Indigrid Infrastructure Trust · NSE:INDIGRID
Indigrid Infrastructure Trust — Q2 FY25 Earnings Presentation
25 slides from Indigrid Infrastructure Trust's earnings presentation, July 2024
Slide 1: Investor Presentation Q2 FY25 Results
I N V E S T OR P R E S E N T A T ION Q 2 FY25 R E S U L T S 1
Slide 2: Safe Harbor
Safe Harbor This presentation is prepared and issued by IndiGrid Investment Managers Limited (the “Investment Manager”) on behalf of and in its capacity as the investment manager of India Grid Trust (“IndiGrid”) for general information purposes only without regards to specific objectives, financial
Slide 3: Vision
Vision Focused Business Value Accretive Predictable Optimal Capital Model Growth Distribution Structure • Long term contracts • DPU accretive • Quarterly distribution • Cap on leverage at • Low operating risks acquisitions Y-o-Y • Minimum 90% of Net 70% • Stable cash flows • Creating growth cash flo
Slide 4: Portfolio Overview
Portfolio Overview ~ ₹ 297 Bn1,2 20 STATES & 2 UT ASSETS UNDER MANAGEMENT 83 REVENUE GENERATING ELEMENTS1,2 ~8,700 ckms1,2 ~22,550 MVA1,2 49 LINES 15 SUBSTATIONS TRANSMISSION - ~26.0 YEARS ~1.1 GWp S OLAR - ~ 19.1 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 400 MWh6 ~5,30,000 MT5 BESS PROJE
Slide 5: Q2 FY25 Quarterly Update
Q2 FY25 Q UARTERLY UPDATE 5
Slide 6: Q2 FY25 Highlights
Q2 FY25 Highlights Portfolio Update In-line with the advisory1 issued by SEBI, IndiGrid received board approval to change its name to IndiGrid Infrastructure Trust. Unitholder approval will now be sought to make the change effective. Declared as L1 bidder for a 250 MW / 500 MWh capacity BESS pro
Slide 7: Q2 FY25 Industry Update
Q2 FY25 Industry Update 243.3 Power Demand and Capacity Trend 196.6 230.6 Peak power demand saw a YoY and QoQ decline in Q2 FY25 on the back of a steady monsoon. Earlier this fiscal, during Q1 FY25, India had witnessed a record high power demand of 250 GW. As per the latest data shared during
Slide 8: High bidding activity in the transmission sector
High bidding activity in the transmission sector Transmission Bids Battery Energy Storage Bids Number of Estimated Cost Estimated Cost Bid Stage Region Bid Stage Project Name Active Bids (₹ Crore) (₹ Crore) Eastern 3 1,246 GUVNL Ph IV- 500 MW / 1000 MWh 1,500 Project RFP Released Northern 5 19,269 U
Slide 9: Q2 FY25 Operational Performance
Q2 FY25 Operational Performance Q2 FY25 availability(%) Zero Harm on HSE 99.66 98.66 100.00100.00 99.91 99.80 99.89 100.00 99.98 99.78 100.00 99.97 99.99 96.95 91.14 o Zero – Fatality/LTI (Loss Time Injuries)/ FAC ( First Aid Cases) 97.15 Performance o Power Transmission: Average availability Q
Slide 10: Q2 FY25 Financial Performance
Q2 FY25 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q2 FY25 Q2 FY24 % change 8,060 7,332 Revenue 8,060 6,950 16.0% 6,950 5,807 5,584 EBITDA 7,332 5,584 31.3% 5,354 NDCF Generated 3,197 3,086 3.6% DPU (₹ per unit) 3.75 3.55 5.6% NDCF growth is on the lower side on account of ch
Slide 11: Q2 FY25 Distribution Update
Q2 FY25 Distribution Update Particulars Q2 FY25 Q2 FY24 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.75 3.55 - Interest 3.61763 2.8961 3.75 - Dividend 0.11357 - 3.55 3.19 3.30 3.00 - Capital Repayment - 0.6341 - Other income 0.01880 0.0198 Outstanding Units (Mn) 783.7 731.0 Gross D
Slide 12: Q2 FY25 Consolidated EBITDA to NDCF Waterfall
Q2 FY25 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 333 174 -46 -50 -50 -3,668 ₹ 68 Mn added to the reserves 7,389 7,800 during the quarter; reserve -329 balance at ~ ₹ 4,898 Mn -447 -18 -92 3,197 -3,130 68 EBITDA at Finance WC Capex Tax at SPV NDCF at Expenses at Finance cost DSRA WC Tax at IGT
