CapitaLand India Trust · SGX:CY6U
CapitaLand India Trust — H1 2023 Earnings Presentation
51 slides from CapitaLand India Trust's earnings presentation, Jul 31, 2023
Slide 1: 1H FY 2023 Financial Results Presentation
CapitaLand India Trust 1H FY 2023 Financial Results Presentation 31 July 2023
Slide 2: Disclaimer
Disclaimer This presentation on CLINT’s results for the 6-month period ended 30 June 2023 (“1H FY 2023”) should be read in conjunction with CLINT’s half-yearly results announcement, a copy of which is available on www.sgx.com or www.clint.com.sg. This presentation may contain forward-looking stateme
Slide 3: 1H FY 2023 Financial Results
1H FY 2023 Financial Results International Tech Park Bangalore
Slide 4: 1H 2023 Key Highlights
1H 2023 Key Highlights PREFERENTIAL ASSETS UNDER NET PROPERTY COMMITTED TOTAL COMPLETED OFFERING MANAGEMENT INCOME OCCUPANCY FLOOR AREA S$150.1 million S$2.7 billion S$85.6 million 94% 19.2 million sq ft Successfully raised Increased by 9% Increased by 3% YoY Including options and Increased by 24% a
Slide 5: Redevelopment of ITPH – Phase 1
Redevelopment of ITPH – Phase 1 Unlocking Value Revenue Generating Area Before After >95% >95% 90% 90% 75% 55% Auriga Building Leasable Area: 0.2 million sq ft 33% 16% Block A 1Q23 2Q23 3Q23F 4Q23F 1Q24F 2Q24F 3Q24F 4Q24F Leasable Area: 1.4 million sq ft • Redevelopment of ITPH is resulting in signi
Slide 6: Financial Review
Financial Review International Tech Park Pune, Hinjawadi
Slide 7: 1H FY 2023 Results
1H FY 2023 Results 1H FY 2023 1H FY 2022 Variance SGD/INR FX rate1 61.5 55.7 10.4% • Higher due to higher portfolio occupancy; and ₹6,795 million ₹5,758 million 18% • Income contribution from Arshiya Warehouse 7 Total property income S$110.5 million S$103.3 million 7% and Industrial Facility in Mahi
Slide 8: Distribution Details
Distribution Details Distributions to Unitholders are made on a semi-annual basis for the six-month period ending 30 June and 31 December of each year. Distribution Period 1 January 2023 to 30 June 2023 Distribution Per Unit 3.36 Singapore cents Ex-distribution Date 1H FY 2023 Results 21 August 2023
Slide 9: Net Property Income
Net Property Income Net Property Income (INR) Net Property Income (S$) 11% 6% 6,000 CAGR 90.0 CAGR 80.0 5,000 70.0 4,000 60.0 50.0 3,000 40.0 2,000 30.0 20.0 1,000 10.0 0 0.0 Ca p i t a L a n d I n d i a Tr u s t 1H FY 2023 Fi nanc i al Res ul t s Pr es ent at i on 9
Slide 10: Half-yearly DPU since Listing
Half-yearly DPU since Listing INR/S$ DPU1 (S cents) exchange rate2 (indexed) 12.00 130 Change since listing INR depreciation against S$: -56% 120 10.00 50% use of Core CL Blue S$ DPU3: +33% 110 8.00 100 90 6.00 80 4.00 70 60 2.00 50 0.00 40 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY2
Slide 11: Capital Management
Capital Management Arshiya Warehouses, Navi Mumbai
Slide 12: Capital Management
Capital Management Currency hedging strategy Funding strategy Balance sheet • The Trustee-Manager’s approach to equity raising is 50% use of Core CL Blue predicated on maintaining a strong balance sheet by • Trustee-Manager does not hedge equity. keeping the Trust’s gearing ratio at an appropriate l
