Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q2 FY24 Earnings Presentation
49 slides from Gmr Airports's earnings presentation, Oct 30, 2023
Slide 1: Regulation 30 disclosure cover letter
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) October 30, 2023 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai 400001. Mumbai - 400051. Scri
Slide 2: Investor Presentation Q2FY24
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) Investor Presentation Q2FY24 Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality 0
Slide 3: Disclaimer
DISCLAIMER This Material and any discussions which follows may contain ‘forward looking statements’ relating to the Company and the GMR Group and may include All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financ
Slide 4: Our Assets
Our Assets Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 5: Portfolio of World Class Assets
Portfolio of World Class Assets Current PAX (FY23) DIAL, New Delhi, India (m) Crete, Greece Bhogapuram, India • Marquee asset of PAX CAGR • Important Tourist 65.3 66/119 national importance 15 Gateway 303—DOM • Strategically located on East FY13–23 • Gateway to India – National Capital 606—INT Coast
Slide 6: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 7: Q2FY24 Results at a Glance
Q2FY24 Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 170.2 INR 238 INR 360 26.5 mn ▲ 14% YoY ▲ 15% YoY ▲ 2% YoY ▲ 25% YoY ▲ 1% QoQ ▲ 4% QoQ ▲ 5% QoQ ▼ 2% QoQ Total Income EBITDA Net Debt4 Capex Progress5 INR 21.8 bn INR 8.5 bn INR 236 bn Delhi – 94.3% ▲ 25% YoY ▲ 34% YoY ▼ 6%
Slide 8: H1FY24 Results at a Glance
H1FY24 Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 53.6 mn 339.2 INR 234 INR 350 ▲ 13% YoY ▲ 16% YoY ▲ 6% YoY ▲ 25% YoY EBITDA Net Debt4 Capex Total Income Progress5 INR 43.3 bn Delhi – 94.3% INR 17.3 bn INR 236 bn Hyd – 94.9% ▲ 28% YoY ▲ 38% YoY ▼ 6% YoY Crete – 25.7% 1Inc
Slide 9: GIL Performance Highlights – Q2FY24
GIL Performance Highlights – Q2FY24 Consolidated Financials • Total Income: ✓ ▲2% QoQ; ▲25% YoY to INR 21.8 bn driven by strong growth in traffic • EBITDA ✓ ▼3% QoQ; ▲34% YoY to INR 8.5 bn with EBITDA margins at 53% (▲4% YoY) reflecting the strong growth in the business • Net Profit After Tax1 ✓ Los
Slide 10: Consolidated EBITDA incl. JVs (Proforma) – H1FY24
Consolidated EBITDA incl. JVs (Proforma) – H1FY24 INR mn Consolidated EBITDA# JVs EBITDA (DIAL+GHIAL)1 Medan EBITDA Consolidated EBITDA incl. JVs (Proforma) 2,063 296 19,622 17,263 Consolidated EBITDA incl. JVs (Proforma) is ~INR 19.6 bn # also include airport subsidiaries; 1: DIAL – Delhi Internati
Slide 11: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 288 52 236 Gross Debt Cash & equivalents Net Debt • Gross Debt increased by INR 1.4 bn QoQ • Net Debt increased by INR 5.1 bn QoQ Note : FCCB of INR 25.0 bn not considered in debt, ^ As on Sept. 30, 2023 Humility | Ent
Slide 12: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 13: Key Highlights – Q2FY24
Key Highlights – Q2FY24 ❖ CCI approval received during Q4FY23 Steady Progress on Merger of ❖ NoC received from RBI1 & both the Stock Exchanges2; Merger application filed with the NCLT3 GAL with GIL ❖ Recently received NCLT direction for convening the meeting of the Equity Shareholders of GIL on Dec.
