59 slides from Irb Infrastructure Developers's earnings presentation, December 2021
Slide 1: Investor Presentation Q3FY2022
Investor Presentation Q3FY2022
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 Q3FY22 Results 21 Segmental Performance 26 Offshore Bond Issue 34 Private InvIT – IRB Infrastructure Trust 40 Corporate Overview 43
Slide 4: Deal Closure, Impressive growth line up and Strong revival in Q3FY22
4 Deal Closure, Impressive growth line up and Strong revival in Q3FY22 • The company has completed • The company has bagged • Traffic momentum continues - preferential allotment of 24.86% shares development of prestigious Ganga Mumbai Pune reports ~11% growth to Cintra INR Investments BV (Subsidiary
Slide 5: Strong Recovery across Projects
5 Strong Recovery across Projects
Slide 6: Strong Recovery Across Projects – IRB Projects: Mumbai Pune
6 Strong Recovery Across Projects – IRB Projects Mumbai Pune Project Total for the Quarter 4000 41.0 36.8 37.0 38.7 33.7 33.9 36.0 31.8 3453 Per day Collection 29.9 3500 31.0 36.3 36.3 37.0 26.1 34.2 34.2 (INR Mn) 26.0 22.3 30.9 3106 28.3 21.0 23.8 3000 16.0 20.4 19.5 11.0 14.7 6.0 9.1 2500 INR Mn 1
Slide 7: Strong Recovery Across Projects – IRB Projects: Ahmedabad Vadodara
7 Strong Recovery Across Projects – IRB Projects Ahmedabad Vadodara Project Total for the Quarter 1600 17.0 15.4 15.7 14.7 1405 13.7 14.0 13.4 15.0 Per day Collection 12.8 1400 13.0 11.8 14.7 14.9 1310 14.2 14.4 (INR Mn) 10.0 13.8 13.8 11.0 12.9 9.0 10.7 11.1 11.3 1200 7.0 5.0 7.2 3.0 4.2 1000 INR M
Slide 8: Strong Recovery Across Projects – IRB Projects: All Projects
8 Strong Recovery Across Projects – IRB Projects All Projects# Total for the Quarter 6000 60.0 52.4 54.4 51.8 48.8 48.4 46.5 Per day Collection 50.0 54.5 43.7 53.6 53.3 38.7 50.8 49.1 4866 (INR Mn) 40.0 33.0 47.2 43.4 5000 4650 30.0 37.1 32.7 32.4 20.0 23.1 10.0 14.1 4000 INR Mn 1,800 1,687 1,653 1,
Slide 9: Strong Recovery Across Projects – Private InvIT: Kaithal RJ Border
9 Strong Recovery Across Projects – Private InvIT Projects Kaithal RJ Border Project Total for the Quarter 350 5.0 4.6 293 Per day Collection 4.0 300 (INR Mn) 3.0 3.4 3.4 3.4 2.6 3.0 2.0 2.6 2.7 2.0 250 1.5 1.0 INR Mn 200 120 104 102 100 90 86 150 80 83 77 Total Collection 80 69 (INR Mn) 63 60 100 4
Slide 10: Strong Recovery Across Projects – Private InvIT: Yedeshi Aurangabad
10 Strong Recovery Across Projects – Private InvIT Projects Yedeshi Aurangabad Project# Total for the Quarter 500 6.0 5.1 444 4.4 4.9 450 5.0 4.5 Per day Collection 4.2 4.0 4.2 3.6 4.9 5.1 5.1 4.0 3.2 4.7 (INR Mn) 4.0 400 387 3.0 3.6 3.7 2.0 2.6 2.8 2.6 1.0 2.0 350 1.3 0.0 300 INR Mn 180 159 157 250
Slide 11: Strong Recovery Across Projects – Private InvIT: Solapur Yedeshi
11 Strong Recovery Across Projects – Private InvIT Projects Solapur Yedeshi Project Total for the Quarter 250 3.0 2.6 2.4 220 2.5 2.2 2.2 Per day Collection 2.0 2.1 2.0 211 2.0 2.6 2.6 2.5 2.0 2.3 (INR Mn) 1.5 2.3 2.0 200 1.5 1.9 1.7 1.0 1.5 1.5 1.2 0.5 0.8 0.0 150 INR Mn 90 79 81 80 80 73 73 72 67
Slide 12: Strong Recovery Across Projects – Private InvIT: Agra Etawah
12 Strong Recovery Across Projects – Private InvIT Projects Agra Etawah Project# Total for the Quarter 600 6.0 5.6 5.7 5.7 4.9 4.8 5.0 5.0 4.8 519 5.0 Per day Collection 3.9 5.3 5.2 5.1 4.0 4.6 500 (INR Mn) 3.0 4.0 3.4 2.0 2.7 2.9 2.6 2.6 1.0 1.9 0.0 1.0 400 382 INR Mn 200 173 176 300 180 170 162 15
Slide 13: Strong Recovery Across Projects – Private InvIT: Hapur Moradabad
13 Strong Recovery Across Projects – Private InvIT Projects Hapur Moradabad Project Total for the Quarter 450 5.0 4.4 4.5 398 4.1 3.9 3.7 3.7 3.8 400 3.6 Per day Collection 4.0 4.3 4.3 374 2.7 4.0 4.2 4.0 (INR Mn) 3.0 3.7 3.8 3.4 3.3 3.4 350 2.0 2.2 1.0 1.1 300 0.0 INR Mn 250 160 136 135 133 140 128
Slide 14: Strong Recovery Across Projects – Private InvIT: Udaipur Shamlaji
