Pitchbook US template - GMR Groupinvestor.gmrgroup.in/pdf/NDR July 2016.pdf · Kameshwari • Leading ... Revenue Structure • Assured “Target Aero Revenue” every year, based

0 Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning | Social Responsibility | Respect for Individual

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Investor Presentation NDR - Singapore / Hong Kong

July 2016


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DISCLAIMER

The materials being shown in this presentation is solely for information and not to be reproduced, retransmitted, further distributed to any other person or published, in whole or

in part, for any other purpose.

These materials have been prepared by GMR Infrastructure Limited (the "Company") solely to be used for this presentation. No representations or warranties, express or

implied, are made by the Company or its subsidiaries (collectively, the “Group”) or any of their respective members, directors, officers or employees or any other person as to,

and no reliance should be placed on, its fairness, accuracy, completeness or correctness of the information or opinions presented or contained in these materials and have not

been independently verified.

It is not the intention to provide a complete or comprehensive analysis of the financial or trading positions or prospects of the Company or the Group. None of the Company or

the Group or any of its directors, officers, employees, agents, affiliates, advisers or representatives accepts any liability whatsoever from any loss howsoever arising from any

information or opinions information or opinions presented or contained in these materials or otherwise arising in connection with these materials. The information and opinions

presented or contained in these materials are provided as on the date of this presentation and are subject to change without notice and the accuracy of the information is not

guaranteed.

This presentation is for information purposes only and is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any

securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation

may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the

Company. This presentation should not be relied upon as the basis of an investment decision in securities of the Company or the Group.

The distribution of this presentation in certain jurisdictions may be restricted by law and persons who come into possession of this presentation should observe any such

applicable restrictions. The Company or its Group cannot be held liable for distribution of the presentation by the investors who come into possession of the presentation or for

non compliance with applicable laws or restrictions.

This presentation and the discussion that follows may contain “forward looking statements” relating to the Company or the Group. These forward looking statements, which

may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,

expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which GMR Infrastructure the Group

operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are

beyond the Company’s or the Group’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward

looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Group. In particular, such

statements should not be regarded as a projection of future performance of the Company or the Group. It should be noted that the actual performance or achievements of the

Company and the Group may vary significantly from such statements.


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Promoter & Promoter Group

61.6%

FIIs 19.3%

MF & DIIs 7.8%

Others 11.2%

Today, we have a strong portfolio across Airports, Energy and

Highways/Urban Infra

97% 93.5%* 100%

GMR Infrastructure Limited

* Includes both direct & indirect holding

GMR AIRPORTS LTD.

~80 mn Passenger Capacity • 3 Airports

• Delhi Airport

• Hyderabad Airport

• Cebu, Philippines

• Maldives Airport (under

arbitration)

GMR ENERGY LTD.

~4,800 MW Power Generation

Capacity Thermal Projects

• Coal based - 3,000MW

• Gas based - 1,400MW

Hydro Projects

• 180MW – under construction

• 2,025 MW – under development

Renewable

• Solar - 25MW

• Wind - 3.4MW

Transmission

• 2 projects - 350kms

GMR HIGHWAYS LTD.

