Capitaland India Trust · SGX:CY6U
Capitaland India Trust — H1 2024 Earnings Presentation
52 slides from Capitaland India Trust's earnings presentation, Jul 29, 2024
Slide 1: 1H FY 2024 Financial Results Presentation
CapitaLand India Trust 1H FY 2024 Financial Results Presentation 29 July 2024
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors inc
Slide 3: 1H FY 2024 Financial Results
1H FY 2024 Financial Results International Tech Park Bangalore
Slide 4: Key Financial Highlights
Key Financial Highlights Distribution Per Unit grew 8% y-o-y and 18% over 2H FY 2023 NPI continues to grow Increase in DPU 103.5 10% 3.64 94.0 18% 85.6 3.36 3.09 1H 2021 1H 2023 2H 2021 2H 2023 1H 2022 1H 2024 1H 1H 2023 2021 2H2021 2H 2023 1H 2022 1H 2024 in S$ millions in Singapore cents Capita La
Slide 5: Key Operational Highlights
Key Operational Highlights FITCH CREDIT ASSETS UNDER COMMITTED REVENUE SUSTAINABILITY- RATING MANAGEMENT OCCUPANCY1 GENERATING AREA LINKED FINANCING BBB- S$3.3 billion 96% 18.8 million sq ft S$960 million Stable Outlook obtained in June increased by 10% up from 93% increased by 10% 63% of loan books
Slide 6: High Occupancy and Continued Portfolio Growth
High Occupancy and Continued Portfolio Growth Strong Leasing Traction Value-Adding Acquisitions • Completed the acquisition of a aVance Hyderabad Building Q1 0.82 million sq ft multi-tenanted IT Non-SEZ office building at 95% 94% Aurum Q Parc, Navi Mumbai in July 2024. 75% 87% 62% • Fully leased to
Slide 7: Growth and Expansion Across the Portfolio in 2024
Growth and Expansion Across the Portfolio in 2024 February 2024 May 2024 3Q 2024 Expected Announced the Announced the proposed acquisition proposed acquisition completion of of 0.8 million sq ft of 2.5 million sq ft IT 0.2 million sq ft three industrial buildings at HITEC FTWZ in CyberVale, faciliti
Slide 8: Development Update on Data Centres
Development Update on Data Centres CapitaLand DC Navi Mumbai 1 Critical development permissions secured Power sanctions received GIS cabling & substation contracts awarded CapitaLand DC ITPH Superstructure works in progress Active ongoing leasing discussions Capita Land India Trust 1H FY 2024 Financ
Slide 9: Financial Review
Financial Review Artist’s impression of Ebisu, Bangalore
Slide 10: 1H FY 2024 vs 1H FY 2023 Results
1H FY 2024 vs 1H FY 2023 Results 1H FY 2024 1H FY 2023 Variance • Increase due to higher rental income from existing SGD/INR FX rate1 61.9 61.5 1% properties; • Income contributions from aVance II, Pune, Industrial Facility 2 & 3, Mahindra World City, ₹8,420 million ₹6,795 million 24% Total property
Slide 11: 1H FY 2024 vs 2H FY 2023 Results
1H FY 2024 vs 2H FY 2023 Results 1H FY 2024 2H FY 2023 Variance • Increase due to higher rental from existing SGD/INR FX rate1 61.9 61.3 1% properties; • Income contributions from aVance II, Pune, ₹8,420 million ₹7,582 million 11% Industrial Facility 2 & 3, Mahindra World City, Total property income
Slide 12: Net Property Income
Net Property Income INR million S$ million 12% CAGR 8% CAGR 7,000 110.0 103.5 6,405 100.0 94.0 6,000 5,768 90.0 85.6 85.6 5,265 83.4 77.3 78.5 80.0 75.6 5,000 4,781 73.5 74.4 4,648 73.1 4,251 4,325 70.0 67.0 66.8 4,049 4,000 3,892 3,861 3,776 60.0 3,474 3,317 50.0 3,000 40.0 2,000 30.0 20.0 1,000 10
Slide 13: Distribution Details
Distribution Details Distributions to Unitholders are made on a semi-annual basis for the six-month period ending 30 June and 31 December of each year. Distribution Period 1 January 2024 to 30 June 2024 Distribution Per Unit 3.64 Singapore cents 1H FY 2024 Results Ex-distribution Date Payment Date 2
Slide 14: Half-yearly DPU since Listing
Half-yearly DPU since Listing Change since listing INR/S$ exchange rate2 (indexed) DPU1 (S cents) INR depreciation against S$: -57% 110 10.00 S$ DPU3: +11% 100 8.00 90 6.00 80 70 4.00 60 2.00 50 0.00 40 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020
