Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Infrastructure — Q1 FY22 Earnings Presentation
57 slides from Gmr Airports's earnings presentation, Aug 14, 2021
Slide 1: Stock exchange filing cover letter
GMR Infrastructure limited Corporate Office: New Udaan Bhawan. Opp. Terminal 3 Indira Gandhi International Airport New Delhi - llO 037 CIN L45203MH1996PLC28ll38 r +911142532600 +9lll47197181 gi l.cosecy@gmrgrou p. in w www.gmrgroup.in August 14, 2021 BSE Limited National Stock Exchange of India Phir
Slide 2: Investor Presentation Q1FY22
Investor Presentation Q1FY22 0
Slide 3: 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 4: Table of Contents
Table of Contents Particulars Pg. No. Group Overview and Way Forward 3–4 Business Highlight 5 – 12 GIL Financial Performance 13 – 16 Airport Business 17 – 24 Energy Business 25 – 28 Transportation and Urban Infrastructure Business 29 – 32 ESG Practices 33 – 43 Annexures 45 – 55 2
Slide 5: Group Overview and Way Forward
Group Overview and Way Forward
Slide 6: What kept us busy during Q1FY22
What kept us busy during Q1FY22 1. Continuous focus on safety and welfare of employees during Covid-2 period 2. Liquidity raising and cost saving initiatives • Raised funds via NCDs at Delhi Airports – INR 33 bn • Financial closure at Goa for capex of new airport - INR 26 bn • Completed divestiture
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: 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 9: 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 140000 80% 45000 80% 71% 72% 67% 67% 40000 68% 67% 120000 70% 65% 70% 60% 35000 60% 60% 100000 53% 30000 47% 48% 50% 45% 50% 80000 25000 40% 40% 33% 20000 60000 31% 31% 30% 28% 28% 29% 29% 28
Slide 10: 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 Cargo Traffic to gain further 1000 100% 97% momentum with covid cases 79% 81% 96% stablilsing, lifting curbs in 74% 74% 95% 800 69% 80% 92% airline capacity and rise in 56% 90% 91% vaccinatio
Slide 11: ~500 mn Vaccine Doses Administered in India
~500 mn Vaccine Doses Administered in India Daily new COVID cases remain low and stable 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 40,000 Vaccine doses admi
Slide 12: Other Businesses
Other Businesses Energy Business FY20 FY21 Q1FY22 July'22 Kamalanga July 2021 PLF impacted due to maintenance 82% 83% 75% 77% 77% of Unit 1 67% 64% 54% Warora Q1FY22 impacted by lower supply of linkage coal from mines, lower exchange rates and delayed realization from Discoms PLF improved in
Slide 13: Demerger Update
Demerger1 Update Received most of the NOCs including SEBI, Stock Exchanges; NCLT meeting to convene shortly Current Structure Schemes of Arrangement Promoter Group Public • Vertical split demerger of the Non-Airport Business GIL L of GIL into GPUIL EPC & Urban Airport Sector Energy Sector Infra. Sec
Slide 14: Timeline and Approvals
Timeline and Approvals Particulars Timeline and Approvals Appointed date • April 1, 2021 • SEBI and stock exchanges – approval received Approvals • Equity Shareholders and Creditors required • Regulatory Authorities and Income Tax Authority • NCLT Mumbai • Scheme filed with NCLT on Mar 5, 2021 • Sha
Slide 15: Performance Highlights – Q1FY22
Performance Highlights – Q1FY22
Slide 16: GIL Performance Highlights – Q1FY22
GIL Performance Highlights – Q1FY22 Consolidated Financials • Net Revenues ▲52% YoY; ▼20% QoQ o Airport business revenues ▲74% YoY, ▼39% QoQ • EBITDA at INR 4.2 bn vs loss of INR 189 mn in Q1FY21 driven by Airport business (INR 3.6 bn vs loss of INR 951 mn in Q1FY21) • Net Loss after tax ~INR 3.2 bn
Slide 17: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 20.7 23% 20% 23% 22% 19% Net Revenue 16.6 5% 6% 10% 7% 5% 13.4 10% 16% 27% 10.9 10.7 28% 29% 64% 53% 49% 43% 41% Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 INR bn 8.4 EBITDA 4.2 1.4 1.1 -0.2 Q1FY21 Q
