47 slides from Irb Infrastructure Developers's earnings presentation, January 2025
Slide 1: Investor Presentation | Q3FY25
Investor Presentation | Q3FY25 India’s First Multi-National Infrastructure Company in the Highways Sector
Slide 2: Table of Contents
Table of Contents Financial Highlights - Quarter Updates Page 2 Result Highlights Page 3 Group Synopsis Page 9 Business Verticals Page 13 Dollar Bond Details Page 19 Governance and ESG Page 22 Attractive Industry Fundamentals and Opportunities Page 25 Appendix Page 30
Slide 3: Financial Highlights for Q3FY25
Financial Highlights for Q3FY25 . •Toll Revenue growth of ~21% • Distribution in Q3FY25 of ~ Rs. • Rated among the top Infra across projects in Private InvIT, 540 mn declared by Pvt InvIT and Companies in India for ESG: Mumbai Pune & Ahmedabad the same will reflect in cashflow of Rating Criteria LR
Slide 4: Result Highlights
Result Highlights Private & Confidential
Slide 5: Consolidated Financial Summary for Q3FY25 (YoY & QoQ)
Consolidated Financial Summary for Q3FY25 (YoY & QoQ) INR in millions Consolidated Profit & Loss Account Particulars Q3FY25 Q3FY24 Q2FY25 Total Income 20,904 20,773 17,516 EBITDA 10,492 9,782 9,325 Less : Finance cost 4,614 4,327 4,342 Less : Depreciation and Amortization 2,651 2,513 2,312 PBT 3,227
Slide 6: Consolidated Financial Summary (Quarterly YoY) Segment-wise
Consolidated Financial Summary (Quarterly YoY) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Revenue 20,254 20,353 6,477 6,159 2,449 667 11,328 13,527 EBITDA* 1
Slide 7: Consolidated Financial Summary (Quarterly QoQ) Segment-wise
Consolidated Financial Summary (Quarterly QoQ) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment Q3FY25 Q2FY25 Q3FY25 Q2FY25 Q3FY25 Q2FY25 Q3FY25 Q2FY25 Revenue 20,254 17,148 6,477 5,811 2,449 1,289 11,328 10,048 EBITDA*
Slide 8: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record REVEN UE (IN R B N ) EB IT DA & MARGIN (IN R B N ) 50% 53% 53% 49% 82 64 67 41 55 33 35 47% 52% 27 20 20 10 11 FY 2021 FY 2022 FY 2023 FY 2024 Q3FY24 Q3FY25 FY 2021 FY 2022 FY 2023 FY 2024 Q3FY24 Q3FY25 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y NE
Slide 9: Consolidated Financial Summary – Net cash H1FY25
Consolidated Financial Summary – Net cash H1FY25 Increase Decrease Total INR in Million 19,083 1,318 (8,636) 1,241 (823) (1,776) (2,589) 2,327 (7,512) (25) 1,399 (1,208) EBITDA Tax Investments Net borrowings Pmt of Leases Closing Cash & CE Opening Cash & CE Working Capital Other Op CF Interest recei
Slide 10: Group Synopsis
Group Synopsis Private & Confidential
Slide 11: IRB Group Overview
IRB Group Overview One of the largest private roads and highways listed integrated infrastructure developer in India Pan India presence 12 States in INR 800 bn+ c. 22 years c. 10% India where Highway asset Weighted 15,444 lane KM Market share of assets are base, one of the average residual Road port
Slide 12: Largest and well Diversified Portfolio of Roads in India
Largest and well Diversified Portfolio of Roads in India Owns and Manages c. 15,000 Lane KM of Roads across 12 States in India1 Under construction 15,444 Operational 2,161 13,283 8,400 7,300 8,400 7,300 5,847 4,537 4,436 3,398 4,436 3,398 1,212 1310 1,212 IRB Cube Indinfravit Trust (CPPIB) Adani HIT
Slide 13: Diversified Asset Portfolio with presence in high growth markets
Diversified Asset Portfolio with presence in high growth markets BOT/HAM/TOT portfolio – Cumulative Lane Km Kms 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cum Lane Km 987 2,020 2,415 4,394 6,376 6,280 7,348 7,244 6,865 7,085 13,754 13,739 15,444 Majority of TOT/BOT/HAM projects
Slide 14: Business Verticals
Verticals Business Private & Confidential
Slide 15: Summary of Business Verticals
Summary of Business Verticals List Co Engineering, Procurement and 1 InvIT Investments 2 Wholly Owned Concessions (100%) 3 Construction (100%) A. Private InvIT (51%) B. Public InvIT (16%) • IRB has executed c. 18,000 Project Type Project Type Project Type lane kms of projects across 36 Goa Kundapur
