National Highways Infra Trust Units · NSE:NHIT
National Highways Infra Trust Units — Investor Presentation (February 2025)
62 slides from National Highways Infra Trust Units's investor presentation, February 2025
Slide 1: National Highways Infra Trust
Krishna Bridge KK BK Corridor Tungabhadra Bridge - KK NATIONAL HIGHWAYS INFRA TRUST FEBRUARY 2025
Slide 2: NHIT: Quick Facts
NHIT: QUICK FACTS Nov 2021 INR 29,448 cr 1,525 km Listing of units on Enterprise ^Existing Portfolio Stock Exchange Value* 6% ~14.7% p.a Annualized Distribution INR 19.39 / unit Yield # Total distribution Quarterly CAGR## since listing distributions (NAV+ Distribution) AAA 0.44x 2.27x Debt-Total Ass
Slide 3: NHIT's Journey So Far
NHIT’S JOURNEY SO FAR Oct 2022 • Monetization of R2 assets Feb 2025 & fund raise of INR ~3800 • Round 4 offer cr Jan 2025 accepted by NHAI Nov 2021 • Successful Listing of • Monetization of R1 • Successful Public Listing • Investor base: 275+ Zero-Coupon Bonds assets & fund raise of NCDs aggregating
Slide 4: NHIT: A Compelling Investment Opportunity
NHIT: A COMPELLING INVESTMENT OPPORTUNITY Successful track record of robust and consistent performance since listing 1 Successful track record of robust and consistent performance since listing Geographically Diversified Portfolio - Proxy to India's GDP growth story 2 Geographically Diversified Po
Slide 5: Strong Portfolio of Assets
1 STRONG PORTFOLIO OF ASSETS PORTFOLIO ATTRIBUTES* HIGH REVENUE SHARE OF COMMERCIAL VEHICLES ** CJV 15% MAV/OSV LCV TOTAL NUMBER OF ASSETS TOTAL NUMBER OF PLAZAS AVG. RESIDUAL LIFE 48% 4% 26 41 20+ yrs 2A 21% GEOGRAPHIC PRESENCE PORTFOLIO LENGTH 11 states 2,345 KM 3A 12% 99.5% 99.0% 97.8% 99%+ COLLE
Slide 6: Robust Performance Since Listing
1 ROBUST PERFORMANCE SINCE LISTING ACTUAL PERFORMANCE IN LINE WITH PROJECTIONS NAV & DISTRIBUTIONS NAV (INR / Unit) R3 (INR cr.) * Projections based on pre-acquisition study reports prepared by Traffic Consultants 1758 1732 131.1 131.9 126.4 R2 124.8 122.9 996 981 R1 119.5 940 951 116.5 680 690 113.
Slide 7: Strong Debt Raising Capabilities
1 STRONG DEBT RAISING CAPABILITIES OUR LENDERS BANK OF BANK OF PUNJAB PUNJAB SBI BANK SBI BANK AXIS BANK AXISBANK NABFID NABFID IDBI BANK IDBI BANK MAHARASHTRA MAHARASHTRA NATIONAL BANK NATIONAL BANK Substantial debt headroom for future expansion Track record of accessing bond markets Credit Rating
Slide 8: We Care: Environmental & Social Impact Initiatives
1 WE CARE : ENVIRONMENTAL & SOCIAL IMPACT INITIATIVES A blue and pink sign with a person in a seat belt Description automatically generated Community Wellbeing Environment Highlights Road User Well-being • Partnered with Woloo to provide • Regular road safety 7 ‘women only’ Powder rooms at • Reduced
Slide 9: India: Consistent GDP Growth Driving Growth in Traffic
2 INDIA: CONSISTENT GDP GROWTH DRIVING GROWTH IN TRAFFIC AMONGST FASTEST GROWING GLOBAL AVERAGE GROWTH OF 5.8% IN LAST 15 YEARS LONG RUN GDP FORECAST OF 5-6% ECONOMIES 10.00 Consensus (Oct 24) 10.0% 7 6.5 6.5 6.5 8.00 5.0% 5.4 4.6 4.5 6.00 4.8 0.0% 2.7 2.8 2.1 4.00 -5.0% 2.9 1.1 0.3 -0.2 -0.2 2.00 -
Slide 10: NHIT Portfolio - Proxy to India's Growth Story
