Slide 1: Investor Presentation Q1FY2022
Investor Presentation Q1FY2022
Slide 2: Safe Harbour
Safe Harbour 2 This presentation has been prepared by IRB Infrastructure Developers Limited (the “Company”) solely for your information and for your use and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or
Slide 3: Contents
3 Contents Update 4 Strong Recovery across Projects 5 Q1FY22 Results 20 Segmental Performance 25 Offshore Bond Issue 34 Private InvIT – IRB Infrastructure Trust 41 Corporate Overview 44
Slide 4: Strong growth in Q1FY22 vs Q1FY21 in Collections and EPC execution
4 Strong growth in Q1FY22 vs Q1FY21 in Collections and EPC execution • Impact of Wave - II was much lower • US BOT Project achieved COD • Won arbitration award of as compared to Wave – I on traffic towards end of May 2021 and got Rs.252.25 Crs plus interest for and Mumbai Pune reports 61~% tariff re
Slide 5: Strong Recovery across Projects
5 Strong Recovery across Projects
Slide 6: Strong Recovery Across Projects – Mumbai Pune Project
6 Strong Recovery Across Projects – IRB Projects Mumbai Pune Project Total for the Quarter 2500 2371 41.0 36.28 36.25 36.98 34.16 34.17 36.0 30.89 Per day Collection 29.94 28.26 31.0 26.08 (INR Mn) 23.84 26.0 22.27 2000 21.0 16.0 20.40 19.48 11.0 14.68 6.0 9.07 1500 INR Mn 1,200 1,124 1,125 1167 1,0
Slide 7: Strong Recovery Across Projects – Ahmedabad Vadodara Project
7 Strong Recovery Across Projects – IRB Projects Ahmedabad Vadodara Project Total for the Quarter 1200 17.0 14.39 14.85 1046 15.0 Per day Collection 12.79 13.0 11.75 11.09 11.30 14.19 14.71 1000 (INR Mn) 10.00 10.68 13.80 13.75 11.0 12.86 9.0 7.20 7.0 5.0 4.18 3.0 800 INR Mn 500 456 589 428 446 600
Slide 8: Strong Recovery Across Projects – All IRB Projects
8 Strong Recovery Across Projects – IRB Projects All Projects# Total for the Quarter 4000 60.0 Per day Collection 50.0 54.45 3494 43.70 53.64 53.34 3500 38.68 50.84 49.06 (INR Mn) 40.0 33.00 47.15 32.35 43.41 32.73 30.0 37.09 23.12 3000 20.0 14.06 10.0 2500 INR Mn 1,800 1,663 1,653 1,600 1,525 1,517
Slide 9: Private InvIT Projects – Kaithal RJ Border
9 Strong Recovery Across Projects – Private InvIT Projects Kaithal RJ Border Project Total for the Quarter 180 4.0 156 160 Per day Collection 3.0 3.36 3.42 3.43 (INR Mn) 3.01 2.57 2.66 140 2.03 2.58 2.0 1.46 1.0 120 INR Mn 100 120 104 102 100 90 80 83 86 77 80 Total Collection 80 (INR Mn) 63 60 60 4
Slide 10: Private InvIT Projects – Yedeshi Aurangabad
10 Strong Recovery Across Projects – Private InvIT Projects Yedeshi Aurangabad Project# Total for the Quarter 400 6.0 5.0 346 Per day Collection 4.21 3.97 350 4.90 5.11 5.05 5.11 4.0 3.24 4.67 (INR Mn) 4.47 3.0 3.58 2.0 2.59 2.82 300 2.55 1.0 1.96 1.30 0.0 250 INR Mn 180 159 157 200 160 147 143 145
Slide 11: Private InvIT Projects – Solapur Yedeshi
11 Strong Recovery Across Projects – Private InvIT Projects Solapur Yedeshi Project Total for the Quarter 180 167 3.0 2.5 160 Per day Collection 2.00 1.98 2.62 2.54 2.57 2.0 2.43 (INR Mn) 1.54 2.19 2.32 1.5 1.99 1.66 140 1.0 1.52 1.52 1.17 0.5 0.77 0.0 120 INR Mn 100 90 90 79 80 80 73 73 72 68 80 70
Slide 12: Private InvIT Projects – Agra Etawah