14 Strong Recovery Across Projects – Private InvIT Projects Udaipur Shamlaji Project# Total for the Quarter 600 559 7.0 6.2 6.2 5.8 5.8 5.7 5.8 6.0 5.2 Per day Collection 5.0 500 (INR Mn) 4.0 3.4 2.5 4.3 3.0 3.9 3.8 3.8 3.9 4.0 3.4 3.2 3.2 2.0 3.0 1.0 1.9 0.0 1.0 400 354 INR Mn 250 300 192 193 200 1
Slide 15: Strong Recovery Across Projects – Private InvIT: Chittorgarh Gulabpura
15 Strong Recovery Across Projects – Private InvIT Projects Chittorgarh Gulabpura Project # Total for the Quarter 800 7.5 7.8 8.0 6.9 6.8 700 677 Per day Collection 5.9 6.0 (INR Mn) 4.0 4.3 3.9 4.0 3.0 4.6 4.3 4.4 4.7 4.6 600 4.0 3.9 4.3 4.2 3.8 2.0 2.7 1.6 0.0 500 300 INR Mn 409 400 250 234 240 207
Slide 16: Strong Recovery Across Projects – Private InvIT: Kishangarh Gulabpura
16 Strong Recovery Across Projects – Private InvIT Projects Kishangarh Gulabpura Project Total for the Quarter 300 274 277 4.0 3.1 3.2 2.9 2.9 2.9 Per day Collection 2.6 2.7 3.0 2.6 3.1 3.1 250 (INR Mn) 2.9 2.8 2.9 3.0 1.9 2.8 2.0 2.5 2.6 2.6 1.8 1.0 1.1 200 0.0 INR Mn 120 150 96 96 98 100 91 94 89
Slide 17: Strong Recovery Across Projects – Private InvIT: IRB West Coast
17 Strong Recovery Across Projects – Private InvIT Projects IRB West Coast Project# Total for the Quarter 300 3.0 2.8 2.5 2.5 2.5 2.2 2.2 2.2 Per day Collection 2.6 2.6 2.7 2.0 1.6 1.7 2.4 2.5 (INR Mn) 2.2 1.3 2.0 1.5 250 240 1.7 1.0 1.5 1.4 1.2 218 0.5 0.9 0.0 200 INR Mn 100 90 86 79 79 81 75 75 76
Slide 18: Strong Recovery Across Projects – Private InvIT: All Projects
18 Strong Recovery Across Projects – Private InvIT Projects All Projects Total for the Quarter 3500 3314 45.0 41.7 34.8 34.0 2991 31.8 31.9 Per day Collection 35.0 29.4 3000 27.3 27.7 (INR Mn) 32.6 34.0 31.5 32.1 30.5 25.0 20.0 29.5 27.7 23.7 23.8 24.5 15.0 2500 16.8 5.0 10.2 2000 INR Mn 1,400 1218
Slide 19: Strong Recovery Across Projects – Public InvIT Projects
19 Strong Recovery Across Projects – Public InvIT Projects All Projects# Total for the Quarter 60.0 55.3 5000 49.6 4610 45.8 46.1 46.9 Per day Collection 50.0 44.4 40.5 39.7 51.4 4500 (INR Mn) 40.0 48.5 48.2 46.5 4306 46.0 45.8 46.1 31.2 30.0 36.5 36.8 38.6 4000 20.0 27.5 10.0 16.4 3500 3000 INR Mn
Slide 20: Analysis of impact of Covid 3rd wave on BOT Toll Revenues
Analysis of impact of Covid 3rd wave on BOT Toll Revenues 20 Amount in Rs Mn Sr. No. Name of the Project Jan-22 Jan-21 YoY (%) 1 Mumbai Pune 1070 1125 -5% 2 Ahmedabad Vadodara 458 446 3% 3 Chittorgarh Gulabpura # 236 131 80% 4 Hapur Moradabad 107 117 -9% 5 Udaipur GJ Border # 185 120 54% 6 Goa Kunda
Slide 21: Q3FY22 Results
21 Q3FY22 Results
Slide 22: Consolidated Financial Results (YoY)
22 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY22 Q3FY21 %YoY Q3FY22 Q3FY21 %YoY Q3FY22 Q3FY21 %YoY Revenue 12,791.14 15,471.58 -17.3% 7,924.06 10,791.21 -26.6% 4,867.08 4,680.38 4.0% Distribution from INVIT 111.25 139.06
Slide 23: Consolidated Financial Results (QoQ)
23 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY22 Q2FY22 %QoQ Q3FY22 Q2FY22 %QoQ Q3FY22 Q2FY22 %QoQ Revenue 12,791.14 14,652.42 -12.7% 7,924.06 10,245.97 -22.7% 4,867.08 4,406.45 10.5% Distribution from INVIT 111.25 111.2
Slide 24: Consolidated Financial Results (9M)
24 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars 9MFY22$ 9MFY21$ %YoY 9MFY22$ 9MFY21$ %YoY 9MFY22$ 9MFY21$ %YoY Revenue 43,700.78 36,927.82 18.3% 30,686.55 25,980.80 18.1% 13,014.23 10,947.02 18.9% Distribution from INVIT 380.0
Slide 25: Consolidated Financials: Strong Track Record
25 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 15,948 14,978 7,676 9,570 FY 2018 FY 2019 FY 2020* FY 2021* Q3FY21 Q3FY22 FY 2018 FY 2019 FY 2020* FY 2021* Q3FY21 Q3FY22 NETWORTH (INR MN) NET DEBT & NET DEBT TO
Slide 26: Segmental Performance
26 Segmental Performance
Slide 27: Overview of EPC Order Book
27 Overview of EPC Order Book INR 185,200 Mn Robust Increase in Construction Revenue O&M in BOT / 2021 38,226 TOT Projects 2009 5,670 63,863 EPC/ Construction in BOT/ HAM Projects Strong growth in Construction EBITDA 2021 11,943 121,337 2009 1,013 Order book Composition as on Dec 31, 2021 • IRB has
Slide 28: BOT / HAM Portfolio Summary
