52 slides from Irb Infrastructure Developers's earnings presentation, September 2020
Slide 1: Investor Presentation Q2FY21
Investor Presentation Q2FY21
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 Strong Recovery across Projects 4 Key Highlights 19 Q2FY21 Results 23 Segmental Performance 28 Private InvIT – IRB Infrastructure Trust 36 Corporate Overview 39
Slide 4: Strong Recovery across Projects
4 Strong Recovery across Projects
Slide 5: Strong Recovery Across Projects – IRB Projects (Mumbai Pune)
5 Strong Recovery Across Projects – IRB Projects Mumbai Pune Project Total for the Quarter 2500 31.0 28.16 26.35 26.90 2183 24.22 23.75 Per day Collection 26.0 28.18 (INR Mn) 21.0 2000 16.0 20.33 19.41 19.22 11.0 14.79 6.0 9.03 1500 INR Mn 1,000 874 845 900 807 791 800 751 736 Total Collection 1000
Slide 6: Strong Recovery Across Projects – IRB Projects (Ahmedabad Vadodara)
6 Strong Recovery Across Projects – IRB Projects Ahmedabad Vadodara Project Total for the Quarter 1200 1100 15.0 12.86 1080 12.73 12.29 13.0 11.98 Per day Collection 11.30 11.0 12.69 1000 (INR Mn) 11.88 11.68 11.11 9.0 10.67 7.0 7.20 5.0 3.0 4.17 800 INR Mn 450 393 600 400 382 381 386 359 368 344 35
Slide 7: Strong Recovery Across Projects – IRB Projects (All Projects)
7 Strong Recovery Across Projects – IRB Projects All Projects* Total for the Quarter 4000 45.0 43.31 42.02 38.80 40.0 37.01 3448 Per day Collection 43.29 3500 35.0 (INR Mn) 30.0 33.40 32.65 32.30 25.0 3000 20.0 23.23 14.54 15.0 10.0 14.01 13.97 2500 2254 INR Mn 1,600 2000 1,400 1,342 1,299 1,227 1,2
Slide 8: Strong Recovery Across Projects – Kaithal RJ Border
8 Strong Recovery Across Projects – Private InvIT Projects Kaithal RJ Border Project Total for the Quarter 300 4.0 Per day Collection 3.01 253 3.0 2.75 2.57 2.66 250 (INR Mn) 2.60 2.58 228 2.57 2.35 2.68 2.0 2.41 2.02 1.0 1.46 200 INR Mn 100 90 150 90 82 83 80 80 80 77 77 75 80 73 Total Collection 7
Slide 9: Strong Recovery Across Projects – Yedeshi Aurangabad
9 Strong Recovery Across Projects – Private InvIT Projects Yedeshi Aurangabad Project Total for the Quarter 300 4.0 274 3.58 3.18 3.33 2.92 Per day Collection 2.98 2.82 253 3.0 250 (INR Mn) 2.0 2.59 2.55 2.68 2.63 1.95 1.0 1.30 0.0 200 INR Mn 120 108 150 103 100 95 89 91 87 83 Total Collection 78 79
Slide 10: Strong Recovery Across Projects – Solapur Yedeshi
10 Strong Recovery Across Projects – Private InvIT Projects Solapur Yedeshi Project Total for the Quarter 180 2.5 1.99 158 1.99 160 Per day Collection 2.0 1.90 1.78 1.66 150 2.07 (INR Mn) 1.5 1.52 1.60 1.51 1.52 140 1.0 1.17 0.5 0.77 0.0 120 INR Mn 100 70 64 60 60 60 57 55 80 50 52 Total Collection
Slide 11: Strong Recovery Across Projects – Agra Etawah
11 Strong Recovery Across Projects – Private InvIT Projects Agra Etawah Project Total for the Quarter 300 3.5 2.88 3.0 2.71 2.57 Per day Collection 2.04 2.5 2.29 2.25 246 250 (INR Mn) 2.0 1.86 2.24 2.57 2.07 2.12 1.5 1.0 0.5 1.00 0.0 200 191 INR Mn 100 150 90 86 81 80 80 80 69 70 Total Collection 67
Slide 12: Strong Recovery Across Projects – Hapur Moradabad
12 Strong Recovery Across Projects – Private InvIT Projects Hapur Moradabad Project Total for the Quarter 350 322 5.0 4.16 3.84 Per day Collection 4.0 3.33 3.42 294 300 (INR Mn) 3.0 3.66 3.37 3.27 3.27 2.98 2.0 2.15 1.0 250 1.09 0.0 INR Mn 200 140 125 120 115 103 106 150 101 101 98 Total Collection
Slide 13: Strong Recovery Across Projects – Udaipur Shamlaji
13 Strong Recovery Across Projects – Private InvIT Projects Udaipur Shamlaji Project Total for the Quarter 350 321 5.0 3.87 3.96 301 Per day Collection 4.0 3.81 3.62 3.49 3.36 300 (INR Mn) 3.0 3.37 3.24 3.21 2.99 2.0 1.89 250 1.0 0.98 0.0 INR Mn 200 140 123 116 114 112 120 105 104 100 105 150 96 Tot
Slide 14: Strong Recovery Across Projects – Chittorgarh Gulabpura
14 Strong Recovery Across Projects – Private InvIT Projects Chittorgarh Gulabpura Project Total for the Quarter 450 5.0 4.76 4.62 4.28 4.42 4.44 4.17 394 400 Per day Collection 4.0 4.28 3.90 372 3.96 (INR Mn) 3.0 3.83 2.73 350 2.0 1.0 1.57 0.0 300 INR Mn 250 160 143 143 140 133 133 129 133 129 123 1
