Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — GMR Airports Infrastructure — Q4 FY2023 Earnings Presentation
45 slides from Gmr Airports's earnings presentation, May 27, 2023
Slide 1: Regulation 30 disclosure letter to stock exchanges
GMR AIRPORTS INFRASTRUCTURE LIMITED (Formerly known as GMR Infrastructure Limited) May 27, 2023 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001. Bandra-Kurla Complex Scrip: 532754 Bandra (E) Mumbai - 400
Slide 2: GMR Airports Infrastructure Limited Investor Presentation Q4FY2023
GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) Investor Presentation Q4FY2023 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 ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
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 15 303—DOM • Strategically located on FY13–23 Gateway • Gateway to India – National Capital 606—INT East Coast
Slide 6: Financial Highlights
Financial Highlights Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 7: FY23 Results at a Glance
FY23 Results at a Glance Domestic Revenue Pax Traffic1 Aero YPP2 Destinations Connected4 INR 66.9 bn 92.8 mn INR 200 Delhi – 80 ˊ 45% YoY ˊ 69% YoY ◄► Flat YoY Hyd – 66 ATMs (‘000)1 Non-Aero IPP3 International EBITDA Destinations Connected4 INR 17.2 bn 627.1 INR 340 Delhi – 62 ˌ 18% YoY ˊ 43% YoY ˌ
Slide 8: Q4FY23 Results at a Glance
Q4FY23 Results at a Glance Revenue Pax Traffic1 Aero YPP2 Net Debt4 INR 18.9 bn 25.8 mn INR 199 INR 228 bn ˊ 48% YoY ˊ 55% YoY ˊ 3% YoY ˌ 9% QoQ ˊ 7% QoQ ˊ 6% QoQ ˊ 1% QoQ EBITDA ATMs (‘000)1 Non-Aero IPP3 Capex Progress4 INR 2.6 bn 167.0 INR 348 Delhi – 86.1% ˌ 52% YoY ˊ 36% YoY ˌ 1% YoY Hyd – 85.1
Slide 9: GIL Performance Highlights
GIL Performance Highlights Consolidated Financials • Gross Revenues: 9 FY23: ˊ 45% YoY to INR 66.9 bn 9 Q4FY23: ˊ 7% QoQ; ˊ 48% YoY to INR 18.9 bn • EBITDA 9 FY23: ˌ 18% YoY to INR 17.2 bn 9 Q4FY23:ˌ 51% QoQ; ˌ 52% YoY to INR 2.6 bn o YoY impacted due to commencement of revenue share payment to AAI
Slide 10: GIL Consolidated EBITDA (Proforma) – FY23
GIL Consolidated EBITDA (Proforma) – FY23 INR mn GIL Consolidated JVs EBITDA Airport Consolidated EBITDA# (DIAL+GHIAL) Medan EBITDA EBITDA (Proforma) 4,142 199 21,579 17,238 Consolidated Airport EBITDA (Proforma) is ~INR 21.6 bn # also include airport subsidiaries 8
Slide 11: GIL Consolidated Debt
GIL Consolidated Debt Gross & Net Debt ^ Net Debt (Sector-wise) ^ (INR bn) (in INR bn) 294 66 234 228 228 -6 Gross Debt Cash & equivalents Net Debt Airport Net Cash at Net Debt Corporate (GIL) • Net cash of ~INR 6 bn at Corporate level • Net Debt declined by INR 21 bn QoQ • Delhi Airport – INR 114 b
Slide 12: Business Highlights
Business Highlights Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 13: Key Highlights – FY23
Key Highlights – FY23 • Execution of theFY22 – Keyand Agreement Business Scheme ofhighlights Merger of GMR Airports Ltd (GAL) with GMR Airports Infrastructure Ltd (GIL) Merger of 9 Settle cash earnouts at INR 550 Cr and the equity earnouts at 4% out of 8% to GIL GAL with GIL 9 Received EUR 331 mn by
Slide 14: Key Highlights – FY23
Key Highlights – FY23 • FY22with Financial partnership – Key NIIF1Business for investing highlights equity capital in three airport projects including Partnership Mopa (Goa) and Bhogapuram (Visakhapatnam, Andhra Pradesh) airports • Received primary investment of INR 6.31 bn in the form of CCD2 from
Slide 15: Key Focus Area for FY24 and beyond
Key Focus Area for FY24 and beyond 1 FY22 22 – Key Business i highlights hi hli h Merger of GAL with GIL • Merger expected to be completed within FY24 2 • Repay corporate debt of GIL and settle corporate guarantees related to GPUIL Deleveraging • Work towards reduction/ refinancing of debt at GMR Ai
Slide 16: Passenger Traffic
Passenger Traffic Delhi Airport –Monthly Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic ('000) Domestic ('000) 5,000 2,100 4,000 1,800 3,000 1,500 1,200 2,000 900 600 1,000 300 0 0 Feb Apr Aug Sep Oct Jan Mar May Jun Nov Dec Jul Feb Apr Aug Sep Oct Nov Dec Jan Mar May Jun Jul 2020 2021 2022
