Slide 1: Investor Presentation Q4FY21 (Updated)
Investor Presentation Q4FY21 (Updated)
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 Q4FY21 Results 20 Segmental Performance 25 Offshore Bond Issue 34 Private InvIT – IRB Infrastructure Trust 41 Corporate Overview 44
Slide 4: Update: Offshore Bond Issue of USD 300mn
4 Update: Offshore Bond Issue of USD 300mn Strong growth in Collections and EPC execution leads company to cumulative profit trajectory • IRB becomes first Toll Roads & • Traffic growth momentum • Projects are expected to achieve Highways developer in India to tap continued and Mumbai Pune completio
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 3500 3219 41.0 36.28 36.25 36.98 34.16 34.17 36.0 30.89 Per day Collection 28.16 3000 31.0 28.18 26.35 26.90 (INR Mn) 24.22 23.75 26.0 21.0 24.83 16.0 20.33 19.41 20.99 2500 11.0 14.79 6.0 9.03 2000 INR Mn 1,2
Slide 7: Strong Recovery Across Projects – Ahmedabad Vadodara Project
7 Strong Recovery Across Projects – IRB Projects Ahmedabad Vadodara Project Total for the Quarter 1400 1288 17.0 15.48 14.71 14.99 1224 15.0 13.80 14.19 13.75 12.86 Per day Collection 12.69 12.21 13.0 11.98 12.73 11.91 14.49 14.85 1200 14.03 14.39 (INR Mn) 11.0 12.58 12.40 11.09 11.30 11.68 9.0 10.6
Slide 8: Strong Recovery Across Projects – All IRB Projects
8 Strong Recovery Across Projects – IRB Projects All Projects* Total for the Quarter 5000 70.0 4692 59.06 60.0 53.64 54.45 Per day Collection 47.15 50.84 53.34 4500 50.0 43.41 43.28 (INR Mn) 40.77 42.01 38.71 37.09 40.0 4000 30.0 39.29 32.35 35.20 32.73 20.0 23.12 3500 10.0 16.55 17.09 17.55 18.00 1
Slide 9: Private InvIT Projects – Kaithal RJ Border
9 Strong Recovery Across Projects – Private InvIT Projects Kaithal RJ Border Project Total for the Quarter 300 4.0 3.36 3.42 3.43 Per day Collection 3.01 3.0 2.75 2.57 2.66 250 (INR Mn) 2.60 2.58 239 3.02 2.68 2.75 2.78 2.73 2.66 2.57 2.35 2.56 2.0 2.41 2.03 1.0 1.46 200 INR Mn 120 104 150 102 100 9
Slide 10: Private InvIT Projects – Yedeshi Aurangabad
10 Strong Recovery Across Projects – Private InvIT Projects Yedeshi Aurangabad Project* Total for the Quarter 500 6.0 4.90 5.11 5.05 5.11 444 4.47 4.67 450 5.0 Per day Collection 3.97 4.21 4.0 3.24 3.58 (INR Mn) 3.18 2.98 2.92 2.82 3.0 400 3.33 3.23 3.25 3.36 2.0 2.97 2.90 2.59 2.55 2.68 2.63 1.96 2
Slide 11: Private InvIT Projects – Solapur Yedeshi
11 Strong Recovery Across Projects – Private InvIT Projects Solapur Yedeshi Project Total for the Quarter 250 3.0 2.57 2.62 225 2.43 2.54 2.32 2.5 2.19 Per day Collection 2.00 2.07 1.98 1.99 2.0 1.78 1.66 (INR Mn) 1.99 1.54 1.90 2.15 2.08 2.17 1.5 1.90 200 1.81 1.52 1.60 1.51 1.0 1.52 1.17 1.18 173
Slide 12: Private InvIT Projects – Agra Etawah
12 Strong Recovery Across Projects – Private InvIT Projects Agra Etawah Project* Total for the Quarter 500 6.0 5.25 5.23 453 5.04 4.91 5.07 4.64 450 5.0 4.00 Per day Collection 3.88 419 4.0 3.38 (INR Mn) 2.88 2.71 2.56 2.57 400 3.0 2.29 2.25 2.0 2.86 1.86 2.25 2.32 2.52 2.41 2.54 2.04 2.07 2.12 2.26
Slide 13: Private InvIT Projects – Hapur Moradabad
