31 slides from Irb Infrastructure Developers's earnings presentation, Mar 1, 2022
Slide 1: Investor Presentation Q4FY2022
Investor Presentation Q4FY2022 Karwar – Kundapura Project in the state of Karnataka
Slide 2: Safe Harbour
Safe Harbour 2 This presentation has been prepared by IRB Infrastructure Developers Limited (the “Company”) solely for your information and for your use and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or
Slide 3: Contents
3 Contents About IRB 5 Our Key Investors 9 Organizational Structure 11 FY22 Results 13 Toll Performance 20 Offshore Bond 24 Corporate Overview 27
Slide 4: About IRB
4 About IRB Chittorgarh Gulabpura Project in the state of Rajasthan
Slide 5: IRB group overview
5 IRB group overview 1st Indian Multinational Infrastructure Company in 1 Highways Sector Investment by marquee eminent strategic as well as 2 Financial investors – Cintra and GIC Affiliate Largest Asset Base in Road Sector of over INR 630 Bn 3 (over USD 8 Bn) spread across 24* Assets in 10 States 4
Slide 6: Business Structure
6 Business Structure IRB 100% Business Segment I Business Segment II Toll & HAM Construction Investments 1 TOT + 3 BOT + 4 HAM project IRB Infrastructure Trust 51% (Pvt InvIT – 9 BOTs) 49% Mumbai Pune TOT Vadodara Kim HAM Engineering, Construction GIC Affiliates and Operation and Ahd Vadodara BOT Ga
Slide 7: Pan India Presence
7 Pan India Presence Concession Project Cost Name of BOT Project Client State Period as per Start Date ( INR Mn) CA BOT Project Ahmedabad Vadodara NHAI Gujarat 48,800 25 Years January 1, 2013 Palsit – Dankuni NHAI West Bengal 23,140 17 Years April 2, 2022 Ganga Expressway – PKG I UPEIDA Uttar Prades
Slide 8: Our Key Investors
8 Our Key Investors Chittorgarh Gulabpura Project in the state of Rajasthan
Slide 9: Our Key Investors
9 Our Key Investors ** Ferrovial, a leading global infrastructure operator, is committed to developing sustainable solutions. It is a member of Spain's blue-chip GIC is a leading global investment firm established in 1981 to IBEX 35 index and an industry leader in the Dow Jones Sustainability secure
Slide 10: Organization Structure
10 Organization Structure Karwar – Kundapura Project in the state of Karnataka
Slide 11: Organization Structure
11 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Jose Tamariz Mr. Carlos Ugarte Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Priti Savla Mhaiskar Martel Goncer Cruz Coke S. Kaptan Independent Independent Indepen
Slide 12: FY22 Results
scapininace FY22 Results
Slide 13: Consolidated Financial Results
13 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q4FY22 Q4FY21 %YoY Q4FY22 Q4FY21 %YoY Q4FY22 Q4FY21 %YoY Revenue from Operations 14,336.22 16,058.47 -10.7% 9,475.62 11,411.49 -17.0% 4,860.61 4,646.98 4.6% Distribution from INV
Slide 14: Consolidated Financial Results
14 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q4FY22 Q3FY22 %QoQ Q4FY22 Q3FY22 %QoQ Q4FY22 Q3FY22 %QoQ Revenue from Operations 14,336.22 12,791.14 12.1% 9,475.62 7,924.06 19.6% 4,860.61 4,867.08 -0.1% Distribution from INVIT
Slide 15: Consolidated Financial Results
15 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars FY22$ FY21$ %YoY FY22$ FY21$ %YoY FY22$ FY21$ %YoY Revenue from Operations 58,037.00 52,986.30 9.5% 40,162.16 37,392.30 7.4% 17,874.84 15,594.00 14.6% Distribution from INVIT 491
Slide 16: Consolidated Financials: Strong Track Record
16 Consolidated Financials: Strong Track Record REVENUE (INR MN) EBITDA (INR MN) 69,026 70,472 63,554 31,329 31,664 33,492 54,875 27,016 16,504 16,827 8,047 8,907 FY 2019 FY 2020* FY 2021* FY 2022 Q4FY21 Q4FY22 FY 2019 FY 2020* FY 2021* FY 2022 Q4FY21 Q4FY22 NETWORTH (INR MN) NET DEBT & NET DEBT TO
Slide 17: With adequate escalation provisions well poised to maintain margins
With adequate escalation provisions well poised 17 to maintain margins For HAM projects during the construction phase, the escalation to the extent Cement per Bag 40% is provided by NHAI and balance 60% by Sponsor / Lender. During the 280 266 operations period, Sponsor receives the annuities from
