Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q3 FY2023 Earnings Presentation
38 slides from Gmr Airports's earnings presentation, Feb 15, 2023
Slide 1: Cover letter to stock exchanges
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) February 15, 2023 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001. Bandra-Kurla Complex Scrip: 532754 Bandra (E) Mumbai
Slide 2: Investor Presentation Q3FY2023
GMR Airports Infrastructure Limited (formerly know as GMR Infrastructure Ltd.) Investor Presentation Q3FY2023 0
Slide 3: Disclaimer
DISCLAIMER This Material and any discussions which follows may contain ‘forward looking statements’ relating to the Company and the GMR Group and may include All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financ
Slide 4: Our Assets
Our Assets Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 5: Portfolio of World Class Assets
Portfolio of World Class Assets PAX (FY20) in mn (mn) DIAL, New Delhi, India PAX CAGR • Marquee asset of 67.3 66/119 national importance FY15–20 Crete, Greece • Gateway to India – National Capital Cargo CAGR with large catchment area FY15–20 • Important Tourist 10.4% Partnerships 45.99% in Businesse
Slide 6: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 7: Q3FY23 Results at a Glance
Q3FY23 Results at a Glance Revenue Pax Traffic1 Aero YPP2 Net Debt INR 17.7 bn 25.8 mn INR 197 INR 250 bn ▲ 29% YoY ▲ 37% YoY ▲ 7% YoY Flat QoQ ▲ 11% QoQ ▲ 14% QoQ ▼ 5% QoQ EBITDA ATMs (‘000)1 Non-Aero IPP3 Capex Progress4 INR 5.3 bn 181.5 INR 351 Delhi – 79.5% ▼ 26% YoY ▲ 21% YoY ▲ 11% YoY Hyd – 80
Slide 8: GIL Performance Highlights – Q3FY23
GIL Performance Highlights – Q3FY23 Consolidated Financials • Gross Revenues: ▲11% QoQ; ▲29% YoY to INR 17.7 bn in Q3FY23 • EBITDA ▲12% QoQ; ▼26% YoY to INR 5.3 bn in Q3FY23. YoY declined mainly due to commencement of revenue share payment to AAI in Delhi Airport from April 2022 • Net profit aft
Slide 9: GIL Consolidated EBITDA (Proforma) – 9MFY23
GIL Consolidated EBITDA (Proforma) – 9MFY23 INR mn GIL Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL) Cebu EBITDA EBITDA (Proforma) 4,145 337 18,794 14,312 Consolidated Airport EBITDA (Proforma) is ~INR 19 bn # also include airport subsidiaries 7
Slide 10: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt (Sector-wise) ^ (INR bn) (in INR bn, %age of total) 299 49 250 Airport, 231 bn, Corporate, 93% 19 bn, 7% Gross Debt Cash & equivalents Net Debt • Delhi Airport – INR 111 bn • Hyderabad Airport – INR 66 bn Note : FCCB of INR 2.0 bn not considered in d
Slide 11: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 12: Key Highlights – Q3FY23
Key Highlights – Q3FY23 • FY22 – Key Business highlights Domestic traffic up 13% YoY and 18% YoY in Delhi and Hyderabad respectively in Q3FY23 Traffic • International traffic up 95% YoY and 78% in Delhi and Hyderabad respectively in Q3FY23 • COD achieved; Domestic operations at Mopa Airport commence
Slide 13: Passenger Traffic
Passenger Traffic Delhi Airport –Monthly Pax 1,2 Hyderabad Airport – Monthly Pax1,2 Domestic ('000) Domestic ('000) 5000 1800 4000 1500 3000 102% of pre-covid 1200 94% of pre-covid 2000 900 600 1000 300 0 0 Feb Apr Nov Dec Aug Sep Oct Jan Mar May Jun Jul Aug Sep Feb Oct Apr May Jul Nov Dec Jan Mar J
Slide 14: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo business traffic Delhi Airport Hyderabad Airport % of pre-Covid % of pre-Covid 120% 120% 100% 100% 80% 80% 96% of pre-covid 60% 90% of pre-covid 60% 40% 40% 20% 20% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 15: Asset Wise Performance
Asset Wise Performance Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 16: Domestic Airports
Domestic Airports Humility | Entrepreneurship | Teamwork ay
Slide 17: Key Highlights – Q3FY23: Delhi Airport (DIAL)
Key Highlights – Q3FY23 Delhi Airport (DIAL) • Traffic ▲16% QoQ; ▲26% YoY to 17 mn pax • Gross revenue ▲10% QoQ; ▲30% YoY to INR 10.6 bn o Aero revenue ▲10% QoQ; ▲21% YoY o Non-aero revenue ▲13% QoQ; ▲41% YoY Retail incl. Duty Free ▲21% QoQ; ▲84% YoY o CPD Rentals flat QoQ; ▲3% YoY • EBITDA of INR
Slide 18: Key Highlights – Q3FY23: Hyderabad Airport (GHIAL)
Key Highlights – Q3FY23 Hyderabad Airport (GHIAL) • Traffic ▲11% QoQ; ▲25% YoY to 5.4 mn pax • Gross revenue ▲12% QoQ; ▲46% YoY to INR 3.3 bn o Aero revenue ▲9% QoQ; ▲55% YoY o Non-aero revenue ▲17% QoQ; ▲33% YoY Retail incl. Duty Free ▲43% QoQ; ▲2.1x YoY • EBITDA of INR 1.4 bn in Q3FY23 vs INR 1.