Slide 18: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 340 70 270 Airport Energy 64% 8% Highways Others 9% 2% Corporate Gross Debt Cash & equivalents Net Debt 17% • Net debt increased by INR 18 bn QoQ whereas • Corporate net debt declined by INR 1.3 bn QoQ Cash declined by INR 23
Slide 19: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 20: Airport Business - Key Developments in Q1FY22 (Delhi)
Airport Business - Key Developments in Q1FY22 Delhi Airport (DIAL) • Revenue (▲79% YoY, ▼46% QoQ) o Aero revenue (▲2.1x YoY, ▼26% QoQ) o Non-aero revenue (▲37% YoY,▼13% QoQ) Retail incl. Duty Free (▲6.6x YoY ,▼48% QoQ) o CPD Rentals (▲3.3x YoY, ▼70%x QoQ). YoY up on revenue recognition from Bharti
Slide 21: Airport Business - Key Developments in Q1FY22 (Hyderabad, Cebu)
Airport Business - Key Developments in Q1FY22 Hyderabad Airport (GHIAL) • Revenue (▲2.3x YoY,▼44% QoQ) o Aero revenue (▲2.4x YoY,▼44% QoQ) o Non-aero revenue (▲2.2x YoY,▼45% QoQ) Retail incl. Duty Free (▲8.8x YoY, ▼49% QoQ) • QoQ basis, Aero and Non-Aero revenues was impacted by second wave of Cov
Slide 22: Airport Business - Key Developments in Q1FY22 (Goa, Crete)
Airport Business - Key Developments in Q1FY22 Goa Airport • Work is in progress at site with physical activities being carried out simultaneously at multiple sites of the project including Runway, Earthwork, ATC etc. • Achieved Milestone III in terms of both financial and physical progress within th
Slide 23: Airports Business (Q1FY22) - Operational & Financial Highlights
Airports Business (Q1FY22) - Operational & Financial Highlights (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q1FY2021 Q4FY2021 Q1FY2022 Q1FY2021 Q4FY2021 Q1FY2022 Q1FY2021 Q4FY2021 Q1FY2022 Net Revenues 4,656 13,198 8,116 3
Slide 24: Delhi Airport - Non-Aero Revenues (Q1FY22)
Delhi Airport - Non-Aero Revenues (Q1FY22) Performance YoY Delhi Airport Non-Aero Revenue Break-up INR 3.3 bn • Non-aero revenues ▲37% to INR 3.3bn Advt. Cargo 4% F&B • Retail revenues ▲6.6x to INR 339mn 24% 4% o Duty Free SPP increased to INR 901 in Q1FY22 Ground Handling from INR 334 in Q1FY21 7%
Slide 25: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q1FY2021 Q4FY2021 Q1FY2022 Q1FY2021 Q4FY2021 Q1FY2022 Revenues 1,114 147 152 1,114 159 163 EBITDA 645 (116) (88) 645 (126) (95) PAT (102) (576) (484) (102) (625) (520) • Revenue (▼86% YoY, ▲3% QoQ
Slide 26: Airport (Consolidated) EBITDA Proforma
Airport (Consolidated) EBITDA Proforma GAL – Q1FY22 Consolidated EBITDA (Proforma) INR mn Airport Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL)* Cebu EBITDA Proforma EBITDA 3,580 45 3,587 (38) DIAL – Q1FY22 Consolidated EBITDA (Proforma) GHIAL – Q1FY22 Consolidated EBITDA (Profor
Slide 27: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 28: Energy Business - Key Developments in Q1FY22
Energy Business - Key Developments in Q1FY22 Warora Power Project • Revenue ▼28% YoY; ▼36% QoQ − PLF at 53.6% vs. 48.7% in Q1FY21 and 88.2% in Q4FY21 − Q1FY22 PLF impacted by lower linkage coal supply from SECL, lower merchant rates and delayed and lower realization from Discoms − PLF in July 2021 i
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 Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Revenue 7,872 8,404 3,575 2,583 4,202 5,734 150 140 EBITDA 3,063 2,247 1,649 553 1,38
Slide 30: Coal Assets - PT GEMS Performance YoY
Coal Assets - PT GEMS Performance YoY (figures in INR mn) Golden Energy Mines Best quarter in PT Gems history in terms of PBT - Particulars $129 mn Q1FY2021 Q1FY2022 Highest Q1 coal production since inception despite Sales Vol. (mn tons) 8.9 9.3 adverse weather conditions Revenues 23,136 27,899 R
Slide 31: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 32: T&UI - Key Developments in Q1FY22
