Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q1 FY2024 Earnings Presentation
46 slides from Gmr Airports's earnings presentation, Aug 14, 2023
Slide 1: Regulation 30 disclosure covering letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) August 14, 2023 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001. Bandra-Kurla Complex Scrip: 532754 Bandra (E) Mumbai -
Slide 2: Investor Presentation Q1FY2024
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) Investor Presentation Q1FY2024 0
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: Our Assets
Our Assets Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 5: Portfolio of World Class Assets
Portfolio of World Class Assets Current PAX (FY23) DIAL, New Delhi, India (m) Crete, Greece Bhogapuram, India • Marquee asset of PAX CAGR • Important Tourist 65.3 66/119 national importance FY13–23 15 Gateway 303—DOM • Strategically located on • Gateway to India – National Capital 606—INT East Coast
Slide 6: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 7: Q1FY24 Results at a Glance
Q1FY24 Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 27.0 mn 168.9 INR 229 INR 341 ▲ 26% YoY ▲ 12% YoY ▲ 20% YoY ▲ 11% YoY ▲ 5% QoQ ▲ 1% QoQ ▲ 15% QoQ ▼ 2% QoQ Revenue EBITDA Capex Progress4 Net Debt4 INR 20.2 bn INR 7.5 bn Delhi – 91.6% INR 231 bn ▲ 40% YoY ▲ 77% YoY Hyd – 8
Slide 8: GIL Performance Highlights – Q1FY24
GIL Performance Highlights – Q1FY24 Consolidated Financials • Gross Revenues: ▲7% QoQ; ▲40% YoY to INR 20.2 bn driven by strong growth in traffic • EBITDA ▲2x QoQ; ▲77% YoY to INR 7.5 bn with EBITDA margins at 51% (▲10% YoY) reflecting the strong growth in the business • Net profit after tax1
Slide 9: Consolidated Airport EBITDA (Proforma) – Q1FY24
Consolidated Airport EBITDA (Proforma) – Q1FY24 INR mn Airport Consolidated EBITDA GIL Consolidated EBITDA# JVs EBITDA (DIAL+GHIAL) Medan EBITDA (Proforma) 1,050 8,688 113 7,525 Consolidated Airport EBITDA (Proforma) is ~INR 8.7 bn # also include airport subsidiaries 7
Slide 10: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt (Sector-wise) ^ (INR bn) (in INR bn) 286 55 234 231 231 -3 Gross Debt Cash & equivalents Net Debt Airport Corporate (GIL) Net Debt • Net cash of ~INR 3 bn at Corporate level • Gross Debt declined by INR 8 bn QoQ • Delhi Airport – INR 117 bn • Net Deb
Slide 11: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 12: Key Highlights – Q1FY24
Key Highlights – Q1FY24 FY22 –• Key Business highlights Steady Progress on the Merger of GMR Airports Ltd (GAL) with GMR Airports Infrastructure Ltd (GIL) Merger of GAL with GIL Received CCI approval for the merger during Q4 FY2023 Recently received the NoC to the merger from RBI1 & both the Sto
Slide 13: Key Highlights – Q1FY24
Key Highlights – Q1FY24 FY22 – Key Business highlights Fund raise • Delhi Airport raised raised INR 12 bn @ 9.75% p.a. coupon via 7 years NCD in Q1FY24 • Divestment of 8,18,000 sqft warehouse facility located at the Hyderabad Airport to ILP Core Asset Ventures I PTE Limited at an enterprise value of
Slide 14: Key Focus Areas for FY2024 and beyond
Key Focus Areas for FY2024 and beyond 1 FY22 – Key Business highlights Merger of GAL with GIL • Merger expected to be completed within FY24 2 Deleveraging • Work towards reduction/ refinancing of debt at GMR Airport Limited 3 • Complete the ongoing expansion at Delhi and Hyderabad within FY24 Capex
Slide 15: Passenger Traffic
Passenger Traffic Delhi Airport –Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic ('000) Domestic ('000) 5,000 2,000 4,500 1,800 4,000 1,600 3,500 1,400 3,000 1,200 2,500 1,000 2,000 800 1,500 600 1,000 400 500 200 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Ju
