Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q3 FY2021 Earnings Presentation
47 slides from Gmr Airports's earnings presentation, Feb 13, 2021
Slide 1: Cover letter to stock exchanges
February 13, 2021 National Stock Exchange of India BSE Limited Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Plot no. C/1, G Block Mumbai - 400 001 Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Dear Sir/ Madam, Sub: Investor Presentation With reference to our letter dated February
Slide 2: Investor Presentation Q3FY21
Investor Presentation Q3FY21 0
Slide 3: Disclaimer
DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are ba
Slide 4: Table of Contents
Table of Contents Particulars Pg. No. Business Highlight 3–5 GIL Financial Performance 6–9 Airport Business 10 – 17 Energy Business 18 – 21 Transportation and Urban Infrastructure Business 22 – 25 ESG Practices 26 – 33 Annexures 35 – 45 2
Slide 5: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork agi Relationships | Deliver the fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 6: Encouraging Trends in Recovery
Encouraging Trends in Recovery Energy Business - PLFs recovered Airport Business witnessing recovery of traffic post opening on May 25 th substantially Delhi Airport1,2,3 1st Week 37th Week Apr-20 Jan-21 25-31 May 1 - 7 Feb 87% 92% 77% 84% 77% 62% 49% 52% 47% 31% 29% 35% 15% 17% 3% 5% Warora Kamalan
Slide 7: Demerger Update
Demerger1 Update Received consent of the Stock Exchanges to file for Scheme of Amalgamation and Arrangements in NCLT Current Structure Resultant Structure Promoter & Promoter Promoter & Promoter Group Public Public Group 65.52% 34.48% GIL 65.52% 34.48% Airport, Energy, EPC, Urban Infra Businesses GP
Slide 8: Performance Highlights – Q3FY21
Performance Highlights – Q3FY21
Slide 9: GIL Performance Highlights – Q3FY21
GIL Performance Highlights – Q3FY21 Consolidated Financials • Net Revenues ▲12% QoQ but ▼28% YoY due to unprecedented Covid pandemic o Airport business revenues ▲32% QoQ, ▼50% YoY • EBITDA of INR 1.1 bn in Q3FY21 vs INR 7.3 bn in Q3FY20 on lower revenue • Net Loss after tax (adjusted for exceptional
Slide 10: GIL Consolidated – Quarterly Trends
GIL Consolidated – Quarterly Trends INR bn Airport Energy Highways Others 18.1 16.7 13% 17% 20% 26% 26% 6% Net Revenue 7% 12% 10% 12.0 17% 7% 8% 10.7 9.6 29% 18% 31% 68% 59% 48% 35% 41% Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 INR bn 7.7 7.3 6.5 6.7 5.7 EBITDA 4.7 3.7 2.
Slide 11: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt (INR bn) ^ Net Debt (Sector-wise) ^ 298 46 Energy 252 9% Airport 59% Highways 10% Corporate Gross Debt Cash & equivalents Net Debt 22% Note : FCCB not considered in debt, ^ As on December 2020 9
Slide 12: Airport Business
Airport Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 13: Key Developments in Q3FY21 - Airport Business
Key Developments in Q3FY21 - Airport Business Delhi Airport (DIAL) • Revenue (▲32% QoQ,▼46% YoY) o Aero revenue (▲34% QoQ, ▼55% YoY) o Non-aero revenue (▲13% QoQ,▼43% YoY) Retail incl. Duty Free (▲92% QoQ,▼77% YoY) o CPD Rentals (▲6x QoQ,▼57% YoY). YoY down on non-recognition of revenue w.r.t Bhar
Slide 14: Key Developments in Q3FY21 - Airport Business (Cebu, Goa)
Key Developments in Q3FY21 - Airport Business Cebu Airport • Revenue (▲56% QoQ, ▼88% YoY) in constant currency terms o Pax growth ▲3.2x QoQ,▼96% YoY; Air traffic movement ▲3x QoQ,▼94% YoY o Operating expenses ▼11% QoQ,▼42% YoY o EBITDA loss at INR 98 mn in Q3FY21 Goa Airport • Construction & develop