2 NHIT PORTFOLIO - PROXY TO INDIA’S GROWTH STORY GSDP CAGR (FY12 -23) Revenue share of NHIT Portfolio states basis FY25E revenue India GDP 5.7% Gujarat* Gujarat 5% 8.3% Karnataka Karnataka 13% 7.4% Madhya Pradesh 6.7% Madhya Pradesh 16% Telangana 6.6% Telangana 5% Assam 6.6% Assam 5% Andhra Pradesh
Slide 11: Geographically Diversified Portfolio
2 GEOGRAPHICALLY DIVERSIFIED PORTFOLIO ROAD PORTFOLIO PREDOMINANTLY IN HIGH GROWTH STATES NHIT PORTFOLIO FY25E REVENUE CONTRIBUTION OB: 63 km OB: 63 km AB: 33 km AB: 33 km Assam, 5% Andhra MH: 79 km Gujarat, 5% CK : 161 km MH: 79 km Pradesh, 19% CK : 161 km Assam: 114 kmR3: SJ: 75 km Assam: 114Assam
Slide 12: Unique Collaboration Between Sovereign Sponsor & Investors
3 UNIQUE COLLABORATION BETWEEN SOVEREIGN SPONSOR & INVESTORS DIVERSIFIED MARQUEE INVESTOR BASE SOVEREIGN SPONSOR • Diversified base of 275+ investors • NHAI, nodal agency of Govt of India for National Highways, is • 50+ domestic Provident/ pension the sponsor of NHIT funds, life & general insurance
Slide 13: Monetization by NHAI – Growth Visibility
3 MONETIZATION BY NHAI – GROWTH VISIBILITY Strong focus on Roads to realize ‘Viksit Bharat’ vision NHAI – Delivered Monetization over INR 749.0 Bn# • Asset recycling via NMP feeding strong future pipeline Monetization of NHAI’s operating road assets through of road assets for monetization two key mo
Slide 14: Platform Backed by Marquee Investors
3 PLATFORM BACKED BY MARQUEE INVESTORS INVESTOR BASE FEW KEY DOMESTIC INVESTORS HDFC SBI Mutual SBI Life Fund 27 >10x 275+ Nippon India SBI Life Indian Oil Nov’2021 Jan’2025 Mutual Fund UNIT HOLDING PATTERN* Others 10% SBI Pension Larsen & Kotak life Insurance Co. Funds Toubro 4% PF Trusts 10% PARTI
Slide 15: NHIT Concessions: Robust Framework Ensuring Inflation Hedged Returns
4 NHIT CONCESSIONS: ROBUST FRAMEWORK ENSURING INFLATION HEDGED RETURNS Efficient Working Capital Toll collections remitted thrice a day into NHIT account and expenses to be paid later as per billing cycles Standardised WPI linked Tariffs Tariff determination enshrined in the concession agreement wit
Slide 16: Experienced Board & Management Team (1/2)
5 EXPERIENCED BOARD & MANAGEMENT TEAM (1/2) BOARD MEMBERS Mr. Vinay Kumar Ms. Usha Rao-Monari MoRTH Nominee Director Independent Director Joint Secretary, Ministry of Road Transport and Highways Former Under Secretary General, United Nations Associate Administrator, UNDP Mr. N R V V M K Rajendra Kum
Slide 17: Experienced Board & Management Team (2/2)
5 EXPERIENCED BOARD & MANAGEMENT TEAM (2/2) Name Designation Brief Profile 28+ years of experience in the corporate & asset management Mr. Suresh Goyal MD and CEO sector; Served as Executive Director within Macquarie Asset Management, Singapore 28+ years of experience in leading project and corporat
Slide 18: Investment Rationale
5 INVESTMENT RATIONALE UNIQUE PLATFORM FOUNDED ON STRONG ROADS – AN ATTRACTIVE INFRA ASSET CLASS GOVERNANCE 01 ▪ High correlation between GDP & road ▪ Sponsored by NHAI - India's AAA rated transport Federal Highways Developer ▪ Roads account for 67% of freight traffic ▪ Experienced board and profess