BOT / HAM Portfolio Summary 28 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. Palsit – Dankuni NHAI West Bengal 23,140 17 Years Appointed Date is awaited 3. Ganga E
Slide 29: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects Amount in INR Mn 29 ** Mum-Pune 1.0 Concession ended on 10th Aug 2019 and Mum-Pune 2.0 Concession started on 1st Mar 2020 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
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 and resumed back on 15th December 2021 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 a
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 9MFY 22 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 FY2021-22 numbers are impacted due t
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 9MFY22 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 FY2021-22 numbers are impacted due to
Slide 33: Going cashless – across IRB Group assets
33 Going cashless – across IRB Group assets 100% 92% 93% 93% 90% 82% 80% Government push RFID Collection for Mandatory use 70% 65% 67% of FasTags 62% 60% 60% 50% De-mon in 40% Nov 2016 37% 28% 30% 22% 24% 19% 20% 21% 20% 14% 17% 11% 14% 10% 1% 0% Pre Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
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 INR in Mn TTM ending TTM ending Particulars Dec 31, 2021 March 31, 2021 Business Segment I: Toll & HAM Revenues 18,000 16,112 EBITDA 15,848 14,532 Gross Debt 98,047 97,711 Business Segment II : Construction + Surplus from other businesses (Combined Gp) Revenues 45,518 38,943 EBIT
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% * Includes tariff rate hike of 18% fo
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 Haryana Maharashtra 1,
Slide 42: Private InvIT: Equity Valued at INR 146Bn
Private InvIT: Equity Valued at INR 146Bn 42 • 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
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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 Palsit Dankuni
Slide 45: IRB group overview
IRB group overview 45 1 Investment by marquee eminent strategic as well as Financial investors – Cintra and GIC Affiliates respective 2 Lean and efficient Balance sheet with ready access to growth Capital 3 Keen focus on ESG initiative across the group. Largest Asset Base in Road Sector of over INR
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: Through Only company in the its strategic and sector Financialtoinv
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 1,806 2,001 3,807 Private InvIT 1,139 4,753 5,892 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Public InvIT - 4,055 4,055 C
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 IRB has the largest asset base in DEMONSTRATED TRACK RECORD Roads sector of over INR 620 Bn (over USD 8 Bn) as on Dec 31, 2021
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 Access to best global Technologies contracts pro
Slide 51: Roadmap so far
51 Roadmap so far A Journey Spread Over More Than Three Decades of Developing World Class Roads & Highways Infrastructure Awarded 3 projects for Six • Launched Pvt InvIT with GIC Affiliates as 49% partner for investment in 9 BOT Assets Laning of Kishangarh – • Won, achieved FC and paid upfront fee f
Slide 52: Key Institutional Holdings
52 Key Institutional Holdings Key Institutional Holdings as on December 31, 2021 Sr. % Name of Shareholder No holding 1 CINTRA INR INVESTMENTS B V 24.86 2 GIC & Affiliates * 19.87 3 LIFE INSURANCE CORPORATION OF INDIA 3.97 4 QUANT MUTUAL FUND - QUANT SMALL CAP FUND 0.96 5 VANGUARD* 0.77 6 SBI LONG T
Slide 53: Organization Structure
53 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Jose Tamariz Mr. Carlos Ugarte Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Priti Savla Mhaiskar Martel Goncer Cruz Coke S. Kaptan Independent Independent Indepen
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 Aditya Birla Finance Ltd IIFCL Chartere
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