Cube Highways Trust Units · NSE:CUBEINVIT
Cube Highways Trust Units — Q2 FY2025 Earnings Presentation
39 slides from Cube Highways Trust Units's earnings presentation, November 2024
Slide 1: Q2 FY 2025 - Investor Presentation
Q2 FY 2025 - INVESTOR PRESENTATION CUBE HIGHWAYS TRUST November 2024
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 Q2 FY 2025 Updates 13 Corporate Governance & Management Team 18 Annexures 3
Slide 4: Q2 FY 2025 Updates
@ AIGHWAYS Q2 FY 2025 Updates
Slide 5: Portfolio Snapshot
Portfolio Snapshot As on 30th September 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 19.8 27 Assets 1. JMTPL, 2. MBEL, AVERAGE RESIDUAL TOLL PLAZAS 3. WUPTPL, 4. NAME
Slide 6: Executive Summary
Executive Summary As on 30th September 2024 except stated otherwise: Traffic Growth Toll Revenue Growth Electronic Toll Collection 4.8% H1YoY 6.9% H1YoY 96%H1 Distribution Rating DSCR per unit (Q2 FY25) AAA 1.76X 3 INR 2 per CRISIL, ICRA and Indian Ratings and Research Ordinary Unit AUM NAV Growth (
Slide 7: Revenue & Traffic Performance Snapshot: H1 FY25 v/s H1 FY24
Revenue & Traffic Performance Snapshot: H1 FY 25 v/s H1 FY24 As on 30th September 2024 except stated otherwise Asset-wise daily average revenue collection H1 FY25 v/s H1 FY24)... Revenue: 6.9 %1 increase H1 FY 25 vs H1 FY 24 3.4% Average daily 18.6% Average Daily Collection (INR Mn)2 revenue 8.6% 2.
Slide 8: Revenue & Traffic Performance Snapshot: Q2 FY25 v/s Q2 FY24
Revenue & Traffic Performance Snapshot: Q2 FY25 v/s Q2 FY24 As on 30th September 2024 except stated otherwise Asset-wise daily average revenue collection (Q2 FY25 v/s Q2 FY24)... Revenue: 7.6 %1 increase 5.1% Q2 FY 25 vs Q2 FY 24 Average daily 18.0% 8.2% Average Daily Collection (INR Mn)2 revenue 5.
Slide 9: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing Key Metrics As on 30th September 2024 Our Marquee Lenders 8.36% INR 2 (Q2 FY25) 86% 39.9% 1.76x 4.4x Average cost Distribution per Floating rate Net Debt/ AUM 1 DSCR2 Debt/ EBITDA3 of Debt Ordinary unit borrowing (for borrowings at trust level) (at consolidated lev
Slide 10: Net Distributable Cash Flow and Distributions: H1 FY25
Net Distributable Cash Flow and Distributions: H1 FY 25 (In INR Crores) Rounded off to zero decimals Items forming part of Items other than part of 2 000 NDCF NDCF 00 5 335 (14) [2] 00 131 [1] (236) 400 204 250 330 5 200 000 00 00 0 [3] 50 3 534 53 117 2 155 400 3 200 391 379 e uit me ses er nt ce A
Slide 11: Dividend Distribution - Snapshot
Dividend Distribution - Snapshot Quarterly Distributions (INR Mn) 6,000.00 5,083.96 5,000.00 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 Breakup of DPU (Distribution per ordinary unit) 4.50 3.94 4.00 3.50 3
Slide 12: 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 bituminous concrete for FRHL and WVEPL assets (51%) within 100 hours at 10th Aug 2023 22nd May 2024 31st July 2024 GAEPL Dividend declared: Div
Slide 13: Corporate Governance & Management Team
Corporate Governance & Management Team 13
Slide 14: Board of Directors
Board of Directors As on 3oth September 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 Mutu
Slide 15: 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 16: Investment in a Team of Specialists
Investment in a Team of Specialists Investment Manager (IM) Team Vinay C Sekar Pankaj Vasani Mridul Gupta Abhijit S Sathe Saurabh Bansal Deepan Shah Saurabh Kumar Chief Executive Officer Group Chief Financial Compliance Officer and SVP – Finance and SVP – Capital Raising and AVP - Legal AVP – Strate
Slide 17: Investment in a Team of Specialists
Investment in a 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
Slide 18: Annexures
Annexures Portfolio Details InvIT Structure InvIT Vision & Mission Unit Holders Information Valuation Summary Key Differentiators ESG and Sustainability Strategy 18
Slide 19: 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 20: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic Stretch BWHPL MSHPL MHPL KTIPL KSIPL KSPPL 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
Slide 21: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on total number of tollable vehicles in H1 FY25 H1 FY25 Traffic Synopsis 3A Truck OSV 3% 0% H1 Average Daily Traffic Commercial Vehicles: Bus LCV 5% 28% 31,041 PCUs* 6% Passenger vehicles: 2A Truck 7% 72% Electronic Toll Collection
Slide 22: 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 23: 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 24: 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 25: Marquee Investors
Marquee Investors Ordinary Unitholding Pattern As on 30th September 2024 Provident/pension funds Foreign Portfolio Investors 1.12% 0.61% Alternative Investment Fund 1.12% Non-Resident Indians 0.14% Individuals 1.18% Trust 0.04% Insurance Companies 3.12% Mutual Funds 9.25% Non-Institution - Body Corp
Slide 26: Valuation Summary
Valuation Summary As of 30th September, 2024 for 24 Assets (excludes NAMEL): (INR Mn) Total Particulars Description Enterprise Value 2,91,623 Revenue Assumptions Revenue growth rate of 9.2% for the overall concession life based on Traffic Total Debt 1,27,833 report from Steer (SDG – traffic consulta
Slide 27: Key Differentiators
@ CUBHIGHWAYS Key Differentiators
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: ESG and Sustainability Strategy
ESG and Sustainability Strategy 34
Slide 35: ESG Highlights FY 2024
ESG Highlights FY 2024 25% total women 14 female employees ~127 female toll strength in IM and promoted (IM, PM and collectors ENERGY* EMISSIONS* PM SPV) 17,405 MWh of total 19% of Scope 1+2 emissions energy consumed1 (Scope 1: 2329 tonnes CO eq; Scope 142.9 MWh of captive 2: 11,695 tonnes CO eq) 2
Slide 36: 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 37: Abbreviations
37 AIGHWAYS TRUST.
Slide 38: 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 39: 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 39
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