Slide 1: Investor Presentation | Q1FY25
Investor Presentation | Q1FY25 India’s First Multi-National Infrastructure Company in the Highways Sector Cable Stayed Bridge on Chambal River near Kota
Slide 2: Table of Contents
Table of Contents Financial Highlights Page 2 Result Highlights Page 3 Group Synopsis Page 7 Business Verticals Page 11 Dollar Bond Details Page 17 Governance and ESG Page 20 Attractive Industry Fundamentals and Opportunities Page 23 Appendix Page 27
Slide 3: Financial Highlights for Q1FY25
Financial Highlights for Q1FY25 . • Both TOT-12 and TOT-13 has • Distribution in Q1FY25 of ~ Rs. • Rated among the top Infra received Appointed Date from NHAI 724 mn declared by Pvt InvIT and Companies in India for ESG: and accordingly Tolling on both the projects has been commenced from the same wi
Slide 4: Result Highlights
Result Highlights Private & Confidential
Slide 5: Financial Summary (Quarterly YoY)
Financial Summary (Quarterly YoY) INR in Million Total all segments Construction Segment BOT Segment Particulars Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Revenue 19,717 17,455 13,352 11,329 6,365 6,126 EBITDA 9,758 8,891 4,190 3,433 5,567 5,458 EBITDA margin 49% 51% 31% 30% 87% 89% Financial expens
Slide 6: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record REVEN UE (IN R B N ) EB IT DA & MARGIN (IN R B N ) 50% 53% 53% 49% 82 64 67 41 55 33 35 51% 49% 27 17 20 9 10 FY 2021* FY 2022 FY 2023 FY 2024 Q1FY24 Q1FY25 FY 2021* FY 2022 FY 2023 FY 2024 Q1FY24 Q1FY25 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y N
Slide 7: Financial Summary – Net cash FY24
Financial Summary – Net cash FY24 INR in Million 6
Slide 8: Group Synopsis
Group Synopsis Private & Confidential
Slide 9: IRB Group Overview
IRB Group Overview One of the largest private roads and highways listed integrated infrastructure developer in India Pan India presence 12 States in INR 800 bn+ c. 22 years c. 10% India where Highway asset Weighted 15,444 lane KM Market share of assets are base, one of the average residual Road port
Slide 10: Largest and well Diversified Portfolio of Roads in India
Largest and well Diversified Portfolio of Roads in India Owns and Manages c. 15,000 Lane KM of Roads across 12 States in India1 Under construction 15,444 Operational 2,938 12,506 8,400 7,300 8,400 7,300 5,351 4,384 3,398 3,430 3,398 1,212 3,430 967 1,212 IRB Cube Indinfravit Trust (CPPIB) Adani Orie
Slide 11: Diversified Asset Portfolio with presence in high growth markets
Diversified Asset Portfolio with presence in high growth markets BOT/HAM/TOT portfolio – Cumulative Lane Km Kms 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cum Lane Km 987 2,020 2,415 4,394 6,376 6,280 7,348 7,244 6,865 7,085 13,754 13,739 15,444 Majority of TOT/BOT/HAM projects
Slide 12: Business Verticals
Verticals Business Private & Confidential
Slide 13: Summary of Business Verticals
Summary of Business Verticals List Co 100% 51% 16% 100% Engineering, Procurement and 1 Wholly Owned Concessions 2 Private InvIT 3 Public InvIT 4 Construction Project Type Project Type Project Type • IRB has executed c. 18,000 lane kms of Mumbai Pune TOT TOT Goa Kundapur BOT Talegaon - Amravati BOT p
Slide 14: Business Vertical – 1: Wholly Owned Concessions
Business Vertical – 1: Wholly Owned Concessions Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date (INR bn) 1 Mumbai Pune Maharashtra 89 1,014 Tolling April 2030 2 Ahmedabad Vadodara Gujarat 49 987 Tolling Mar 2043* 3 Vadodara Mumbai Expressway (Pkg -7) Gujarat 17 2
Slide 15: Business Vertical – 2: IRB Private InvIT
Business Vertical- 2 : IRB Private InvIT Asset overview Key Highlights Project cost Concession End Sr. No. Project State Lane KM Status 14 projects are currently revenue generating (incl. 2 (INR bn) Date * 1 under construction and tolling) & 1 is under construction 1 Goa Kundapur Karnataka 37 758 To
Slide 16: Business Vertical – 3: IRB Public InvIT
Business Vertical- 3 : IRB Public InvIT Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date* (INR bn) 1 Talegaon - Amravati Maharashtra 8.9 267 Tolling Jun-2037 2 Amritsar Pathankot Punjab 14.5 410 Tolling Jan-2038 3 Jaipur Deoli Rajasthan 17.4 595 Tolling Oct- 2040
Slide 17: Business Vertical – 4: Engineering, Procurement and Construction Business
Business Vertical- 4 : Engineering, Procurement and Construction Business Under its EPC arm, IRB has executed c. 18,000 lane kms of projects across 36 projects with professionally managed EPC team with avg track record of more than 25 years Key Highlights Latest techniques to facilitate project plan
Slide 18: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 19: Offshore Bond Issue – Covenant Structure
Offshore Bond Issue – Covenant Structure 100% Surplus Distribution IRB Business Segment I Investments Business Segment II Toll & HAM Construction + Surplus from other businesses 100% 51% Mumbai Pune TOT Private InvIT MRMPL 16% Construction (Segment) Public InvIT Ahd Vadodara BOT Engineering, constru
Slide 20: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn As on Business Segment I + Investments in Private & Public InvIT March 31, 2024 Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 564 Gross Debt 202 Project Life Coverage Ratio 2.8 Minimum Project Life Coverage Ratio (As requir
Slide 21: Governance & ESG
& ESG Governance Private & Confidential