Slide 19: Annexures
ANNEXURES 19
Slide 20: Annexure 1: NHIT Profile
ANNEXURE 1 : NHIT PROFILE 20
Slide 21: NHIT Structure
NHIT STRUCTURE SPONSOR INVESTORS ~15% ~85% unitholding unitholding NHIIMPL 100% owned by GoI Investment Manager manages 100% overall affairs SPVs Holding assets (through 20–30-year concessions) NHIPMPL 100% owned by NHAI NWPPL NEPPL SPV 3 1. NHIIMPL - National Highways Infra Investment Project Manag
Slide 22: Regulatory Framework at a Glance
REGULATORY FRAMEWORK AT A GLANCE TOPIC PARTICULARS Regulated Instrument All InvITs are SEBI regulated & listed on the exchanges Trading Lots Reduction in trading lot size of privately placed InvIT’s from INR 2 crores to INR 25 lakhs Minimum 80% of funds to be invested in eligible infrastructure proj
Slide 23: Operational Excellence
OPERATIONAL EXCELLENCE Before Before After After Assam – Road & ROW cleaning Chichra Kharagpur – MCW Cleaning Before After Before After RJKL – Road furnitures cleaning using jet sprayer RJKL – Mani Carriage way cleaning 23
Slide 24: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE (Figures in INR cr) Particulars FY 24 9M FY24 9MFY25 Operational Days – R1 Assets 365 274 274 Operational Days – R2 Assets 365 274 274 Operational Days – R3 Assets - NA 274 Revenue from Operations 944 703 1717 Other Income 31 15 34 EBITDA 763 559 1401 Finance Charges 280
Slide 25: ESG: Key Focus Areas
ESG : KEY FOCUS AREAS Environment : Social : Governance : 1. Decarbonization _ 1. Occupational Health & 1. Formulation and Operation and Safety adoption of Maintenance 2. Equal opportunity employer Sustainability Policy 2. Water Conservation 3. Community engagement / 2. Public Disclosure of Stakehol
Slide 26: ESG Highlights – Q3 FY25
ESG HIGHLIGHTS – Q3 | FY 25 Environment Highlights 7 Nos. Women only 98 female toll 8% total women collectors Powder room installed at strength in IM and SPVs toll plaza premises for Kochugaon - Kaljhar providing personalized private space for women Social on the move Energy GHG Emissions Highlights
Slide 27: Road Safety Initiatives (1/2)
ROAD SAFETY INITIATIVES (1/2) Preach. Practice. Promote. Road Safety Training for road users & Children Road Safety Parade National Road Safety Month Road Safety Pledge
Slide 28: Road Safety Initiatives (2/2)
ROAD SAFETY INITIAVTIVES(2/2) Preaching about Road Safety Practicing Safety Standards Promote Safe Road Behaviour 29
Slide 29: Glimpses of Health Check-up Campaign
GLIMPSES OF HEALTH CHECK-UP CAMPAIGN 29
Slide 30: Women Centric Initiatives
WOMEN CENTRIC INITIATIVES GLIMPSES OF WOLOO INITIATIVE – FIND A LOO GLIMPSES OF WHEELS OF OPPORTUNITIES 30
Slide 31: Annexure 2: Portfolio Overview - Existing Projects
ANNEXURE 2 : PORTFOLIO OVERVIEW - EXISTING PROJECTS 31
Slide 32: Portfolio Snapshot
PORTFOLIO SNAPSHOT ENTERPRISE VALUE ACROSS VARIOUS ROUNDS (in INR Cr) 46,350 22,994 18,280 16,272 8,280 8,011 7,272 23,357 3,787 6,011 9,000 10,000 1,430 2,000 2,357 Round 1 Round 2 Round 3 Project Ascent* Total Debt Equity Round 4 Total (Post Particulars Round 1 Round 2 Round 3 (Project Ascent) Rou
Slide 33: NHIT Portfolio Overview
