Gmr Power And Urban Infra Ltd · NSE:GMRP&UI
Gmr Power And Urban Infra — GMR Infrastructure — Q2 FY2022 Earnings Presentation
48 slides from Gmr Power And Urban Infra's earnings presentation, November 2021
Slide 1: Investor Presentation Q2FY22
Investor Presentation Q2FY22 0
Slide 2: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 3: Table of Contents
Table of Contents Particulars Pg. No. Group Overview and Way Forward 3–5 Business Highlight 6 – 12 GIL Financial Performance 13 – 16 Airport Business 17 – 25 Energy Business 26 – 29 Transportation and Urban Infrastructure Business 30 – 33 ESG Practices 34 – 35 Annexures 37 – 47 2
Slide 4: Group Overview and Way Forward
Group Overview and Way Forward
Slide 5: What kept us busy during Q2FY22
What kept us busy during Q2FY22 1. Expediting activities for completing the Demerger • Received approvals from financial creditors and shareholders • Final order from NCLT expected soon; • Demerger expected to complete by Q4FY22 2. Expansion & construction at Airports in full-swing • Significant pro
Slide 6: Well-positioned to capitalize on growth drivers in Airport and Non-Airport
Well-positioned to capitalize on growth drivers with clearly defined strategies in Airport and Non-Airport sectors • Generate free cash in defined time period (3 years) along with the business growth • Create a powerful consumer business supported by traffic growth, improved SPPs and Penetration G
Slide 7: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 8: De-merger truly on way
De-merger truly on way Resultant Structure – Upon Demerger Schemes of Arrangement GMR Infrastructure GMR Power and Vertical split demerger of the Non-Airport Limited Urban Infra Limited Business of GIL into GPUIL as a going concern Mirror shareholding of GIL in GPUIL with all existing shareholde
Slide 9: Covid Timeline in Indian Aviation
Covid Timeline in Indian Aviation Apr- Jun 2020 Jul-Sep 2020 Oct’20–Mar’21 Apr- May 2021 Jun 2021 Complete Restricted Good Covid 2nd Wave Road to Lockdown Operations Recovery impact recovery Domestic flight resumption Ban extended on Int’l flights Bubble agreements Air bubble arrangement
Slide 10: Airport Business - Traffic Rebound Post Second Wave (1/2)
Airport Business - Traffic Rebound Post Second Wave (1/2) Delhi Airport Pax 1,2,3 Hyderabad Airport Pax1,2,3 160000 90% 50000 76% 80% 81% 72% 73% 79% 80% 45000 68% 140000 65% 70% 71% 62% 62% 67% 40000 65% 70% 120000 60% 60% 60% 35000 60% 50% 53% 48% 46% 100000 45% 50% 30000 47% 50% 80000 41% 42% 250
Slide 11: Airport Business - Traffic Rebound Post Second Wave (2/2)
Airport Business - Traffic Rebound Post Second Wave (2/2) Delhi Airport1,2,3 Traffic to gain momentum ATMs Traffic to gain further 95% 1200 85% 100% Cargo momentum with covid cases 79% 81% subsiding, lifting curbs in airline 1000 74% 74% 75% %age of pre-Covid 68% 80% 108 95 97 96 92 90 91 92 99 cap
Slide 12: ~1.1 bn Vaccine Doses Administered in India
~1.1 bn Vaccine Doses Administered in India Daily new COVID cases remain low 2nd COVID wave in India has been rapid & intense; however, the wave plateaued in May 2nd week and new cases have receded rapidly Daily cases down from wave 2 peak of ~0.4 mn to under 13,000 Vaccine doses administered ha
Slide 13: Other Businesses