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 (‘000 tons) Delhi Airport Hyderabad Airport 15 75 12 60 9 45 30 6 15 3 - - Feb Apr Aug Sep Oct Nov Dec Jan Mar May Jun Jul Feb Apr Aug Sep Oct May Jul Nov Dec Jan Mar Jun 2020 2021 2022 2023 2020 2021 2022 2023 Traf
Slide 18: Asset Wise Performance
Asset Wise Performance Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 19: Domestic Airports
Domestic Airports Humility | Entrepreneurship | Teamwork a7 £e | Learning And Inner Excellence | Social Respofsibility | Res}
Slide 20: Key Highlights – Q4FY23: Delhi Airport (DIAL)
Key Highlights – Q4FY23 Delhi Airport (DIAL) • Traffic ˊ2% QoQ; ˊ49% YoY to 17.7 mn pax • Gross revenue ˊ3% QoQ; ˊ36% YoY to INR 10.9 bn o Aero revenue ˊ6% QoQ; ˊ40% YoY o Non-aero revenue flat QoQ; ˊ42% YoY 9 Retail incl. Duty Free ˌ10% QoQ; ˊ74% YoY o CPD Rentals ˊ9% QoQ; ˊ7% YoY • EBITDA of INR 2
Slide 21: Key Highlights – Q4FY23: Hyderabad Airport (GHIAL)
Key Highlights – Q4FY23 Hyderabad Airport (GHIAL) • Traffic ˊ5% QoQ; ˊ52% YoY to 5.7 mn pax • Gross revenue ˊ7% QoQ; ˊ81% YoY to INR 3.5 bn o Aero revenue ˊ3% QoQ; ˊ78% YoY o Non-aero revenue ˊ14% QoQ; ˊ88% YoY 9 Retail incl. Duty Free ˌ2% QoQ; ˊ2.2x YoY • EBITDA of INR 571 mn in Q4FY23 vs INR 1.4 b
Slide 22: Key Highlights – Q4FY23: Mopa (Goa) Airport
Key Highlights – Q4FY23 Mopa (Goa) Airport - GGIAL • COD achieved; commenced full fledged domestic flight operations from January 5, 2023 o IndiGo, Akasa, Spicejet and Vistara are operational o International operation expected to start from June/ July 2023 • Traffic at 0.7 mn pax in Q4FY23; Cumulati
Slide 23: Operational & Financial Highlights YoY – Q4FY23
Operational & Financial Highlights YoY – Q4FY23 (figures in INR mn) Delhi Airport Hyderabad Airport Goa (Standalone) (Standalone) Airport Particulars Q4FY2022 Q3FY2023 Q4FY2023 Q4FY2022 Q3FY2023 Q4FY2023 Q4FY2023 Net Revenues 7,893 5,588 5,764 1,845 3,135 3,352 268 EBITDA 4,708 2,981 2,408 593 1,403
Slide 24: Operational & Financial Highlights YoY – FY23
Operational & Financial Highlights YoY – FY23 (figures in INR mn) Delhi Airport Hyderabad Airport Goa (Standalone) (Standalone) Airport Particulars FY2022 FY2023 FY2022 FY2023 FY2023 Net Revenues 27,214 21,323 6,434 11,918 268 EBITDA 17,137 9,838 2,213 5,202 (385) Interest 8,625 8,103 2,585 3,402 64
Slide 25: Consolidated EBITDA (Proforma) – FY23
Consolidated EBITDA (Proforma) – FY23 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) 3,348 13,186 2,185 7,387 9,838 5,202 Con
Slide 26: Significant Improvement in Key Parameters
Significant Improvement in Key Parameters Delhi Airport Hyderabad Airport ATMs increased 27% YoY in Q4FY23 ATMs increased 37% YoY in Q4FY23 Domestic International Domestic International (Nos '000) (Nos '000 ) 106.4 41.8 5.8 83.6 22.3 30.4 14.1 3.7 36.0 84.1 69.5 26.7 Q4FY2022 Q4FY2023 Q4FY2022 Q4FY2
Slide 27: Non-Aero Revenues Performance YoY – FY23
Non-Aero Revenues Performance YoY – FY23 Delhi Airport p INR 24.8 bn Non-Aero Revenue Break-up • Non-aero revenues ˊ49% to INR 24.8bn • Retail revenues ˊ125% YoY to INR 6.9bn Spa ce Rentals Cargo o Duty Free SPP at INR 985 in FY2023 vs INR 990 22% 13% in FY22 Advt. 7% • Cargo revenues ˊ1% YoY to INR
Slide 28: Key Highlights – Q4FY23: Bhogapuram and Nagpur
Key Highlights – Q4FY23 Bhogapuram Airport (Visakapatnam, Andhra Pradesh) • Foundation stone laid by State Chief Minister on May 3, 2023 • Tender process is on for selection of EPC contractor • R&R processes fully completed • Pre-cursor to land handover process; joint survey of land is underway • Fi
Slide 29: International Airports
International Airports Humility | Entrepreneurship | Teamwork a7 £e | Learning And Inner Excellence | Social Respofsibility | Res}
Slide 30: Key Highlights – Q4FY23: Medan and Cebu Airports
Key Highlights – Q4FY23 Medan Airport (Indonesia) • Traffic ˊ11% QoQ^; ˊ76% YoY to 1.73 mn pax^; Started operating the Airport from July 7, 2022 • Revenue ˊ29% QoQ to INR 1.1 bn • EBITDA ˌ49% QoQ to INR 150 mn mainly due to increase in expenses on account of ramp up of operations • Ministry of Trans
