IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — India Grid Trust — Q4 FY2022 Earnings Presentation
25 slides from IndiGrid Infrastructure Trust's earnings presentation, May 20, 2022
Slide 1: Exchange filing cover letter for Q4 FY22 investor presentation
INDIGRID INVESTMENT MANAGERS LIMITED Date: May 20, 2022 BSE Limited National Stock Exchange of India Ltd Department of Corporate Services Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Block G, Dalal Street, Mumbai — 400 001, Bandra-Kurla Complex, Bandra (East), Maharash
Slide 2: Investor Presentation Q4 FY22 Results
I NVESTOR P RESENTATION Q 4 F Y 2 2 R ESULTS 1
Slide 3: 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 4: Our Vision
Our Vision OUR VISION To become the most admired yield vehicle in Asia 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 • Minim
Slide 5: Our Evolution – 5 years track record
Our Evolution – 5 years track record Inception in FY18 FY20 Current FY22 40 lines (~7,570 ckms)1 8 lines (~1,936 ckms) 20 lines (~5,800 ckms) Portfolio 11 S/S (~13,550 MVA)1 2 S/S (6,000 MVA) 4 S/S (7,735 MVA) 100 MW (AC) Solar Growth 4 states 12 states & 1 UT 18 states & 1 UT 10 Revenue Elements 22
Slide 6: IndiGrid at a Glance
I N D I G R I D AT A G LANCE 5
Slide 7: IndiGrid – India's First Power Transmission Yield Platform
IndiGrid – India’s First Power Transmission Yield Platform ~INR 211 Bn1 18 STATES & 1 UT ASSETS UNDER MANAGEMENT 52 REVENUE GENERATING ELEMENTS2 ~7,570 ckms 2 ~13,550 MVA2 40 LINES 11 SUBSTATIONS 100 MW(AC) ~30 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 ~11,550 >4,35,000 MT 765 kV S/C 2x31
Slide 8: Q4 FY22 Performance Update
STUN oes a AV AYAV402 7 ANEAN AN AE \ Oa we PERFORMANCE Q4 FY22 UPDATE
Slide 9: Key Power Sector Trends
Key Power Sector Trends ▪ Power demand growth has been robust with ~3.2% YoY growth in Jan-Mar FY22 over same period during FY211 Demand Trend ▪ Mar’22 power demand grew on rising temperatures and early onset of summers ▪ Q4 demand led by higher commercial & industrial activity and easing of lockdow
Slide 10: Q4 FY22 Highlights
Q4 FY22 Highlights • Harsh Shah has resigned as CEO and WTD to pursue opportunities outside the organization Organizational • Jyoti Kumar Agarwal, our current CFO, will take over as the new CEO and WTD w.e.f. July 1, 2022 Update • Divya Bedi Verma, will take over as the new CFO w.e.f. July 1, 2022 •
Slide 11: Operational Performance – Q4 FY22
Operational Performance – Q4 FY22 Q4 FY22 Availability1 (%) • Performance: − Consistent track record of maintaining superior availability and 99.58 99.60 99.65 99.77 99.53 99.79 99.58 99.77 99.80 100.00 99.80 99.96 maximize incentives; Q4 FY22 Average availability at ~99.0%. 90.22* − Overall FY 2021
Slide 12: Financial Performance – Q4 FY22
Financial Performance – Q4 FY22 Consolidated Financials Collection Trend: • Collections at 110% in Q4 FY22 vs 126% YoY and 103% QoQ INR Mn Q4 FY22 Q4 FY21 % change • DSO days1 at 49 as of Mar’22 vs 47 days YoY Revenue 5,495 4,984 10% EBITDA 4,969 3,866 29% Collection Efficiency % NDCF Generated 2,93
Slide 13: Distribution Update – Q4 FY22
