IndiGrid Infrastructure Trust · NSE:INDIGRID
IndiGrid Infrastructure Trust — India Grid Trust — Q2 FY22 Earnings Presentation
23 slides from IndiGrid Infrastructure Trust's earnings presentation, October 2021
Slide 1: Investor Presentation Q2 FY22 Results
I NVESTOR P RESENTATION Q 2 F Y 2 2 R ESULTS 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: 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 4: IndiGrid at a Glance
I N D I G R I D AT A G LANCE 4
Slide 5: IndiGrid – India's First Power Transmission Yield Platform
IndiGrid – India’s First Power Transmission Yield Platform ~INR 214 Bn 18 STATES & 1 UT ASSETS UNDER MANAGEMENT 52 REVENUE GENERATING ELEMENTS ~7,570 ckms ~13,550 MVA 40 LINES 11 SUBSTATIONS 100 MW(AC) ~30 YEARS S OLAR GENERATION AVERAGE RESIDUAL CONTRACT# ~11,550 >4,35,000 MT 765 kV S/C 2x315 MVA (
Slide 6: Q2 FY22 Performance Update
STUN oes a RVAYAVGAUE 7 AVA AN EM Ved \ Oa we PERFORMANCE Q2 FY22 UPDATE
Slide 7: Key Power Sector Trends
Key Power Sector Trends Demand Trend a) All-India electricity demand increased by 12.7% YoY during Apr-Sep’21 b) Power demand is on a recovery mode post a transient supply-led downturn ; strong demand growth of 3.4% YoY in first fortnight of October (on a high base of 12%) c) Increased power demand
Slide 8: Q2 FY22 Highlights
Q2 FY22 Highlights • Q2 FY22 Revenue & EBITDA grew by ~43% YoY and ~49% YoY respectively Robust • Q2 FY22 DPU increased by ~6% YoY to ~INR 3.19* vs INR 3.00 YoY Financials • Q2 FY22 Collections healthy at 105%; in line with seasonal trend Well-Capitalised • AUM increased to ~INR 214 Bn post acquisit
Slide 9: Operational Performance – Q2 FY22
Operational Performance – Q2 FY22 Q2 FY22 Availability (%) 100.0% 99.9% 100.0%100.0% 99.9% 99.4% 100.0% 99.7% 99.9% 99.8% 100.0% 99.8% 99.3% • Consistent track record of maintaining superior availability and maximize incentives; Q2 FY22 Average availability at ~99.8% • Increased Reliability: Trips/L
Slide 10: Financial Performance – Q2 FY22
Financial Performance – Q2 FY22 Consolidated Financials INR Mn Q2 FY22 Q2 FY21 % change Collection Trend: Revenue 5,476 3,840 43% • Collections at 105% in Q2 FY22 vs 113% YoY and 70% QoQ EBITDA 5,040 3,375 49% • DSO days at 52 as of Sep’21 vs 81 days YoY NDCF Generated 2,241 1,976 13% DPU (INR per u
Slide 11: Distribution Update – Q2 FY22
Distribution Update – Q2 FY22 Particulars Q2 FY22 H1 FY22 Distribution per unit (DPU) (INR) ~3.19 ~6.38 On track to meet Interest 1.86 4.90 increased DPU guidance Dividend** 0.05 0.20 of INR 12.75 per unit in FY22 Capital Repayment/Others 1.28 1.28 Outstanding Units (Mn) 700.2 700.2 Gross Distributi
Slide 12: Consolidated EBITDA to NDCF Waterfall – Q2 FY22
Consolidated EBITDA to NDCF Waterfall – Q2 FY22 (In INR Mn) Reserve worth INR 9.4 Mn created during the quarter; reserve balance at ~INR 1,160 Mn Note: NDCF Generated includes factoring worth ~INR 250 Mn in Q2 FY22 * Finance cost at IGT includes a one-time interest outflow worth ~INR 660 Mn on accou
Slide 13: Robust Balance Sheet
Robust Balance Sheet Gross Borrowings** (INR 126.7 Bn) ➢ Debt worth INR 8.5 Bn raised in Q2 FY22 for refinancing and funding acquisitions As on September 30,2021 ➢ Weighted average cost of borrowing for incremental debt at ~6.72% 6 2 3 6 9 44 AAA Rated ~7.81% INR 8.03 Bn By CRISIL, ICRA & Average Co
Slide 14: 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 7% 8% 16% 16% 14% 12% 9% NA Total Returns 33% 37% 89% 87% 78% 63% 44% 20% 40%
Slide 15: Looking Ahead
L OOKING A HEAD… 15
Slide 16: FY22 Business Outlook
FY22 Business Outlook • INR 500 Bn worth inter state (TBCB) and INR 450 Bn intra-state bids (TBCB) are expected to be tendered over next 3-4 years creating a healthy pipeline for acquisition and bidding Portfolio • Focus on acquisition of framework asset (KTL), operational solar and transmission ass
Slide 17: Annexures
a in ANNEXURES | Ee We ai Mm
Slide 18: Our Portfolio Assets
Our Portfolio Assets (In INR Mn) 11 Inter State TBCB 1 Intra State TBCB 1 Regulated Tariff 1 Solar Generation Transmission Projects Transmission Project Transmission Project Asset Availability FY22 Tariff Metal (‘000 Metric Asset States Elements Contract COD AUM# (%)* Contribution^ Ton) 6 Lines – 94
Slide 19: Our Corporate Structure
Our Corporate Structure Other Unitholders Sponsor* ~24% ~20% ~56% 74%^ Investment Manager (IIML) Trustee 100% 100% 100% IGL IGL 1 IGL 2 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 74% 100% 100% BDTCL JTCL RTCL PKTCL MTL NTL OGPTL PTCL ENICL GPTL JKTPL PrKTCL# NER-II Solar- I & II Initial
Slide 20: Diversified Investor Base
Diversified Investor Base As on September 30, 2021 Corporates & • Supported by marquee long term investor base Retail Trusts 22% 15% Insurance • ~23% owned by DIIs including insurance companies, 8% mutual funds, pension fund and corporates Others Other FIIs 1% 10% • Retail Holding at ~22% ; quadrupl
Slide 21: An Experienced Board
An Experienced Board • Over 30 years of rich experience, currently he serves as an independent non-executive director of Mapletree Logistics Trust Ltd. He is an independent director of Westlife Development Limited, Jubilant Pharma Limited and Global Moats Fund (Mauritius) Tarun Kataria • Previously,
Slide 22: 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 23: Thank You
T H AN K Y O U 23