12 Strong Recovery Across Projects – Private InvIT Projects Agra Etawah Project# Total for the Quarter 450 419 6.0 5.04 4.91 5.0 400 Per day Collection 3.88 5.25 5.23 5.07 4.0 4.64 (INR Mn) 3.0 4.00 3.38 350 2.0 2.71 2.88 2.56 2.57 1.0 1.86 0.0 1.01 300 INR Mn 250 180 157 162 160 151 147 147 144 200
Slide 13: Private InvIT Projects – Hapur Moradabad
13 Strong Recovery Across Projects – Private InvIT Projects Hapur Moradabad Project Total for the Quarter 350 5.0 310 3.87 3.68 Per day Collection 4.0 4.49 4.37 4.13 4.32 4.27 300 2.67 (INR Mn) 3.0 3.84 3.77 3.38 3.26 3.42 2.0 2.16 1.0 250 1.09 0.0 INR Mn 200 180 160 136 135 133 140 128 116 115 117
Slide 14: Private InvIT Projects – Udaipur Shamlaji
14 Strong Recovery Across Projects – Private InvIT Projects Udaipur Shamlaji Project# Total for the Quarter 400 6.0 5.15 5.0 Per day Collection 350 334 4.0 3.37 (INR Mn) 4.31 3.0 2.52 3.90 3.81 3.84 3.87 3.97 3.37 3.24 3.21 2.0 2.99 300 1.0 1.89 0.0 0.98 250 INR Mn 180 155 200 160 140 159 121 119 12
Slide 15: Private InvIT Projects – Chittorgarh Gulabpura
15 Strong Recovery Across Projects – Private InvIT Projects Chittorgarh Gulabpura Project Total for the Quarter 350 329 6.0 5.0 Per day Collection 3.99 3.93 300 4.0 4.57 4.70 4.56 2.96 4.41 (INR Mn) 4.28 4.34 4.24 3.0 3.83 3.96 3.90 2.0 2.73 250 1.0 1.58 0.0 217 200 INR Mn 160 142 137 142 140 130 13
Slide 16: Private InvIT Projects – Kishangarh Gulabpura
16 Strong Recovery Across Projects – Private InvIT Projects Kishangarh Gulabpura Project Total for the Quarter 250 4.0 Per day Collection 3.0 2.59 2.56 209 3.10 3.12 (INR Mn) 2.88 2.90 2.92 3.04 1.86 2.79 200 2.0 2.46 2.63 2.60 1.83 1.0 1.12 0.0 150 146 INR Mn 120 96 94 100 91 86 87 87 87 78 82 80 7
Slide 17: Private InvIT Projects – IRB West Coast
17 Strong Recovery Across Projects – Private InvIT Projects IRB West Coast Project# Total for the Quarter 180 3.0 2.5 2.2 Per day Collection 2.56 2.61 2.67 156 2.0 1.61 2.35 2.46 160 (INR Mn) 1.33 2.18 1.5 1.98 1.67 1.0 1.52 1.43 1.21 140 0.5 0.89 0.0 120 INR Mn 90 93 79 81 100 80 75 76 71 66 68 70
Slide 18: Private InvIT Projects – All Projects
18 Strong Recovery Across Projects – Private InvIT Projects All Projects Total for the Quarter 2500 40.0 2269 35.0 Per day Collection 27.28 27.69 30.0 34.02 31.52 32.64 32.10 (INR Mn) 25.0 29.54 30.52 20.01 27.67 2000 20.0 23.68 23.84 24.54 15.0 16.82 10.0 5.0 10.21 1500 1345 INR Mn 1,200 1,034 977
Slide 19: Public InvIT Projects – All Projects
19 Strong Recovery Across Projects – Public InvIT Projects All Projects# Total for the Quarter 4000 60.0 3373 Per day Collection 50.0 3500 40.45 39.68 51.38 (INR Mn) 40.0 48.53 48.23 46.50 45.96 45.80 46.05 31.25 30.0 36.48 36.82 38.63 3000 20.0 27.55 10.0 16.35 2500 INR Mn 2128 1,600 1,439 1,504 1,
Slide 20: Q1FY22 Results
20 Q1FY22 Results
Slide 21: Consolidated Financial Results
21 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q1FY22 Q1FY21 %YoY Q1FY22 Q1FY21 %YoY Q1FY22 Q1FY21 %YoY Revenue 16,257.22 10,223.00 59.0% 12,516.52 7,598.65 64.7% 3,740.70 2,624.34 42.5% Distribution from INVIT 157.60 92.71 7
Slide 22: Consolidated Financial Results
22 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q1FY22* Q4FY21 %YoY Q1FY22* Q4FY21 %YoY Q1FY22* Q4FY21 %YoY Revenue 16,257.22 16,058.47 1.2% 12,516.52 11,411.49 9.7% 3,740.70 4,646.98 -19.5% Distribution from INVIT 157.60 166.
Slide 23: Consolidated Financials: Strong Track Record