13 Strong Recovery Across Projects – Private InvIT Projects Hapur Moradabad Project Total for the Quarter 400 370 5.0 4.49 4.16 4.37 4.13 4.32 4.27 3.87 3.84 3.77 Per day Collection 4.0 3.66 3.32 3.42 350 3.68 3.88 (INR Mn) 3.0 2.67 3.73 3.85 3.50 3.60 3.49 312 310 3.38 3.26 3.27 2.98 2.0 2.16 300 1
Slide 14: Private InvIT Projects – Udaipur Shamlaji
14 Strong Recovery Across Projects – Private InvIT Projects Udaipur Shamlaji Project* Total for the Quarter 400 6.0 363 5.15 5.0 Per day Collection 3.87 4.31 350 3.87 3.96 3.90 3.81 3.84 3.97 334 4.0 3.81 3.62 3.49 317 (INR Mn) 3.36 3.0 2.52 3.77 3.75 4.00 3.24 3.21 3.48 3.72 3.37 3.37 3.38 2.0 2.99
Slide 15: Private InvIT Projects – Chittorgarh Gulabpura
15 Strong Recovery Across Projects – Private InvIT Projects Chittorgarh Gulabpura Project Total for the Quarter 450 6.0 405 4.76 4.82 5.0 4.62 4.28 4.42 4.57 4.41 4.56 400 Per day Collection 4.44 4.17 4.34 4.43 382 4.0 4.70 (INR Mn) 4.28 4.30 4.30 4.41 4.24 2.73 3.96 3.90 4.18 3.0 3.83 350 2.0 2.59
Slide 16: Private InvIT Projects – Kishangarh Gulabpura
16 Strong Recovery Across Projects – Private InvIT Projects Kishangarh Gulabpura Project Total for the Quarter 300 4.0 268 3.32 3.25 3.03 3.10 3.11 3.26 261 2.94 3.14 3.04 3.05 3.04 Per day Collection 3.14 3.0 2.59 2.56 250 (INR Mn) 2.88 3.06 3.12 1.86 2.60 2.90 2.92 2.79 2.85 2.0 2.63 2.46 1.83 1.0
Slide 17: Private InvIT Projects – IRB West Coast
17 Strong Recovery Across Projects – Private InvIT Projects IRB West Coast Project* Total for the Quarter 250 232 3.0 2.56 2.61 2.67 2.35 2.46 2.5 2.18 Per day Collection 2.2 1.98 2.0 1.67 (INR Mn) 1.61 1.43 1.33 1.99 200 1.5 0.89 1.52 1.0 1.21 1.46 0.5 0.0 156 150 INR Mn 90 79 81 80 75 76 71 66 68
Slide 18: Private InvIT Projects – All Projects
18 Strong Recovery Across Projects – Private InvIT Projects All Projects Total for the Quarter 3000 2761 40.0 32.64 34.02 35.0 31.52 32.10 30.52 Per day Collection 27.67 29.54 30.0 27.28 27.69 24.54 2500 (INR Mn) 22.31 25.25 23.84 25.0 22.15 28.85 20.0 23.35 25.03 25.21 25.31 25.80 2266 2269 20.01 2
Slide 19: Public InvIT Projects – All Projects
19 Strong Recovery Across Projects – Public InvIT Projects All Projects* Total for the Quarter 5000 60.0 51.38 4500 4375 46.05 48.53 48.23 Per day Collection 50.0 44.43 45.63 45.96 45.80 46.50 44.13 41.54 40.31 49.75 (INR Mn) 40.0 45.91 47.57 47.59 3982 42.29 43.44 42.50 4000 38.63 30.0 36.48 36.82
Slide 20: Q4FY21 Results
20 Q4FY21 Results
Slide 21: Consolidated Financial Results (Q4FY21 vs Q4FY20)
21 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q4FY21 Q4FY20* %YoY Q4FY21 Q4FY20 %YoY Q4FY21 Q4FY20* %YoY Revenue 16,058.47 15,844.55 1.4% 11,411.49 12,299.64 -7.2% 4,646.98 3,544.91 31.1% Distribution from INVIT 166.87 185.4
Slide 22: Consolidated Financial Results (Q4FY21 vs Q3FY21)
22 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q4FY21* Q3FY21 %YoY Q4FY21 Q3FY21 %YoY Q4FY21* Q3FY21 %YoY Revenue 16,058.47 15,471.58 3.8% 11,411.49 10,791.21 5.7% 4,646.98 4,680.38 -0.7% Distribution from INVIT 166.87 139.06
Slide 23: Consolidated Financial Results (FY21 vs FY20)
23 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars FY21 FY20* %YoY FY21 FY20* %YoY FY21 FY20* %YoY Revenue 52,986.30 68,522.23 -22.7% 37,392.30 51,289.81 -27.1% 15,594.00 17,232.42 -9.5% Distribution from INVIT 537.70 776.00 -30.
