Slide 1: Investor Presentation | Q4FY25
Investor Presentation | Q4FY25 India’s First Multi-National Infrastructure Company in the Highways Sector
Slide 2: Table of Contents
Table of Contents Financial Highlights - Q4FY25 & FY25 Page 2 Result Highlights Page 3 Group Synopsis Page 9 Business Verticals Page 13 Dollar Bond Details Page 19 Governance and ESG Page 22 Attractive Industry Fundamentals and Opportunities Page 25 Appendix Page 31
Slide 3: Financial Highlights for Q4FY25 & FY25
Financial Highlights for Q4FY25 & FY25 • For FY25 on Y-o-Y basis, Toll • PAT of Rs. 2.15 bn for Q4FY25 • Rated among the top Infra Revenue growth of ~23% for our achieved as compared to Rs. 1.89 bn Companies in India for ESG: portfolio surpassing the for Q4FY24, registering growth of Rating Criteria
Slide 4: Result Highlights
Result Highlights Private & Confidential
Slide 5: Consolidated Financial Summary for Q4FY25 & FY25
Consolidated Financial Summary for Q4FY25 & FY25 INR in millions Particulars Q4FY25 Q4FY24 FY25 FY24 Total Income 22,179 25,045 80,315 82,018 EBITDA 10,665 13,331 40,239 41,246 Finance Costs 4,577 6,145 17,919 18,633 Depreciation & Amortization 2,863 2,742 10,376 9,949 PBT 3,225 4,443 11,944 12,663
Slide 6: Consolidated Financial Summary (Quarterly YoY) Segment-wise
Consolidated Financial Summary (Quarterly YoY) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Revenue 21,492 24,602 6,411 6,190 3,066 3,990 12,015 14,422 EBITDA*
Slide 7: Consolidated Financial Summary (Yearly) Segment-wise
Consolidated Financial Summary (Yearly) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Revenue 78,224 80,266 24,839 23,881 7,604 6,176 45,781 50,209 EBITDA* 39,892 39,494 21,380
Slide 8: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record Revenue (INR Bn) EBITDA & Margin (INR Bn) 50% 50% 82 80 53% 53% 64 67 49% 55 41 40 33 35 27 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Networth (INR Bn) Net Debt to Equity (INR Bn) 137 119 117 198 111 101 1.99 126 134
Slide 9: Consolidated Financial Summary – Net cash FY25
Consolidated Financial Summary – Net cash FY25 INR in million Increase Decrease Total INR in Million 40,239 9,249 (10,036) (1,705) 2,850 906 (8,689) 18,595 (14,083) (47) (2,416) 2,327 EBITDA Tax Investments Net borrowings Lease Payment Closing Cash & CE Opening Cash & CE Working Capital Other Op CF
Slide 10: Group Synopsis
Group Synopsis Private & Confidential
Slide 11: 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. 21 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 12: 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 2,161 13,283 8,450 7,300 8,450 7,300 5,351 4,700 4,003 3,398 4,700 3,398 1,212 1348 1,212 IRB Cube Interise Trust (CPPIB) Adani HIT (K
Slide 13: 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 Up to 2012 2016 2019 2022 2025 Cum Lane Km 987 6,376 7,244 13,754 15,444 Majority of TOT/BOT/HAM projects in high growth states (in Lane KMs) 2,678 2,532 2,124 1,942 1,594 1,442 1,264 665
Slide 14: Business Verticals
Verticals Business Private & Confidential
Slide 15: Summary of Business Verticals
Summary of Business Verticals List Co Engineering, Procurement and 1 InvIT Investments 2 Wholly Owned Concessions (100%) 3 Construction (100%) A. Private InvIT (51%) B. Public InvIT (16%) • IRB has executed c. 19,000 Project Type Project Type Project Type lane kms of projects across 39 Goa Kundapur
Slide 16: Business Vertical – 1A: IRB Private InvIT
Business Vertical – 1A : IRB Private InvIT Asset overview Key Highlights Project cost Concession Sr. No. Project State Lane KM Status 14 projects are currently revenue generating (incl. 2 (INR bn) End Date * under construction and tolling) & 1 is under 1 construction 1 Goa Kundapur Karnataka 37 758
Slide 17: Business Vertical - 1B: IRB Public InvIT
Business Vertical - 1B : 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- 204
Slide 18: Business Vertical – 2: Wholly Owned Concessions
Business Vertical – 2: 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 19: Business Vertical - 3: Engineering, Procurement and Construction Business
Business Vertical - 3 : Engineering, Procurement and Construction Business Under its EPC arm, IRB has executed c. 19,000 lane kms of projects across 39 projects with professionally managed EPC team with avg track record of more than 25 years Key Highlights Latest techniques to facilitate project pla
Slide 20: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 21: Offshore Bond Issue – Covenant Structure
Offshore Bond Issue – Covenant Structure Business Segment I Business Segment II Surplus Toll & HAM Investments Distribution IRBIDL Standalone 51% MRMPL Mumbai Pune TOT Private InvIT Distribution from Mumbai Pune 16% and InvIT’s Ahd Vadodara BOT Public InvIT Non-road assets Pathankot Mandi (PM) HAM F