Slide 16: Business Vertical – 1A : IRB Private InvIT
Business Vertical – 1A : IRB Private InvIT Asset overview Key Highlights Project cost Concession Sr. No. Project State Lane KM Status 14 projects are currently revenue generating (incl. 2 (INR bn) End Date * under construction and tolling) & 1 is under 1 construction 1 Goa Kundapur Karnataka 37 758
Slide 17: Business Vertical - 1B : IRB Public InvIT
Business Vertical - 1B : IRB Public InvIT Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date* (INR bn) 1 Talegaon - Amravati Maharashtra 8.9 267 Tolling Jun-2037 2 Amritsar Pathankot Punjab 14.5 410 Tolling Jan-2038 3 Jaipur Deoli Rajasthan 17.4 595 Tolling Oct- 204
Slide 18: Business Vertical – 2: Wholly Owned Concessions
Business Vertical – 2: Wholly Owned Concessions Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date (INR bn) 1 Mumbai Pune Maharashtra 89 1,014 Tolling April 2030 2 Ahmedabad Vadodara Gujarat 49 987 Tolling Mar 2043* 3 Vadodara Mumbai Expressway (Pkg -7) Gujarat 17 2
Slide 19: Business Vertical - 3 : Engineering, Procurement and Construction Business
Business Vertical - 3 : Engineering, Procurement and Construction Business Under its EPC arm, IRB has executed c. 18,000 lane kms of projects across 36 projects with professionally managed EPC team with avg track record of more than 25 years Key Highlights Latest techniques to facilitate project pla
Slide 20: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 21: Offshore Bond Issue – Covenant Structure
Offshore Bond Issue – Covenant Structure Business Segment I Business Segment II Surplus Toll & HAM Investments Distribution IRBIDL Standalone 51% MRMPL Mumbai Pune TOT Private InvIT Distribution from Mumbai Pune 16% and InvIT’s Ahd Vadodara BOT Public InvIT Non-road assets Pathankot Mandi (PM) HAM F
Slide 22: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn As on As on Business Segment I September 30, 2024 March 31, 2024 Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 507 564 Gross Debt 205 202 Project Life Coverage Ratio 2.5 2.8 Minimum Project Life Coverage Ratio (As required
Slide 23: Governance & ESG
& ESG Governance Private & Confidential
Slide 24: Board Driven Robust Governance Policies
Board Driven Robust Governance Policies Board Composition IRB Infrastructure Developers Limited IRB Private InvIT Category Number of Directors Category Number of Directors Promoter 2 IRB Infrastructure Developers Ltd. 2 Other Non-Independent Other Non-Independent (from Cintra) 2 2 (one each from GIC
Slide 25: Strong Focus on Protecting the Environment & Community
Strong Focus on Protecting the Environment & Community; Sustainability Reporting to Bring About Reporting Transparency IRB has a strong focus on environment, Business responsibility and sustainability reporting (BRSR) is intended towards having quantitative and sustainability and community standardi
Slide 26: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 27: Revamped Bankable Concession Terms
Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details ▪ NHAI is an agency appointed by the federal government for development of roads and highways in India NHAI as counterparty ▪ NHAI is a quasi-sovereign entity with a ‘AAA’ rating from domestic rat
Slide 28: Opportunities under PPP
Opportunities under PPP The Economic Survey 2018 estimated that India will need USD 5.4 trillion of investment in infrastructure by 2040 The government has set a target of completing 200,000 kms of NH network by the year 2030, out of which ~100,000 kms has been completed To develop the balance of th
Slide 29: Investment and disinvestment strategy
Investment and disinvestment strategy Optimal performance - Benefit from diversified geographical sources of return, create value through post-investment management and assess risk thoroughly India economy - Leverage our presence in India, the fastest growing large economy in the world today, to gen
Slide 30: Opportunities under PPP: BOT and TOT Project Pipeline