Slide 15: Airports Business (Q3FY21) - Operational & Financial Highlights QoQ
Airports Business (Q3FY21) - Operational & Financial Highlights QoQ Airport Business Delhi Airport Hyderabad(figures Airport in INR mn) (Consolidated) (Standalone) (Standalone) Particulars Q3FY2020 Q2FY2021 Q3FY2021 Q3FY2020 Q2FY2021 Q3FY2021 Q3FY2020 Q2FY2021 Q3FY2021 Net Revenues 11,447 4,350 5,74
Slide 16: Airports Business (9MFY21) - Operational & Financial Highlights YoY
Airports Business (9MFY21) - Operational & Financial Highlights YoY (figures in INR mn) Airport Business Delhi Airport Hyderabad Airport (Consolidated) (Standalone) (Standalone) Particulars 9MFY2020 9MFY2021 9MFY2020 9MFY2021 9MFY2020 9MFY2021 Net Revenues 31,988 13,427 15,097 6,971 11,345 2,448 EBI
Slide 17: Delhi and Hyderabad Airport - Non-Aero Revenues
Delhi Airport - Non-Aero Revenues (9MFY21) Performance YoY Delhi Airport Non-Aero Revenue Break-up INR 9.0 bn • Non-aero revenues ▼47% to INR 9.0bn Ca rgo Advt. • Retail revenues ▼86% YoY to INR 692mn 25% 3% o Duty Free SPP down to INR 769 in 9MFY21 from INR 821 in F&B 4% 9MFY20 • Cargo revenues ▲7%
Slide 18: Cebu Airport - Operational & Financial Highlights
Cebu Airport - Operational & Financial Highlights (figures in INR mn) Constant Currency Reported INR mn Q3FY2020 Q2FY2020 Q3FY2021 9MFY2020 9MFY2021 Q3FY2020 Q2FY2020 Q3FY2021 9MFY2020 9MFY2021 Gross 1,225 95 148 3,595 1,306 1,225 103 165 3,595 1,422 Revenues EBITDA 801 (182) (98) 2,322 338 801 (198
Slide 19: Significant Contribution of JVs and Subsidiaries
Significant Contribution of JVs and Subsidiaries GAL – 9MFY21 Consolidated EBITDA (Proforma) I NR mn Airport Consolidated JVs EBITDA Airport Consolidated EBITDA^# (DIAL+GHIAL)* Cebu EBITDA Proforma EBITDA 147 2,495 1,779 569 DIAL – 9MFY21 Consolidated EBITDA (Proforma) GHIAL – 9MFY21 Consolidated EB
Slide 20: Energy Business
Energy Business Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 21: Key Developments in Q3FY21 – Energy Business
Key Developments in Q3FY21 – Energy Business Warora Power Project • Revenue ▼34% YoY − PLF including alternate power at 78.3% from 90.6% YoY as Unit 1 was under maintenance in December 2020 • EBITDA ▼54% YoY • Cash loss of INR 217 mn vs. cash profit of INR 660 mn in Q3FY20 Kamalanga Power Project •
Slide 22: GMR Energy Ltd - Operational & Financial Highlights YoY
GMR Energy Ltd (GEL) - Operational & Financial Highlights YoY (figures in INR mn) GEL Consolidated Warora Kamalanga Solar Particulars Proforma Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Revenue 11,853 9,720 5,187 3,443 6,261 6,350 130 130 EBITDA 4,350 2,852 1,669 763 2,3
Slide 23: Coal Assets - PT GEMS Performance YoY
Coal Assets - PT GEMS Performance YoY (figures in INR mn) Golden Energy Mines Particulars Q3FY2020 Q3FY2021 9MFY2020 9MFY2021 Sales Vol. (mn tons) 7.4 7.6 20.8 24.6 Revenues 18,897 15,678 53,310 58,148 EBITDA 1,805 1,611 6,127 7,823 PAT 750 789 3,294 4,846 • Production ▼ 9% YoY to 7.4 mn tons in Q3F
Slide 24: Transportation and Urban Infrastructure Business (T&UI)
Transportation and Urban Infrastructure Business (T&UI)
Slide 25: Key Developments in Q3FY21 – T&UI
Key Developments in Q3FY21 – T&UI Highway Business • Hyderabad Vijayawada (HV) expressway have reached 103% traffic as compared to pre-Covid levels in February 2021 • Traffic at Ambala Chandigarh expressway has been impacted due to farmer’s agitation • Major Maintenance of HV completed. Pavement dis