23 Consolidated Financials: Strong Track Record REVENUE (INR MN) EBITDA (INR MN) 69,026 70,472 31,329 31,664 58,628 54,875 28,480 27,016 10,735 16,705 7,447 5,288 FY 2018 FY 2019 FY 2020* FY 2021* Q1FY21* Q1FY22 FY 2018 FY 2019 FY 2020* FY 2021* Q1FY21* Q1FY22 NETWORTH (INR MN) NET DEBT & NET DEBT T
Slide 24: Segmental Performance
24 Segmental Performance
Slide 25: Overview of EPC Order Book
25 Overview of EPC Order Book INR 132,798 Mn Robust Increase in Construction Revenue 2021 38,226 O&M in BOT / TOT Projects 2009 5,670 66,743 EPC/ Construction in Strong growth in Construction EBITDA Ongoing BOT/ HAM Projects 2021 11,943 66,055 2009 1,013 Order book Composition as on June 30, 2021 •
Slide 26: BOT / HAM Portfolio Summary
BOT / HAM Portfolio Summary 26 Project Cost Sr. No. Name of BOT Project Client State Concession Period Toll Start Date ( INR Mn) 1. Ahmedabad Vadodara NHAI Gujarat 48,800 25 Years January 1, 2013 3 BOT Projects 2. Pune – Nashik MoRTH Maharashtra 737 18 Years September 25, 2003 3. Palsit – Dankuni NH
Slide 27: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects Amount in INR Mn 27 ** Mum-Pune 1.0 Concession ended on 10th Aug 2019 and Mum-Pune 2.0 Concession started on 1st Mar 2020 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 28: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 28 * Toll Collection stopped from 25th Dec 2020 due to farmer’s agitation Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country and FY 22 numbers FY
Slide 29: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 29 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country and FY 22 numbers are impacted due to resurgence of 2nd wave of Covid-19 across the country
Slide 30: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 30 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country and FY 22 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 FY2021-22 numbers are impacted due to
Slide 31: Going cashless – across IRB Group assets
31 Going cashless – across IRB Group assets 100% 90% Government push 80% for Mandatory use 70% of FasTags RFID Collection 60% De-mon in 50% Nov 2016 40% 30% 20% 10% 0% Apr-17 May-17 Apr-18 Apr-19 Apr-20 May-20 Apr-21 May-21 Pre Demon Oct-17 Dec-17 May-18 May-19 Oct-18 Dec-18 Oct-19 Dec-19 Oct-20 Dec
Slide 32: Offshore Bond Issue
32 Offshore Bond Issue
Slide 33: Covenant Structure
33 Covenant Structure IRB 100% 100% 100% Other Non- Core Business Segment Business Segment Investments Holdings I – Toll & HAM II – Construction (No active 51% IRB Infrastructure 49% operations) Mumbai Pune TOT Engg & Const / Trust GIC Affiliates O&M (Pvt InvIT – 9 BOTs) Ahd Vadodara BOT 16% Airport
Slide 34: Leverage summary
34 Leverage summary INR in Mn TTM ending TTM ending Particulars June 30, 2021 March 31, 2021 Business Segment I: Toll & HAM Revenues 18,631 16,112 EBITDA 15,843 14,532 Gross Debt 97,134 97,711 Business Segment II : Construction + Surplus from other businesses (Combined Gp) Revenues 43,511 38,943 EBI
Slide 35: Mumbai Pune TOT – a crown jewel in IRB’s portfolio
Mumbai Pune TOT – a crown jewel in IRB’s portfolio 35 One of the busiest highway corridors in India which is a part of the Golden Quadrilateral on the Mumbai-Chennai arm Project highlights Project snapshot Project Road Length YCEW - 94 Km , NH-48 – 111 Km Project Tolling operation, Maintenance and