Slide 22: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn As on As on Business Segment I March 31, 2025 Sept 30, 2024^^^ Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 586 534 Gross Debt 215 205 Project Life Coverage Ratio 2.7 2.6 Minimum Project Life Coverage Ratio (As required un
Slide 23: Governance & ESG
& ESG Governance Private & Confidential
Slide 24: 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 Other Non-Independent (from Cintra) 2 2 (one each from G
Slide 25: 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 26: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 27: 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 28: Revamped Bankable Concession Terms
Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details ▪ India has a long track record of toll rate escalation ▪ Toll rate escalation is pre-defined in concession agreement to take place on 1st of April every year ▪ Escalation is not entirely WPI depe
Slide 29: Opportunities under PPP: Private Capex picking Momentum
Opportunities under PPP Private Capex picking Momentum • Total completed National Highway stands at ~146,000 kms, of which ~46,179 kms is 4 lane and above in configuration. • Projects totaling 871 Kms, valued at Rs. 456 bn, will likely be available for bidding on BOT basis, including opportunities f
Slide 30: New Opportunities – TOT Projects
New Opportunities – TOT Projects Revenue/ Sr. Length Remittance Client Project State No. (kms) (INR Bn for FY23-24) Chandikhol – Bhadrak section of NH 16, Panikholi – Rimuli Section of NH – 1 NHAI OD 284 4.60# 20 and Rimuli – Koida Section of NH 520 (TOT bundle 18) Trichy – Thanjavur section of NH 8
Slide 31: New Opportunities – TOT Projects
New Opportunities – TOT Projects Revenue/ Sr. Length Remittance Client Project State No. (kms) (INR Bn for FY23-24) 14 NHAI 4L of Chikhli - Tarsod section of NH-6 from km 360.00 - km 422.700 MH 65 0.73* 15 NHAI Aurangabad - Karodi km 290.00- km 320.104 of NH 211 (New NH S2) MH 30 0.45* Four Laning o
Slide 32: Appendix
Appendix Private & Confidential
Slide 33: 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 34: Share Price Performance
Share Price Performance IRB share price (rebased to 100) IRB Sensex Mar 2024: Achieved Appointed date for TOT-12 and TOT-13 project DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: Awarded AUG 2023: Achieved 400.0 new BOT project Appointed date for close IRB transaction HAM asset and achieved
Slide 35: 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 36: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 35
Slide 37: Gross Toll Revenue – Wholly Owned Concessions
Gross Toll Revenue – Wholly Owned Concessions Amount in INR mn MUMBAI - PUNE ** AHMEDABAD VADODARA Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Jun 2,373 3,606 4,238 4,382 3.4% Jun 1,086 1,572 1,725 1,844 6.9% Sept 3,055 3,347 4,105 4,141 0.9%
Slide 38: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Gulabpura Chittorgarh Hapur Moradabad Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Jun 329 822 931 922 -1.0% Jun 310 388 767 791 3.2% Sept 526 842 906 898 -0.8% Sept 351 553 610 696 14.2%
Slide 39: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Yedeshi Aurangabad Kishangarh Gulabpura Quarter 2021-22 2022-23 2023-24^ 2024-25^ % Variance Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Jun 346 574 713 539 -24.4% Jun 209 303 615 581 -5.4% Sept 382 600 628 611 -2.8% Sept 261 517 588 562
Slide 40: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Karwar Kundapura Solapur Yedeshi Quarter 2021-22 2022-23 2023-24 2024-25 % Variance Quarter 2021-22 2022-23 2023-24^ 2024-25^ % Variance Jun 156 298 349 346 -1.0% Jun 167 308 367 285 -22.4% Sept 197 262 292 280 -4.1% Sept 194 295 308 302 -1.9% D
Slide 41: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities Chittoor Thachur Modern Road Makers Highway Pvt. Limited Private Limited IRB Infrastructure Developers Limited IND A CARE AA- IND AA- Crisil AA- Pathankot Mandi IRB MP Expressway Highway Pvt Limited Private Limited IND AA IRB Infrastructure Trust CARE
Slide 42: ESG Score
ESG Score Year 2022 Year 2023 Year 2024 Improvement from 2022 +30 +29 +12 41
Slide 43: Learning and Development
Learning and Development YA BOT CG BOT US BOT KK BOT 42
Slide 44: Recognitions
Recognitions We proud to receive Silver SKOTCH ESG Award under Category “Social Excellence” towards Water Conservation at our Vadodara Mumbai Expressway (Pkg- 7 ) HAM Project Received the Best Net Zero Initiative of the Year Award! by Received ‘Certificate of Appreciation’ under the UBS Forums, for
Slide 45: 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 46: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 45
Slide 47: Notes
Notes IRB INFRASTRUCTURE DEVELOPERS LTD