Slide 26: Highway Business Assets Performance YoY
Highway Business Assets Performance YoY (figures in INR mn) Hyderabad-Vijaywada Ambala - Chandigarh GPEL Chennai ORR Particulars Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Q3FY2020 Q3FY2021 Revenue 482 540 155 21 123 192 222 225 EBITDA 399 447 106 (51) 90 86 180 23 Interest 697 706 125 13
Slide 27: Urban Infrastructure – Potential to Unlock Value
Urban Infrastructure – Potential to Unlock Value Kakinada Special Investment Region Divestment 1 of Group’s entire stake in KSEZ2 Divestment of Group’s entire stake in KSEZ1 Signed Definitive Agreements for divestment by GSPHL3 of its entire 51% stake in KSEZ2 to Aurobindo Realty and Infrastruct
Slide 28: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork afi Relationships e fe | Learning And Inner Excellence | Social Respofsibility | Reset for individuel
Slide 29: Environmental, Social & Governance Considerations
Environmental, Social & Governance Considerations The Group companies strive together to create a difference in society through creation of value for each stakeholder. Company has invested substantially and allocated resources to increase adherence to environmental standards and pollution control me
Slide 30: Reward & Recognition for DIAL
Reward & Recognition for DIAL ACI Level 4+ (Transition) Accreditation Green Airport recognition 2021- Platinum National Water Award 2019 Level, for Air Quality Management 28
Slide 31: DIAL's Environment & Safety practices
DIAL’s Environment & Safety practices T3 – First IGBC LEED certified First airport registered with First Carbon neutral airport in NC building – GOLD (Feb’11) UNFCC&C for Clean 7.85 MW installed Solar Asia Pacific IGBC Platinum rated existing development mechanism for capacity building (Oct’16) ener
Slide 32: Reward and Recognition for GHIAL
Reward and Recognition for GHIAL RGIA received Green Airports Recognitions from the Airports Council International (ACI) for the last four consecutive years :- 2018 – Gold for the best Solid Waste Management 2019 - Silver for the best Green Infrastructure 2020 – Platinum for the best Water Managemen
Slide 33: GHIAL's Environment & Safety practices
GHIAL’s Environment & Safety practices Climate Change Management: Green Development Green Energy Carbon Neutral Airport Bridge Mounted Equipment Terminal Building certified for Area of 683 acres is developed Installation of 10 MW Solar For 3rd consecutive year, “Leadership in Energy & with various p
Slide 34: Energy Business's ESG Practices
Energy Business’s ESG Practices • Plants are certified for ISO 9001 : QMS, ISO 14001 : EMS, OHSAS 18001. GKEL has also implemented EnMS 50001, ISO 55001 : Asset Management System. GWEL is also certified for ISO 27001 : Information Security Management System and ISO 45001 : OHSMS. • Warora (GWEL)
Slide 35: PT GEMS Mining: ESG Performance, Practices and Safety Highlights
PT GEMS Mining: ESG Performance, Practices and Safety Highlights ESG Performance • Won several awards/ certifications in environmental management for 2018-2019 i.e.: GREEN rating for PROPER to PT Borneo Indobara from the Ministry of Environment and Forestry BLUE rating for PROPER to PT Kuansing
Slide 36: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 37: Annexures
Annexures Humility | Entrepreneurship | Teamwork afi ela
