Indigrid Infrastructure Trust · NSE:INDIGRID
Indigrid Infrastructure Trust — India Grid Trust (IndiGrid) — Q4 FY24 Earnings Presentation
24 slides from Indigrid Infrastructure Trust's earnings presentation, May 2024
Slide 1: Investor Presentation Q4 FY24 Results
I N V E S TOR P R E S E N TA TION Q 4 FY24 R E S U LTS 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 ~ ₹ 283 Bn1,2 20 STATES & 2 UT ASSETS UNDER MANAGEMENT 82 REVENUE GENERATING ELEMENTS1,2 ~8,692 ckms1,2 ~22,550 MVA1,2 49 LINES 15 SUBSTATIONS TRANSMISSION - ~26 YEARS ~1.1 GWp S OLAR - ~ 19.5 Y EARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 400 MWh6 ~5,30,000 MT5 BESS PROJEC
Slide 5: Q4 FY24 Quarterly Update
Q4 FY24 Q UARTERLY UPDATE 5
Slide 6: Q4 FY24 Highlights
Q4 FY24 Highlights Portfolio Update ❑ Won one greenfield ISTS project in Maharashtra awarded by RECPDCL and one 180 MW / 360 MWh BESS project in Gujarat awarded by GUVNL on TBCB basis. With this, IGT has won 5 greenfield projects (3 ISTS and 2 BESS) during FY-24 with an outlay of ~ ₹ 2,000 crores. ❑
Slide 7: Q4 FY24 Industry Update
Q4 FY24 Industry Update Power Demand and Supply Trend 222.5 211.0 ❑ Average quarterly peak power demand registered at 222.5 GW for Q4 FY24 195.6 ❑ Peak power demand witnessed an increase of 5.4% on YoY basis and 4.2% on QoQ basis ❑ India has envisioned aggressive generation growth to meet growing co
Slide 8: Q4 FY24 Operational Performance
Q4 FY24 Operational Performance FY24 availability(%) 99.8 99.8 99.9 99.7 99.9 99.8 99.9 99.8 99.8 99.9 99.9 99.4 99.8 99.8 • Zero Harm on HSE 98.8 o Zero – Fatality/LTI (Loss Time Injuries)/ FAC ( First Aid Cases) for the quarter • Performance o Power Transmission: Average availability Q4 FY24: ~ 9
Slide 9: Q4 FY24 Financial Performance
Q4 FY24 Financial Performance Earnings Revenue (₹ Mn) EBITDA (₹ Mn) ₹ Mn Q4 FY24 Q4 FY23 % change 7,856 Revenue 7,856 5,989 31% 6,547 5,989 5,495 5,277 4,993 EBITDA 6,547 5,277 24% NDCF Generated 4,507 3,470 30% DPU (₹ per unit) 3.55 3.45 3% Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY22 Q4 FY23 Q4 FY24 Collection
Slide 10: Q4 FY24 Distribution Update
Q4 FY24 Distribution Update Particulars Q4 FY24 Q4 FY23 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.55 3.45 - Interest 2.7361 2.5300 - Dividend (Taxable) 0.7884 0.0300 - Dividend (Non-Taxable) 0.0255 0.2600 3.75 3.55 3.19 3.30 - Capital Repayment - 0.5800 3.00 - Other income - 0.0
Slide 11: Q4 FY24 Consolidated EBITDA to NDCF Waterfall
Q4 FY24 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) -115 -156 1,377 160 Additionally, ₹ 447 Mn utilized for -3,405 acquisitions. Therefore, ₹ 1,278 Mn added to the reserves during the quarter; reserve balance at ~ ₹ 4,649 Mn 8,125 -24 -32 6,703 -2,782 4,507 1,725 EBITDA at SPV Finance WC Movemen
Slide 12: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing ~ ₹ 192 Bn (51% NCDs, 49% Bank Loans) AAA Rated ~7.68% ₹ 15.94 Bn 7 4 All numbers in INR Bn By CRISIL, ICRA & Average Cost of Cash 9 India Ratings Debt Balance1 31 16 ~78% ~62.4% 1.86x Fixed Rate Net Debt/AUM EBITDA/Interest 39 Borrowings 85 ❑ Weighted average co
Slide 13: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 12% 15% 16% 18% 17% 8%2 Total Returns1 42% 49% 111% 152% 174% 205% 188% 26% 179% 142% 33% 158% 140% 2% 44% 47% 79% 13% 16% 26% 46% 32% -2% -5% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT (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 and bidding opportunities ❑ Greenfield Development ✓ Execution of augmentation work in existing transmission projects as well as th
Slide 15: 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 16: Annexures
A NNEXURES 16 16
Slide 17: 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 18: Asset Portfolio – Under Construction
Asset Portfolio – Under Construction AUM1 Asset States Elements Contract (₹ Million) 1 Line – 18 ckms IPTL Maharashtra Fixed Tariff/ Centre 3 1 Substation – 4000 MVA 1 Line – 70 ckms DPTL Madhya Pradesh Fixed Tariff/ Centre 3 1 Substation – 2000 MVA KTCO Maharashtra N.A. Fixed Tariff/ Centre N.A. Ki
Slide 19: 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 3,372 Solar - II 70 50 Andhra Pradesh Jan-19 SECI 25 3,447 SolarEdge 169 130 Maharashtra Apr-18 SECI 25 9,365 TL Patlasi 22 20 Mad
Slide 20: Diversified Investor Base
Diversified Investor Base As on Mar 31, 2024 Corporates & Supported by marquee long term investor base Retail, 25% Trusts, 19% ~24% owned ~28.6% ownedbybyDIIs DIIsincluding insurance including companies, insurance mutual companies, Insurance, 7% funds, pension mutual fund and funds, pension corporat
Slide 21: 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 22: 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 23: 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 24: Thank You
T H AN K Y O U 24
India Grid Trust (IndiGrid) — Q4 FY24 Earnings Presentation on 6ix