Material Information regarding Disclosure made on the Stock Exchange on 13th & 14th February 2025 NHIT PORTFOLIO OVERVIEW Length S. No. Name (km) EXISTING ASSETS 1 Round 1 Assets 389 2 Round 2 Assets 247 3 Round 3 Assets 889 Total (A) 1,525 Length S. No. Name Plaza Name State Lanes (km) Roads offere
Slide 34: R1: Kothakota Bypass – Kurnool Highway
R1: KOTHAKOTA BYPASS – KURNOOL HIGHWAY Details Stretch Starts at Kothakota Bypass (Telangana) & ends at Kurnool (Andhra Section Pradesh) Length (km) & NH 74.6 Km & NH-44 Toll Plazas Pullur Construction & BOT – Annuity O&M Framework O&M: subsisting annuity concessionaire Mahbubnagar, Kothakota, Wanna
Slide 35: R1: Chittorgarh – Kota & Chittorgarh Bypass
R1: CHITTORGARH – KOTA & CHITTORGARH BYPASS Details Stretch Starts near Chittorgarh and ends near Kota in state Section of Rajasthan Length (km) & NH 160.5 Km & NH27 Toll Plazas Bassi, Aroli and Dhaneswar Construction & O&M EPC Framework O&M: NHIT Serves short distance traffic in Bundi, Kota, Baran,
Slide 36: R1: Palanpur – Abu Road - Swaroopganj
R1: PALANPUR – ABU ROAD - SWAROOPGANJ Details Stretch Starts north of Palanpur (Rajasthan) and ends at Swaroopganj Section (Rajasthan) Length (km) & NH 76 Km & NH 27 Toll Plazas Khemana, Undavariya Construction & BOT – Annuity O&M Framework O&M: NHIT Connectivity Connects Palanpur, Ahmedabad, Mount
Slide 37: R1: Belgaum - Kagal
R1: BELGAUM - KAGAL Details Stretch Starts north of Belgaum & ends near KA/MH border at Section Kagal Length (km) & NH 77.7 Km & NH-48 (Old NH-4) Toll Plazas Hattargi and Kognoli Construction & O&M BOT – Annuity, EPC Capacity augmentation currently Framework in progress Serves short distance traffic
Slide 38: R2: Borkhedi - Kelapur
R2: BORKHEDI - KELAPUR Details Stretch Starts south of Nagpur at Borkhedi & ends near Section MH/TN border Nagpur Length (km) & NH 138.2 Km & NH 44 Toll Plazas Daroda and Kelapur Construction & O&M EPC Framework O&M: NHIT Connecting Borkhedi near Nagpur to Connectivity Maharashtra/Telangana Border a
Slide 39: R2: Agra Bypass
R2: AGRA BYPASS Details Stretch Starts at junction of NH-19 (old NH-2) and ends at Section NH-44 (old NH-3) Length (km) & NH 32.8 Km – NH19 and NH44 Toll Plazas Raibha Construction & O&M EPC Framework O&M: NHIT Connecting NH19 to NH44 in Uttar Pradesh to NH 52 Connectivity and NH44 at Gwalior Raibha
Slide 40: R2: Shivpuri Jhansi
R2: SHIVPURI JHANSI Details Stretch Section Starts at Shivpuri in MP and ending near Jhansi (UP) Length (km) & NH 75.3 Km – NH27 Toll Plazas Raksha Construction & O&M EPC Framework O&M: NHIT Connecting NH27 in Uttar Pradesh to Madhya Connectivity Pradesh Used by traffic plying between Kanpur – Luckn
Slide 41: R3: Rewa – Katni – Jabalpur - Lakhnadon
R3: REWA – KATNI – JABALPUR - LAKHNADON Details Stretch PR connects Rewa, Katni, Jabalpur and Lakhnadon Section districts of Madhya Pradesh. Length (km) & NH 306.3 Km on NH30 and NH34 Toll Plazas Odhaki, Kherwasani, Mohtara, Boharipar Construction & O&M EPC Framework O&M: NHIT Connecting the distric
Slide 42: R3: Lakhnadon – Khawasa