Slide 38: Annexures contents
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance • Airport Sector (Consolidated) B o Delhi Airport (Standalone) C o Hyderabad Airport (Standalone) D • Energy Sector (Consolidated) E • Warora (Standalone) F • Kamalanga (Standalone) G • PT GEMS (Indonesian Coal
Slide 39: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Gross Revenue 21,965 12,938 14,810 62,068 39,089 Less: Revenue Share 5,232 2,226 2,817 15,015 6,818 Net Revenue 16,733 10,712 11,993 47,053 32,271 Total Expenditure 9,410 9,316 10,869 27,312 29,92
Slide 40: Annexure B : Airport Business (Consolidated)
Annexure B : Airport Business (Consolidated) INR mn Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Aero Revenue 4,984 1,388 1,993 14,525 4,127 Non Aero Revenue 9,958 4,770 5,548 27,128 13,936 CPD Rentals 1,419 126 621 4,431 1,327 Gross Revenue 16,361 6,284 8,162 46,083 19,390 Less: Revenue Share 4,914
Slide 41: Annexure C : Delhi Airport (Standalone)
Annexure C : Delhi Airport (Standalone) INR mn Particulars Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Aero Revenue 2,582 869 1,160 7,418 2,547 Non Aero Revenue 6,138 3,091 3,480 16,893 8,972 CPD Rentals 1,402 101 606 4,378 1,270 Gross Revenue 10,122 4,061 5,247 28,690 12,790 Less: Revenue Share 4,
Slide 42: Annexure D : Hyderabad Airport (Standalone)
Annexure D : Hyderabad Airport (Standalone) INR mn Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Aero Revenue 3,016 558 872 8,856 1,689 Non Aero Revenue 1,074 288 431 2,992 903 Gross Revenue 4,090 846 1,304 11,847 2,592 Less: Revenue Share 175 54 61 503 145 Net Revenue 3,915 792 1,242 11,345 2,448 Op
Slide 43: Annexure E : Energy Business (Consolidated)
Annexure E : Energy Business (Consolidated) INR mn Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Gross Revenue 2,072 3,101 2,158 4,911 8,265 Operating Expenditure 2,132 3,048 2,253 5,284 8,358 EBITDA (60) 52 (95) (373) (93) EBITDA margin -3% 2% -4% -8% -1% Other Income 185 259 355 683 830 Interest &
Slide 44: Annexure F : Warora (Standalone) Power Plant
Annexure F : Warora (Standalone) Power Plant INR mn Particulars Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Total Revenue 5,187 3,728 3,443 13,801 10,746 Fuel - Consumption 2,790 2,543 2,152 7,556 6,135 Other Expenses 728 430 528 1,915 1,445 EBITDA 1,669 754 763 4,329 3,166 EBITDA margin 32% 20% 22
Slide 45: Annexure G : Kamalanga (Standalone) Power Plant
Annexure G : Kamalanga (Standalone) Power Plant INR mn Particulars Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Total Revenue 6,261 5,758 6,350 16,160 16,310 Fuel - Consumption 2,936 2,931 3,250 7,754 8,263 Other Expenses 957 864 1,037 2,808 2,638 EBITDA 2,368 1,964 2,062 5,598 5,409 EBITDA margin 3
Slide 46: Annexure H : PT GEMS (Indonesian Coal Mine)
Annexure H : PT GEMS (Indonesian Coal Mine) INR mn Particulars Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Production (mn tons) 8.1 8.1 7.4 20.7 23.9 Sales Volumes (mn tons) 7.4 8.1 7.6 20.8 24.6 Gross Revenue 18,897 19,334 15,678 53,310 58,148 Total Expenditure 17,091 16,890 14,067 47,183 50,325 E
Slide 47: Annexure I : Highway Business (Consolidated)
Annexure I : Highway Business (Consolidated) INR mn Q3FY2020 Q2FY2021 Q3FY2021 9MFY2020 9MFY2021 Gross Revenue 1,376 1,397 1,372 4,300 3,633 Less: Revenue Share 317 293 395 919 855 Net Revenue 1,059 1,104 978 3,381 2,778 Operating Expenses 265 587 462 850 1,256 EBITDA 794 517 515 2,531 1,522 EBITDA