9 Operational Road Projects • 4 Annuity Projects - 284kms

• 5 Toll Projects - 446kms Toll

URBAN INFRA

Industrial Zone

• Krishnagiri - 3,300 acres

• Kakinada - 10,500 acres

Airport Real Estate

• Delhi - 230 acres

• Hyderabad - 1,500 acres

Shareholding

as on Mar 31, 2016


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P M Kumar

Chairman, Institutional Building & Governance

B V N Rao

Chairman, Urban Infra and Highways

Bommidala Srinivas

Chairman, Airports

G B S Raju

Chairman, Energy

Kiran Kumar Grandhi

Corporate Chairman, MD GMR Infra

THE GROUP HOLDING BOARD

GM Rao

Group Chairman

INDEPENDENT DIRECTORS

Visionary Leadership Building an Institution For Perpetuity…

NC Sarabeswaran

S Sandilya

RSSLN

Bhaskaradu

Dr Prakash Apte

S Rajagopal

V. Santhanaraman

C. R. Muralidharan

Vissa Siva

Kameshwari

• Leading practicing CA

• Founding partner of Jagannathan and

Sarabeswaran Chartered Accountants

• Over 48 years of work experience across different

sectors with BHEL and Maruti Udyog

• Professor at the IIIM-Bangalore

• Served on expert committees appointed by NSE,

SEBI and is an expert on regulatory affairs

• Chairman of Eicher

• President of Society of Motorcycle Manufacturers in

India and national council member of CII

• Involved with the group for over 18 years

• Held various positions including the group

• Former Chairman and MD of Bank of India and

Banking Service Recruitment Board

• Former ED of Bank of Baroda and senior banker in

Indian Bank

• Ex senior RBI executive with over ~40 years

experience in financial regulation and banking

• Leading CA with 24 years experience

Jayesh Desai • CA with over 28 years of experience across

corporate finance, investment advisory and

business development


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Our board is also advised by the external Group Performance

Advisory Council (GPAC) comprising business leaders

A highly acclaimed business advisor,

speaker, and author who has coached some

of the world's most successful CEOs. For 35

years, he's worked with companies like GE,

Bank of America, DuPont, 3M,etc.

Retired IAS, with 30+ experience in financial

services and public sector enterprises.

Served leadership positions like Chairman

SEBI (equivalent to SGX in S’pore, SEC in

US), CMD IDBI Bank, Chairman UTI

He has over 4 decades of banking

experience and is a consultant for World

Bank, IFC, etc. He has served as CEO of

Corporation Bank and Chairman of Vysya

Bank

Previously held leadership positions in

Wipro, ABB and HP. Member of several

boards including Idea Cellular and ING

Vysya Bank

Founder / Co-founding member Indocean,

CRISIL and HDFC. He has been in advisory

roles to USAID, The World Bank and The

Asian Development Bank in the past

Former Chairman Ingersoll Rand.

Previously held leadership positions with

Kirloskar group. He serves on the advisory

and statutory Board of various Companies

Dr. Sumantran is Executive Vice-Chairman

of Hinduja Automotive. From 2001-05, he

was chief executive of TATA Motors Car

business. Prior to this he had a 16-year

career stint with GM in Detroit

Sanjeev Aga has experience of over 4

decades and he has been CEO/MD at Blow

Plast / VIP Industries, Aditya Birla Nuvo, and

Idea Cellular. He now engages in

advisory/board roles for corporates and not-

for-profits

Luis Miranda was President & CEO at IDFC

alternatives. He now spends most of his

time working for non-profits and is also

advisor to Morgan Stanley Infrastructure

Dr Ram Charan M Damodaran K R Ramamoorthy

Arun Thiagarajan Pradip P Shah Daljit Mirchandani

Dr V Sumantran Sanjeev Aga Luis Miranda


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Corporate Structure

97% 93.5%*** 100%

GMR Infrastructure Limited

Operational Stake Operational Coal / Diesel based Projects Stake Operational Annuity Projects Stake