Slide 13: Debt Maturity Profile & Capital Structure
Debt Maturity Profile & Capital Structure S$ million Effective borrowings S$1,378 million % of fixed rate debt 73% 30.8 Hedging ratio INR: 60% S$: 40% 129.8 Gearing ratio 40%2 Net gearing ratio (net of cash and proceeds from 33% preferential offering) Available debt headroom 222.5 S$684 million (gea
Slide 14: Operational Review
Operational Review Block A, International Tech Park Hyderabad
Slide 15: Office Markets Update
Office Markets Update Bangalore (Whitefield) Hyderabad (IT Corridor I1) 5.0 18.3% 17.8% 15.4% 4.0 14.4% 3.0 15.9% 14.8% 3.0 9.9% 2.0 9.4% 2.0 5.4% 1.0 1.0 2.9% 0.0 0.0 2019 2020 2021 2022 2Q 2023 2019 2020 2021 2022 2Q 2023 Chennai (OMR) Pune (Hinjawadi) 18.9% 18.2% 33.1% 32.0% 3.0 16.6% 2.0 15.5% 2
Slide 16: Diversified Portfolio
Diversified Portfolio Portfolio breakdown by base rental Customer Base Mumbai 10% Total number of tenants 295 Average space per tenant ~58,000 sq ft Bangalore Pune 28% 19% Largest tenant accounts for 12% of the portfolio base rent Chennai 18% Hyderabad 25% All information as at 30 June 2023 Ca p i t
Slide 17: Portfolio Occupancy
Portfolio Occupancy Committed occupancy including options and ROFR in Block A : 94% Committed occupancy excluding options and ROFR in Block A : 91% Bangalore Chennai Hyderabad Mumbai Pune 100% 97% 100% 100% 97% 100% 96% 94% 93% 82% 85% 85% 85% 84%85% 85% 78% 67% 70% 68% 68% 62% 55% 1 ITPB ITPC Cyber
Slide 18: Spread-out Lease Expiry Profile
Spread-out Lease Expiry Profile Weighted average lease term Weighted average lease expiry 6.5 years 3.5 years Monthly base rent expiring (INR mil) 500 ~84% of leases (including 48% ITPP-H) expiring in 2023 are 400 either renewed or highly likely to be renewed 300 20% 200 16% 100 8% 8% - 2023 2024 20
Slide 19: Rental Reversion
Rental Reversion1 Bangalore Chennai Hyderabad Pune 25% 20% 20% 15% 10% 9% 5% 5% 4% 2% 0% 0% -5% -10% -10% -15% ITPB ITPC CyberVale ITPH aVance CyberPearl aVance Hyderabad Pune All information as at 30 June 2023 Negative rental reversion in ITPC is a result of expiry of certain short-term lease exten
Slide 20: Rental Revenue Growth
Rental Revenue Growth1 Bangalore Chennai Hyderabad Pune 18% 16% 16% 15% 14% 12% 10% 9% 8% 8% 8% 6% 6% 5% 4% 2% 0% ITPB ITPC CyberVale ITPH aVance CyberPearl aVance Hyderabad Pune All information as at 30 June 2023 1. Rental revenue growth is the percentage difference of average headline rent of leas
Slide 21: Case Study ITPC
Case Study ITPC Emerging Stronger through Focused Execution 110 110% 102.4 102.4 103.0 100.0 101.3 101.0 100 100% 93.4 99% 98% 89.9 90 93% 93% 90% 84.0 92% 83.5 87% 79.1 77.8 80 83% 76.6 75.9 83% 80% 76% 70 74% 70% 68% 67% 66% 67% 60 60% 50 50% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Slide 22: Quality Tenants
Quality Tenants % of base % of base Top 10 tenants of IT Parks Logistics and Industrial Assets rents rents 1 Tata Consultancy Services 12% 1 Arshiya 2 Infosys 7% Sub-tenants include Borochemie (India), DHL Logistics, Sawariya Futureworks, 8% 3 Amazon 4% Sorin Corporation, and UPL Limited 4 Bank of A