Distribution Update – Q4 FY22 Particulars Q4 FY22 FY22 Distribution per unit (DPU) (INR) ~3.19 ~12.75 Interest 2.55 10.07 FY23 DPU Guidance raised to INR 13.20; increase by ~3.5% Dividend NIL 0.20 Capital Repayment/Others 0.64 2.48 Outstanding Units (Mn) 700.2 700.2 Gross Distribution (INR Mn) ~2,23
Slide 14: Consolidated EBITDA to NDCF Waterfall
Consolidated EBITDA to NDCF Waterfall Q4 Q4FY22 FY22 (In INR Mn) 644 5,289 5,011 -48 -25 -64 -291 -1 699 Mn of gross NDCF reserve 2,931 generated during -2 Q4 FY22 -2,258 -35 699 -2,232 EBITDA at Finance Cost Debt WC Capex Tax at SPV NDCF at SPV Expenses at Finance cost Tax at IGT Capex NDCF Distrib
Slide 15: Robust Balance Sheet
Robust Balance Sheet Gross Borrowings (~INR 134 Bn) As on March 31, 2022 ➢ Weighted average cost of borrowing for incremental debt at ~6.91% in Q4FY22 2 4 5 AAA Rated ~7.76% INR 16.97 Bn 8 Cash 7 44 By CRISIL, ICRA & Average Cost of India Ratings Debt Balance1 15 ~77% ~56% >2.04x Fixed Rate Net Debt
Slide 16: Superior Risk-Adjusted Total Returns for Investors
Superior Risk-Adjusted Total Returns for Investors Substantially higher than Gsec as well as comparable indices on a risk-adjusted basis; Significantly better returns than NSE 500 on a risk-adjusted basis Annualised Return 6% 6% 16% 14% 11% 15% 12% NM2 Total Returns1 31% 34% 108% 85% 66% 93% 70% 41%
Slide 17: Looking Ahead…
L OOKING A HEAD… 16
Slide 18: FY23 Business Outlook
FY23 Business Outlook • ~INR 400 Bn worth of tenders already notified and ~INR 450 Bn identified under National Monetization Pipeline till FY25, creating healthy pipeline for bidding and acquisition respectively Portfolio • Focus on acquisition of framework asset (KTL), other operational solar and t
Slide 19: Annexures
a in ANNEXURES | Ee We ai Mm
Slide 20: Our Portfolio Assets
Our Portfolio Assets 11 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Solar Generation 1 Under Construction TBCB Transmission Projects Transmission Project Transmission Project Asset Transmission Project Availability AUM2 FY23 Tariff Metal Asset States Elements Contract COD (%) 1 (INR Mil
Slide 21: Our Corporate Structure
Our Corporate Structure Other Unitholders Sponsor* ~24% ~20% ~56% 100%^ Investment Manager (IIML) Trustee 100% 100% 100% IGL IGL 1 IGL 2 100% 100% 100% 100% 100% 100% 70% 30% 100% 100% 100% 100% 100% 74% 100% 100% BDTCL JTCL RTCL PKTCL MTL NTL Kallam OGPTL PTCL ENICL GPTL JKTPL PrKTCL# NER-II Solar-
Slide 22: Diversified Investor Base
Diversified Investor Base As on March 31, 2022 Corporates & Supported by marquee long term investor base Retail Trusts 22% 15% Insurance 8% ~24% owned by DIIs including insurance companies, mutual funds, pension Others fund and corporates Other FIIs 1% 10% Retail Holding at ~22% ; quadrupled in valu
Slide 23: An Experienced Board
An Experienced Board • 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 Global Moats
Slide 24: Glossary
Glossary AC Alternate Current JTCL Jabalpur Transmission Company Limited AIS Air Insulated Substation JKTPL Jhajjar KT Transco Private Limited AUM Assets Under Management JV Joint Venture Availability Percentage amount of time for which the asset is available for power flow M/C Multi Circuit BDTCL B
Slide 25: Thank You
T H AN K Y O U 24