Warora Power Plant (600 MW) 100% Tuni Anakapalli 100%

Kamalanga Power Plant (1,050 MW) 86% Tambaram Tindivanam 100%

Chhattisgarh Power Project (1,370 MW) 100% Pochanpalli 100%

Chennai Power Plant (200 MW) 51% Chennai ORR 90%

Operational Gas based Projects

Kakinada Power Plant (235 MW) 100% Ambala Chandigarh 100%

Vemagiri Power Plant (388 MW) 100% Hyderabad Vijaywada 90%

Rajahmundry Power Project (768 MW) 45% Hungund Hospet * 36%

Operational Renewable Energy Projects Faruknagar Jadcherla 26%

Solar Power Project (25 MW) 100% Tindivanam Ulundurpet ** 26%

Wind Power Projects (3.4 MW) 100%

Operational Transmission Projects #

Aravali Line (96 kms) 100%

Maru Line (269 kms) 100%

Under Construction

Bajoli Holi Power Project (180 MW) 100%

Under Development

4 Hydro Power Projects (2 India, 2 Nepal)

Coal Mining Projects

PT Barasentosa Lestari 100%

PT Golden Energy Mines 30%

Operational BOT (toll) Projects

GMR Airports Ltd GMR Energy Ltd GMR Highways Ltd

Delhi International Airport 64%

GMR Hyderabad International Airport 63%

Mactan-Cebu International Airport 40%

* Share Purchase Agreement signed to divest 51% stake; already transferred 15% in Mar’16 ** Share Purchase Agreement signed to divest remaining 26% stake *** Includes both direct & indirect holding # Signed definitive agreements for sale of 74% in Maru project and 49% in Aravali project

Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise | Learning | Social Responsibility | Respect for Individual

Airport Sector


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Airport Assets

Project Delhi International Airport (DIAL) Hyderabad International Airport

(GHIAL)

Mactan - Cebu International Airport

(MCIA)

Status Operational Operational Operational and undergoing expansion

Annual Passenger

Capacity 62 mn 12 mn 16 mn #

Concession Terms • 30 + 30 years concession (starting

April 2006)

• 46% revenue sharing

• 30 + 30 years concession (starting

March 2008)

• 4% revenue share

• 25 years (from the O&M start date)

• Upfront fees of USD 320mn + VAT

• Project cost of USD 750mn

Commercial Property

Development

• 230 acres Real Estate parcel

• 1st Phase development of 45 acres has

completed

• Work on 2nd Phase of 23 acres is

underway

• 1,500 acres Real Estate parcel

• 1st Phase : To develop 250 acres

aviation SEZ and 250 acres multi

service SEZ

Revenue Structure • Assured “Target Aero Revenue” every year, based on variables like approved

project cost, WACC, normative operations, etc. • Aero revenue based on pre-determined

PSF

Traffic – FY16 48.4 mn Pax;

365,696 ATMs*

12.5 mn Pax;

106,303 ATMs*

8.0 mn Pax;

64,900 ATMs*

Traffic – FY15 41 mn Pax;

323,455 ATMs*

10.5 mn Pax;

94,562 ATMs* N.A.

*ATM = Air Traffic Movement

# Post 1st phase of expansion


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Airports : Cash Flows to Improve

DIAL’s tariff fixation assumptions (by AERA) under appeal

• Appealed for cost of equity of 24% vis-à-vis currently

approved rate of 16% by AERA

• Appealed for return of 24% on real estate deposits

(utilized to fund capex) vis-à-vis Nil return approved

by AERA

Long awaited regulatory approvals to improve the profitability matrix

Note : Current tariff will continue till the final order of Tribunal

UDF collection started post DGCA notification restoring the

collection of Airport Charges with effect from 05 Nov’15

GHIAL has submitted its tariff proposal for second control

period starting 01 April 2016

Delhi Airport Hyderabad Airport

• DIAL raised ~USD 289mn through a bond issue. The issue

was oversubscribed by ~16 times

• Proceeds from the issue was used to prepay the ECB

• Resulted into a benefit of (a) lower interest cost and (b)

bullet repayment instead of yearly repayments in ECB

Refinancing existing debt to realign cash flows to repayment

• GHIAL refinanced the existing term debt post AERA’s decision to

change the “Till” methodology

• Got moratorium of two years thereby reducing pressure on cash

flows

Delhi Airport Hyderabad Airport


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DIAL Land Monetisation to Unlock Higher Potential Returns