T&UI - Key Developments in Q1FY22 Highway Business • Hyderabad Vijaywada (HV) traffic increased by 61% YoY to 8.4 Mn in Q1FY22. On a QoQ basis, traffic decreased by 24% in Q1FY22. − Per day avg. traffic volume decreased by 36% MoM in May’21 due to lockdown − With easing of lockdown, traffic increase
Slide 33: Highway Business Assets Performance YoY
Highway Business Assets Performance YoY (figures in INR mn) Hyderabad-Vijaywada Ambala - Chandigarh GPEL Chennai ORR Particulars Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Q1FY2021 Q1FY2022 Revenue 256 441 64 0 143 256 233 213 EBITDA 190 360 19 (50) 87 84 179 150 Interest 680 661 128 160
Slide 34: Urban Infrastructure – Unlocking Value
Urban Infrastructure – Unlocking 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 (ARIPL) − 74% of equity stak
Slide 35: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 36: Environmental, Social & Governance Considerations
Environmental, Social & Governance Considerations The Group companies strive together to create a difference in society through creation of value for each stakeholder. Company has invested substantially and allocated resources to increase adherence to environmental standards and pollution control me
Slide 37: Reward & Recognition for DIAL
Reward & Recognition for DIAL DIAL achieved ACI ASQ Top rank among Asia pacific DIAL became Asia Pacific's first airports (overall & >40 MPPA Level 4+ (Transition) accredited category) in CY2020 airport and Second airport Globally under ACI's Airport Carbon Accreditation program DIAL won ACI World’s
Slide 38: DIAL's Environment & Safety practices
DIAL’s Environment & Safety practices First airport registered with T3 – First IGBC LEED certified UNFCC&C for Clean First Carbon neutral airport NC building – GOLD (Feb’11) 7.85 MW installed Solar development mechanism in Asia Pacific IGBC Platinum rated existing capacity for energy efficient build
Slide 39: Reward and Recognition for GHIAL
Reward and Recognition for GHIAL GHIAL won ACI ASQ best 2018 – Gold for the airport by size and region in best Solid Waste Asia-Pacific region and 15- Management 25 million passenger category 2019 - Silver for the GHIAL won ACI World’s ‘Voice best Green of Customer’ recognition Infrastructure GHIAL
Slide 40: GHIAL's Environment & Safety practices
GHIAL’s Environment & Safety practices Climate Change Management: Bridge Green Development Green Energy Carbon Neutral Airport Mounted Equipment Terminal Building certified for Area of 683 acres is developed Installation of 10 MW Solar For 3rd consecutive year, “Leadership in Energy & with various p
Slide 41: Energy Business's ESG Practices
Energy Business’s ESG Practices • Plants are certified for ISO 9001 : QMS, ISO 14001 : EMS, ISO 45001 : OHSMS & ISO 50001 : ENMS GWEL also certified for ISO 27001 : Information Security Management System, ISO 55001 : Asset Management System, ISO 46001: Water Efficiency Management System, ISO / IEC
Slide 42: Energy Business's ESG Practices
Energy Business’s ESG Practices • GWEL organized wellness programs for employees in view of impact of on-going pandemic • GKEL planted 0.39 mn sapling covering 357 acres till Q1FY22 • At both Projects Fire Service Week, World Water Day and World Environment Day celebrated to increase awareness. • Im
Slide 43: Energy Business's ESG Awards & Recognition and Workshop
Energy Business’s ESG Awards & Recognition and Workshop GKEL / GWEL • Various workshop under EHS as part of excellence and regular process carried out at both sites for Associate & GMR Employees. • Reliability improvement workshop organized on “Boiler Tube Failure case study”. Various incident detai
Slide 44: Energy Business's ESG CSR Related Activities
Energy Business’s ESG CSR Related Activities GWEL • During the 2nd wave, operated Health clinics in 10 villages and Mobile Medicare units in 22 villages • Distributed cotton masks, sanitizers, Sodium Hypo Chloride and hand wash in villages • Conducted post lockdown awareness, Covid vaccination aware