Slide 15: Strong Recovery Across Projects – Kishangarh Gulabpura
15 Strong Recovery Across Projects – Private InvIT Projects Kishangarh Gulabpura Project Total for the Quarter 300 279 3.5 3.32 3.25 3.14 3.03 2.94 3.14 3.0 Per day Collection 2.5 2.88 248 2.60 250 (INR Mn) 2.63 2.0 2.56 1.5 1.83 1.0 1.12 0.5 200 0.0 INR Mn 120 150 100 101 100 94 94 91 94 86 Total C
Slide 16: Strong Recovery Across Projects – IRB West Coast
16 Strong Recovery Across Projects – Private InvIT Projects IRB West Coast Project Total for the Quarter 180 2.5 1.98 160 156 Per day Collection 2.0 1.67 (INR Mn) 1.5 1.53 1.43 140 1.0 1.21 0.5 0.88 0.0 120 INR Mn 100 70 59 60 80 52 Total Collection 50 46 44 (INR Mn) 40 37 60 30 40 20 10 10 20 - Apr
Slide 17: Strong Recovery Across Projects – Private InvIT All Projects
17 Strong Recovery Across Projects – Private InvIT Projects All Projects Total for the Quarter 2500 2331 30.0 27.67 25.74 25.24 24.54 23.88 Per day Collection 25.0 22.15 2110 23.35 (INR Mn) 20.0 23.67 22.23 23.24 2000 15.0 16.81 10.0 10.18 5.0 1500 INR Mn 900 830 800 757 740 761 710 724 697 664 692
Slide 18: Strong Recovery Across Projects – Public InvIT All Projects
18 Strong Recovery Across Projects – Public InvIT Projects All Projects Total for the Quarter 4000 3806 3718 50.0 45.96 44.43 45.63 44.13 41.54 40.31 Per day Collection 3500 40.0 42.29 (INR Mn) 38.63 36.48 36.82 30.0 27.55 3000 20.0 10.0 16.35 2500 INR Mn 1,600 1,414 2000 1,333 1,379 1,400 1,324 1,2
Slide 19: Key Highlights
19 Key Highlights
Slide 20: Robust Recovery and Growth Line-up
20 Robust Recovery and Growth Line-up • Strong bounce back in collections • Second tranche of fund raise • September collections further witnessed across all toll assets amounting to INR 5.1Bn underway surpassed in following months with during the quarter – with the and expected to be closed within
Slide 21: NHAI accords “Excellent” Rating for 9 IRB Group projects
Recognition: 21 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 22: Going cashless – across IRB Group assets
22 Going cashless – across IRB Group assets 70% 60% Government push 50% for Mandatory RFID collection use of FasTags 40% 30% De-mon 20% in Nov 2016 10% 0% • From miniscule 0.5% before De-monetisation, today over 66% collections are cashless for projects across IRB portfolio – including Public and Pr
Slide 23: Q2FY21 Results
23 Q2FY21 Results
Slide 24: Consolidated Financial Results (Q2FY21 vs Q2FY20)
24 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q2FY21* Q2FY20 %YoY Q2FY21* Q2FY20 %YoY Q2FY21* Q2FY20 %YoY Total Income 11,688.5 18,010.7 -35.1% 7,775.3 13,580.5 -42.7% 3,913.2 4,430.2 -11.7% Earnings before interest, tax and
Slide 25: Consolidated Financial Results (Q2FY21 vs Q1FY21)
25 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q2FY21* Q1FY21 %QoQ Q2FY21* Q1FY21 %QoQ Q2FY21* Q1FY21 %QoQ Total Income 11,688.5 10,734.6 8.9% 7,775.3 7,824.3 -0.6% 3,913.2 2,910.3 34.5% Earnings before interest, tax and 6,00
Slide 26: Consolidated Financial Results (H1FY21 vs H1FY20)
26 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars H1FY21* H1FY20 %YoY H1FY21* H1FY20 %YoY H1FY21* H1FY20 %YoY Total Income 22,423.1 36,222.0 -38.1% 15,599.6 25,519.1 -38.9% 6,823.5 10,702.9 -36.2% Earnings before interest, tax a
Slide 27: Consolidated Financials: Strong Track Record
27 Consolidated Financials: Strong Track Record REVENUE (INR MN) EBITDA (INR MN) 69,026 70,472 31,715 31,329 31,664 59,691 58,628 28,480 36,222 16,999 22,423 11,293 FY 2017 FY 2018 FY 2019 FY 2020* H1FY20 H1FY21* FY 2017 FY 2018 FY 2019 FY 2020* H1FY20 H1FY21* NETWORTH (INR MN) NET DEBT & NET DEBT T
Slide 28: Segmental Performance
28 Segmental Performance
Slide 29: Overview of EPC Order Book
29 Overview of EPC Order Book Robust Increase in Construction Revenue INR 121,568 Mn 2020 52,105 O&M in BOT / TOT Projects 2009 5,670 70,350 Strong growth in Construction EBITDA EPC/ Construction in Ongoing BOT/ HAM 2020 15,576 Projects 2009 1,013 51,218 Order book Composition as on September 30, 20
