Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q3 FY2024 Earnings Presentation
51 slides from Gmr Airports's earnings presentation, Jan 31, 2024
Slide 1: Disclosure under Regulation 30 cover letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) January 31, 2024 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai 400001. Mumbai - 400051. Scri
Slide 2: GMR Airports Infrastructure Limited Investor Presentation Q3FY24
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) INVESTOR PRESENTATION Q3FY24 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality Humility | Entrepr
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 & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 5: Portfolio of World Class Assets
Portfolio of World Class Assets Current PAX (FY23) DIAL, New Delhi, India (m) Crete, Greece Bhogapuram, India • Marquee asset of PAX CAGR • Important Tourist 65.3 100*/119 national importance 15 Gateway 303—DOM • Strategically located on East FY13–23 • Gateway to India – National Capital 606—INT Coa
Slide 6: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 7: Q3FY24 Results at a Glance
Q3FY24 Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 176.3 INR 232 INR 360 28.2mn ▲ 12% YoY ▲ 18% YoY ▲ 3% YoY ▲ 16% YoY ▲ 6% QoQ ▲ 4% QoQ ▼ 3% QoQ Unchanged QoQ Total Income EBITDA Net Debt4 Capex Progress5 INR 23.5bn INR 7.9bn INR 254bn Delhi – 97.2% ▲ 22% YoY ▲ 16% YoY ▲ 2
Slide 8: 9MFY24 Results at a Glance
9MFY24 Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 81.7mn 515.4 INR 233 INR 354 ▲ 18% YoY ▲ 17% YoY ▲ 5% YoY ▲ 27% YoY EBITDA Net Debt4 Capex Total Income Progress5 INR 66.4bn Delhi – 97.2% INR 24.8bn INR 254bn Hyd – 98.7% ▲ 25% YoY ▲ 28% YoY ▲ 2% YoY Crete – 29.7% 1Include
Slide 9: GIL Performance Highlights – Q3FY24
GIL Performance Highlights – Q3FY24 Consolidated Financials • Total Income: ✓ ▲9% QoQ; ▲22% YoY to INR 23.5bn driven by growth in traffic • EBITDA ✓ ▼4% QoQ; ▲16% YoY to INR 7.9bn with EBITDA margins at 46% • Net Profit After Tax1 ✓ Loss of INR 4.9bn vs loss of INR 1.9bn in Q2FY24 and profit of INR
Slide 10: Consolidated EBITDA incl. JVs (Proforma) – 9MFY24
Consolidated EBITDA incl. JVs (Proforma) – 9MFY24 INR mn Consolidated EBITDA# JVs EBITDA (DIAL+GHIAL)1 Medan EBITDA Consolidated EBITDA incl. JVs (Proforma) Consolidated EBITDA incl. JVs (Proforma) is ~INR 28.3bn # also include airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHI
Slide 11: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 54 • Gross Debt increased by INR 21.1bn QoQ • Net Debt increased by INR 18.2bn QoQ Note : FCCB of INR 25.8bn not considered in debt, ^ As on 31 Dec'23 Humility | Entrepreneurship | Teamwork & Respect for Individual | D
Slide 12: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 13: Key Highlights – Q3FY24
Key Highlights – Q3FY24 Steady Progress ❖ Merger scheme received approval from majority of equity shareholders of GIL at the NCLT 1 on Merger of convened meeting held on 2 Dec'23 GAL with GIL ❖ Application submitted before the Hon’ble NCLT for approval of the scheme ❖ Delhi Airport (DIAL) received f
Slide 14: Key Highlights – Q3FY24
Key Highlights – Q3FY24 ❖ Group level (GAL): ✓ Raised INR 1,950 Crs through a 3-year senior unsecured bonds - used proceeds to refinance existing debt. The gross debt in GAL was INR 4,681 Crs as on 31 Dec’23 ✓ Raised INR 800 Crs in unsecured, listed, rated Non-Convertible Debentures (NCDs) in Dec'23
Slide 15: Key Highlights – Q3FY24
Key Highlights – Q3FY24 ❖ Mopa (Goa) Airport fully operational o Pax capacity to increase from 4.4mn to ~8mn - expansion program in progress o ~ 81% of work completed on expressway connectivity and expected to finish within FY24 Capex Updates ❖ Bhogapuram Airport: Bhumi Pujan ritual performed in Nov
Slide 16: Key Focus Areas for FY24 and beyond
Key Focus Areas for FY24 and beyond 1 FY22 – Key Business highlights Merger of GAL with GIL • Merger expected to be completed in Q1FY25 2 Deleveraging • Work towards refinancing/optimizing of debt at GMR Airport Limited 3 • Complete the ongoing expansion at Delhi and Hyderabad within FY24 and expans
Slide 17: Passenger Traffic: At Record Highs