Other Businesses Energy Business Kamalanga – PLF % Warora – PLF % PT Gems 82 89 Performance continues to be strong despite 96 75 82 90 volumes impacted by unseasonal rains. 77 66 64 51 Volume growth of 1% YoY at 17 mn tons in H1FY22 Robust EBITDA of USD 206 mn in H1FY22 PAT growth of 2.7x YoY to
Slide 14: Performance Highlights – Q2FY22
Performance Highlights – Q2FY22
Slide 15: GIL Performance Highlights – Q2FY22
GIL Performance Highlights – Q2FY22 Consolidated Financials • Net Revenues ▲ 17% QoQ; ▲56% YoY to INR 19.5 bn o Airport business revenues ▲14% QoQ, ▲53% YoY • EBITDA ▲ 52% QoQ; ▲4.6x YoY to INR 6.4 bn driven by Airport business (▲ 37% QoQ; ▲15x YoY) • Net Loss after tax INR 1.7 bn in Q2FY22 vs INR 3
Slide 16: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 20.7 19.5 17% 19% 20% 23% 22% Net Revenue 16.6 9% 5% 5% 5% 7% 13.4 10% 12.4 25% 16% 27% 28% 64% 49% 53% 49% 48% Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 INR bn 8.4 6.4 EBITDA 4.2 1.4 1.1 Q2FY21 Q3F
Slide 17: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ (in INR bn, %age of total) 342 79 Energy, 19 , 7% Highways, 24 , 9% 263 Others, 5 , 2% Proforma Split of Corporate Debt Corporate, 46 , 18% GIL (Airport) - INR 17 bn GPUIL (Non-Airport) – INR 29 bn Airport, 169 , 64% Gross De
Slide 18: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 19: Key Developments in Q2FY22 - Delhi Airport
Key Developments in Q2FY22 - Airport Business Delhi Airport (DIAL) • Revenue (▲9% QoQ, ▲67% YoY) o Aero revenue (▲27% QoQ, ▲57% YoY) o Non-aero revenue (▲14% QoQ, ▲21% YoY) Retail incl. Duty Free (▲72% QoQ, ▲2.7x YoY) o CPD Rentals (▼10% QoQ, ▲16.4x YoY). YoY up on revenue recognised from Bharti R
Slide 20: Key Developments in Q2FY22 - Hyderabad Airport
Key Developments in Q2FY22 - Airport Business Hyderabad Airport (GHIAL) • Revenue (▲51% QoQ, ▲82% YoY) o Aero revenue (▲50% QoQ, ▲65% YoY) o Non-aero revenue (▲53% QoQ, ▲2.1x YoY) Retail incl. Duty Free (▲97% QoQ, ▲3.1x YoY) • Aero and Non-Aero revenues recovering strongly post 2nd wave of Covid a
Slide 21: Airport Business - Key Developments in Q2FY22
Airport Business - Key Developments in Q2FY22 Goa Airport • Work is in progress at site with physical activities being carried out simultaneously at multiple sites of the project including Runway, Taxiway, ATC etc. • Achieved Milestone III in terms of both financial and physical progress within the
Slide 22: Airports Business (Q2FY22) - Operational & Financial Highlights QoQ
Airports Business (Q2FY22) - Operational & Financial Highlights QoQ Airport Business Delhi Airport Hyderabad(figures Airport in INR mn) (Consolidated) (Standalone) (Standalone) Particulars Q2FY2021 Q1FY2022 Q2FY2022 Q2FY2021 Q1FY2022 Q2FY2022 Q2FY2021 Q1FY2022 Q2FY2022 Net Revenues 6,083 8,116 9,286
Slide 23: Airports Business (H1FY22) - Operational & Financial Highlights YoY
Airports Business (H1FY22) - Operational & Financial Highlights YoY (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport (Consolidated) (Standalone) (Standalone) Particulars H1FY2021 H1FY2022 H1FY2021 H1FY2022 H1FY2021 H1FY2022 Net Revenues 10,739 17,401 7,138 11,517 1,205 2,441 EBIT
Slide 24: Delhi Airport - Non-Aero Revenues (H1FY22) Performance YoY