Slide 22: Board Driven Robust Governance Policies
Board Driven Robust Governance Policies Board Composition IRB Infrastructure Developers Limited IRB Private InvIT Category Number of Directors Category Number of Directors Promoter 2 IRB Infrastructure Developers Ltd. 2 Other Non-Independent (from Cintra) 2 Other Non-Independent (from GIC & Cintra)
Slide 23: Strong Focus on Protecting the Environment & Community
Strong Focus on Protecting the Environment & Community; Sustainability Reporting to Bring About Reporting Transparency IRB has a strong focus on environment, Business responsibility and sustainability reporting (BRSR) is intended towards having quantitative and sustainability and community standardi
Slide 24: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 25: Revamped Bankable Concession Terms
Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details ▪ NHAI is an agency appointed by the federal government for development of roads and highways in India NHAI as counterparty ▪ NHAI is a quasi-sovereign entity with a ‘AAA’ rating from domestic rat
Slide 26: Opportunities under PPP
Opportunities under PPP The Economic Survey 2018 estimated that India will need USD 5.4 trillion of investment in infrastructure by 2040 The government has set a target of completing 200,000 kms of NH network by the year 2030, out of which ~100,000 kms has been completed To develop the balance of th
Slide 27: Opportunities under PPP: BOT and TOT Project Pipeline
Opportunities under PPP BOT (Toll) Project Pipeline worth 2 Trillion TOT Project Pipeline of 33 Projects Number of Total Project Cost Number of Revenue Remittance Division Length ( Km) RO Length ( Km) projects (Rs in Bn) projects (Rs in Bn) Uttar Pradesh 6 1344 503 Jaipur 4 413 14 Maharashtra 14 522
Slide 28: Appendix
Appendix Private & Confidential
Slide 29: Key Milestones
Key Milestones Constantly Evolving EPC Capabilities: Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures 1998 2004 2008 2016 2017 2018 2020 2021 2023 2024 Length: Length: Length: 1,234 LKM 1,396 LKM 1,168 Cost: INR Cost: INR LKM 11bn 108bn Raised INR Cost: I
Slide 30: Share Price Performance
Share Price Performance IRB share price (rebased to 100) Mar 2024: Achieved Appointed date for TOT-12 and TOT-13 project 400.0 DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: Awarded AUG 2023: Achieved close IRB transaction HAM asset and achieved new BOT project Appointed date for Appointed d
Slide 31: Approach adopted by analysts for valuation of Integrated Developer Model
Approach adopted by analysts for valuation of Integrated Developer Model Particulars Methodology Value of concession Business DCF of FCFE over concession life Value of Construction Business PE Multiple or EV/EBIDTA Value of Non core assets (Land bank and airport) Multiple on Investment Total Value o
Slide 32: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 31
Slide 33: Financial Summary (Quarterly QoQ)
Financial Summary (Quarterly QoQ) INR in Million Total all segments Construction Segment BOT Segment Particulars Q1FY25 Q4FY24 Q1FY25 Q4FY24 Q1FY25 Q4FY24 Revenue 19,717 25,045 13,352 18,644 6,365 6,401 EBITDA 9,758 13,331 4,190 7,679 5,567 5,652 EBITDA margin 49% 53% 31% 41% 87% 88% Financial expen
Slide 34: Financial Summary (Yearly)
Financial Summary (Yearly) INR in Million Total all segments Construction Segment BOT Segment Particulars FY24 FY23* FY24 FY23* FY24 FY23 Revenue 82,018 67,033 57,242 45,804 24,775 21,229 EBITDA 41,246 35,307 19,271 15,817 21,974 19,490 EBITDA margin 50% 53% 34% 35% 89% 92% Financial expenses 18,633
Slide 35: Gross Toll Revenue – Wholly Owned Concessions
Gross Toll Revenue – Wholly Owned Concessions Amount in INR mn ** MUMBAI - PUNE AHMEDABAD VADODARA Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 1,167 2,373 3,606 4,238 4,382 3.4% Jun 589 1,086 1,572 1,725 1,844 6.9% Sep
Slide 36: Gross Toll Revenue – Private InvIT Projects
Gross Toll Revenue– Private InvIT Projects Amount in INR mn Gulabpura Chittorgarh Udaipur - Shamlaji Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 217 329 822 931 922 -1.0% Jun 159 334 638 705 801 13.7% Sept 372 526 842
Slide 37: Gross Toll Revenue – Private InvIT Projects
Gross Toll Revenue– Private InvIT Projects Amount in INR mn Kishangarh Gulabpura Yedeshi Aurangabad Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 146 209 303 615 581 -5.4% Jun 153 346 574 713 539 -24.4% Sept 248 261 517
Slide 38: Gross Toll Revenue – Private InvIT Projects
Gross Toll Revenue– Private InvIT Projects Amount in INR mn Kaithal Rj Border Solapur Yedeshi Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 156 - 394 362 335 -7.4% Jun 90 167 308 367 284 -22.4% Sept 253 - 367 350 Sept 15
Slide 39: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities IRB Infrastructure Modern Road Makers 1 2 Developers Limited Private Limited IND AA- / Stable CARE AA- / Stable Crisil AA- / Stable Meerut Budaun 3 IRB MP Expressway 4 Private Limited Expressway Limited IND AA / Stable IND A- / Stable VM 7 Expressway P
Slide 40: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ‘will’, ‘aim’, ‘will likely result’, ‘would’, ‘believe’, ‘may’, ‘expect’, ‘will continue’, ‘anticipate’, estimate’, ‘intend’, ‘pla
Slide 41: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 40
Slide 42: Notes
Notes INFRASTRUCTURE DEVELOPERS LTD