R3: LAKHNADON – KHAWASA Details Stretch Section Lakhnadon – Mahagaon – Khawasa Length (km) & NH 107.4 Km & NH 44 (Old NH-7) Toll Plazas Madai, Khawasa Construction & O&M BOT – Annuity Framework O&M: subsisting annuity concessionaire Connectivity Between Jabalpur & Nagpur PR caters to traffic plying
Slide 43: R3: Assam Projects
R3: ASSAM PROJECTS Details Stretch Section Kochugaon – Kaljhar, Kaljhar - Patacharkuchi Length & NH 141.2 Km & NH - 27 Toll Plazas Dahalpara, Patgaon, Galia Construction & O&M EPC Framework O&M: NHIT Part of East West Corridor connecting Nalbari and Kachugon Connectivity and acting as an important e
Slide 44: R3: Chichra - Kharagpur
R3: CHICHRA - KHARAGPUR Details Stretch Starts near Chichra in West Bengal & Ends near Section Kharagpur (WB) Length (km) & NH 56.1 Km & NH-49 Toll Plazas Balibhasa Construction & O&M EPC Framework O&M: NHIT Connectivity Connects Kolkata, Gopiballapur & Jhargam TOWARDS KOLKATA The project stretch is
Slide 45: R3: Hubli – Haveli – Devanagere - Chitradurga
R3: HUBLI – HAVELI – DEVANAGERE - CHITRADURGA Details Stretch Section Hubli-Haveli-Devanagere-Chitradurga Length (km) & NH 214.5 Km & NH-48 (Old NH-4) Toll Plazas Bankapur, Chalageri, Hebbalu HAM Construction & O&M Framework O&M: subsisting HAM concessionaire Pune, Satara, Sangli, Kolhapur, Belgaum,
Slide 46: R3: Orai - Barah
R3: ORAI - BARAH Details Stretch Starts near Orai village in Jalaun district of UP and Section ends near Barah of Kanpur Dehat district of UP Length (km) & NH 62.9 Km & NH 27 Toll Plazas Usaka Construction & O&M BOT-Annuity Framework O&M: NHIT PR serves short distance traffic which is mainly Connect
Slide 47: Annexure 3: Portfolio Overview - Project Ascent
ANNEXURE 3 : PORTFOLIO OVERVIEW- PROJECT ASCENT Material Information regarding the Disclosure made on the Stock Exchange on 13 th & 14th February 2025 47
Slide 48: R4: Anakapalle Anandapuram Narsannapeta
R4: ANAKAPALLE ANANDAPURAM NARSANNAPETA Details Stretch Starts near Narsannapeta and ends at Section Anakapalle Length (km) & NH 169 (6L) & NH-16 Madapam, Nathavalasa, Dukkavanipalem, Toll Plazas Marripalem Construction & O&M HAM Framework O&M: subsisting HAM concessionaire Passes through Srikakulam
Slide 49: R4: Chittoor Mallavaram – AP/KA Border
R4: CHITTOOR MALLAVARAM – AP/KA BORDER Details Stretch Section From Chittoor to Malavaram Start and End Point Length (km) 145.9 (6L/4L) & NH-140/69 Toll Plazas Gadanki & Mahasamudram Construction & O&M HAM & EPC Framework O&M: HAM concessionaire & NHIT Connects Bangaluru via Kolar, Anantapur to Conn
Slide 50: R4: Gundugolanu - Devarapalli – Kovvuru
R4: GUNDUGOLANU - DEVARAPALLI – KOVVURU Details Stretch Legen d Section From Gundugolanu to Kovvuru Project Road PR Toll Plaza Length (km) 69.9 (4L) & NH-16 PATH Bridge Major Towns Toll Plazas Veeravalli Towards Hyderabad NH-365B Construction & O&M HAM NH-516E Framework O&M: subsisting HAM concessio
Slide 51: R4: Muzaffarnagar - Haridwar
R4: MUZAFFARNAGAR - HARIDWAR Details Stretch Dehradun Section From Muzaffarnagar to Haridwar Length (km) 79.1 (4L) & NH- 334 Toll Plazas Chhapar & Bahadrabad Bahadrabad Construction & O&M BOT + EPC Saharanpur Haridwar Framework O&M: NHIT Roorkee Passes through Muzaffarnagar, and Haridwar Connectivit