Slide 15: Capital Management
Capital Management Arshiya Warehouses, Navi Mumbai
Slide 16: Capital Management
Capital Management Currency hedging strategy Funding strategy Balance sheet • The Trustee-Manager’s approach to equity raising is predicated on maintaining a strong balance sheet by • Trustee-Manager does not hedge equity. keeping the Trust’s gearing ratio at an appropriate level. • At least 50% of
Slide 17: Debt Maturity Profile & Capital Structure
Debt Maturity Profile & Capital Structure Gearing Ratio Net Gearing Ratio Cost of Debt Effective borrowings S$1,488 million 38.1%1 36.5%2 6.2% % of fixed rate debt 70.9% S$ million INR: 54.5% Hedging ratio S$: 45.5% Available debt headroom S$915 million 116.7 (gearing limit of 50%) Interest service
Slide 18: Market Overview
Market Overview aVance Pune, India
Slide 19: India's macro drivers support CLINT's growth prospects
India’s macro drivers support CLINT's growth prospects Economic Growth Infrastructure Growth India’s annual The investment in GDP growth is infrastructure that has forecasted to be driven huge 7.0% in 2024 improvements in and 6.5% in transport since 2019 2025. It is likely is expected to to remain a
Slide 20: Operational Review
Operational Review Block A, International Tech Park Hyderabad
Slide 21: Diversified Portfolio
Diversified Portfolio Portfolio breakdown by base rental Customer Base Mumbai 8% Total number of tenants 315 Average space per tenant ~60,000 sq ft Hyderabad 28% Chennai 18% Largest tenant accounts for 11% of the portfolio base rent Pune 19% Bangalore 27% All information as at 30 June 2024 C a p i t
Slide 22: Portfolio Occupancy
Portfolio Occupancy Committed occupancy (excluding aVance II) : 96% Committed occupancy (including aVance II) : 93%3 Bangalore Chennai Hyderabad Mumbai Pune 98% 100% 100% 98% 100% 95% 95% 95% 94% 92% 91% 88% 87% 87% 87% 87% 80% 75% 72% 72% 72% 66% 56% 46% ITPB ITPC CyberVale IF, MWC 1 ITPH aVance Hy
Slide 23: Spread-out Lease Expiry Profile
Spread-out Lease Expiry Profile Weighted average lease term Weighted average lease expiry 6.4 years 3.4 years Monthly base rent expiring (INR mil) 600 49% 500 400 ~40% of remaining leases expiring in 2024 are either renewed or 300 highly likely to be renewed 18% 18% 200 100 8% 7% 0 FY2024 2024 FY202
Slide 24: Rental Growth
Rental Growth1 Bangalore Chennai Hyderabad Mumbai Pune 30% 25% 25% 20% 15% 14% 9% 10% 7% 7% 5% 5% 5% 0% -2% -5% ITPB ITPC CyberVale ITPH aVance CyberPearl Building Q1 aVance I, 2 Hyderabad Pune All information as at 30 June 2024 1. Rental growth is the percentage difference of average headline rent
Slide 25: Rental Reversion
Rental Reversion1 Bangalore Chennai Hyderabad Mumbai Pune 8% 8% 8% 6% 5% 4% 4% 0% 0% 0% -1% -1% -4% ITPB ITPC CyberVale ITPH aVance CyberPearl Building Q1 aVance I, Pune2 ITPP-H Hyderabad 2 All information as at 30 June 2024 1. Rental reversion for a lease is defined as the percentage change of the
Slide 26: Quality Tenants
Quality Tenants % of base % of base Top 10 tenants of IT Parks Logistics and Industrial Assets rent rent 1 Tata Consultancy Services 11% 1 Arshiya 2 Infosys 6% Sub-tenants include DHL Logistics, Borochemie (India), Sawariya 5% 3 Amazon 4% Futureworks, Infinity, and Ginlong 4 Applied Materials 3% Tec
Slide 27: Diversified Tenant Base
Diversified Tenant Base Tenant core business & country of origin by base rental Others Retail and Others Singapore 8% Healthcare & F&B 7% 1% Pharmaceutical 1% 3% France 7% Design, Gaming & Media 4% Automobile 5% USA Logistics 44% 5% Tenant Core Country of Business Origin Banking & Financial Services
Slide 28: Growth Strategy
Growth Strategy CapitaLand Data Centre Navi Mumbai 1
Slide 29: Good Growth Track Record