Slide 30: BOT / HAM Portfolio Summary
BOT / HAM Portfolio Summary 30 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. Thane Ghodbunder MSRDC Maharashtra 2,462 15 Years December 25,2005 3. Pune – Nashik Mo
Slide 31: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 31 Amount in INR Mn Mum-Pune 1.0 was handed over to MSRDC in Aug-19 after completing earlier concession; Mum-Pune 2.0 won by the company and restarted toll collection in Mar-20 BOT Toll Revenue is considered on Gross Basis * Q1FY21 numbers reflecting impac
Slide 32: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 32 Amount in INR Mn BOT Toll Revenue is considered on Gross Basis * Q1FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 33: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 33 BOT Toll Revenue is considered on Gross Basis * Q1FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 34: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 34 BOT Toll Revenue is considered on Gross Basis * Q1FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 35: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 35 BOT Toll Revenue is considered on Gross Basis * Q1FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 36: Private InvIT: IRB Infrastructure Trust
36 Private InvIT IRB Infrastructure Trust
Slide 37: Private InvIT: IRB Infrastructure Trust
37 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 38: Private InvIT: Equity Valued at INR 136Bn
38 Private InvIT: Equity Valued at INR 136Bn • 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 39: Corporate Overview
39 Corporate Overview
Slide 40: Business Structure
Business Structure ~~ « IRB _ Pune Nashik BOT | Thane Ghodbunder BOT _ Vadodara Kim HAM | Gandeva Ena HAM 1TOT+3BOT+2 HAM project EPC + O&M + Head Office Consolidated 100% , 100% 100% | Business Segment Business Segment Other Non- Core 1-Toll & HAM l- Construction Holdings Mumbai Pune TOT Engg & Con
Slide 41: Complete Portfolio of Road Assets
41 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 410 2,180 2,590 Private InvIT 3,318 2,574 5,892 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public InvIT - 4,055 4,055 Cumulati
Slide 42: Pan India Presence
Pan India Presence Financially and technically pre-qualified, and best positioned to capture the 42 largest opportunities in the Road & Highways sector Portfolio Highlights Competitive Advantage ▪ Assets held under three entities: ▪ Only company in the sector to set-up 1. IRB (ParentCo) housing full
Slide 43: IRB’s Unique Proposition
IRB’s Unique Proposition 43 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 44: Construction Major
44 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 45: Roadmap so far
45 Roadmap so far A Journey Spread Over More Than Three Decades of Developing World Class Roads & Highways Infrastructure Awarded 3 projects for Six Laning of Significant order Upfront payment of Kishangarh – Udaipur wins of INR 90 INR 9.18 bn to – Ahmedabad bn - 1 BOT and MSRDC for Mumbai – section
Slide 46: Shareholding Pattern
46 Shareholding Pattern Shareholding Pattern as on September 30, 2020 Top 5 Shareholders as on September 30, 2020 Sr. No. Name % FII/EPI 1 LIFE INSURANCE CORPORATION OF INDIA 5.27 15.37% Promoter & 2 GOVERNMENT OF SINGAPORE 3.92 Floating DII Promoter shares 11.31% Group 3 SBI LONG TERM EQUITY FUND 2
Slide 47: Organization Structure
47 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Mukesh Gupta Mr. Sudhir Hoshing Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Heena Raja Mhaiskar Joint Managing Joint Managing S. Kaptan Independent Independent I
Slide 48: Corporate Finance
48 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 Andhra Bank Canara Bank Chartered Accou
Slide 49: Awards & Recognition
Awards & 49 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 50: Awards & Recognition
Awards & 50 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 51: Our CSR Initiative
51 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 52: Thank You
Thank You