Annexure D: Mopa (Goa) Airport (Standalone)
Annexure D : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q4FY2023 Q3FY2024 Q4FY2024 FY2023 FY2024 Aero Revenue 211 451 760 212 1,728 Non Aero Revenue 56 141 187 56 508 CPD Rentals 0 0 213 0 213 Other Income (10) 111 56 22 315 Gross Income 258 703 1,215 290 2,764 Less: Reven
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