IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — India Grid Trust (IndiGrid) — Q3 FY24 Earnings Presentation
23 slides from IndiGrid Infrastructure Trust's earnings presentation, February 2024
Slide 1: Investor Presentation Q3 FY24 Results
I N V E S T OR P R E S E N T A T ION Q 3 FY24 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 ~ ₹ 267 Bn1,2 20 STATES & 1 UT ASSETS UNDER MANAGEMENT 80 REVENUE GENERATING ELEMENTS1,2 ~8,468 ckms1,2 ~17,550 MVA1,2 46 LINES 13 SUBSTATIONS TRANSMISSION - ~26.5 YEARS 555 MW(AC) S OLAR - ~ 18 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 ~12,9701 ~5,30,000 MT5 TOWERS STE
Slide 5: Q3 FY24 Quarterly Update
Q3 FY24 Q UARTERLY UPDATE 5
Slide 6: Q3 FY24 Highlights
Q3 FY24 Highlights Portfolio Update Won two greenfield ISTS transmission projects with an expected total capex of ~INR 1,000 crore. Both projects won through TBCB mechanism and to be developed on BOOT basis for a period of 35 years. First utility scale BESPA* in India executed with BRPL on TBCB
Slide 7: Q3 FY24 Industry Update
Q3 FY24 Industry Update Power Demand and Supply Trend 213.5 194.0 177.1 Average quarterly peak power demand registered at 213.5 GW for Q3 FY24 Peak power demand witnessed a YoY increase of 10%, however the QoQ consumption came off by 7% India has envisioned aggressive generation growth to meet
Slide 8: Q3 FY24 Operational Performance
Q3 FY24 Operational Performance Q3 FY24 availability(%) Zero Harm on HSE 99.92 100.00 100.00 100.00 99.03 99.16 99.84 99.61 99.46 99.79 99.87 99.84 99.50 99.44 99.79 Zero – Fatality, Zero – LTI, Zero – FAC, 1 MTC – Recordable (Minor) Performance Power Transmission: Q3 Average availability ~
Slide 9: Q3 FY24 Financial Performance
Q3 FY24 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q3 FY24 Q3 FY23 % change 7,542 5,910 6,807 Revenue 7,542 5,910 28% 5,706 5,179 5,361 EBITDA 6,807 5,361 27% NDCF Generated 3,119 2,944 6% DPU (₹ per unit) 3.55 3.30 7.5% Q3 FY22 Q3 FY23 Q3 FY24 Q3 FY22 Q3 FY23 Q3 FY24 Collectio
Slide 10: Q3 FY24 Distribution Update
Q3 FY24 Distribution Update Particulars Q3 FY24 Q3 FY23 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.55 3.30 - Interest 3.55 2.9510 2.8042 - Dividend ~4% YoY growth NIL NIL - Capital Repayment 3.30 0.5621 0.5635 3.19 - Other income 0.0369 - Outstanding Units (Mn) 783.7 700.2 3.00 3
Slide 11: Q3 FY24 Consolidated EBITDA to NDCF Waterfall
Q3 FY24 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 6,807 285 308 6,675 77 33 94 3,503 Reserve worth 63 22 ₹ 336 Mn added during the quarter; reserve balance at ~ ₹ 3,374 Mn 2,782 3,119 336 EBITDA at Finance WC Capex Tax at SPV NDCF at SPV Expenses at Finance cost MTM Tax at IGT NDCF Distributio
Slide 12: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 177 Bn (52% NCDs, 48% Bank Loans) AAA Rated ~7.60% ₹ 13.82 Bn 8 4 All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash 9 India Ratings Debt Balance1 24 16 ~79% ~61.6% 1.94x Fixed Rate Net Debt/AUM EBITDA/Interest 75 Borrowings 40 Debt amounting to I
Slide 13: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 12% 14% 14% 16% 15% 4%2 Total Returns1 42% 46% 112% 142% 141% 170% 150% 32% 30% 107% 146% 130% 126% 44% -2% 47% -1% 82% 12% 15% 24% 42% 29% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL -3%InvIT PGCIL (10
Slide 14: Business Outlook
Business Outlook Portfolio Strategy Focus on maintaining stable operations for predictable and sustainable distribution while looking for value accretive acquisitions Consummation of pipeline deals – Renew solar asset Greenfield Development – Commissioning of Kallam Project by Q4 FY24 Execut
Slide 15: DPU Accretive Acquisitions
DPU Accretive Acquisitions 17.0 IPA assets Acquistions I (MTL +RTCL +PKTCL +PTCL) Acquistions II (ENICL +OGPTL +NRSS) 16.0 Acquistions III (JKTPL +GPTL +PrKTCL +NER +FRV) Acquistions IV (RSTCPL +KTL +Kallam) Acquisition V (VRET + Expansions2) 15.0 14.0 14.10 13.35 13.0 12.75 12.20 12.0 12.00 12.00 1
Slide 16: Annexures
A NNEXURES 16 16
Slide 17: Asset Portfolio – Transmission Assets
Asset Portfolio – Transmission Assets 13 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Under Construction TBCB Transmission Projects Transmission Project Transmission Project Transmission Project Availability AUM2 FY24 Tariff Metal Asset States Elements Contract COD (%)1 (₹ Million) Contr
Slide 18: 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 3,176 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,384 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,364 TL Patlasi 22 20 Mad
Slide 19: Diversified Investor Base
Diversified Investor Base As on Dec 31, 2023 Corporates & Supported by marquee long term investor base Retail, 24% Trusts, 19% ~24% owned by DIIs including insurance companies, mutual ~28% Insurance, 7% funds, pension fund and corporates Other FIIs, 7% Others, 2% Retail Holding at ~24% ; quadrupled
Slide 20: Corporate Structure
Corporate Structure Other Unitholders Initial Portfolio Asset Transmission Assets Sponsor Solar Assets ~21% ~18% ~61% BESS % Represents Economic Ownership 100% Investment Manager (IIML) Trustee 100% 100% 100% IGL* IGL 1 IGL 2 100% 100% 100% 100% 100% 100% 70% 30% 100% 100% 100% 100% 100% 74% 100% 10
Slide 21: 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 22: 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 23: Thank You
T H AN K Y O U 23
India Grid Trust (IndiGrid) — Q3 FY24 Earnings Presentation on 6ix