Slide 14: Key Highlights – Q2FY24
Key Highlights – Q2FY24 ❖ Entered into SPA with MAHB Group towards acquisition of MAHB Group’s current minority Consolidating 11% equity stake in GMR Hyderabad International Airport Limited$ Core assets Post the proposed acquisition, GAL stake in GHIAL to increase to 74% Negotiated aggregate con
Slide 15: Key Focus Areas for FY24 and beyond
Key Focus Areas for FY24 and beyond 1 FY22 – Key Business highlights Merger of GAL with GIL • Merger expected to be completed within FY24 2 Deleveraging • Work towards reduction/ refinancing of debt at GMR Airport Limited 3 • Complete the ongoing expansion at Delhi and Hyderabad within FY24 Capex •
Slide 16: Passenger Traffic: Surpassed pre-covid levels
Passenger Traffic: Surpassed pre-covid levels Delhi Airport – Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic ('000) Domestic ('000) 5,000 2,000 4,500 1,800 4,000 1,600 3,500 1,400 3,000 1,200 2,500 1,000 2,000 800 1,500 600 1,000 400 500 200 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov D
Slide 17: Growth Drivers in Place for Business to Gain Further Momentum
Growth Drivers in Place for Business to Gain Further Momentum Cargo business traffic (tons) Delhi Airport Hyderabad Airport 99,000 89,000 13,000 79,000 69,000 11,000 59,000 9,000 49,000 39,000 7,000 29,000 5,000 19,000 9,000 3,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May J
Slide 18: Asset Wise Performance
Asset Wise Performance Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 19: Domestic Airports – Key Highlights
Domestic Airports – Key Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 20: Delhi Airport (DIAL) – Key Highlights Q2FY24
Key Highlights – Q2FY24 Delhi Airport (DIAL) • Traffic - Q2FY24: ▲18% YoY to 17.7 mn pax o H1FY24: ▲18% YoY to 35.7 mn pax (Highest ever half-yearly Pax handled) • Total Income - Q2FY24:▲24.1% YoY to INR 12.5 bn o Aero revenue ▲14% YoY o Non-aero revenue ▲17% YoY ✓ Retail incl. Duty Free ▲15% YoY o
Slide 21: DIAL Expansion 3A – Commissioned during Q2 FY24
DIAL Expansion 3A – Commissioned during Q2 FY24 Achieved significant progress (overall 94.3%) Eastern Cross Taxiway 4th Runway Apron III (25 Stands) Check-in Islands 3&4 Node A Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Socia
Slide 22: DIAL Expansion 3A – Progress
DIAL Expansion 3A – Progress Achieved significant progress (overall 94.3%) Radisson Under Pass Road Parallel Access Road Flyover & RE Wall Aerocity Flyover T-1 Arrival B Airport Village T-1 Departure A Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning &
Slide 23: Hyderabad Airport (GHIAL) – Key Highlights Q2FY24
Key Highlights – Q2FY24 Hyderabad Airport (GHIAL) • Traffic - Q2FY24: ▲24% YoY to 6.0 mn pax o H1FY24: ▲24% YoY to 12.2 mn pax (Highest ever half-yearly Pax handled) • Total Income - Q2FY24: ▲53% YoY to INR 5.0 bn o Aero revenue ▲65% YoY o Non-aero revenue ▲43% YoY ✓ Retail incl. Duty Free ▲44% YoY
Slide 24: GHIAL Expansion works – handed over
GHIAL Expansion works – handed over Achieved significant progress (overall 94.9%) East Pier (St) – Level C East Pier (St) – Level E East Pier (St) – Level F East Pier (Bulb) – Level C East Pier (Bulb) – Level F East Pier (Bulb) – Level F Humility | Entrepreneurship | Teamwork & Respect for Individua
Slide 25: GHIAL Expansion works – handed over
GHIAL Expansion works – handed over Achieved significant progress (overall 94.9%) West Processor – Level F West Processor – Level F West Processor – Fountain West Processor – Level D West Processor – Level D West Processor – Level D Humility | Entrepreneurship | Teamwork & Respect for Individual | D
Slide 26: GHIAL Expansion works – Progress
GHIAL Expansion works - Progress Achieved significant progress (overall 94.9%) East Processor – Level F East Processor – SBD East Processor – Level D East Processor – Level B East Processor East Processor – Level C Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise
Slide 27: Mopa (Goa) Airport – Key Highlights
Key Highlights – Q2FY24 Mopa (Goa) Airport – GGIAL • Goa airport is fully operational o Commenced domestic flight operations from Jan. 2023 IndiGo, Akasa, Spicejet and Vistara already operational o International operations started in Jul. 2023 ✓ Air India 3x weekly flights to London Gatwick; Indigo
Slide 28: Operational & Financial Highlights – Q2FY24
Operational & Financial Highlights – Q2FY24 (figures in INR mn) Delhi Airport Hyderabad Airport Goa Airport (Standalone) (Standalone) Particulars Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24 Q1FY24 Q2FY24 Net Income 5,614 6,689 6,960 3,153 4,556 4,824 428 418 EBITDA 2,790 3,778 4,010 2,005 3,259 3,394
Slide 29: Operational & Financial Highlights – H1FY24
Operational & Financial Highlights – H1FY24 (figures in INR mn) Delhi Airport Hyderabad Airport Goa (Standalone) (Standalone) Airport Particulars H1FY23 H1FY24 H1FY23 H1FY24 H1FY24 Net Income 11,295 13,649 6,025 9,381 846 EBITDA 5,774 7,788 3,821 6,653 (92) Interest 3,945 5,072 1,419 2,171 1,128 PAT
Slide 30: Consolidated EBITDA (Proforma) – H1FY24