Passenger Traffic: At Record Highs Delhi Airport – Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic ('000) Domestic ('000) 5,000 2,000 4,500 1,800 4,000 1,600 3,500 1,400 3,000 1,200 2,500 1,000 2,000 800 1,500 600 1,000 400 500 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 Jan Feb
Slide 18: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo business traffic (tons) Delhi Airport Hyderabad Airport 1,00,000 15,000 90,000 14,000 13,000 80,000 12,000 70,000 11,000 60,000 10,000 50,000 9,000 8,000 40,000 7,000 30,000 6,000 20,000 5,000 4,000 10,000 Jan Feb Mar Apr May Jun Ju
Slide 19: Asset Wise Performance
Asset Wise Performance Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 20: Domestic Airports – Key Highlights
Domestic Airports – Key Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 21: Key Highlights – Q3FY24 Delhi Airport (DIAL)
Key Highlights – Q3FY24 Delhi Airport (DIAL) • Traffic: o Q3FY24: ▲8.5% YoY to 18.8mn pax o 9MFY24: ▲14.5% YoY to 54.5mn pax • Total Income - Q3FY24:▲18% YoY to INR 13.2bn o Aero revenue ▲12% YoY o Non-aero revenue ▲13% YoY ✓ Retail incl. Duty Free ▲11% YoY o CPD Rentals ▲39% YoY • EBITDA - ▲13% YoY
Slide 22: DIAL Expansion 3A
DIAL Expansion 3A Achieved significant progress (overall 97.2%) Pier Arrival Part B T1D Check-in Island 1 T1D Check-in Island 2 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 23: DIAL Expansion 3A
DIAL Expansion 3A Achieved significant progress (overall 97.2%) Node B Node B L4 Level Airport Village Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 21
Slide 24: Key Highlights – Q3FY24 Hyderabad Airport (GHIAL)
Key Highlights – Q3FY24 Hyderabad Airport (GHIAL) • Traffic: o Q3FY24: ▲17% YoY to 6.3mn pax o 9MFY24: ▲21% YoY to 18.6mn pax • Total Income - Q3FY24: ▲35% YoY to INR 5.0bn o Aero revenue ▲51% YoY o Non-aero revenue ▲18% YoY ✓ Retail incl. Duty Free ▲17% YoY • EBITDA ▲59% YoY in Q3FY24 to INR 2.9bn
Slide 25: GHIAL Expansion works
GHIAL Expansion works Achieved significant progress (overall 98.7%) Northwest Apron East Processor – Level D Arrivals Northeast Apron East Processor – Level D Arrivals – Grand Entry Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence |
Slide 26: GHIAL Expansion works
GHIAL Expansion works Achieved significant progress (overall 98.7%) Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 24
Slide 27: GHIAL Expansion works
GHIAL Expansion works Achieved significant progress (overall 98.7%) Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 25
Slide 28: Key Highlights – Q3FY24 Mopa (Goa) Airport
Key Highlights – Q3FY24 Mopa (Goa) Airport – GGIAL • Completed its first full year since operational on 5 Jan'23 • Traffic: o Traffic at 1.2mn in Q3FY24 and 3.1mn in 9MFY24; CY23 at 3.7mn o Overall market share trending up both for Domestic (Dec: 47%) and International Traffic (Dec: 36%) • Total Inc
Slide 29: GGIAL expansion program (Phase III Stage 1) in progress
GGIAL expansion program (Phase III Stage 1) in progress Physical progress ~23.8% Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 27
Slide 30: GGIAL expressway connectivity
GGIAL expressway connectivity ~81% work completed Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 28
Slide 31: Operational & Financial Highlights – Q3FY24
Operational & Financial Highlights – Q3FY24 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q3FY2023 Q2FY2024 Q3FY2024 Q3FY2023 Q2FY2024 Q3FY2024 Q2FY2024 Q3FY2024 Net Income 6,231 6,960 7,307 3,532 4,824 4,759 418 703 EBITDA 3,624 4,010 4,099 1,
Slide 32: Operational & Financial Highlights – 9MFY24
Operational & Financial Highlights – 9MFY24 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn 9MFY2023 9MFY2024 9MFY2023 9MFY2024 9MFY2024 Net Income 17,526 20,956 9,557 14,141 1,549 EBITDA 9,397 11,887 5,621 9,519 79 Interest 6,013 7,976 2,338 3,5
Slide 33: Consolidated EBITDA (Proforma) – 9MFY24
Consolidated EBITDA (Proforma) – 9MFY24 Delhi Airport Hyderabad Airport INR mn INR mn Standalone Share of EBITDA Consolidated EBITDA Standalone Share of EBITDA Consolidated EBITDA EBITDA from JVs / Subsidiaries (Proforma) EBITDA from JVs / Subsidiaries (Proforma) Consolidated EBITDA (Proforma) • Del
Slide 34: Key Parameters Continue to Trend Upwards
Key Parameters Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 2% YoY in Q3FY24 ATMs increased 14% YoY in Q3FY24 Domestic International (Nos '000) Domestic International (Nos '000) 44.1 106.9 108.9 38.6 6.9 22.4 25.6 5.7 84.6 83.2 37.3 32.9 Q3FY2023 Q3FY2024 Q3FY2023 Q3FY202