Slide 16: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo business traffic (‘000 tons) Delhi Airport Hyderabad Airport 5,000 2,000 4,500 1,800 4,000 1,600 3,500 1,400 3,000 1,200 2,500 1,000 2,000 800 1,500 600 1,000 400 500 200 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb M
Slide 17: Asset Wise Performance
Asset Wise Performance Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 18: Domestic Airports
Domestic Airports Humility | Entrepreneurship | Teamwork ay
Slide 19: Key Highlights – Q1FY24: Delhi Airport (DIAL)
Key Highlights – Q1FY24 Delhi Airport (DIAL) • Traffic ▲2% QoQ; ▲18% YoY to 18.0 mn pax • Gross revenue ▲7% QoQ; ▲32% YoY to INR 11.7 bn o Aero revenue ▲0.2% QoQ; ▲17% YoY o Non-aero revenue ▲4% QoQ; ▲34% YoY Retail incl. Duty Free ▲8% QoQ; ▲38% YoY o CPD Rentals ▲36% QoQ; ▲46% YoY • EBITDA of INR
Slide 20: DIAL Expansion 3A - Progress
DIAL Expansion 3A - Progress Node A – works completed Pier A1 T1 Departure check-in Island 3 & 4 Pier C T1 Arrival Part B 18
Slide 21: Key Highlights – Q1FY24: Hyderabad Airport (GHIAL)
Key Highlights – Q1FY24 Hyderabad Airport (GHIAL) • Traffic ▲9% QoQ; ▲24% YoY to 6.2 mn pax • Gross revenue ▲21% QoQ; ▲54% YoY to INR 4.2 bn o Aero revenue ▲42% QoQ; ▲67% YoY o Non-aero revenue ▼11% QoQ; ▲29% YoY Retail incl. Duty Free ▼14% QoQ; ▲43% YoY • EBITDA of INR 2.7 bn in Q1FY24 vs INR 571
Slide 22: GHIAL Expansion works in progress
GHIAL Expansion works in progress West Apron South-East Apron Parallel taxiway GSE Tunnel North-East Apron 20
Slide 23: GHIAL Expansion works in progress
GHIAL Expansion works in progress East Pier– Level F West processor – Level F West Pier– Level E East Pier– Level C West processor – Level D West Pier– Level F 21
Slide 24: Key Highlights – Q1FY24: Mopa (Goa) Airport
Key Highlights – Q1FY24 Mopa (Goa) Airport - GGIAL • Goa airport is fully operational o Commenced domestic flight operations from January 5, 2023 IndiGo, Akasa, Spicejet and Vistara are operational o International operations started on July 21, 2023 with Air India operating international flight from
Slide 25: Operational & Financial Highlights YoY – Q1FY24
Operational & Financial Highlights YoY – Q1FY24 (figures in INR mn) Delhi Airport Hyderabad Airport Goa Airport (Standalone) (Standalone) (Standalone) Particulars Q1FY2023 Q4FY2023 Q1FY2024 Q1FY2023 Q4FY2023 Q1FY2024 Q4FY2023 Q1FY2024 Net Revenues 4,851 5,764 6,371 2,628 3,352 4,049 268 352 EBITDA 2
Slide 26: Consolidated EBITDA (Proforma) – Q1FY24
Consolidated EBITDA (Proforma) – Q1FY24 Delhi Airport Hyderabad Airport INR mn INR mn Share of EBITDA from Consolidated EBITDA Share of EBITDA from Consolidated EBITDA Standalone EBITDA JVs/ Subsidiaries (Proforma) Standalone EBITDA JVs/ Subsidiaries (Proforma) 891 4,350 3,459 656 3,407 2,752 Consol
Slide 27: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 3% YoY in Q1FY24 ATMs increased 8% YoY in Q1FY24 Domestic International Domestic International (Nos '000) (Nos '000 ) 42.2 102.2 105.7 38.9 6.6 23.1 4.9 17.2 34.0 35.6 85.0 82.6 Q1FY2023 Q1FY2024 Q1FY2023 Q1FY20
Slide 28: Non-Aero Revenues Performance YoY – Q1FY24
Non-Aero Revenues Performance YoY – Q1FY24 Delhi Airport Non-Aero Revenue Break-up INR 7.0 bn • Non-aero revenues ▲34% to INR 7.0 bn Advt. • Retail revenues ▲38% YoY to INR 1.9 bn Cargo 7% F&B 9% Ground Handling o Duty Free SPP at INR 1026 in Q1FY24 vs INR 1003 14% 7% in Q1FY23 • Cargo revenues ▲18%
Slide 29: Key Highlights – Q1FY24: Bhogapuram and Nagpur
Key Highlights – Q1FY24 Bhogapuram Airport (Visakhapatnam, Andhra Pradesh) • Foundation stone laid by State Chief Minister on May 3, 2023 • EPC bid evaluation is under progress • R&R processes fully completed • Grant of ROW1 over airport land from Authority under process • Financial closure is in ad
Slide 30: International Airports
International Airports Humility | Entrepreneurship | Teamwork ay
Slide 31: Key Highlights – Q1FY24: Medan Airport