• Awarded development rights for 14 asset areas through

competitive bidding

− Developable area of 6.12 msf

• Operations commenced for JW Marriott, Lemon Tree, Red Fox,

Holiday Inn, Ibis Hotel, Novotel and Pullman

− ~2,400 rooms are operational with an occupancy of 70-75%

Aerotropolis Development Plan

Majority of

Land Bank Core Airport

infrastructure

NH 8

Gurga

on *LP = Land Parcel

Flexibility in land usage – allows all commercial activities except residential

230 acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District

• Commercial development at airport envisages

development of an alternate commercial hub, right in the

heart of the city

• Location lends dual advantage of central location with

effective connectivity & proximity to demand

• First phase of 45 acres of development constitutes of

hospitality and commercial assets

• Next phase of 23 acres land development as a Retail

district is underway

• Monetisation of 23 acres in Phase II

− RFQ completed and RFP issued to qualified bidders

− Targeting to create a retail focused district

− Developable area of ~2.5 msf

• Monetization to be done through a transparent bidding process

− Expected to complete the process & award the project by

H1FY17

Aerotropolis Phase - II : 23 Acres of Retail District


Energy Sector


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GMR Infrastructure

Ltd

GMR Energy Ltd

Kamalanga Power

Plant- 1,050MW

Warora Power Plant-

600MW

Vemagiri Power

Plant- 388MW

Gujarat Solar Plant-

25MW Bajoli Holi Hydro

Project- 180MW

Upper Karnali Hydro

Project- 900MW

Upper Marsyagadi

Hydro Project-

600MW

Alaknanda Hydro

Project- 300MW

Thermal

(Coal & Gas)

Renewable

(Hydro & Solar)

Chhattisgarh Power

Plant – 1,370MW Other Power Assets

Indonesia coal mines

Other Assets

Maru & Aravalli

Transmission

Private Equity

Investors

Operational Under Construction Under Development

93.5%*

6.5%

Rajahmundhry

Power Plant- 768MW


Kamalanga Power Plant excludes 350MW of Unit 4 which is under development

Current Structure of GMR Energy

Barge Plant- 235MW


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Investment of USD 300 mn by

Tenaga Nasional Berhad, Malaysia

for 30% equity interest in a select portfolio of

GMR Energy Ltd. (GEL)

GEL Valuation ascribed at USD 1 bn (~INR 67bn)

USD 1 = INR 67


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Revised Structure of GMR Energy

GMR Infrastructure

Ltd

GMR Energy Ltd

Kamalanga Power

Plant- 1,400MW

Warora Power Plant-

600MW

Barge Plant- 235MW

Gujarat Solar

Plant- 25MW

Bajoli Holi Hydro

Project- 180MW

Upper Karnali Hydro

Project- 900MW

Upper Marsyagadi

Hydro Project- 600MW

Alaknanda Hydro

Project- 300MW

Thermal

(Coal & Gas)

Renewable

(Hydro & Solar)

Chhattisgarh Power

Plant – 1370MW

Rajahmundry Power

Plant – 768MW

Other Assets

Other Power

Assets

Indonesia coal

mines

Excluded Assets

Maru & Aravalli

Transmission

Portfolio A – Tenaga is investing in this portfolio Portfolio B – Right to invest within 5 years

Tenaga Private Equity

Investors

52%*

18% 30%


Kamalanga Power Plant includes 350MW of Unit 4 which is under development

Operational Under Construction Under Development

Vemagiri Power

Plant- 388MW


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Bajoli Holi

(180 MW / Hydro)

Alaknanda

(300 MW / Hydro)

Upper Marsyangdi

(600 MW / Hydro)

Upper Karnali

(900 MW / Hydro)

Warora

(600 MW / Coal)

Kakinada

(235 MW / Gas)

Kamalanga

(1,050 MW / Coal)

Vemagiri

(388 MW / Gas)

Solar Plant

(25 MW)

Operational Assets

Projects Under Construction

Projects Under Development

Legends:

Portfolio A – Balanced Mix of Operational & Pipeline Projects

Kamalanga

(350 MW / Coal)