Slide 23: Diversified Tenant Base
Diversified Tenant Base Tenant core business & country of origin by base rental Healthcare & Pharmaceutical F&B Telecommunication & 2% 1% Network Oil & Gas Switzerland Singapore 3% 2% 1% 1% Others Retail 1% 4% UK Automobile 2% 3% Others France 3% 6% Design, Gaming and Media 5% Banking & USA Financia
Slide 24: Growth Strategy
Growth Strategy CapitaLand Data Centre Navi Mumbai 1
Slide 25: Good Growth Track Record
Good Growth Track Record Total developments Total acquisitions 7.0 million sq ft 9.2 million sq ft 11% Floor area (million sq ft) CAGR 19.2 2.3 15.5 2 1.4 15.0 0.8 13.8 1.3 1 13.1 0.7 12.6 11.9 0.5 0.8 1.9 9.7 0.4 8.8 0.3 0.6 7.5 1.3 6.9 6.9 15.5 6.5 0.6 14.8 6.0 0.4 13.8 0.5 12.6 13.1 11.9 4.7 4.8
Slide 26: Clear Growth Strategy
Clear Growth Strategy Development Pipeline 3rd Party Acquisitions Non-IT Park Asset Class Sponsor Assets • 2.8 million sq ft • 1.1 million sq ft • 0.2 million sq ft • Ascendas India Growth in Bangalore1 aVance Hyderabad Arshiya Khurja Warehouses, Programme • 2.0 million sq ft • 1.4 million sq ft NCR
Slide 27: Outlook
Outlook Gardencity, Bangalore
Slide 28: Growth based on Committed Pipeline
Growth based on Committed Pipeline Floor area (million sq ft) 35.0 29.9 30.0 Non-IT Park Asset Class2 1.9 55% 3rd Party Acquistions 25.0 7.9 Development Pipeline (MTB 6) 20.0 19.21 0.8 Portfolio 15.0 10.0 19.2 19.2 5.0 0.0 June 23 Jun 23 Including Growth Growth Pipeline pipeline 1. Includes ITPH Blo
Slide 29: Growth Pipeline
Growth Pipeline aVance aVance Business Aurum Q Arshiya Casa BlueRidge 3 Gardencity Ebisu Hyderabad Hub 2 Parc Khurja Grande Total aVance 5 aVance A1 aVance A25 Building Q2 Phase 1 Phase 2 Project I Project II 1 warehouse Phase 2 Building 1 Floor area 1.16 0.83 0.55 0.85 1.35 0.56 1.26 0.39 0.19 0.31
Slide 30: Appendix – Glossary
Appendix Glossary CY : Calendar year. Derivative financial : Includes cross currency swaps (entered to hedge SGD borrowings into INR), interest rate swaps, options and forward foreign instruments exchange contracts. DPU : Distribution per unit. EBITDA : Earnings before interest expense, tax, depreci
Slide 31: Balance Sheet
Balance Sheet As at 30 June 2023 INR SGD Total assets ₹211.8 billion S$3,441 million Total borrowings ₹87.4 billion S$1,420 million Deferred consideration1 ₹1.9 billion S$31 million Derivative financial instruments (₹4.5 billion) (S$73 million) Effective borrowings2 ₹84.8 billion S$1,378 million Lon
Slide 32: Development: CapitaLand Data Centres
Growth Strategy Development: CapitaLand Data Centres Artist’s impression Name CapitaLand DC Navi Mumbai 1 CapitaLand DC ITPH Location Airoli, Navi Mumbai International Tech Park Hyderabad Project details Capacity1 – Phase 1: 54 MW Power load2 Capacity4 – 40 MW Power load In-principle sanction receiv
Slide 33: Development: CapitaLand Data Centres