Slide 52: R4: Bareilly - Sitapur
R4: BAREILLY - SITAPUR Details Stretch Section From Bareilly to Sitapur in UP Length (km) 157.6 (4L) & NH- 30 BAREILLY Toll Plazas Faridpur & Maigalganj Construction & O&M BOT + EPC Framework O&M: NHIT Starting from Bareilly, PR connects to Lucknow/ Connectivity Kanpur via Shahjahanpur At Bareilly,
Slide 53: R4: Gandhidham (Kandla) - Mundra
R4: GANDHIDHAM (KANDLA) - MUNDRA Details Stretch Section Gandhidham (Kandla)- Mundra in Gujarat Length (km) 71.4 (4L) & NH- 41 (NH – 8A ext.) Toll Plazas Mokha Construction & O&M DBFOT & EPC Framework O&M: Proposed for 6 laning under HAM concession Connects Mundra port catering to its inbound / Conn
Slide 54: R4: Raipur – Simga - Bilaspur
R4: RAIPUR – SIMGA - BILASPUR Details Stretch Section From Raipur via Simga to Bilaspur Length (km) 126.5 (4/6L) & NH- 30/ 130 Toll Plazas Tarpongi, Bhojpuri & Mudhipar Construction & O&M EPC Framework O&M: NHIT BILASPUR Connects the capital city of Raipur to the 2 nd Connectivity largest city ie Bi
Slide 55: Annexure 4: Key Terms of Concession Agreement
ANNEXURE 4 : KEY TERMS OF CONCESSION AGREEMENT 55
Slide 56: Robust Concession Agreement to Align Interest of All Stakeholders (1/2)
ROBUST CONCESSION AGREEMENT TO ALIGN THE INTEREST OF ALL STAKEHOLDERS (1/2) Inflation Pass Through • Toll rates to escalate at 3% plus 40% of the movement in the WPI Performance Linked • Extension/reduction in Concession Period in case of variation in toll collection caps the downside returns Adjust
Slide 57: Key Terms in Concession Agreement (2/2)
KEY TERMS IN CONCESSION AGREEMENT (2/2) EVOLUTION OF INVIT CONCESSION AGREEMENTS: ALIGNING WITH INTEREST OF FINANCIAL INVESTORS PARTICULARS R1 ASSETS R2 ASSETS R3 ASSETS R4 ASSETS • All capacity augmentation works to be undertaken by NHAI Capacity • All capacity • NHAI shall also • Same as previous
Slide 58: Annexure 5: Equity Raising – Institutional Placement
ANNEXURE 5 : EQUITY RAISING – INSTITUTIONAL PLACEMENT 58
Slide 59: Proposed Process for Acquisition of Project Ascent Assets
PROPOSED PROCESS FOR ACQUISITION OF PROJECT ASCENT ASSETS Process for funding of Actual Consideration in Project ASCENT – Same Process as followed in Round 3 STEP 1 Finalisation of Base Concession Fee for ASCENT assets as per Independent Valuer's Report (“Base Valuation”) STEP 2 Offer made to NHAI a
Slide 60: Case Study: Round 3 Transaction Process
CASE STUDY: ROUND 3 TRANSACTION PROCESS PROPOSED ACQUISITION ILLUSTRATION OF FUNDING OF ACTUAL CONSIDERATION IN ROUND 3 • NHAI offered 7 road assets to NHIT under Round 3 (“R3”) with a concession period of 20 years: S NO. PARAMETER DETAILS a. Chichra – Kharagpur(56 km); Base Price /NAV as per Indepe
Slide 61: Thank You
NHIT®) National Highways Infra Trust
Slide 62: Disclaimer
DISCLAIMER This presentation is prepared and issued by National Highway s Infra Inv estment Managers Private Limited (the “Investmen t Manager”) on behalf of and in its capacity as the investment manager of Na tiona l Highways Infra Trust (“NHIT”) for general information purposes only without reg ar
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