Key Highlights – Q1FY24 Medan Airport (Indonesia) • Traffic ▲5% QoQ^; ▲62% YoY to 1.82 mn pax^; Started operating the Airport from July 7, 2022 • Revenue ▲5% QoQ to INR 1.15 bn in Q1FY24 • EBITDA ▲54% QoQ to INR 231 mn in Q1FY24 • Ministry of Transport (Indonesia) had approved rise in Domestic PSC#
Slide 32: Medan Airport - Operational & Financial Highlights
Medan Airport - Operational & Financial Highlights Key Financials (figures in INR mn) Reported Particulars Q4FY2023 Q1FY2024 Revenues 1,099 1,149 EBITDA 150 231 PAT (100) (95) Q1FY24 Passenger Traffic^ Q1FY24 Revenue mix^ Domestic International 1.8 mn pax Aero Non-Aero INR 1.1 bn 17% 26% 74% 83% Not
Slide 33: Key Highlights – Q1FY24: Crete Airport
Key Highlights – Q1FY24 Crete Airport (Greece) • 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 22.5% achieved as of June 30, 2023. Terminal building foundation works complete
Slide 34: Key Highlights – Q1FY24: Cebu Airport
Key Highlights – Q1FY24 Cebu Airport (Philippines – Operating as TSP@) • Traffic ▲20% QoQ;▲242% YoY to 2.24 mn pax • 27 domestic and 12 International destinations connected • GMR divested the stake in Cebu Airport in 2022 6.67% stake already transferred and remaining 33.33% to be transferred by Oc
Slide 35: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 36: ESG
ESG Environment Social DIAL • DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd CSR Spend (Q1FY24) - INR 21.68 mn airport globally under Airport Council International’s (ACI) Airport Carbon Total beneficiaries - Over 18,000 Accreditation program. Target is to achieve Ne
Slide 37: Key Awards and Achievements
Key Awards and Achievements Environment Social Delhi Airport Hyderabad Airport Achieved Level 1 accreditation in the Receives ACI Asia – Pacific Green Airport Customer Experience Airports Gold Recognition for 6th Accreditation program by Airports consecutive year, for its ‘Single Use Council Interna
Slide 38: Summary
Humility | Entrepreneurship | Teamwork afi Relat s e i i i ect for individual
Slide 39: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player 1 Presence across most lucrative markets - India’s aviation market expected to grow at an average of 7% p.a. till 20401 2 Mature tariff regime for aero revenue driving ‘Sustainable Cash Flow Profile’ Return on capital to expand considerably with ex
Slide 40: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 41: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 42: 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 40
Slide 43: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q1FY2023 Q4FY2023 Q1FY2024 Gross Revenue 14,391 18,897 20,176 Less: Revenue Share 4,137 5,251 5,488 Net Revenue 10,254 13,646 14,688 Total Expenditure 6,014 11,101 7,163 EBITDA 4,240 2,545 7,525 EBITDA margin 41% 19% 51% Other Income 1,973 1
Slide 44: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q1FY2023 Q4FY2023 Q1FY2024 Aero Revenue 2,194 2,558 2,563 Non Aero Revenue 5,256 6,770 7,032 CPD Rentals 1,416 1,527 2,074 Gross Revenue 8,866 10,855 11,668 Less: Revenue Share 4,015 5,091 5,297 Net Revenue 4,851 5,764 6,371 Operating Expend
Slide 45: Annexure C: Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Q1FY2023 Q4FY2023 Q1FY2024 Aero Revenue 1,788 2,113 2,993 Non Aero Revenue 958 1,390 1,241 Gross Revenue 2,746 3,504 4,233 Less: Revenue Share 118 152 184 Net Revenue 2,628 3,352 4,049 Operating Expenditure 1,056 2,780 1,298 EBITDA 1,573 571 2,752 E
Slide 46: Annexure D: Mopa (Goa) Airport (Standalone)
Annexure D : Mopa (Goa) Airport (Standalone) INR mn Particulars Q4FY2023 Q1FY2024 Aero Revenue 211 272 Non Aero Revenue 56 80 Gross Revenue 268 352 Less: Revenue Share - - Net Revenue 268 352 Operating Expenditure 556 460 EBITDA (288) (108) EBITDA margin - - Other Income (10) 76 Interest & Finance C
GMR Airports Infrastructure — Q1 FY2024 Earnings Presentation on 6ix