Growth Strategy Development: CapitaLand Data Centres Artist’s impression Name CapitaLand DC Chennai CapitaLand DC ITPB Location Ambattur, Chennai International Tech Park Bangalore Project details Capacity1 – 54 MW Power load Capacity2 – 42 MW Power load Pre-construction approvals being obtained. Dev
Slide 34: Sponsor: Assets in India
Growth Strategy Sponsor: Assets in India Private funds managed by sponsor • Ascendas India Growth Programme Sponsor presence1 • Ascendas India Logistics Programme Gurgaon Pune Chennai 1. Excludes CLINT properties. Ca p i t a L a n d I n d i a Tr u s t 1H FY 2023 Fi nanc i al Res ul t s Pr es ent at
Slide 35: Development: ITPB pipeline
Growth Strategy Development: ITPB pipeline Future Development Potential • Remaining development potential of 3.1 million sq ft1. • Site has been identified for development of a data centre. • ITPB’s existing 40 MVA2 air insulated substation will be upgraded to a 100 MVA gas insulated substation prio
Slide 36: Development: MTB 6, Bangalore
Growth Strategy Development: MTB 6, Bangalore Artist’s impression Name Multi tenanted building – MTB 6 Location ITPB, Bangalore Floor area 0.81 million sq ft Development Foundation work in progress. status Building completion expected by 2H 2024. Ca p i t a L a n d I n d i a Tr u s t 1H FY 2023 Fi n
Slide 37: Development: ITPH redevelopment
Growth Strategy Development: ITPH redevelopment Initial Master Plan (1.3 million sq ft) Current Master Plan (4.9 million sq ft) MLCP Capella Vega Atria Phase I Phase I Orion Auditorium Auriga Mariner Proposed Data Centre Redevelopment to increase the development potential, rejuvenate the existing pa
Slide 38: IT Park: aVance Business Hub 2, Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Business Hub 2, Hyderabad Artist’s impression Indicative revised plan Artist’s impression Park Statistics Proposed acquisition of Site area: 14.4 acres / 5.8 ha 4.75 million sq ft (A1) to (A5)1: Core wall works and structural Vendor assets
Slide 39: IT Park: aVance Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Hyderabad (3) (6) (8) (4) (7) (2) (5) (1) (9) (10) aVance 5 Site area 25.7 acres / 10.4 ha CLINT assets – marked in blue; Vendor assets – marked in black; Landowner assets – marked in white; Asset ownership CLINT has ROFR to (7), (8), (9)
Slide 40: IT Park: Aurum Q Parc, Navi Mumbai
Growth Strategy (3rd Party Forward Purchase) IT Park: Aurum Q Parc, Navi Mumbai Q3 Q2 Q1 Completed Building Q2 Artist’s impression Building Q2 Lobby Location Ghansoli, Navi Mumbai Building Q1 (CLINT owned): 0.62 million sq ft; Building Q2: 0.85 million sq ft Floor area Right of First Refusal on Buil
Slide 41: IT Park: BlueRidge 3, Pune
Growth Strategy (3rd Party Forward Purchase) IT Park: BlueRidge 3, Pune Location Hinjawadi Phase 1, Pune Floor area Phase 1: 1.35 million sq ft; Phase 2: 0.56 million sq ft Expected completion Phase 1: OC received; Phase 2: On hold Leasing Status Phase 1 is ~30% committed. Construction of IT Buildin
Slide 42: IT Park: Gardencity, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Gardencity, Bangalore Artist’s impression Location Hebbal, Bangalore Floor area Project I: 1.3 million sq ft; Project II: 0.4 million sq ft Expected completion Project I & II: 2H 2024 Construction status Construction works in progress. Ca p i t a
