Slide 1: Investor Presentation | Q4FY24
Investor Presentation | Q4FY24 India’s First Multi-National Infrastructure Company in the Highways Sector Cable Stayed Bridge on Chambal River near Kota
Slide 2: Table of Contents
Table of Contents Financial Highlights Page 2 Result Highlights Page 3 Group Synopsis Page 8 Business Verticals Page 12 Dollar Bond Details Page 18 Governance and ESG Page 21 Attractive Industry Fundamentals and Opportunities Page 24 Appendix Page 28
Slide 3: Financial Highlights for Q4FY24
Financial Highlights for Q4FY24 • Financial Closure for TOT -12 and • Successfully issued and allotted TOT-13 Project has been achieved Dollar Bonds amounting to US$ 540 • Rated among the top Infra and upfront Payment of Rs. 44.28 bn mn having a weighted average life of Companies in India for ESG: a
Slide 4: Result Highlights
Result Highlights Private & Confidential
Slide 5: Financial Summary (Quarterly YoY)
Financial Summary (Quarterly YoY) INR in Million Total all segments Construction Segment BOT Segment Particulars Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Revenue 25,045 16,989 18,644 11,514 6,401 5,475 EBITDA 13,331 8,377 7,679 3,325 5,652 5,052 EBITDA margin 53% 49% 41% 29% 88% 92% Financial expen
Slide 6: 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 7: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record REVENUE (INR B N) EB ITDA & MARGIN (INR B N) 50% 53% 53% 45% 49% 82 70 67 41 53% 64 55 32 33 35 49% 27 25 13 17 8 FY 2020* FY 2021* FY 2022 FY 2023 FY 2024 Q4FY23 Q4FY24 FY 2020* FY 2021* FY 2022 FY 2023 FY 2024 Q4FY23 Q4FY24 NET DEB T (INR B N) & NET DEB
Slide 8: Financial Summary – Net cash FY24
Financial Summary – Net cash FY24 7
Slide 9: Group Synopsis
Group Synopsis Private & Confidential
Slide 10: 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 11: 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 2,938 12,506 8,400 7,300 8,400 7,300 5,351 4,384 3,398 3,430 3,398 1,212 3,430 967 1,212 IRB Cube Indinfravit Trust (CPPIB) Adani Orie
Slide 12: 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 13: Business Verticals
Verticals Business Private & Confidential
Slide 14: Summary of Business Verticals
Summary of Business Verticals List Co 100% 51% 16% 100% Engineering, Procurement and 1 Wholly Owned Concessions 2 Private InvIT 3 Public InvIT 4 Construction Project Type Project Type Project Type • IRB has executed c. 18,000 lane kms of Mumbai Pune TOT TOT Goa Kundapur BOT Talegaon - Amravati BOT p
Slide 15: Business Vertical 1: Wholly Owned Concessions
Business Vertical – 1: 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 16: Business Vertical 2: IRB Private InvIT
Business Vertical- 2 : IRB Private InvIT Asset overview Key Highlights Project cost Concession End Sr. No. Project State Lane KM Status 12 projects are currently revenue generating, 2 (INR bn) Date * 1 have achieved Financial Closure & 1 is under construction 1 Goa Kundapur Karnataka 37 758 Tolling
Slide 17: Business Vertical 3: IRB Public InvIT
Business Vertical- 3 : 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- 2040
Slide 18: Business Vertical 4: Engineering, Procurement and Construction Business
Business Vertical- 4 : 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 plan
Slide 19: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 20: Offshore Bond Issue – Covenant Structure
Offshore Bond Issue – Covenant Structure 100% Surplus Distribution IRB Business Segment I Investments Business Segment II Toll & HAM Construction + Surplus from other businesses 100% 51% Mumbai Pune TOT Private InvIT MRMPL 16% Construction (Segment) Public InvIT Ahd Vadodara BOT Engineering, constru
Slide 21: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn Business Segment I + Investments in Private & Public InvIT As on March 31, 2024 Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 564 Gross Debt 202 Project Life Coverage Ratio 2.8 Minimum Project Life Coverage Ratio (As requir
Slide 22: Governance & ESG
& ESG Governance Private & Confidential
Slide 23: 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 (from Cintra) 2 Other Non-Independent (from GIC) 2 Indepen
Slide 24: 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 25: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 26: 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 27: 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 28: 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 29: Appendix
Appendix Private & Confidential
Slide 30: 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 31: Share Price Performance
Share Price Performance IRB share price (rebased to 100) Mar 2024: Achieved Appointed date for TOT-12 and TOT-13 project 400.0 DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: Awarded AUG 2023: Achieved close IRB transaction HAM asset and achieved new BOT project Appointed date for Appointed d
Slide 32: 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 33: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 32
Slide 34: Financial Summary (Quarterly - QoQ)
Financial Summary (Quarterly - QoQ) INR in Million Total all segments Construction Segment BOT Segment Particulars Q4FY24 Q3FY24 Q4FY24 Q3FY24 Q4FY24 Q3FY24 Revenue 25,045 20,773 18,644 14,407 6,401 6,366 EBITDA 13,331 9,782 7,679 4,106 5,652 5,677 EBITDA margin 53% 47% 41% 28% 88% 89% Financial exp
Slide 35: Toll Revenue – Wholly Owned Concessions
Toll Revenue – Wholly Owned Concessions Amount in INR mn ** MUMBAI - PUNE AHMEDABAD VADODARA Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Jun 2,470 1,167 2,373 3,606 4,238 17.5% Jun 1,135 589 1,086 1,572 1,725 9.8% Sept 939
Slide 36: Toll Revenue – Private InvIT Projects
Toll Revenue– Private InvIT Projects Amount in INR mn Gulabpura Chittorgarh Udaipur - Shamlaji Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Jun 419 217 329 822 931 13.4% Jun 353 159 334 638 705 10.4% Sept 394 372 526 842 90
Slide 37: Toll Revenue – Private InvIT Projects
Toll Revenue– Private InvIT Projects Amount in INR mn Agra Etawah Kishangarh Gulabpura Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Jun 206 150 419 550 588 6.9% Jun 294 146 209 303 615 102.6% Sept 191 246 454 510 559 9.5% S
Slide 38: Toll Revenue – Private InvIT Projects
Toll Revenue– Private InvIT Projects Amount in INR mn Solapur Yedeshi Palsit Dankuni Quarter 2019-20 2020-21* 2021-22* 2022-23 2023-24 % Variance Quarter 2022-23 2023-24 % Variance Jun 181 90 167 308 367 18.9% Jun 545 469 -13.8% Sept 150 158 194 295 308 4.1% Sept 498 396 -20.4% Dec 160 220 220 343 3
Slide 39: Refinancing at IRB Private InvIT
Refinancing at IRB Private InvIT Key Highlights In FY23, 2 BOT Private InvIT projects (Yedeshi Aurangabad and Solapur Yedeshi) were refinanced after rating improvement to AAA (first BOT in India) fixing rates for at least 5 years and additional cash surplus of ~INR 5 Bn over next 5 years. In FY24, I
Slide 40: 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 IRB MP Expressway Meerut Budaun 3 4 Private Limited Expressway Limited IND AA / Stable IND A- / Stable Chittoor Thachur
Slide 41: 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 42: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 41
Slide 43: Notes
Notes 42