Slide 19: Operational & Financial Highlights YoY – Q3FY23
Operational & Financial Highlights YoY – Q3FY23 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars Q3FY2022 Q2FY2023 Q3FY2023 Q3FY2022 Q2FY2023 Q3FY2023 Net Revenues 7,804 5,120 5,588 2,148 2,804 3,135 EBITDA 5,475 2,296 2,981 1,095 1,656 1,403 Interest 2,088 2
Slide 20: Operational & Financial Highlights YoY – 9MFY23
Operational & Financial Highlights YoY – 9MFY23 (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Particulars 9MFY2022 9MFY2023 9MFY2022 9MFY2023 Net Revenues 19,321 15,559 4,588 8,567 EBITDA 12,429 7,430 1,620 4,631 Interest 6,612 6,013 1,951 2,338 PAT (709) (2,041) (724
Slide 21: Consolidated EBITDA (Proforma) – 9MFY23
Consolidated EBITDA (Proforma) – 9MFY23 Delhi Airport Hyderabad Airport INR mn INR mn Share of EBITDA from JVs/ Consolidated EBITDA Share of EBITDA from JVs/ Consolidated EBITDA Standalone EBITDA Subsidiaries (Proforma) Standalone EBITDA Subsidiaries (Proforma) 3,638 11,068 1,541 6,172 4,631 7,430 C
Slide 22: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 8% YoY in Q3FY23 ATMs increased 11% YoY in Q3FY23 Domestic International (Nos '000 ) Domestic International (Nos '000) 114.1 39.3 106.0 35.5 6.0 24.7 3.8 16.5 89.5 89.4 31.8 33.3 Q3FY2022 Q3FY2023 Q3FY2022 Q3FY2
Slide 23: Non-Aero Revenues Performance YoY – 9MFY23
Non-Aero Revenues Performance YoY – 9MFY23 Delhi Airport Non-Aero Revenue Break-up INR 18.0 bn • Non-aero revenues ▲52% to INR 18.0bn Ca rgo Advt. 7% • Retail revenues ▲2.5x YoY to INR 5.1bn 14% F&B 8% o Duty Free SPP at INR 996 in 9MFY23 vs Ground Handling 6% INR 1017 in 9MFY22 • Cargo revenues ▲2%
Slide 24: Key Highlights – Q3FY23: Goa, Bhogapuram, Nagpur
Key Highlights – Q3FY23 Goa Airport • COD achieved; commenced full fledged Domestic Flight Operations from January 5, 2023 o IndiGo, Akasa, GoAir, Spicejet and Vistara are already operational • Multi Year Tariff Proposals for first control period filed to AERA and received Ad-hoc Tariff order - INR
Slide 25: International Airports
International Airports Humility | Entrepreneurship | Teamwork ay
Slide 26: Key Highlights – Q3FY23: Medan and Cebu Airports
Key Highlights – Q3FY23 Medan Airport (Indonesia) • Traffic ▲3.7x YoY to 1.45 mn pax in Q3FY23^; Started operating the Airport from July 7, 2022 • Revenue of INR 853 mn and EBITDA of INR 296 mn in Q3FY23 • Ministry of Transport (Indonesia) approved rise in Domestic PSC# by 27% and International PSC
Slide 27: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q3FY2022 Q2FY2023 Q3FY2023 9MFY2022 9MFY2023 Q3FY2022 Q2FY2023 Q3FY2023 9MFY2022 9MFY2023 Revenues 181 560 640 514 1,517 181 551 614 514 1,461 EBITDA (67) 523 281 (234) 874 (67) 514 270 (234) 841
Slide 28: Key Highlights – Q3FY23: Crete Airport
Key Highlights – Q3FY23 Crete Airport (Greece) • Project is fully funded mainly through State Grant which is already received and Airport Modernisation & Development Tax. It is a debt free project • Overall progress of 17.76% achieved as of December 31, 2022. Work progressing on multiple fronts of r
Slide 29: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 30: ESG
ESG Environment Social • DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally under Airport Council International’s (ACI) Airport CSR Spend (Q3FY23) - INR 39.17 mn Carbon Accreditation program. Target is to achieve Net Zero by 2030 Total beneficiaries - Ov
Slide 31: Summary
Humility | Entrepreneurship | Teamwork afi Relat s e i i i ect for individual
Slide 32: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player Presence across most lucrative markets - India’s aviation market expected to grow at an average of 7% p.a. till 20401 Mature tariff regime for aero revenue driving ‘Sustainable Cash Flow Profile’ Return on capital to expand considerably with expans
Slide 33: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 34: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 35: Annexures
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C 33
Slide 36: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q3FY2022 Q2FY2023 Q3FY2023 9MFY2022 9MFY2023 Gross Revenue 13,641 15,885 17,664 33,171 47,988 Less: Revenue Share 438 4,622 5,137 2,034 13,896 Net Revenue 13,203 11,262 12,527 31,137 34,092 Total Expenditure 6,048 6,535 7,227 15,453 19,780 E
Slide 37: Annexure B : Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q3FY2022 Q2FY2023 Q3FY2023 9MFY2022 9MFY2023 Aero Revenue 2,001 2,207 2,417 4,442 6,818 Non Aero Revenue 4,783 5,994 6,752 11,825 18,002 CPD Rentals 1,356 1,406 1,402 4,866 4,224 Gross Revenue 8,140 9,607 10,572 21,133 29,045 Less: Revenue S
Slide 38: Annexure C : Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Q3FY2022 Q2FY2023 Q3FY2023 9MFY2022 9MFY2023 Aero Revenue 1,327 1,893 2,058 2,864 5,739 Non Aero Revenue 919 1,040 1,222 1,942 3,220 Gross Revenue 2,246 2,933 3,280 4,806 8,959 Less: Revenue Share 99 129 145 217 392 Net Revenue 2,148 2,804 3,135 4,5
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