Slide 43: Logistics: Arshiya Khurja Warehouses, NCR
Growth Strategy (3rd Party Forward Purchase) Logistics: Arshiya Khurja Warehouses, NCR Location Khurja, NCR Site area 4.5 acres / 1.8 ha Floor area 0.19 million sq ft1 Right to acquire 3.85 million sq ft 1. Acquisition of the warehouse subject to completion of certain Conditions Precedent as specifi
Slide 44: Industrial: Casa Grande – Phase 2, Chennai
Growth Strategy (3rd Party Forward Purchase) Industrial: Casa Grande – Phase 2, Chennai Artist’s impression Location Mahindra World City, Chennai Phase 2A: 0.02 million sq ft Floor area Phase 2B: 0.29 million sq ft Phase 2A: Construction has been completed. Construction status Phase 2B: Construction
Slide 45: IT Park: Ebisu, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Ebisu, Bangalore Building 1 Artist’s impression Location Outer Ring Road, Bangalore Floor area Building 1: 1.0 million sq ft Expected completion 2H 2025 Construction status Excavation in progress. Ca p i t a L a n d I n d i a Tr u s t 1H FY 2023
Slide 46: World-class Assets
World-class Assets City Bangalore Chennai Hyderabad Pune Mumbai • Intl Tech Park • Intl Tech Park Chennai • Intl Tech Park • aVance Pune • Arshiya Panvel Property Bangalore • CyberVale Hyderabad • International Tech Warehouses • Industrial Facility, • CyberPearl Park Pune, Hinjawadi • Building Q1, A
Slide 47: Lease Expiry Profile by Base Rental
Lease Expiry Profile by Base Rental 2027 City 2023 2024 2025 2026 Total & beyond Bangalore 1.0% 4.8% 2.0% 8.1% 12.0% 27.9% Hyderabad 2.6% 2.7% 2.9% 3.5% 13.7% 25.4% Chennai 1.2% 2.1% 1.7% 2.7% 10.7% 18.4% Pune 3.0% 0.4% 1.1% 5.3% 8.7% 18.5% Mumbai 0.0% 6.0% 0.4% 0.0% 3.3% 9.7% Total 7.8% 16.0% 8.1%
Slide 48: Lease Expiry Profile by Area
Lease Expiry Profile by Area 2027 City 2023 2024 2025 2026 Total & beyond Bangalore 1.0% 4.9% 1.9% 8.6% 12.8% 29.1% Hyderabad 2.6% 2.4% 2.4% 3.3% 11.9% 22.6% Chennai 0.9% 2.0% 1.3% 2.8% 10.2% 17.2% Pune 4.0% 0.4% 1.3% 6.3% 10.1% 22.1% Mumbai 0.0% 4.9% 0.4% 0.0% 3.6% 8.9% Total 8.5% 14.5% 7.4% 21.0%
Slide 49: Total Property Income
Total Property Income Total Property Income (INR) Total Property Income (S$) 8% 3% CAGR 120.0 CAGR 7,000 6,000 100.0 5,000 80.0 4,000 60.0 3,000 40.0 2,000 20.0 1,000 0 0.0 Ca p i t a L a n d I n d i a Tr u s t 1H FY 2023 Fi nanc i al Res ul t s Pr es ent at i on 49
Slide 50: CLINT Unit Price versus Major Indices
CLINT Unit Price versus Major Indices (Indexed) 175 Indicator CLINT Trading yield 5.9%1 FTSE STI Index (as at 30 June 2023) 150 FTSE ST REIT Index Average daily trading 2,092,600 units volume (YTD FY 2023) Bombay SE Realty Index 125 INR/SGD FX rate 100 CLINT FTSE STI Index 75 FTSE ST REIT Index Bomb
Slide 51: Thank you
Thank you For enquiries: Cheah Ying Soon Chief Financial Officer CapitaLand India Trust Management Pte. Ltd. (Trustee-Manager of CLINT) Office: +65 6713 2888 Email: cheah.yingsoon@clint.com.sg Website: www.clint.com.sg
CapitaLand India Trust — H1 2023 Earnings Presentation on 6ix