Opportunities under PPP BOT (Toll) Project Pipeline worth 2 Trillion TOT Project Pipeline of 33 Projects Number of Total Project Cost Number of Revenue Remittance Division Length ( Km) RO Length ( Km) projects (Rs in Bn) projects (Rs in Bn) Uttar Pradesh 6 1344 503 Jaipur 4 413 14 Maharashtra 14 522
Slide 31: Appendix
Appendix Private & Confidential
Slide 32: Key Milestones
Key Milestones Constantly Evolving EPC Capabilities: Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures 1998 2004 2008 2016 2017 2018 2020 2021 2023 2024 Length: Length: Length: 1,234 LKM 1,396 LKM 1,168 Cost: INR Cost: INR LKM 11bn 108bn Raised INR Cost: I
Slide 33: Share Price Performance
Share Price Performance IRB share price (rebased to 100) IRB Sensex Mar 2024: Achieved Appointed date for TOT-12 and TOT-13 project DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: Awarded AUG 2023: Achieved 400.0 new BOT project Appointed date for close IRB transaction HAM asset and achieved
Slide 34: Approach adopted by analysts for valuation of Integrated Developer Model
Approach adopted by analysts for valuation of Integrated Developer Model Particulars Methodology Value of concession Business DCF of FCFE over concession life Value of Construction Business PE Multiple or EV/EBIDTA Value of Non core assets (Land bank and airport) Multiple on Investment Total Value o
Slide 35: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 34
Slide 36: Financial Summary (Yearly)
Financial Summary (Yearly) INR in Million Total all segments Construction Segment BOT Segment Particulars FY24 FY23* FY24 FY23* FY24 FY23 Revenue 82,018 67,033 57,242 45,804 24,775 21,229 EBITDA 41,246 35,307 19,271 15,817 21,974 19,490 EBITDA margin 50% 53% 34% 35% 89% 92% Financial expenses 18,633
Slide 37: Gross Toll Revenue – Wholly Owned Concessions
Gross Toll Revenue – Wholly Owned Concessions Amount in INR mn MUMBAI - PUNE ** AHMEDABAD VADODARA Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 1,167 2,373 3,606 4,238 4,382 3.4% Jun 589 1,086 1,572 1,725 1,844 6.9% Sep
Slide 38: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Gulabpura Chittorgarh Hapur Moradabad Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 217 329 822 931 922 -1.0% Jun 180 310 388 767 791 3.1% Sept 372 526 842 906 898 -
Slide 39: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Yedeshi Aurangabad Kishangarh Gulabpura Quarter 2020-21* 2021-22* 2022-23 2023-24^ 2024-25^ % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Jun 153 346 574 713 539 -24.4% Jun 146 209 303 615 581 -5.4% Sept 274 382 600 628
Slide 40: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Karwar Kundapura Solapur Yedeshi Quarter 2020-21* 2021-22* 2022-23 2023-24 2024-25 % Variance Quarter 2020-21* 2021-22* 2022-23 2023-24^ 2024-25^ % Variance Jun 93 156 298 349 346 -0.9% Jun 90 167 308 367 284 -22.4% Sept 156 197 262 292 280 -4.1
Slide 41: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities IRB Infrastructure Modern Road Makers 1 2 Developers Limited Private Limited IND AA- / Stable CARE AA- / Stable Crisil AA- / Stable Meerut Budaun 3 IRB MP Expressway 4 Private Limited Expressway Limited IND AA / Stable IND A- / Stable VM 7 Expressway P
Slide 42: ESG Score
ESG Score Year 2022 Year 2023 Year 2024 Improvement from 2022 +30 +29 +12 41
Slide 43: Learning and Development
Learning and Development YA BOT CG BOT US BOT Lambiyakalan Toll 42
Slide 44: Recognitions
Recognitions We proud to receive Silver SKOTCH ESG Award under Category “Social Excellence” towards Water Conservation at our Vadodara Mumbai Expressway (Pkg- 7 ) HAM Project Received ‘Certificate of Appreciation’ under the Construction sector From NSCI for safety performance in our Chittoor Thachur
Slide 45: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ‘will’, ‘aim’, ‘will likely result’, ‘would’, ‘believe’, ‘may’, ‘expect’, ‘will continue’, ‘anticipate’, estimate’, ‘intend’, ‘pla
Slide 46: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 45
Slide 47: Notes
Notes IRB INFRASTRUCTURE DEVELOPERS LTD