Slide 13: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 193 Bn (50% NCDs, 50% Bank Loans & ECB) AAA Rated ~7.65% ₹ 15.18 Bn 74 All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash 19 India Ratings Debt Balance1 33 15 ~76% ~58.7% 1.91x Fixed Rate Net Debt/AUM 2 EBITDA/Interest 77 Borrowings 38 Net Debt to
Slide 14: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 13% 16% 17% 20% 19% 7%2 Total Returns1 46% 56% 138% 204% 217% 276% 257% 26% 44% 5% 208% 248% 190% 199% 47% -1% 51% 93% 15% 18% 28% 49% 38% -11% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT (10
Slide 15: Business Outlook
Business Outlook Portfolio Strategy Focus on maintaining stable operations for predictable and sustainable distribution while looking for value accretive acquisitions and bidding opportunities Greenfield Development Execution of augmentation work in existing transmission projects as well as th
Slide 16: DPU Accretive Acquisitions
DPU Accretive Acquisitions 18.0 IPA assets Phase I (MTL +RTCL +PKTCL +PTCL) Phase II (ENICL +OGPTL +NRSS) Phase III (JKTPL +GPTL +PrKTCL +NER +FRV) 17.0 Phase IV (RSTCPL +KhTL +KTL) Phase V (VRET +RSUPL +Greenfield +Augmentation2) 16.0 15.0 15.00 14.0 14.10 13.35 13.0 12.75 12.0 12.00 12.00 12.20 11
Slide 17: Annexures
A NNEXURES 17 17
Slide 18: Asset Portfolio – Transmission Assets
Asset Portfolio – Transmission Assets 15 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Project for Captive Transmission Projects Transmission Project Transmission Project Consumption Availability AUM2 FY24 Tariff Metal Asset States Elements Contract COD (%)1 (₹ Million) Contribution3 (‘00
Slide 19: Asset Portfolio – Under Construction
Asset Portfolio – Under Construction AUM1 Asset States Elements Contract (₹ Million) 1 Line – 18 ckms IPTL Maharashtra Fixed Tariff/ Centre 644 1 Substation – 3000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 509 1 Substation – 2000 MVA KTCO Maharashtra 1 Line – 60 ckms Fixed Tariff
Slide 20: Asset Portfolio – Solar Assets
Asset Portfolio – Solar Assets PPA Tenure at CoD AUM1 Asset DC Capacity AC Capacity States COD Offtaker (years) (₹ Million) Solar - I 68 50 Andhra Pradesh Jul-18 SECI 25 3,384 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,499 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,540 TL Patlasi 22 20 Mad
Slide 21: Diversified Investor Base
Diversified Investor Base As on October 7, 2024 (Post Preferential Issue) Supported by marquee long term investor base Corporates & Trusts, 22% Retail, 28% ~24% owned by DIIs including insurance companies, mutual ~36% Insurance, 11% funds, pension fund and corporates KKR (Sponsor) , 4% Other FIIs, 1
Slide 22: Corporate Structure
Corporate Structure Other Unitholders Initial Portfolio Asset Transmission Assets Sponsor Solar Assets ~4% ~17% ~78% BESS % Represents Economic Ownership 100% Investment Manager (IIML) Trustee 100% 100% 100% 70% 30% Kallam IGL IGL 1 IGL 2 IPTL 100% 100% 100% 100% 100% 100% 100% DPTL 100% 100% 100% 1
Slide 23: Experienced Board of Directors
Experienced Board of Directors • Over 30 years of rich experience, currently independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of • Member of the Asia-Pacific Infrastructure team of KKR since 2018 Westlife Development Ltd., Jubilant Pharma Ltd. and Gl
Slide 24: Glossary
Glossary AC Alternate Current NAV Net Asset Value per unit AUM Assets Under Management NCD Non-Convertible Debentures Availability Percentage amount of time for which the asset is available for power flow Net cash flow at trust’s disposal for distribution to IndiGrid in a particular year in accordan
Slide 25: Thank You
T H AN K Y O U 25
IndiGrid Infrastructure Trust — Q2 FY25 Earnings Presentation on 6ix