Consolidated EBITDA (Proforma) – H1FY24 Delhi Airport Hyderabad Airport INR mn INR mn Share of EBITDA from JVs/ Consolidated EBITDA Share of EBITDA from JVs/ Consolidated EBITDA Standalone EBITDA Subsidiaries (Proforma) Standalone EBITDA Subsidiaries (Proforma) 1,707 9,495 7,788 1,531 8,184 6,653 Co
Slide 31: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 6% YoY in Q2FY24 ATMs increased 12% YoY in Q2FY24 Domestic International (Nos '000 ) Domestic International (Nos '000) 106.0 42.0 100.2 37.4 6.6 23.6 5.4 19.8 32.0 35.4 80.5 82.4 Q2FY23 Q2FY24 Q2FY23 Q2FY24 ATMs
Slide 32: Non-Aero Revenues Performance – H1FY24
Non-Aero Revenues Performance – H1FY24 Delhi Airport INR 14.1 bn • Non-aero revenues ▲25% YoY to INR 14.1 bn Non-Aero Revenue Break-up • Retail revenues ▲25.5% YoY to INR 3.8 bn Others o Duty Free SPP at INR 991 in H1FY24 vs INR 973 in 16% H1FY23 Retail (incl Ground Handling Duty Free) 7% 27% • Carg
Slide 33: Other Domestic Airports – Recent updates
Other Domestic Airports – Recent updates Bhogapuram Airport (Visakhapatnam, Andhra Pradesh) • Foundation stone laid by State Chief Minister on May 3, 2023 • EPC bid finalized and in the process to award subject to internal approvals • R&R processes fully completed • Grant of ROW1 over airport land f
Slide 34: International Airports – Key Highlights
International Airports – Key Highlights Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 35: Medan Airport (Indonesia) – Key Highlights
Medan Airport (Indonesia) - Key Highlights • Pax traffic : Q2FY24 at 1.95mn - ▲7% QoQ^; ▲62% YoY; Key Financials H1FY24 at 3.77 mn; Started operating the airport from Jul. 2022 (figures in INR mn) • Total Income : ▲17% QoQ to INR 1.37 bn in Q2FY24 o Aero revenue ▲7% QoQ to INR 1.0 bn Reported o Non-
Slide 36: Crete Airport (Greece) – Key Highlights
Crete Airport (Greece) - Key Highlights • Project is fully funded mainly through State Grant, which is already received, and Airport Modernisation & Development Tax. It is a debt free project • Overall progress of 25.7% achieved as of Sept. 30, 2023. Terminal building foundation works completed. Con
Slide 37: Cebu Airport (Philippines)
Cebu Airport (Philippines) • GMR continues to operate as “Technical Services Provider” until Dec 2026 and will be entitled to additional deferred consideration based on the performance of the airport during the period • Traffic - Q2FY24: ▲16% QoQ;▲78% YoY to 2.60 mn pax; H1FY24: ▲129% YoY to 4.84 mn
Slide 38: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 39: ESG
ESG Environment Social DIAL • DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport CSR Spend (Q2 FY24) - INR 30.92 mn globally under Airport Council International’s (ACI) Airport Carbon Accreditation program. Target is to achieve Net Zero by 2030. Total beneficiari
Slide 40: Key Awards and Achievements
Key Awards and Achievements Environment Social Both DIAL and GHIAL are now ACI Level 4+ accredited Airports (Highest Level) People Inaugurated 4th Runway and Eastern Cross Taxiway – Wins CII National Awards of "National Energy Leader" & "Excellent Energy Efficient Unit" Delhi Airport becomes the Onl
Slide 41: Summary
Summary Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 42: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player 1 Present across most lucrative Asian markets - Indian aviation market expected to grow avg of 7% p.a. till 20401 2 Mature tariff regime for aero revenue driving ‘Sustainable Cash Flow Profile’ Return on capital to expand considerably with expansio
Slide 43: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 44: Annexures
Annexures Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugality
Slide 45: Annexures index
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C o Mopa (Goa) Airport (Standalone) D Note Some totals may not match due to rounding-off differences Humility | Entrepreneurship | Teamwork & Respe
Slide 46: Annexure A: Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q2FY2023 Q1FY2024 Q2FY2024 H1FY2023 H1FY2024 Revenue from operations 15,836 20,176 20,635 30,226 40,811 Other Income 1,636 1,257 1,215 3,610 2,471 Total Income 17,472 21,433 21,850 33,836 43,283 Less: Revenue Share 4,622 5,488 5,781 8,759 11
Slide 47: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q2FY2023 Q1FY2024 Q2FY2024 H1FY2023 H1FY2024 Aero Revenue 2,207 2,563 2,516 4,401 5,079 Non Aero Revenue 5,994 7,032 7,035 11,250 14,067 CPD Rentals 1,406 2,074 1,948 2,822 4,021 Other Income 494 319 1,037 1,324 1,356 Total Income 10,101 11,
Slide 48: Annexure C: Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Q2FY2023 Q1FY2024 Q2FY2024 H1FY2023 H1FY2024 Aero Revenue 1,893 2,993 3,130 3,681 6,123 Non Aero Revenue 1,040 1,241 1,482 1,998 2,723 Other Income 349 507 411 593 918 Total Income 3,282 4,741 5,023 6,272 9,764 Less: Revenue Share 129 184 199 247 38
Slide 49: Annexure D: Mopa (Goa) Airport (Standalone)
Annexure D : Mopa (Goa) Airport (Standalone) INR mn Particulars Q1FY2024 Q2FY2024 H1FY2024 Aero Revenue 272 246 518 Non Aero Revenue 80 99 179 Other Income 76 73 149 Total Income 428 418 846 Less: Revenue Share - - - Net Income 428 418 846 Operating Expenditure 460 478 938 EBITDA (32) (60) (92) EBIT
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