Slide 36: Revenue and Traffic Performance
36 Revenue and Traffic Performance Revenue 12000 9182 9492 9683 10000 9015 8000 6834 INR mn 6331 5673 6000 4377 3977 4162 4000 3215 3412 2000 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020** 2020# 2021* Steady y-o-y growth in ADTC with a 12-year CAGR of 12% * Includes tariff rate hike of 18% fo
Slide 37: Transaction Structure
37 Transaction Structure Security for USD Noteholders Share pledge of 100% of the equity Hamilton Purpose Trust shares of India Toll Roads Charge over all assets of India Toll Roads (other than the NCDs) 100% ownership USD Notes Issued FX risk on INR NCDs’ coupons Offshore and principal fully he
Slide 38: Private InvIT – IRB Infrastructure Trust
38 Private InvIT IRB Infrastructure Trust
Slide 39: Private InvIT: IRB Infrastructure Trust
39 Private InvIT: IRB Infrastructure Trust IRB is 51% owner & sponsor of the Trust owning portfolio of 9 assets, GIC affiliates own the balance 49% Project Length Current Status and No. Name of the Project (in Lane Kms) Highlights Karnataka 758 1 Goa Kundapur 758 PCOD achieved Maharashtra 1,151 Hary
Slide 40: Private InvIT: Equity Valued at INR 146Bn
Private InvIT: Equity Valued at INR 146Bn 40 • Self-sustainable portfolio, with equity support for under construction projects provided by Sponsor and Investor in ratio of unitholding. • INR 37.5Bn infused by Investor towards first tranche in Feb 2020, INR 30Bn of this amount used for part deleverag
Slide 41: Corporate Overview
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Slide 42: Business Structure
42 Business Structure IRB 100% 100% 100% Other Non- Core Business Segment I – Business Segment II – Investments Holdings Toll & HAM Construction Airport Mumbai Pune TOT Engg & Const / O&M IRB Infrastructure Trust 51% 49% (Pvt InvIT – 9 BOTs) GIC Affiliates Real Estate Ahd Vadodara BOT Pune Nashik BO
Slide 43: IRB group overview
43 IRB group overview 1 Largest Asset Base in Road Sector of over INR 0.54 Tn 2 Manages and operates 12,975 Lane Kms across 23(1) assets 3 Owns and operates ~ 20% of the Golden Quadrilateral 4 Diversified portfolio spread across 10 states 5 Optimal mix of projects across BOT, TOT and HAM 6 Operating
Slide 44: Pan India Presence
Pan India Presence Financially and technically pre-qualified, and best positioned to capture 44 the largest opportunities in the Road & Highways sector Portfolio Highlights Competitive Advantage Assets held under three entities: Only company in the sector to set-up vehicles to efficiently churn
Slide 45: Complete Portfolio of Road Assets
45 Complete Portfolio of Road Assets BOT / HAM/ TOT PORTFOLIO – KM & LANE KM Lane Km Lane Km Total Particulars under Kms Operational Lane Km Development IRB 908 2,120 3,028 Private InvIT 1,888 4,004 5,892 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public InvIT - 4,055 4,055 Cumulati
Slide 46: IRB’s Unique Proposition
IRB’s Unique Proposition 46 IRB has built itself into a Fully Integrated Player with In-House Management of All Facets: Tolling, Construction and O&M LARGEST ASSET BASE DEMONSTRATED TRACK RECORD IRB has the largest asset base in Incorporated in 1998 and now has Pan-India Roads sector of over INR