Slide 18: Saving on Interest Cost
18 Saving on Interest Cost Name of SPV Debt Size Previous ROI Revised ROI Expected Annual Remarks (INR In Mn) Saving (INR in MN) IRB Ahmedabad Interest Rates has been reduced Vadodara Super 29,960 9.00% 8.35% 190 by all Lenders Expressway Pvt. Ltd Project achieved PCOD and is VK1 Expressway eligible
Slide 19: Toll Performance
19 Toll Performance Toll Plaza on Chittorgarh Gulabpura Project in the state of Rajasthan
Slide 20: BOT Toll Revenue Comparative – IRB & Private InvIT Projects
20 BOT Toll Revenue Comparative – IRB & Private InvIT Projects Amount in INR Mn IRB Projects MUMBAI - PUNE ** AHMEDABAD VADODARA Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Jun 2,278 2,309 2,470 1,167 2,373 103.4% Jun 916
Slide 21: BOT Toll Revenue Comparative – Private InvIT Projects
21 BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn Agra Etawah Yedeshi Aurangabad Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Jun 247 231 206 150 419 179.1% Jun - - 288 153 346 126.7% Sept 242 204 19
Slide 22: BOT Toll Revenue Comparative – Private InvIT Projects
22 BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn Kishangarh Gulabpura Karwar Kundapura Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Quarter 2017-18 2018-19 2019-20 2020-21* 2021-22* % Variance Jun - 344 294 146 209 43.8% Jun - - - 93 156 67.4% Sept - 342 279
Slide 23: Offshore Bond
23 Offshore Bond Major Bridge on Kali River - Karwar Kundapura Project in the state of Karnataka
Slide 24: Covenant Structure
24 Covenant Structure Surplus 100% IRB 100% Business Segment I Toll & HAM Business Segment II Investments 1 TOT + 3 BOT + 4 HAM project Construction 51% IRB Infrastructure Trust 49% GIC Affiliates (Pvt InvIT – 9 BOTs) Mumbai Pune TOT Vadodara Kim HAM Engineering, Construction and Operation and 16% I
Slide 25: Leverage summary
25 Leverage summary INR in Mn TTM ending TTM ending Particulars March 31, 2022 March 31, 2021 Business Segment I: Toll & HAM Revenues 18,277 16,112 EBITDA 16,083 14,532 Gross Debt 102,541 97,711 Business Segment II : Construction + Surplus from other businesses (Combined Gp) Revenues 45,611 38,943 E
Slide 26: Corporate Overview
26 Corporate Overview Chittorgarh Gulabpura Project in the state of Rajasthan
Slide 27: Overview of EPC Order Book
27 Overview of EPC Order Book INR 160,511 Mn Robust Increase in Construction Revenue O&M in BOT / TOT 2022 44,786 Projects 2009 5,670 55,916 EPC/ Construction in BOT/ HAM Projects Strong growth in Construction EBITDA 104,595 2022 16,418 2009 1,013 Order book Composition as on March 31, 2022 • IRB ha
Slide 28: Present Portfolio of Road Assets
28 Present Portfolio of Road Assets BOT / HAM/ TOT PORTFOLIO – KM & LANE KM Lane Km Lane Km Total Particulars under Kms Operational Lane Km Development IRB 1,806 2,001 3,807 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022* Private InvIT 1,139 4,753 5,892 Km 315 114 196 258 99 385 33
Slide 29: Key Institutional Holdings
29 Key Institutional Holdings Shareholding Pattern as on March 31, 2022 GIC & Affiliates 19.87% Key Institutional Holdings as on March 31, 2022 Cintra INR Investments Sr. % Name of Shareholder BV No holding 24.86% 1 LIFE INSURANCE CORPORATION OF INDIA 3.53 2 QUANT MUTUAL FUND - QUANT SMALL CAP FUND*
Slide 30: Our CSR Initiative
30 Our CSR Initiative IRB Group believes in making meaningful and lasting contribution to the societies in which it operates. Being engaged in the development of As a part our CSR initiate, the under infrastructure facilities, we clearly realize that the foundations are the privileged section of the
Slide 31: “Developing highways infrastructure is merely not an engineering; but a socio- economic-cultural and moreover,
“Developing highways infrastructure is merely not an engineering; but a socio- economic-cultural and moreover, an emotional bonding with the environment and people, under which and with whom, IRB endeavours to create the World Class highways infrastructure for our Nation.” Virendra D. Mhaiskar, CMD