Slide 24: Consolidated Financials: Strong Track Record
24 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 16,348 16,504 7,053 8,047 FY 2018 FY 2019 FY 2020* FY 2021* Q4FY20 Q4FY21* FY 2018 FY 2019 FY 2020* FY 2021* Q4FY20 Q4FY21* NETWORTH (INR MN) NET DEBT & NET DEBT T
Slide 25: Segmental Performance
25 Segmental Performance
Slide 26: Overview of EPC Order Book
26 Overview of EPC Order Book INR 145,681 Mn Robust Increase in Construction Revenue 2021 38,226 O&M in BOT / TOT Projects 2009 5,670 68,193 EPC/ Construction in Strong growth in Construction EBITDA Ongoing BOT/ HAM Projects 2021 11,943 77,488 2009 1,013 Order book Composition as on March 31, 2021 •
Slide 27: BOT / HAM Portfolio Summary
BOT / HAM Portfolio Summary 27 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 28: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 28 Amount in INR Mn ** FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country Mum-Pune 1.0 Concession ended on 10th Aug 201
Slide 29: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 29 Amount in INR Mn * Concession Period of the project has been completed on February 23, 2021 FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to C
Slide 30: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 30 * 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 FY2016-17 FY 2
Slide 31: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 31 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country and FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 FY2021-22 FY 22 numbers are impact
Slide 32: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 32 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country and FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 FY2021-22 FY 22 numbers are impact
Slide 33: RFID Collection: Going cashless across IRB Group assets
33 Going cashless – across IRB Group assets 100% 90% 80% Government push 70% for Mandatory use RFID Collection of FasTags 60% De-mon in 50% Nov 2016 40% 30% 20% 10% 0% Apr-17 May-17 Apr-18 May-18 Apr-19 May-19 Apr-20 May-20 Pre Demon Oct-17 Dec-17 Oct-18 Dec-18 Oct-19 Dec-19 Oct-20 Dec-20 Aug-17 Jan
Slide 34: Offshore Bond Issue
34 Offshore Bond Issue
Slide 35: Covenant Structure
35 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 36: Leverage summary
36 Leverage summary TTM ending Mar 31, 2021 (INR mn) # Business Segment I: Toll & HAM Revenues 16,112 EBITDA 14,532 Gross Debt 97,711 Business Segment II : Construction + Surplus from other businesses (Combined Gp) # Revenues 38,943 EBITDA ^ 13,163 Gross Debt 61,446 Gross Leverage Ratio (x) 4.7 Cons
Slide 37: Mumbai Pune TOT – a crown jewel in IRB’s portfolio
Mumbai Pune TOT – a crown jewel in IRB’s portfolio 37 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 38: Revenue and Traffic Performance
38 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% Traffic Growth FY11 FY12 FY13 FY14 FY
Slide 39: Transaction Structure
39 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 40: Private InvIT: IRB Infrastructure Trust
40 Private InvIT IRB Infrastructure Trust
Slide 41: Private InvIT: IRB Infrastructure Trust
41 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 42: Private InvIT: Equity Valued at INR 136Bn
42 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 43: Corporate Overview
— Lc) UB porate “Oo 2 Diy iy ij ty
Slide 44: Business Structure
44 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 45: IRB group overview
45 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 46: Pan India Presence
Pan India Presence Financially and technically pre-qualified, and best positioned to capture 46 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 47: Complete Portfolio of Road Assets
47 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 2,571 3,321 5,892 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public InvIT - 4,055 4,055 Cumulati
Slide 48: IRB’s Unique Proposition
IRB’s Unique Proposition 48 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 49: Bankable Concession Terms
Bankable Concession Terms 49 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 50: Construction Major
50 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 51: Roadmap so far
51 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 52: Shareholding Pattern
52 Shareholding Pattern Shareholding Pattern as on March 31, 2021 Top 5 Shareholders as on March 31, 2021 Sr. No. Name % FII/EPI 1 LIFE INSURANCE CORPORATION OF INDIA 6.58 15.16% Promoter & 2 GOVERNMENT OF SINGAPORE 3.92 Floating DII Promoter shares 11.35% Group 3 SBI LONG TERM EQUITY FUND 2.94 41.3
Slide 53: Organization Structure
53 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 54: Corporate Finance
54 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 55: NHAI accords “Excellent” Rating for 9 projects
Recognition: 55 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 56: Awards & Recognition
Awards & 56 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 57: Awards & Recognition
Awards & 57 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 58: Our CSR Initiative
58 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 59: Thank You
Thank You