Slide 31: Medan Airport - Operational & Financial Highlights
Medan Airport - Operational & Financial Highlights (figures in INR mn) Reported INR mn Q3FY2023 Q4FY2023 FY2023 Revenues 853 1,099 1,994 EBITDA 296 150 407 PAT (99) (100) (217) FY23 Passenger Traffic^ FY23 Revenues mix^ Domestic International 5.7 mn pax Aero Non-Aero INR 2 bn 14% 22% 78% 86% Note: F
Slide 32: Key Highlights – Q4FY23: Crete Airport
Key Highlights – Q4FY23 Crete Airport (Greece) • 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 19.86% achieved as of March 31, 2023. Terminal building foundation works complete
Slide 33: ESG Practices
ESG Practices Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 34: ESG
ESG Environment Social DIAL • DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd CSR Spend (Q4FY23) - INR 61.81 mn airport globally under Airport Council International’s (ACI) Airport Carbon Accreditation program. Target is to achieve Net Zero by 2030. Total beneficiarie
Slide 35: Key awards and achievements – Delhi Airport
Key awards and achievements – Delhi Airport • Conferred with “Best Airport in India and South Asia” in the World Airport Awards by Skytrax, for 5th year in a row • Retained its Global 4 Star Airport rating based on the Airport Quality Audit conducted by Skytrax in month of November 2022. • Improved
Slide 36: Key awards and achievements – Hyderabad Airport
Key awards and achievements – Hyderabad Airport • Ranked 65th at the 2023 Skytrax World Airport Awards • Best Regional Airport in India & South Asia • Best Airport Staff in India & South Asia Winner of the 2022 Airport Service Quality (ASQ) Award for Best Airport of 15 to 25 mn passengers category i
Slide 37: Summary
Summary Humility | Entrepreneurship | Teamwork ag ée | Learning And Inner Excellence | Social Respofsibility | Res{
Slide 38: Poised for Breakout Growth as a Pure Airport Player
Poised for Breakout Growth as a Pure Airport Player 1 Presence across most lucrative markets - India’s aviation market expected to grow at an average 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 ex
Slide 39: Thank You
Thank You For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in
Slide 40: Annexures
Annexures Humility | Entrepreneurship | Teamwork ag a VY £e | Learning And Inner Excellence | Social Respofsibility | Reshect I
Slide 41: Annexures
Annexures Particulars No. Profitability Statement (Consolidated) A Financial Performance o Delhi Airport (Standalone) B o Hyderabad Airport (Standalone) C o Mopa (Goa) Airport D 39
Slide 42: Annexure A : Profitability Statement (Consolidated)
Annexure A : Profitability Statement (Consolidated) INR mn Q4FY2022 Q3FY2023 Q4FY2023 FY2022 FY2023 Gross Revenue 12,836 17,664 18,946 46,007 66,934 Less: Revenue Share 206 5,137 5,251 2,240 19,147 Net Revenue 12,630 12,527 13,695 43,767 47,787 Total Expenditure 7,289 7,227 11,105 22,741 30,549 EBIT
Slide 43: Annexure B : Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Particulars Q4FY2022 Q3FY2023 Q4FY2023 FY2022 FY2023 Aero Revenue 1,832 2,417 2,558 6,274 9,376 Non Aero Revenue 4,755 6,752 6,770 16,580 24,772 CPD Rentals 1,421 1,402 1,527 6,287 5,751 Gross Revenue 8,008 10,572 10,855 29,141 39,900 Less: Revenue Shar
Slide 44: Annexure C : Hyderabad Airport (Standalone)
Annexure C : Hyderabad Airport (Standalone) INR mn Q4FY2022 Q3FY2023 Q4FY2023 FY2022 FY2023 Aero Revenue 1,190 2,058 2,113 4,054 7,852 Non Aero Revenue 741 1,222 1,390 2,683 4,610 Gross Revenue 1,931 3,280 3,504 6,737 12,462 Less: Revenue Share 86 145 152 303 544 Net Revenue 1,845 3,135 3,352 6,434
Slide 45: Annexure D : Mopa (Goa) Airport
Annexure D : Mopa (Goa) Airport INR mn Particulars Q4FY2023 FY2023 Aero Revenue 211 212 Non Aero Revenue 56 56 Gross Revenue 268 268 Less: Revenue Share - - Net Revenue 268 268 Operating Expenditure 556 653 EBITDA (288) (385) EBITDA margin - - Other Income (10) 22 Interest & Finance Charges 561 646
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