Delhi Airport - Non-Aero Revenues (H1FY22) Performance YoY Delhi Airport Non-Aero Revenue Break-up INR 7.0 bn • Non-aero revenues ▲28% to INR 7.0bn Cargo Advt. 4% F&B • Retail revenues ▲3.4x YoY to INR 922mn 23% 5% o Duty Free SPP increased to INR 941 in H1FY22 Ground Handling from INR 567 in H1FY21
Slide 25: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Revenues 103 159 165 1,212 309 103 163 170 1,212 332 EBITDA (198) (93) (71) 456 (156) (198) (95) (72) 456
Slide 26: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – H1FY22 Consolidated EBITDA (Proforma) INR mn Airport Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL)* Cebu EBITDA Proforma EBITDA 957 9,359 8,469 (67) DIAL – H1FY22 Consolidated EBITDA (Proforma) GHIAL – H1FY22 Consolidated EBI
Slide 27: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 28: Key Developments in Q2FY22 – Energy Business
Key Developments in Q2FY22 – Energy Business Warora Power Project • Revenue ▼6% QoQ; ▼35% YoY − PLF at 49% vs. 54% in Q1FY22 and 84% in Q2FY21 − Q2FY22 PLF impacted by lower supply of linkage coal from mines, lower exchange rates and delayed realization from Discoms − PLF recovering post Q2FY22; Oct
Slide 29: GMR Energy Ltd - Operational & Financial Highlights YoY
GMR Energy Ltd (GEL) - Operational & Financial Highlights YoY (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Revenue 9,568 8,288 3,728 2,418 5,758 5,798 110 100 EBITDA 2,704 2,038 754 301 1,964
Slide 30: Coal Assets - PT GEMS Performance YoY
Coal Assets - PT GEMS Performance YoY (figures in INR mn) Golden Energy Mines Particulars Q2FY2021 Q2FY2022 H1FY2021 H1FY2022 Sales Vol. (mn tons) 8.1 7.9 17.0 17.2 Revenues 19,334 25,965 42,470 53,863 EBITDA 2,443 5,189 6,212 15,110 PAT 1,584 3,364 4,057 10,719 • Production ▼ 5% YoY to 7.7 mn tons
Slide 31: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 32: T&UI - Key Developments in Q2FY22
T&UI - Key Developments in Q2FY22 Highway Business • Hyderabad Vijaywada (HV) traffic increased by 27% YoY to 10.4 Mn in Q2FY22. On a QoQ basis, traffic increased by 24% in Q2FY22. − With Covid cases subsiding, traffic is recovering - increase of 12% MoM in October’21 − Sole Arbitrator has reserved
Slide 33: Highway Business Assets Performance YoY
Highway Business Assets Performance YoY (figures in INR mn) Hyderabad-Vijaywada Ambala - Chandigarh GPEL Chennai ORR Particulars Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Q2FY2021 Q2FY2022 Revenue 434 535 139 0 293 130 239 230 EBITDA 344 458 77 (60) 102 78 (31) 187 Interest 694 704 133 1
Slide 34: Urban Infrastructure – Potential to Unlock Value
Urban Infrastructure – Potential to Unlock Value Kakinada Special Investment Region: ~10400 Acres • Divestment1 of Group’s entire stake in KSEZ2 − Signed Definitive Agreements for divestment by GSPHL3 of its entire 51% stake in KSEZ2 to Aurobindo Realty and Infrastructure Pvt. Ltd • Completed the di
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 – Key focus of GMR
ESG – Key focus of GMR Environment People • DIAL to achieve “Level 4+, Transition” ACC* in 2020 in Asia • Learning and Development Pacific region and GHIAL to achieve “Level 3+, Neutrality” ACC* • 4,230 employees were provided training in the FY 2020-21 in 2016 and is continuing at the same level •