Slide 45: PT GEMS Mining: ESG Performance, Practices and Safety Highlights
PT GEMS Mining: ESG Performance, Practices and Safety Highlights • PTGEMS Corporate Social and Environmental Responsibility (CSER) programs are constantly aligned with the 7 core subjects of ISO 26000 and support the UN Sustainable Development Goals (SDGs) • PTGEMS through its subsidiaries has won s
Slide 46: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 47: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 48: 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 49: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q1FY2021 Q4FY2021 Q1FY2022 Gross Revenue 11,341 23,205 17,759 Less: Revenue Share 456 2,493 1,179 Net Revenue 10,885 20,712 16,580 Total Expenditure 11,074 12,274 12,360 EBITDA (189) 8,438 4,219 EBITDA margin -2% 41% 25% Other Income 904 1,9
Slide 50: Annexure B: Airport Business (Consolidated)
Annexure B : Airport Business (Consolidated) INR mn Q1FY2021 Q4FY2021 Q1FY2022 Aero Revenue 746 2,511 1,655 Non Aero Revenue 3,617 6,635 5,474 CPD Rentals 580 6,159 1,854 Gross Revenue 4,944 15,305 8,982 Less: Revenue Share 288 2,107 866 Net Revenue 4,656 13,198 8,116 Operating Expenditure 5,607 5,3
Slide 51: Annexure C: Delhi Airport (Standalone)
Annexure C : Delhi Airport (Standalone) INR mn Particulars Q1FY2021 Q4FY2021 Q1FY2022 Ind AS Ind AS Ind AS Aero Revenue 518 1,453 1,076 Non Aero Revenue 2,401 3,810 3,296 CPD Rentals 562 6,183 1,844 Gross Revenue 3,482 11,445 6,216 Less: Revenue Share 259 2,025 817 Net Revenue 3,223 9,420 5,399 Oper
Slide 52: Annexure D: Hyderabad Airport (Standalone)
Annexure D : Hyderabad Airport (Standalone) INR mn Q1FY2021 Q4FY2021 Q1FY2022 Aero Revenue 259 1,092 615 Non Aero Revenue 184 728 403 Gross Revenue 443 1,820 1,019 Less: Revenue Share 29 81 49 Net Revenue 414 1,739 970 Operating Expenditure 939 966 937 EBITDA (525) 773 33 EBITDA margin -127% 44% 3%
Slide 53: Annexure E: Energy Business (Consolidated)
Annexure E : Energy Business (Consolidated) INR mn Q1FY2021 Q4FY2021 Q1FY2022 Gross Revenue 3,006 1,969 4,467 Operating Expenditure 3,056 2,160 4,465 EBITDA (50) (191) 2 EBITDA margin -2% -10% 0% Other Income 215 400 171 Interest & Fin Charges 756 551 576 Depreciation 9 9 9 Exceptional Income/(Expen
Slide 54: Annexure F: Warora (Standalone) Power Plant
Annexure F : Warora (Standalone) Power Plant INR mn Particulars Q1FY2021 Q4FY2021 Q1FY2022 Total Revenue 3,575 4,028 2,583 Fuel - Consumption 1,440 2,308 1,535 Other Expenses 487 682 495 EBITDA 1,649 1,037 553 EBITDA margin 46% 26% 21% Other Income 12 15 81 Interest & Finance Charges 950 950 945 Dep
Slide 55: Annexure G: Kamalanga (Standalone) Power Plant
Annexure G : Kamalanga (Standalone) Power Plant INR mn Particulars Q1FY2021 Q4FY2021 Q1FY2022 Total Revenue 4,202 5,580 5,734 Fuel - Consumption 2,082 2,469 2,909 Other Expenses 737 945 1,069 EBITDA 1,383 2,166 1,757 EBITDA margin 33% 39% 31% Other Income 384 275 293 Interest & Finance Charges 1,397
Slide 56: Annexure H: PT GEMS (Indonesian Coal Mine)
Annexure H : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q1FY2021 Q4FY2021 Q1FY2022 Production (mn tons) 8.4 9.5 8.9 Sales Volumes (mn tons) 8.9 9.4 9.3 Gross Revenue 23,136 20,473 27,899 Total Expenditure 19,367 17,001 17,977 EBITDA 3,769 3,471 9,921 EBITDA margin 16% 17% 36% Interest & Finan
Slide 57: Annexure I: Highway Business (Consolidated)
Annexure I : Highway Business (Consolidated) INR mn Q1FY2021 Q4FY2021 Q1FY2022 Gross Revenue 864 1,336 1,222 Less: Revenue Share 168 386 313 Net Revenue 696 950 909 Operating Expenses 206 234 351 EBITDA 490 716 558 EBITDA margin 70% 75% 61% Other Income 31 28 19 Interest & Finance Charges 999 1,255