• Operating capacity of ~2,300 MW comprising 5 assets

o Warora – 600 MW coal based plant strategically located in

the high growth oriented western region of Maharashtra

o Kamalanga – 1,050 MW coal based plant strategically

located close to the coal belt of Odisha

o Vemagiri – 388 MW gas based plant

o Barge – 235 MW barge mounted gas based plant

o Gujarat Solar – 25 MW solar power plant located at Patan

• Additional pipeline capacity of ~2,330 MW comprising 5

under construction / development assets

o Kamalanga Unit 4 – 350MW extension of Kamalanga

o Bajoli Holi – 180 MW hydro facility on the River Ravi

o Upper Karnali – 900 MW hydro project on the river Karnali

o Upper Marsyangdi – 600 MW hydro project on the river

Marsyangdi

o Alaknanda – 300 MW hydro project on the Alaknanda River

Balanced mix of Coal (2,000 MW), Gas (623 MW) and

Renewable Energy - Hydro (1,980 MW) & Solar (25 MW)


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Project Location Fuel Capacity (MW) COD

Chhattisgarh Raipur Coal 1,370 Unit 1 – Nov 2015

Unit 2 – Mar 2016

Rajahmundry Rajahmundry Gas 768 Unit 1 – Oct 2015

Unit 2 – Oct 2015

Total 2,138

• Tenaga would have a right to invest in these assets anytime within the next five years

• Adds further strategic value to the portfolio by adding ~2,000 MW of operating capacity and increase its total portfolio

to over 6,700 MW

Portfolio B – Right to Invest in Additional ~2,000 MW of Capacity

• Considering the absence of long term Fuel Supply Agreement and long term Power Purchase Agreements, the

consortium of lenders have adopted the Strategic Debt Restructuring Plan (SDR)

o Accordingly, the company has issued equity shares proportionately to all the lenders

• As per the SDR scheme, out of the total outstanding debt (including overdue interest) of INR 38bn, debt to the extent

of INR 14bn has got converted into equity

o Consortium lenders now have 55% shareholding and balance 45% is held by GMR

• Balance debt of ~INR 24bn would have repayment period of 20.5 years including moratorium of 1.75 years and

interest rate of 10.75% p.a.

o Lower debt coupled with reduction in interest cost improves the long term viability of the project

Adoption of Strategic Debt Restructuring by GMR Rajahmundhry


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Partnership with Tenaga provides renewed impetus to Energy Business

• Partnership between one of the largest integrated utilities and an established player in the Indian Power sector will be a force multiplier to create one of the most valuable companies

Strong synergies from the strategic partnership with Tenaga

• GEL has more than 80% of its capacity contracted under long-term PPAs ensuring high visibility of cash flows

Strong Visibility on Cash Flows from Operational Portfolio

• Primary capital infusion strengthens GEL’s balance sheet through reduction of corporate debt

• Convertible preference shares issued to Private Equity Investors would be converted into Equity

Strengthening of the Balance Sheet

• Given the attractiveness of GMR Energy post the investment, it will have an opportunity to unlock value at an appropriate time

Attractiveness of GMR Energy from a value unlocking perspective


Highway Sector


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Key Highlights

• Signed a Share Purchase Agreement to divest 51% equity stake in the Hungund Hospet project

o 15% stake has been transferred to Joint Venture partner; balance stake to be transferred post receiving all approvals

o Divestment to reduce INR 10.8bn of debt and create INR 850mn of liquidity

• Signed a Share Purchase Agreement with India Infrastructure Fund to divest 26% equity stake in Ulundurpet project

o Stake would be transferred post receipt of all approvals

o Divestment will create a liquidity of INR 325mn

Divestment of Road Projects in line with Asset Light, Asset Right Strategy

Highways Projects

Project Name Annuity Based Road Projects (285 kms) Toll Based Road Projects (446 kms)

GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL GOHHPL GUEL GJEPL

Location Tuni-

Anakapalli

Tambaram-

Tindivanam Pochampalli Chennai ORR

Ambala-

Chandigarh

Hyderabad-

Vijayawada

Hungund-

Hospet

Tindivanam

Ulundurpet

Faruknagar

Jadcherla

Shareholding 100% 100% 100% 90% 100% 90% 36% 26% 26%

Road Length (kms) 59 93 103 30 35 181 99 73 58

CoD Dec-04 Oct-04 Mar-09 Jun-13 Nov-08 Dec-12 Nov-12*/May

-14 Jul-09 Feb-09

Concession Period 17.5 yrs from

May-02

17.5 yrs from

May-02

20 Yrs from

Sep-06

20 Yrs from

Jun-10

20 Yrs from

May-06

25 Yrs from

Apr-10

19 Yrs from

Sep-10

20 Yrs & 98

days from

Oct-06

20 Yrs from

Aug-06


Summing Up


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Key Highlights - Past 24 Months

Particulars Update

‘Asset Light

Asset Right’

Approach

• Adopted the principle of “Develop, Build, Create Value and Divest”

• Focus moved from Asset Growth to Cash Growth

• Delivered on ‘Asset Light, Asset Right’ strategy

Divestments

• Divested 6 large projects

‒ 1 Airport: Sabiha Gocken International Airport (SGIA), Turkey

‒ 1 Power project: Island Power Project, Singapore

‒ 3 Road projects: Jadcherla Expressway, Ulunderpet Expressway and Hungund Hospet Expressway

‒ 1 Coal Mine: Eloff & Kendall Mines by Homeland Energy Group

• Released INR 39bn [USD 582mn] equity and reduced liabilities by INR 73bn [USD 1.1bn] through

divestments

Capital

Raising

• Total Capital Raised since FY12 - INR 65bn [USD 970mn] (excluding divestments)

• Raised INR 48.8bn [USD 728mn] in the last 24 months

o QIP of INR 14.8bn [~USD 220mn]

o Rights Issue of INR 14.0bn [~USD 209mn]

o FCCB of INR 20.0bn [USD 300mn]

• Investment of USD 300mn by Tenaga for a 30% in a select portfolio of GMR Energy Ltd

USD 1 = INR 67


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Key Highlights - Past 24 Months (cont.)

Business

Verticals Update

Energy

• GMR Energy - Renegotiation completed with Private Equity Investors; to be issued 18% stake in company

• Warora & Kamalanga - Both plants successfully operationalised & FSA signed for 100% capacity

o Orissa PPA (Kamalanga) - Awarded a tariff increase of INR 0.65/unit to INR 3.4/unit

o Haryana PPA (Kamalanga) – Awarded favourable order w.r.t. ‘change in law’ and ‘coal cost pass-through’

o Tamil Nadu PPA (Warora) - Commenced full supply of 150MW from Dec’15 onwards

• Chhattisgarh project - Achieved CoD for Unit I in Nov’15 and for Unit II in Mar’16

o Talabira Coal Mines - Coal production started from Aug’15 & getting dispatch to Chhattisgarh project

• Gas Auctions (RLNG scheme) - GMR has won right to receive imported R-LNG for two of it’s power projects

(Vemagiri & Rajahmundhry) for upto 30% PLF (Phase 3) during H1FY17

o Both Vemagiri & Rajahmundhry started operations during FY16 post winning gas supply in the e-bid

RLNG scheme and operated at ~20% PLF during the year

• Strategic Debt Restructuring of Rajahmundhry project – Converted INR 14.1bn of debt into equity & issued

shares to consortium lenders representing 55% stake in the project

• Refinancing of Operational projects - Group is refinancing the project debt to align the cash flows with

repayment schedule. Already debt of Warora, Kamalanga & Rajahmundhry projects has been refinanced

• Divestment of Transmission projects - Signed definitive agreements with Adani Transmission (ATL) for sale

of 74% in Maru & 49% in Aravali project. ATL has an option to acquire balance stakes in both the projects

o Equity consideration ascribed for the transaction is INR 1,000mn


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Key Highlights - Past 24 Months (cont.)

