Irb Infrastructure Developers Limited · NSE:IRB
Irb Infrastructure Developers — Investor Presentation (February 2024)
34 slides from Irb Infrastructure Developers's investor presentation, February 2024
Slide 1: Investor Presentation
Investor Presentation | India’s First Multi-National Infrastructure Company in the Highways Sector Restricted - External
Slide 2: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ‘will’, ‘aim’, ‘will likely result’, ‘would’, ‘believe’, ‘may’, ‘expect’, ‘will continue’, ‘anticipate’, estimate’, ‘intend’, ‘pla
Slide 3: Table of Contents
Table of Contents IRB Group Overview Page 3 Business Verticals Page 8 Management & Governance Page 14 Attractive Industry Fundamentals Page 18 Appendix Page 21
Slide 4: IRB Group Overview
IRB Group Overview Private & Confidential Restricted - External
Slide 5: IRB Group Overview
IRB Group Overview One of the largest private roads and highways listed integrated infrastructure developer in India Pan India presence 12 c. 20% States in USD 9.6 bn+ c. 22 years Of Golden India where Highway asset Weighted 15,444 lane KM Quadrilateral assets are base, one of the average residual R
Slide 6: Largest and well Diversified Portfolio of Roads in India
Largest and well Diversified Portfolio of Roads in India Owns and Manages c. 15,000 Lane KM of Roads across 12 States in India1 Under construction 15,444 Operational 2,938 12,506 8,400 8,400 5,473 5,363 5,473 4,510 3,398 3,398 1,710 1,212 853 1,710 1,212 IRB Cube Indinfravit Trust (CPPIB) Adani Orie
Slide 7: Diversified Asset Portfolio with presence in high growth markets
Diversified Asset Portfolio with presence in high growth markets BOT/HAM/TOT portfolio – Cumulative Lane Km Kms 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M 2024 Cum Lane Km 987 2,020 2,415 4,394 6,376 6,280 7,348 7,244 6,865 7,085 13,754 13,739 15,444 Majority of TOT/BOT/HAM proje
Slide 8: Operational & Financial Performance improved since FY21 INR NCD Issuance
IRB’s Operational & Financial Performance have significantly improved since the FY21 INR NCD Issuance Particulars Present Issuance of the INR NCDs by IRB (Feb’21) Market Cap (in USD mn)1 ~4,7802 ~4703 Asset Base4 (in USD bn) 9.6 6.5 Lane KMs Managed4 15,444 12,537 Investment by GIC and Cintra5 (in ~
Slide 9: Business Verticals
Business Verticals Private & Confidential Restricted - External
Slide 10: Summary of Business Verticals
Summary of Business Verticals Issuer 100% 51% 16% 100% Engineering, Procurement and 1 Wholly Owned Concessions 2 Private InvIT 3 Public InvIT 4 Construction Concession Type Project Project Type Project Type end1 • IRB has executed c. 18,000 lane kms of Goa Kundapur BOT Talegaon - Amravati BOT projec
Slide 11: Wholly Owned Concessions: Mumbai Pune Expressway
Wholly Owned Concessions : Mumbai Pune Expressway A Crown Jewel in IRB’s Portfolio Project highlights Project snapshot Project snapshot Tolling operations, maintenance and transfer of Yashwantrao Road length YCEW - 94 Km , NH-48 – 111 Km Overview Chavan Expressway (YCEW) & National Highway NH-48
Slide 12: IRB Private InvIT
IRB Private InvIT Asset overview Key Highlights Project cost Lane 12 projects are currently revenue generating, 2 are under Financial Closure & 1 is Sr. No. Project State Status 1 (USD mn) KM under construction 1 Goa Kundapur Karnataka 443 758 PCOD achieved Self-sustainable portfolio, sponsor contri
Slide 13: IRB Public InvIT
IRB Public InvIT Listed in May-2017 with initial portfolio of six operational assets; seventh asset was transferred in Sep-2017 Two assets were successfully completed and handed back to the authority. One HAM asset acquired in Oct-2022 BOT-Toll assets with proven traffic history and spread acr
Slide 14: Engineering, Procurement and Construction Business
Engineering, Procurement and Construction Business Under its EPC arm, IRB has executed c. 18,000 lane kms of projects across 36 projects with professionally managed EPC team with avg track record of more than 25 years Key Highlights Latest techniques to facilitate project planning and deployment of
Slide 15: Management & Governance
Management & Governance Private & Confidential Restricted - External
Slide 16: Experienced Sponsor and Management Team
Experienced Sponsor and Management Team Mr. Virendra D. Mhaiskar Mr. Tushar Kawedia Chairman and Managing Director of IRB Group Chief Financial Officer Infrastructure Developers Ltd Tushar has more than 20 years of experience in the fields of Finance, Accounts, Mr Mhaiskar holds a diploma in civ
Slide 17: Board Driven Robust Governance Policies
Board Driven Robust Governance Policies Board Composition IRB Infrastructure Developers Limited IRB Private InvIT Category Number of Directors Category Number of Directors Promoter 2 Promoter 2 Other Non-Independent (from Cintra) 2 Other Non-Independent (from GIC) 2 Independent 4 Independent 4 Total
Slide 18: Strong Focus on Protecting the Environment & Community