Slide 47: Bankable Concession Terms
Bankable Concession Terms 47 Key positive of Indian Roads & Highways sector Typical terms Details a) National Highway Authority of India (NHAI) is an agency appointed by the federal government for development of roads and highways in India NHAI as counterparty b) NHAI is a quasi-sovereign entity wit
Slide 48: Construction Major
48 Construction Major Strong Construction Efficient Project Large Equipment Bank Ability to Independently Credentials Track Record Execution Capabilities with Cutting Edge Bid for large third party Country’s first ever BOT One of the largest BOT Projects executed Pan- Technologies contracts pr
Slide 49: Roadmap so far
49 Roadmap so far • Launched Pvt InvIT with A Journey Spread Over More Than Three Decades of Developing World Class Roads & Highways Infrastructure GIC Affiliates as 49% partner for investment in 9 BOT Assets • Won, achieved FC and Awarded 3 projects paid upfront fee for Upfront payment of for Six L
Slide 50: Shareholding Pattern
50 Shareholding Pattern Top 5 Shareholders as on June 30, 2021 Shareholding Pattern as on June 30, 2021 Sr. No. Name % 1 LIFE INSURANCE CORPORATION OF INDIA 7.38 FII/EPI 2 GOVERNMENT OF SINGAPORE 3.92 14.41% Promoter & Floating DII 3 SBI LONG TERM EQUITY FUND 2.94 Promoter shares 13.51% Group HDFC T
Slide 51: Organization Structure
51 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Sudhir Hoshing Mr. Mukesh Gupta Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Heena Raja Mhaiskar Joint Managing Joint Managing S. Kaptan Independent Independent I
Slide 52: Corporate Finance
52 Corporate Finance Internal Auditors Statutory Auditors Mr. Rajkamal R. Bajaj Suresh Surana & Associates LLP BSR & Co LLP Advisor to the Board Chartered Accountants Chartered Accountants Joint Statutory Auditors Bankers / Lenders of IRB Group Gokhale & Sathe Punjab National Bank Canara Bank Charte
Slide 53: NHAI accords “Excellent” Rating for 9 projects
Recognition: 53 National Highways Authority of India (NHAI) accords “Excellent” rating for 9 of the projects NHAI accords managed/developed by IRB – as per the evaluation methodology devised by the authority to evaluate performance of Highways with the objective of improvement in terms of efficiency
Slide 54: Awards & Recognition
Awards & 54 Recognition EPC Company of the Year 2018 Award conferred on by the EPC World ET Edge Maharashtra Achievers’ Award 2018 was conferred on to Shri Virendra D. Mhaiskar. Chairman & Managing Director, IRB Infrastructure Developers Ltd., as ‘The Best Infra Person of the Year’ for his visionary
Slide 55: Awards & Recognition
Awards & 55 Recognition ‘Construction Times Award’ by Construction Times & Equipment Times, for our Solapur Yedeshi Project under category – Best BOT (Road Project of the Year) 2018 ‘FinanceAsia Achievement Award 2017 – Best India Deal’ Award by Hong Kong based FinanceAsia, on successfully launching
Slide 56: Our CSR Initiative
56 Our CSR Initiative We have replicated same model and have started a school in the We also generously Pathankot district of Punjab, near the Amritsar- Pathankot BOT project. contributed to the Chief Minister’s The School building was inaugurated on 27 March 2017.The school drought relief fund in M
Slide 57: Thank You
Thank You