Slide 1: Cover letter to stock exchanges on Q1 FY25 investor presentation
GR HIGHWAYS INVESTMENT MANAGER PRIVATE LIMITED 13th August 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C‐1, Block G Dalal Street, Bandra‐Kurla Complex, Bandra(E) Mumbai – 400001 Mumbai ‐400051 Scrip Code: 544137 Symbol: BHINVIT Subject: Investo
Slide 2: Investor Presentation Q1 FY25
Investor Presentation Q1 FY25 1
Slide 3: Disclaimer
Disclaimer • This presentation is issued by GR Highways Investment Manager Private Limited (the “Investment Manager”) on behalf of Bharat Highways InvIT (“the InvIT”) for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of any part
Slide 4: Disclaimer
Disclaimer • This presentation may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or
Slide 5: Index
Index Financial Highlights 5 Distribution 7 Debt profile & Unitholding Pattern 9 Asset under acquisition 12 Overview of Bharat Highways InvIT 19 Board and its Committees 24 4
Slide 6: Financial Highlights
Financial Highlights 5
Slide 7: Financial Highlights – Q1 FY25
Financial Highlights – Q1 FY25 (Rs. In Million) P&L Standalone Consolidated 30.06.2024 31.03.2024 30.06.2024 31.03.2024 Total Income 2,756.70 296.44 1914.38 1,286.22 Total Expenses 241.94 53.32 754.91 1,082.64 EBITDA 2,703.03 261.66 1,441.33 450.47 Profit before tax 2514.76 243.12 1,159.47 203.58 Ne
Slide 8: Distribution
BHARAT HIGHWAYS INVIT
Slide 9: Net Distributable Cash Flow
Net Distributable Cash Flow DPU: Rs. 3.00/- per unit Interest: Rs. 0.72/- per unit Dividend: Rs. 2.28/- per unit Rs. In Million 8 *cash flow from operations
Slide 10: Debt Profile and Unitholding Pattern
Debt Profile and Unitholding Pattern 9
Slide 11: Debt Profile
Debt Profile Credit Rating as on June 30, 2024, Rs. In Million AAA/Stable Particulars Standalone Consolidated External Debt 11,351.00 11,351.00 • During the quarter, external borrowing of Rs.6623.05 ** Mn was availed at InvIT to on-lend to existing SPV debt AAA/Stable for prepayment of external debt
Slide 12: Unitholding Pattern
Unitholding Pattern Category 30th June 2024 31st March 2024 Top Five Public Unitholders Unitholding % Unitholding Unitholding No. of Units No. of Units As on 30th June 2024 %age %age G R Infraprojects Limited 43.56 Corporate Body 22,12,17,263 49.94 22,14,20,470 49.99 Mutual Funds 9,22,33,185 20.82 9
Slide 13: Asset under Acquisition
Asset under Acquisition 12
Slide 14: Asset under Acquisition
Asset under Acquisition State Uttar Pradesh Authority NHAI Type HAM Residual Tenor* 13.66 years Lane Km 347.296 km National Highway NH-91 4-laning of Aligarh-Kanpur section from Km 289.000 (Design chainage 302.108) to Km 356.000 (Design chainage 373.085) Scope (Package-IV from Naviganj - Mitrasen) o
Slide 15: Transaction Structure & current status
Transaction Structure & current status Aadharshila Infratech GRHIMPL Lender (Investment (“Project Manager) Manager”) Due diligence of GAKHPL ✓ Financing documents executed O&M Contract Approval of Board of Directors ✓ Drawl of Rupee Term Loan facility Unitholders’ approval ✓ GR Infraprojects Limited
Slide 16: Valuation of GR Aligarh Kanpur Highway Private Limited
Valuation of GR Aligarh Kanpur Highway Private Limited A Valuation Report dated June 27, 2024 has been obtained from Registered Valuer S. Sundararaman (Rs. In Million) Total Equity Value SPV Enterprise Value Adjusted Enterprise Value* Unsecured Loan Equity Value (including Unsecured loan) GR Aligarh
Slide 17: Asset Portfolio
16 BHARAT HIGHWAYS INVIT
Slide 18: Asset Portfolio
Asset Portfolio Porbandar Dwarka Expressway Pvt. Ltd (1) State: Gujarat Stretch: Porbandar Dwarka GR Phagwara Expressway Ltd. (5) Type/ Design length: 4 lane/ 117.75 kms Pavement Details – 114.75 kms Rigid & 3.00 State: Punjab kms Flexible Stretch: Phagwara Rupnagar Type/ Design length: 4 lane/ 80.8
Slide 19: Asset Portfolio
Asset Portfolio 42 annuities 7 ~497 Km ~10.66 - 13.10 Years received Operational Total Length Residual HAM Projects Concession period Annuities Total Design End of Residual Bid Project Receivable No. of Awarding Annuities Project Length Location State Appointed Date Concession PCOD Concession Cost (
Slide 20: Overview - Bharat Highways InvIT
Overview - Bharat Highways InvIT 19
Slide 21: Bharat Highways InvIT
Bharat Highways InvIT • Successfully Listed on 12th March 2024 at NSE & BSE Listing • First ever HAM focused Public Listed Infrastructure Investment Trust (InvIT) Investor • Institutional Investors subscription for the issue was 9.1x Response • Non-Institutional Investors subscription for the issue
Slide 22: InvIT Structure
InvIT Structure Aadharshila Infratech Private G R Highways Investment G R Infraprojects Limited Limited Manager Private Limited (The Transferor) (Sponsor & Project Manager) (Investment Manager) 15% 85% IDBI Trusteeship Public Unitholders (Investors) Services Limited Bharat (Trustee) Highways InvIT 1
Slide 23: Our Strategy
Our Strategy Institute and Maintain Capital Active Asset Management Expanding portfolio of Management Policies road assets Maximize distributions to Unitholders while Asset management through the services of Proposed ROFO Agreement - InvIT will have optimizing the capital structure to retain the Pro
Slide 24: Competitive Strengths
Competitive Strengths No construction risk ROFO with GRIL Initial portfolio with right of first offer to all operational acquire certain assets, having an assets of GRIL aggregate length of Steady nature of ~497 Km income Pre-determined annuity payments Long term Predictable concession with zero tra
Slide 25: Board of Directors & KMPs
lors & KMPs 24 BHARAT HIGHWAYS INVIT
Slide 26: Board of Directors & KMPs
Board of Directors & KMPs Board of Directors Ajendra Kumar Agarwal Raghav Chandra Deepak Maheshwari Chairman & Non-executive Director Independent Director Independent Director • Managing director on the board of directors • 35+ years of experience in areas including public • 40+ years of experience
Slide 27: Thank You
Thank You 26