Slide 35: Non-Aero Revenues Performance – 9MFY24
Non-Aero Revenues Performance – 9MFY24 Delhi Airport INR 14.1bn bn • Non-aero revenues ▲20% YoY to INR 21.7bn Non-Aero Revenue Non-Aero RevenueBreak-up Break-up INR 21.7 • Retail revenues ▲20% YoY to INR 6.1bn Others Others o Duty Free SPP at INR 1,005 in 9MFY24 vs INR 993 16% 16% Ground Handling Re
Slide 36: Other Domestic Airports – Recent updates
Other Domestic Airports – Recent updates Bhogapuram Airport (Visakhapatnam, Andhra Pradesh) • Bhumi Pujan ritual (i.e. Ground Breaking Ceremony) performed on 1 Nov'23 • Agreement for EPC works signed with L&T on 1 Nov'23 and notice to proceed issued on 7 Dec'23. • Received approval from project fina
Slide 37: International Airports – Key Highlights
International Airports – Key Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 38: International Airports - Medan Airport (Indonesia)
International Airports - Key Highlights Medan Airport (Indonesia) • Traffic: Key Financials o Q3FY24 at 1.85mn - ▲27% YoY^; ▼ 5% QoQ due to higher (figures in INR mn) traffic in Q2 on account of Hajj season; 9MFY24 at 5.61mn. Reported Started operating the airport from Jul'22 Particulars (Standalone
Slide 39: International Airports - Crete and Cebu Airports
International Airports - Key Highlights 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 29.7% achieved as of 31 Dec'23. Structural Concreting works of
Slide 40: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 41: ESG
ESG Environment Social DIAL • Became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally CSR Spend (Q3 FY24) - INR 30.92 mn under Airport Council International’s (ACI) Airport Carbon Accreditation program. Target is to achieve Net Zero by 2030 Total beneficiaries - O
Slide 42: Key Awards and Achievements
Key Awards and Achievements Delhi Airport Environment Hyderabad Social Airport ✓ Achieved Level 2 accreditation in the Airport ✓ Ranked as the second-best airport globally for Customer Experience Accreditation program by On-Time performance in 2023 by Cirium Airports Council International ✓ Recogniz
Slide 43: Summary
Summary Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 44: Poised for Breakout Growth
Poised for Breakout Growth Present across most lucrative Asian markets - Substantial embedded growth in valuable real 1 Indian aviation market expected to grow avg of 7% 5 estate parcels of over 2,000 acres p.a. till 20401 Mature tariff regime for Aero Revenue driving 2 6 Exploit Hub opportunities f
Slide 45: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 46: Annexures
Annexures Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 47: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C o Mopa (Goa) Airport (Standalone) D Note Some totals may not match due to rounding-off differences Humility | Entrepreneurship | Teamwork & Respe
Slide 48: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Quarterly Analy Particulars Q3FY2023 Q2FY2024 Q3FY2024 9MFY2023 9MFY2024 Revenue from Operations 17,615 20,635 22,267 47,841 63,078 Other Income 1,608 989 1,240 5,217 3,314 Total Income 19,222 21,624 23,507 53,058 66,392 Less: Revenue Share
Slide 49: Annexure B : Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2023 Q2FY2024 Q3FY2024 9MFY2023 9MFY2024 Aero Revenue 2,417 2,516 2,699 6,818 7,778 Non Aero Revenue 6,752 7,035 7,597 18,002 21,664 CPD Rentals 1,402 1,948 1,956 4,224 5,977 Other Income 643 1,037 978 1,967 2,334 Tota
Slide 50: Annexure C : Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) Particulars Q3FY2023 Q2FY2024 Q3FY2024 9MFY2023 9MFY2024 Aero Revenue 2,058 3,130 3,117 5,739 9,241 Non Aero Revenue & CPD 1,222 1,482 1,442 3,220 4,165 Other Income 398 411 396 991 1,314 Total Income 3,678 5,023 4,955 9,950 14,720 Less: Revenue Share 145
Slide 51: Annexure D : Mopa (Goa) Airport (Standalone)
Annexure D : Mopa (Goa) Airport (Standalone) Particulars Q2FY2024 Q3FY2024 9MFY2024 Aero Revenue 246 451 969 Non Aero Revenue 99 141 321 Other Income 73 111 260 Total Income 418 703 1,549 Less: Revenue Share 0 0 0 Net Income 418 703 1,549 Operating Expenditure 478 531 1,470 EBITDA (60) 172 79 EBITDA
GMR Airports Infrastructure — Q3 FY2024 Earnings Presentation on 6ix