Business

Verticals Update

Airport

• Delhi Airport - Raised USD 289mn through an international bond issue

• DIAL Real Estate - RFP issued for monetising additional 23 acres for retail district

• Hyderabad Airport – Restarted collection of User Development Fee (UDF) under ‘Hybrid Till’ methodology of

tariff determination; Submitted tariff proposal for second control period with AERA

• Mactan Cebu Airport, Philippines – Construction ongoing for expanding capacity to 16 mn pax; current

throughput at 8 mn pax in CY15 compared to a capacity of 5 mn pax

• Maldives Airport - Arbitration Tribunal has ruled that unilateral termination of the concession agreement by

Govt. of Maldives (GoM) was illegal & repudiatory. In Feb’16, Tribunal further ruled that the damages

payable by GoM and MACL will also include all the sums owed to the project lenders

Highways

• Hungud Hospet project – Signed Share Purchase Agreement to divest our 51% stake at a Price/book value

of 1.1x; already transferred 15% stake in Mar’16

• Tindivanam Ulundurpet project – Signed Share Purchase Agreement to divest to the balance 26% stake to

India Infrastructure Fund

Urban Infra &

EPC

• Krishnagiri SEZ - First Electronic Manufacturing Cluster (EMC) in the country approved in principle by Govt.

of India, monetizing 527 acres of land with govt. grant of INR 2.6bn [USD 39mn]

• In Nov’14, GIL led consortium has won two packages of Eastern Dedicated Freight Corridor (DFCC) project

worth INR 51bn [~USD 758mn]

• In Jun’16, GIL led consortium won two more packages on the Eastern DFCC worth INR 23bn [USD 340mn]

USD 1 = INR 67


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Net Debt-to-EBITDA Ratio (x)

24.8 25.9 25.5

42.6

FY13 FY14 FY15 FY16

82.6 86.4 88.9

109.5

FY13 FY14 FY15 FY16

Net Revenue (INR bn) Gross & Net Debt (INR bn) *

Key Financial Indicators (Consolidated)

EBITDA (INR bn) Interest Coverage Ratio (x) Sector wise Debt breakup *

468.9

67.7

401.2

Gross Debt Cash &equivalents

Net Debt

Airport 22%

Energy 52%

Roads 7%

Others 5%

Corporate 14%

13.6

14.6 15.5

9.4

FY13 FY14 FY15 FY16

1.2

0.9

0.7

1.1

FY13 FY14 FY15 FY16

* As on 31 March 2016


0

56

113

0

102

179

226

0

26

247

168

0

33

158

207

• Consolidate existing Energy & Highways projects

• Capex holiday in Energy & Highway projects

• Explore select profitable opportunities in the Airport sector

• Focus on consolidation and strengthening of balance sheet through deleveraging

• Continuous reduction of Corporate Debt

• Refinancing of project debt through capital market / bank refinancing route to result into

• Reduction of interest rate,

• Projects getting longer moratorium and

• Extending maturity of debt primarily to align the repayment schedule with the Cash Flows of the project

• Capital raising through IPO GMR Airports Ltd

• Induction of strategic / financial partner in Airport holding company

• Divestment of certain operational Energy / Highway projects

• Recovery of receivables from Maldives arbitration, Energy Distribution companies, etc

Focus for next 12- 18 Months

Focus on strengthening of Balance Sheet through reduction of debt

Group Strategy

Financial Initiatives to Strengthen the Balance Sheet


Thank You

For further information, please visit

Website: www.gmrgroup.in or

Contact: [email protected]

http://www.gmrgroup.in/

mailto:[email protected]

Documents

Pitchbook US template - GMR Groupinvestor.gmrgroup.in/pdf/NDR July 2016.pdf · Kameshwari • Leading ... Revenue Structure • Assured “Target Aero Revenue” every year, based