IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — Q1 FY2025 Earnings Presentation
25 slides from IndiGrid Infrastructure Trust's earnings presentation, July 2024
Slide 1: Investor Presentation Q1 FY25 Results
I N V E S T OR P R E S E N T A T ION Q 1 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 ~ ₹ 293 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 - ~26.3 YEARS ~1.1 GWp S OLAR - ~ 19.3 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 400 MWh6 ~5,30,000 MT5 BESS PROJE
Slide 5: Q1 FY25 Quarterly Update
Q1 FY25 Q UARTERLY UPDATE 5
Slide 6: Q1 FY25 Highlights
Q1 FY25 Highlights Portfolio Update Signed Battery Energy Storage Purchase Agreement (BESPA) for the 180 MW/360 MWh BESS project awarded by GUVNL during Q4 FY24. Financial Performance Superior Total Returns Q1 FY25 Revenue & EBITDA witnessed 32.7% and 35.2% YoY growth respectively; Q1 FY25 finan
Slide 7: Indian transmission sector opportunity landscape (1/2)
Indian transmission sector opportunity landscape (1/2) Rapidly increasing power demand Additional Transmission networks Heightened focus on Renewable and consequent capacity addition required to facilitate evacuation generation and energy storage infra Peak Power Demand (GW) 250 To facilitate evac
Slide 8: Indian transmission sector opportunity landscape (2/2)
Indian transmission sector opportunity landscape (2/2) CEA, in the draft NEP1 (Vol II) has outlined an investment requirement worth ₹ 4.75 trillion by 2027 for the transmission sector. In its Rolling Plan 2028-29, CTUIL2 has identified projects worth ₹ 2.95 lakh crores for adding 48,620 ckms of
Slide 9: Q1 FY25 Operational Performance
Q1 FY25 Operational Performance • Zero Harm on HSE Q1 FY25 availability(%) 99.86 99.81 99.93 99.72 100.00100.00 99.86 99.79 99.95 98.41 99.76 99.78 99.95 99.98 o Zero – Fatality/LTI (Loss Time Injuries)/ FAC ( First Aid Cases) 97.85 95.77 for the quarter • Performance o Power Transmission: Average
Slide 10: Q1 FY25 Financial Performance
Q1 FY25 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q1 FY25 Q1 FY24 % change 8,351 7,665 Revenue 8,351 6,292 32.7% 6,292 5,609 5,669 5,122 EBITDA 7,665 5,669 35.2% NDCF Generated 3,130 1,734 80.4% DPU (₹ per unit) 3.75 3.45 8.7% Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY23 Q1 FY24 Q1 FY25 Co
Slide 11: Q1 FY25 Distribution Update
Q1 FY25 Distribution Update Particulars Q1 FY25 Q1 FY24 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.75 3.45 - Interest 3.1954 3.1759 3.75 - Dividend 0.2082 0.0611 3.55 3.19 3.30 3.00 - Capital Repayment 0.3464 0.2010 - Other income - 0.0120 Outstanding Units (Mn) 783.7 700.2 Gross
Slide 12: Q1 FY25 Consolidated EBITDA to NDCF Waterfall
Q1 FY25 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 200 -540 -75 -36 -42 -3,634 ₹ 191 Mn added to the reserves 7,699 7,247 during the quarter; reserve balance at ~ ₹ 4,831 Mn -142 -169 -10 -121 3,130 -2,939 191 EBITDA at Finance WC Capex Tax at SPV NDCF at Expenses at Finance cost DSRA WC Tax at
Slide 13: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 203 Bn (50% NCDs, 50% Bank Loans & ECB) AAA Rated ~7.74% ₹ 25.54 Bn 8 4 All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash 17 India Ratings Debt 31 Balance1 16 ~73% ~61.3% 2.03x Fixed Rate Net Debt/AUM EBITDA/Interest 85 Borrowings 43 Weighted ave
Slide 14: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 12% 16% 17% 19% 19% 9%2 Total Returns1 45% 54% 125% 181% 199% 246% 236% 30% 36% 189% 3% 220% 167% 182% 47% -2% 51% 90% 14% 17% 26% 46% 35% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT -4% (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 7 1 Substation – 3000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 3 1 Substation – 2000 MVA KTCO Maharashtra 1 Line – 60 ckms Fixed Tariff/ Ce
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 3,440 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,517 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,578 TL Patlasi 22 20 Mad
Slide 21: Diversified Investor Base
Diversified Investor Base As on June 30, 2024 Corporates & Supported by marquee long term investor base Trusts, 19% Retail, 26% ~24% owned by DIIs including insurance companies, mutual ~28% Insurance, 7% funds, pension fund and corporates Others, 2% Other FIIs, 7% Retail Holding at ~26% ; quadrupled
Slide 22: 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% 70% 30% Kallam IGL IGL 1 IGL 2 70% IPTL 30% 100% 100% 100% 100% 100% 100% 70% DPTL 30% 100%
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
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