Good Growth Track Record Total developments Total acquisitions 7.0 million sq ft 10.8 million sq ft 11% Floor area (million sq ft) CAGR 21.0 19.6 1.4 2.6 15.52 1.4 15.0 0.8 13.8 1.3 13.1 12.61 0.7 11.9 0.5 0.8 1.9 9.7 0.4 19.6 8.8 0.3 0.6 7.5 1.3 6.9 6.9 15.5 6.5 0.6 14.8 6.0 0.4 13.1 13.8 0.5 11.9
Slide 30: Long-term Growth Strategy
Long-term Growth Strategy Development Pipeline 3rd Party Acquisitions Non-IT Park Asset Class Sponsor Assets • 3.1 million sq ft • 1.1 million sq ft • 54 MW • Ascendas India Growth in Bangalore1 aVance Hyderabad Data Centre, Navi Mumbai 1 Programme • 2.0 million sq ft • 1.4 million sq ft • 40 MW • A
Slide 31: Growth based on Committed Pipeline
Growth based on Committed Pipeline Floor area (million sq ft) 35.0 30.2 30.0 1.4 44% Data Centres 25.0 6.8 3rd Party Acquistions 21.0 Under Development (MTB 6 and FTWZ) 1.0 20.0 Portfolio 15.0 10.0 21.0 21.0 5.0 0.0 June 2024 Growth Pipeline All information as at 30 June 2024 Capita Land India Trust
Slide 32: Growth Pipeline
Growth Pipeline Casa aVance aVance Business Grande – Aurum Q Parc Gardencity Ebisu Hyderabad Hub 2 OneHub Chennai Total aVance 5 aVance A1 aVance A25 Building Q27 Project I Project II Building 1 Phase 1, 2 & 3 Floor area 1.16 0.83 0.55 0.82 1.26 0.39 1.00 0.79 6.80 (million sq ft) Time of Completed
Slide 33: Thank you
Thank you For enquiries: Office: +65 6713 2888 Email: enquiries@clint.com.sg Website: www.clint.com.sg
Slide 34: Appendix: Glossary
Appendix Glossary CY : Calendar year. Derivative financial : Includes cross currency swaps (entered to hedge SGD borrowings into INR), interest rate swaps, options and forward foreign instruments exchange contracts. DPU : Distribution per unit. EBITDA : Earnings before interest expense, tax, depreci
Slide 35: Balance Sheet
Balance Sheet As at 30 June 2024 INR SGD Total assets ₹240.2 billion S$3,876 million Total borrowings ₹94.0 billion S$1,516 million Deferred consideration1 ₹1.6 billion S$27 million Derivative financial instruments (₹3.4 billion) (S$55 million) Effective borrowings2 ₹92.2 billion S$1,488 million Lon
Slide 36: Development: CapitaLand Data Centres
Growth Strategy Development: CapitaLand Data Centres Artist’s impression Name CapitaLand DC Navi Mumbai 1 CapitaLand DC ITPH CapitaLand DC Chennai CapitaLand DC ITPB Location Airoli, Navi Mumbai International Tech Park Hyderabad Ambattur, Chennai International Tech Park Bangalore Capacity Power load
Slide 37: Sponsor: Assets in India
Growth Strategy Sponsor: Assets in India Private funds managed by sponsor • Ascendas India Growth Programme Sponsor presence1 • Ascendas India Logistics Programme Gurgaon Pune Chennai 1. Excludes CLINT properties. Capita Land India Trust 1H FY 2024 Financial Results Presentation 37
Slide 38: Development: ITPB Pipeline
Growth Strategy Development: ITPB Pipeline ITPL Metro Station (Operational since mid-2023) Future Development Potential • Remaining development potential of 3.4 million sq ft1. • Site has been identified for development of a data centre. MTB 6 (Under • ITPB’s existing 40 Mega Volt Amperes (MVA) air
Slide 39: Development: MTB 6, Bangalore
Growth Strategy Development: MTB 6, Bangalore Artist’s impression Name Multi tenanted building – MTB 6 Location ITPB, Bangalore Floor area 0.80 million sq ft Development Superstructure work in progress. status Building is expected to be completed by end 2024. Capita Land India Trust 1H FY 2024 Finan
Slide 40: Development: ITPH redevelopment
Growth Strategy Development: ITPH redevelopment Original Master Plan (1.3 million sq ft) Proposed Master Plan (4.9 million sq ft) MLCP Capella Vega Atria Phase I completed Phase I Orion Auditorium Auriga Mariner Data Centre under construction Data Centre under construction Redevelopment to increase
Slide 41: Development: FTWZ, Chennai
Growth Strategy Development: FTWZ, Chennai Artist’s impression Name Free Trade Warehousing Zone Location CyberVale, Chennai Floor area 0.23 million sq ft Construction works in progress. Development status Building completion expected by 3Q 2024. Capita Land India Trust 1H FY 2024 Financial Results P