Slide 37: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 38: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 39: Annexures Index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance • Airport Sector (Consolidated) B o Delhi Airport (Standalone) C o Hyderabad Airport (Standalone) D • Energy Sector (Consolidated) E • Warora (Standalone) F • Kamalanga (Standalone) G • PT GEMS (Indonesian Coal
Slide 40: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Gross Revenue 12,938 17,759 20,561 24,278 38,320 Less: Revenue Share 496 1,179 1,111 949 2,290 Net Revenue 12,442 16,580 19,450 23,329 36,030 Total Expenditure 11,046 12,360 13,051 22,104 25,368 E
Slide 41: Annexure B : Airport Business (Consolidated)
Annexure B : Airport Business (Consolidated) INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Aero Revenue 1,388 1,655 2,249 2,134 3,904 Non Aero Revenue 4,770 5,474 6,090 8,388 11,564 CPD Rentals 126 1,854 1,676 706 3,529 Gross Revenue 6,284 8,982 10,015 11,228 18,997 Less: Revenue Share 201 866
Slide 42: Annexure C : Delhi Airport (Standalone)
Annexure C : Delhi Airport (Standalone) INR mn Particulars Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Aero Revenue 869 1,076 1,364 1,387 2,441 Non Aero Revenue 3,091 3,296 3,746 5,492 7,042 CPD Rentals 101 1,844 1,666 664 3,510 Gross Revenue 4,061 6,216 6,776 7,543 12,993 Less: Revenue Share 146 8
Slide 43: Annexure D : Hyderabad Airport (Standalone)
Annexure D : Hyderabad Airport (Standalone) INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Aero Revenue 558 615 922 817 1,537 Non Aero Revenue 288 403 619 472 1,023 Gross Revenue 846 1,019 1,541 1,289 2,559 Less: Revenue Share 54 49 70 83 119 Net Revenue 792 970 1,470 1,205 2,441 Operating Expe
Slide 44: Annexure E : Energy Business (Consolidated)
Annexure E : Energy Business (Consolidated) INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Gross Revenue 3,101 4,467 5,362 6,107 9,829 Operating Expenditure 3,048 4,465 5,192 6,105 9,657 EBITDA 52 2 170 2 172 EBITDA margin 2% 0% 3% 0% 2% Other Income 259 171 182 474 353 Interest & Fin Charges 7
Slide 45: Annexure F : Warora (Standalone) Power Plant
Annexure F : Warora (Standalone) Power Plant INR mn Particulars Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Total Revenue 3,728 2,583 2,418 7,303 5,002 Fuel - Consumption 2,543 1,535 1,527 3,983 3,062 Other Expenses 430 495 591 917 1,086 EBITDA 754 553 301 2,403 854 EBITDA margin 20% 21% 12% 31% 17
Slide 46: Annexure G : Kamalanga (Standalone) Power Plant
Annexure G : Kamalanga (Standalone) Power Plant INR mn Particulars Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Total Revenue 5,758 5,734 5,798 9,960 11,533 Fuel - Consumption 2,931 2,909 2,962 5,012 5,871 Other Expenses 864 1,069 1,008 1,601 2,077 EBITDA 1,964 1,757 1,828 3,347 3,585 EBITDA margin
Slide 47: Annexure H : PT GEMS (Indonesian Coal Mine)
Annexure H : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Production (mn tons) 8.1 8.9 7.7 16.5 16.6 Sales Volumes (mn tons) 8.1 9.3 7.9 17.0 17.2 Gross Revenue 19,334 27,899 25,965 42,470 53,863 Total Expenditure 16,890 17,977 20,776 36,257 38,753 E
Slide 48: Annexure I : Highway Business (Consolidated)
Annexure I : Highway Business (Consolidated) INR mn Q2FY2021 Q1FY2022 Q2FY2022 H1FY2021 H1FY2022 Gross Revenue 1,397 1,222 1,275 2,261 2,498 Less: Revenue Share 293 313 381 460 694 Net Revenue 1,104 909 894 1,800 1,804 Operating Expenses 587 351 170 793 521 EBITDA 517 558 725 1,007 1,283 EBITDA marg