Indigrid Infrastructure Trust · NSE:INDIGRID
Indigrid Infrastructure Trust — India Grid Trust — Q1 FY2023 Earnings Presentation
21 slides from Indigrid Infrastructure Trust's earnings presentation, July 2022
Slide 1: Investor Presentation Q1 FY23 Results
I N V E S TOR P R E S E N TA TION Q 1 FY23 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: Q1 FY23 Quarterly Update
Q1 FY23 Q UARTERLY UPDATE 3
Slide 4: Q1 FY23 Highlights
Q1 FY23 Highlights Organizational Update ❑ Completed 5 years of value-accretive growth, sustainable distributions and best-in-class governance practices since listing ❑ Seamless leadership transition with Mr. Jyoti Kumar Agarwal moving into the CEO role and Ms. Divya Bedi Verma into the CFO role eff
Slide 5: Q1 FY23 Industry Update
Q1 FY23 Industry Update Power Demand and Supply Trend ❑ Peak power demand at an all-time high of ~213 GW in April 250 16% CAGR 210.2 182.1 ❑ Peak power demand for Apr-Jun’22 up 15% YoY on increased economic activity growth 200 155.6 150 post the pandemic 100 ▪ Heatwave in North-west India also contr
Slide 6: Q1 FY23 Operational Performance
Q1 FY23 Operational Performance ❑ Zero Harm on HSE Q1 FY23 availability ▪ Proactive reporting and closure of unsafe act and conditions 99.99 100.00 99.98 99.90 99.88 99.87 99.62 99.68 99.91 99.77 99.84 ▪ No injury incidents 94.07 93.79 ❑ Availability ▪ Q1 FY23 Average availability at ~99.0% ▪ Q1 FY2
Slide 7: Q1 FY23 Financial Performance
Q1 FY23 Financial Performance Revenue (₹ Mn) EBITDA (₹ Mn) Earnings ₹ Mn Q1 FY23 Q1 FY22 % change 5,542 5,609 5,039 5,122 Revenue 5,609 5,542 1% EBITDA 5,122 5,039 2% 3,612 3,295 NDCF Generated 1,153 1,684 -32% DPU (₹ per unit) 3.30 ~3.19 4% Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY21 Q1 FY22 Q1 FY23 Collection
Slide 8: Q1 FY23 Distribution Update
Q1 FY23 Distribution Update Particulars Q1 FY23 Q1 FY22 Quarterly Distribution Trend Distribution per unit (DPU) (₹) 3.30 ~3.19 - Interest 3.06 3.037 3.30 3%-4% YoY growth - Dividend NIL 0.151 3.19 3.10 - Capital Repayment/Others 0.24 NIL 3.00 3.00 Outstanding Units (Mn) 700.2 700.2 Gross Distributi
Slide 9: Q1 FY23 Consolidated EBITDA to NDCF Waterfall
Q1 FY23 Consolidated EBITDA to NDCF Waterfall (In ₹ Mn) 5,104 4 Reserve worth ₹ 1,160 Mn used 3,650 during the quarter; reserve balance at -1,376 -64 -54 -18 ~ ₹ 1,050 Mn 1,160 2,313 1,153 -2,436 -8 EBITDA at Finance Cost WC Movement Capex Tax at SPV NDCF at SPV Expenses at Finance cost Tax at IGT N
Slide 10: Robust Balance Sheet
Robust Balance Sheet Gross Borrowing (~ ₹ 127 Bn) AAA Rated ~7.51% INR 8.81 Bn 42 By CRISIL, ICRA & Average Cost of Cash 1 9 India Ratings Debt Balance1 26 11 ~76% ~58% >2.04x Fixed Rate Net Debt/AUM EBITDA/Interest Borrowings 15 ❑ Weighted average cost of borrowing for incremental debt at ~6.94% in
Slide 11: Superior Risk-Adjusted Total Returns to Investors
Superior Risk-Adjusted Total Returns to Investors Annualised Return 5% 6% 15% 11% 9% 14% 11% 34%2 Total Returns1 31% 33% 101% 68% 54% 91% 67% 40% 42% 39% 74% 59% 43% 29% 34% 36% 59% 8% 11% 17% 28% 11% -3% -4% GSEC Bond GSEC Bond IndiGrid NSE 500 NSE INFRA BSE Utilities PGCIL PGCIL InvIT (10 year) (3
Slide 12: Business Outlook
Business Outlook Portfolio Strategy ❑ Focus on maintaining stable operations for predictable and sustainable distribution while looking for value- accretive acquisitions ❑ Delivering on increased DPU Guidance of ₹ 13.20 for FY23 ❑ ~₹1,200 Bn worth of transmission projects to be added to the grid by
Slide 13: Annexures
A NNEXURES 13 13
Slide 14: 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 15: Footprint
Footprint ~INR 210 Bn 1,2 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) ~29 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT3,4 2x315 MVA (400/220 kV GIS 765 kV S/C substation) 765 kV D/C 2x500 MVA (400/220 kV
Slide 16: Asset Portfolio
Asset Portfolio 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 Million)
Slide 17: Corporate Structure
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- I &
Slide 18: Diversified Investor Base
Diversified Investor Base As on June 30, 2022 Corporates & Supported by marquee long term investor base Retail Trusts 22% 15% Insurance 8% ~24% owned by DIIs including insurance companies, mutual Others funds, pension fund and corporates Other FIIs 1% 10% Retail Holding at ~22% ; quadrupled in value
Slide 19: 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 Westlife Development Ltd., Jubilant Pharma Ltd. and Global Moats Fund • Member of the Asia-Pacific Infrastructure team of
Slide 20: Glossary
Glossary AC Alternate Current JKTPL Jhajjar KT Transco Private Limited AIS Air Insulated Substation M/C Multi Circuit AUM Assets Under Management Mn Million Availability Percentage amount of time for which the asset is available for power flow MT Metric Tonne BDTCL Bhopal Dhule Transmission Company
Slide 21: Thank You
T H AN K Y O U 21