Slide 42: IT Park: aVance Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Hyderabad (3) (6) (8) (4) (7) (2) (5) (1) (9) (10) aVance 5 Site area 25.7 acres / 10.4 ha CLINT assets – marked in blue; Vendor assets – marked in black; Landowner assets – marked in white; Asset ownership CLINT has ROFR to (7), (8), (9)
Slide 43: IT Park: aVance Business Hub 2, Hyderabad
Growth Strategy (3rd Party Forward Purchase) IT Park: aVance Business Hub 2, Hyderabad Artist’s impression Indicative revised plan Artist’s impression Park Statistics Proposed acquisition of Site area: 14.4 acres / 5.8 ha 4.75 million sq ft (A1) to (A5)1: Common Area, lobby, restroom Vendor assets:
Slide 44: IT Park: Aurum Q Parc, Navi Mumbai
Growth Strategy (3rd Party Forward Purchase) IT Park: Aurum Q Parc, Navi Mumbai Building Q2 Building Q1 Lift Lobby Lobby Fountain Location Ghansoli, Navi Mumbai Building Q2 (left) and Building Q1 (right) Lobby Floor area Building Q1 (CLINT owned): 0.65 million sq ft; Building Q2: 0.82 million sq ft
Slide 45: IT Park: Gardencity, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Gardencity, Bangalore Artist’s impression Location Hebbal, Bangalore Floor area Project I: 1.3 million sq ft; Project II: 0.4 million sq ft Expected completion Project I: 1H 2025; Project II: 2H 2026 Construction status Construction works in prog
Slide 46: IT Park: Ebisu, Bangalore
Growth Strategy (3rd Party Forward Purchase) IT Park: Ebisu, Bangalore Building 1 Artist’s impression Location Outer Ring Road, Bangalore Floor area Building 1: 1.0 million sq ft Expected completion 2H 2026 Construction status Basement works in progress. Capita Land India Trust 1H FY 2024 Financial
Slide 47: Industrial: Casa Grande – OneHub, Chennai
Growth Strategy (3rd Party Forward Purchase) Industrial: Casa Grande – OneHub, Chennai OneHub Chennai Location OneHub, Chennai Phase 1: 0.48 million sq ft Floor area Phase 2: 0.16 million sq ft Phase 3: 0.15 million sq ft Construction status Phase 1: Site preparation works in progress. Capita Land I
Slide 48: World-class Assets
World-class Assets City Bangalore Chennai Hyderabad Pune Mumbai • International Tech • International Tech Park • International Tech • aVance I, Pune • Arshiya Panvel Park Bangalore Chennai Park Hyderabad • International Tech Warehouses Property • CyberVale • CyberPearl Park Pune, Hinjawadi • Buildin
Slide 49: Lease Expiry Profile by Base Rental
Lease Expiry Profile by Base Rental 2028 City 2024 2025 2026 2027 Total & beyond Bangalore 2.1% 1.6% 8.8% 3.6% 10.8% 26.9% Hyderabad 1.2% 2.6% 2.1% 5.7% 16.1% 27.7% Chennai 0.5% 1.4% 2.9% 6.1% 7.1% 18.0% Pune 0.2% 1.3% 4.7% 1.4% 12.1% 19.7% Mumbai 3.8% 0.4% 0.0% 0.9% 2.6% 7.7% Total 7.7% 7.3% 18.5%
Slide 50: Lease Expiry Profile by Area
Lease Expiry Profile by Area 2028 City 2024 2025 2026 2027 Total & beyond Bangalore 2.0% 1.4% 8.6% 3.8% 10.9% 26.7% Hyderabad 1.1% 2.2% 1.9% 4.7% 14.1% 23.9% Chennai 0.4% 1.0% 2.8% 5.2% 8.2% 17.7% Pune 0.2% 1.5% 5.6% 1.5% 14.3% 23.2% Mumbai 4.4% 0.4% 0.0% 1.0% 2.8% 8.6% Total 8.1% 6.5% 18.9% 16.3% 5
Slide 51: Total Property Income
Total Property Income INR million 10% CAGR S$ million 6% CAGR 9,000 140.0 136.1 8,420 8,500 130.0 123.6 8,000 7,582 120.0 7,500 110.5 110.5 7,000 6,795 110.0 103.3 101.1 6,500 99.0 97.4 6,148 100.0 96.5 95.4 94.2 92.7 6,000 5,758 89.8 90.0 5,500 5,205 5,199 5,246 5,367 4,982 5,051 5,000 80.0 4,660 4
Slide 52: CLINT Unit Price versus Major Indices
CLINT Unit Price versus Major Indices (Indexed) 175 Indicator CLINT Trading yield FTSE STI Index 7.5%1 (as at 30 June 2024) 150 FTSE ST REIT Index Average daily trading 2,437,600 units Bombay SE Realty Index volume (YTD FY 2024) 125 INR/SGD FX rate Bombay SE Realty Index 100 FTSE STI Index CLINT 75
CapitaLand India Trust — H1 2024 Earnings Presentation on 6ix