Strong Focus on Protecting the Environment & Community; Sustainability Reporting to Bring About Reporting Transparency IRB has a strong focus on environment, Business responsibility and sustainability reporting (BRSR) is intended towards having quantitative and sustainability and community standardi
Slide 19: Attractive Industry Fundamentals
Attractive Industry Fundamentals Private & Confidential Restricted - External
Slide 20: Bankable Concession Terms
Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details NHAI is an agency appointed by the federal government for development of roads and highways in India NHAI as counterparty NHAI is a quasi-sovereign entity with a ‘AAA’ rating from domestic rating agenc
Slide 21: Opportunities under PPP
Opportunities under PPP The Economic Survey 2018 estimated that India will need USD 5.4 trillion of investment in infrastructure by 2040 The government has set a target of completing 200,000 kms of NH network by the year 2030, out of which ~100,000 kms has been completed To develop the balance
Slide 22: Appendix
Appendix Private & Confidential Restricted - External
Slide 23: Key Milestones
Key Milestones Constantly Evolving EPC Capabilities: Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures 1977 1995 2004 2008 2016 2017 2018 2020 2021 2023 Length: Length: 1,168 1,234 LKM LKM Cost: USD Raised Cost: 132mn USD Raised USD Length: 114mn USD 602 1
Slide 24: Wholly Owned Concessions
Wholly Owned Concessions Concession Concession S. No. Project Counterparty Appointed Date Tariff Hike Formula Period Period End* 1 TOT project Sub-concession agreement provides for toll rate increase Mumbai – Pune 10 years and 2 of 18% for YCEW every 3 years until FY24 and by 16% 1 MSRDC March 1, 20
Slide 25: Strong Financial Track Record
IRB Infrastructure Developers Ltd – Strong Financial Track Record Revenue (US$ mn) Adjusted EBITDA & Margin (US$ mn) 53% 53% 49% 54% 49% 765 806 425 660 685 403 602 325 324 336 FY 2021* FY 2022 FY 2023 9M DEC'23** 9M DEC'24 FY 2021* FY 2022 FY 2023 9M DEC'23** 9M DEC'24 Net Worth (US$ mn) Net Debt t
Slide 26: Change in Key Ratios
Change in Key Ratios Combined Group Gross Leverage Ratios Fixed Charge Coverage Ratio (2.79) 0.90 4.70x 2.80x 1.90x 1.91x FY 2021 FY 2023 FY 2021 FY 2023 Net Debt to EBITDA (Consolidated) (2.22) 5.07x 2.85x FY 2021 FY 2023 25
Slide 27: Wholly Owned Concessions
Wholly Owned Concessions Revenue (in USD mn) EBITDA (in USD mn) 170 159 151 131 76 68 62 55 Mumbai Pune Expressway Ahmedabad Vadodara Mumbai Pune Expressway Ahmedabad Vadodara FY23 9MFY24 FY23 9MFY24 Gross Debt (in USD mn) Net Debt (in USD mn) 725 667 685 664 348 333 330 315 Mumbai Pune Expressway A
Slide 28: Summary of assets – IRB Infrastructure Trust (Private InvIT)
Summary of assets – IRB Infrastructure Trust (Private InvIT) Average daily toll Concession Concession Concession Construction Sep’23 EV S. No. Particulars Appointed Date collection (USD Authority Period Period End* period end date (in USD mn) thousand)1 1 Solapur – Yedeshi NHAI 29 years January 21,
Slide 29: Nehru Outer Ring Road TOT project in Hyderabad
Nehru Outer Ring Road TOT project in Hyderabad – a key asset in the Private InvIT 158 km, 8 lane access-controlled corridor in one of the youngest state of our Country Project highlights Project snapshot Project snapshot Tolling, Operation, Maintenance & Transfer of Nehru Road length 158 km (1,2
Slide 30: Details of Fixed Price O&M Contracts
Details of Fixed Price O&M Contracts, provide strong revenue visibility O&M (in USD mn) 220 210.000 202 11% 14% 14% 3% 148 149 144 18% 17% 140.000 13% 9% 14% 132 3% 3% 17% 16% 10% 19% 4% 12% 18% 70.000 65% 58% 72% 69% 67% 53% - FY25 FY26 FY27 FY28 FY29 FY30 Total Maintenance Public InvIT Ahmedabad V
Slide 31: Debt Repayment Schedule
Debt Repayment Schedule Mumbai Pune Ahmedabad Vadodara 74.9% 58.7% 41.3% 25.1% FY25 to FY28 FY29 FY25 to FY28 FY29 to FY32 Repayment as % outstanding Repayment as % outstanding IRB Pvt InvIT* 30.9% 26.1% 20.4% 14.5% 7.6% 0.6% FY25 to FY28 FY29 to FY32 FY33 to FY36 FY37 to FY40 FY41 to FY44 FY45 to F
Slide 32: Balance Equity Commitment for Under Construction Assets
Balance Equity Commitment for Under Construction Assets Wholly Owned Concessions Total Appraised Cost (in USD mn) Balance Required as of 31 December 2023 (in USD mn) S. No. Project Equity Debt Grants Total Equity Debt Grants Total 1 Vadodara-Mumbai Expressway 30 90 84 205 15 44 33 92 2 Pathankot-Man
Slide 33: Attractive Sector Fundamentals with stable regulatory framework
Attractive Sector Fundamentals with stable regulatory framework Indian Road Sector Outlook Growing urbanization and rising 2nd largest road network in the personal disposable income world Amongst the fastest growing Transports 65% of goods and vehicle markets 90% of passenger traffic in the
Slide 34: THANK YOU
THANK YOU 33
IRB Infrastructure Developers — Investor Presentation (February 2024) on 6ix