GMR INFRASTRUCTURE LTD.

Transcription

1 GMR INFRASTRUCTURE LTD. FINANCIAL / OPERATIONAL OVERVIEW Q4 FY 200- Humility Entrepreneurship Teamwork & Relationships Deliver The Promise Learning Social Responsibility Respect for Individual

2 Presentation Flow Page No. Major Highlights 2 Airports Sector 4 Energy Sector 28 Highways & Urban Infrastructure Sectors 38 Consolidated Financial Performance 48

3 Major Highlights during the year Capital Funding: Raised Rs. 4,000 mn. (USD 35 mn) through QIP in GIL. Private Equity investment in GMR Energy aggregating - Rs. 3,900 mn (USD 300 mn) by Temasek and IDFC Private Equity investment in GMR Airport Hold Co - Rs. 8,932 mn (USD 200 mn) by SBI-Macquarie. Additional Private Equity of Rs. 6,750 mn (USD 50 mn) is expected shortly Financial Closures: 600 MW coal based EMCO power plant in Maharashtra Rs. 26,00 mn (USD 580 mn) 370 MW coal based Plant in Chhattisgarh - Rs. 62,70 mn (USD,390 mn) 768 MW gas based GREL( Vemagiri expansion) power plant in Andhra Pradesh Rs. 26,000 mn (USD 580 mn) 8 Kms Hyderabad- Vijayawada highways project in Andhra Pradesh - Rs. 6,900 mn (USD 380 mn) 29 Kms Chennai Outer Ring road project in Tamil Nadu Rs. 7,70 mn (USD 60 mn) 99 Kms Hungud- Hospet project in Karnataka Rs. 0,800 mn (USD 240 mn) 5.2 mn capacity MALE Airport project in Maldives Rs. 5,980 mn (USD 358 mn) MRO facility in GHIAL Aviation SEZ - Rs. 2,300 mn (USD 50 mn) 2

4 Major Highlights during the year Business developments & others: DIAL - T3 commencement of international (28-Jul-0) & domestic operation (-Nov-0) GHIAL - UDF / departing pax increased by 26% for domestic and by 87% for international passenger GEL - The Barge mounted power plant was shifted to Kakinada in Apr 200. Operating on Combined Cycle. GPCL - has got order from TNERC to receive old dues of Rs. 4,800 mn ( ~ USD 0 mn). An amount of Rs. 3,300 mn ( ~ USD 73 mn) has been received till date. Balance will be received in next 2-3 months Won transmission projects in Rajasthan circuit kms of 400 KV lines Awarded 25 MW solar project in Gujarat Divestment in Intergen concluded. 3

5 Airports Sector

6 Delhi International Airport: Operational Performance Traffic Q3-20 Q4-20 Q4-200 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Passenger (mn) Arriving Domestic % 6.9% 6.7% International % -2.2% 3.5% Departing Domestic % 9.% 5.4% International % 20.2% 9.7% Total Passengers % 6.7% 4.6% ATMs (Nos`000) Domestic % 7.% 8.5% International % 2.3% 7.7% Total ATM's % 5.7% 0.9% Cargo (`000 in Tons) Import % 4.2% 24.3% Export % 7.%.2% Total Cargo % 5.7% 6.9% 5

7 Delhi International Airport: Operational Analysis Particulars Metrics Capacity Peak demand handled Average Air Traffic Movement (ATM) ATM per hour (No's) Passenger capacity : International Departure Pax per hour (No's) 3,99, International Arrival Pax per hour (No's) 3,0, Domestic Departure Pax per hour (No's) 6,477 2,600,099 Domestic Arrival Pax per hour (No's) 6,0 2,499,35 Cargo product range: Machine Spares, Electronic Items, Textiles, Perishables (Flowers), Medicines, Pharma Imports Products, Electrical Items, Chemicals Leather Products, Textiles, Machine Spares, Handicrafts, Carpets, Medicines, Exports Tobacco, Perishable (Meat 6

8 Delhi International Airport: Financial Performance Rs. In Mn Q3-20 Q4-20 Q4-200 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero Revenue,230,268,04 4,648 4,22 5% 3% 0% Non Aero Revenue,67,67 2,024 5,607 5,094-7% 3% 0% Cargo Revenue share ,386,753 35% -4% -2% CPD Rentals % -2% 70% Gross Revenue 3,424 3,497 3,580 2,432,532-2% 2% 8% Less: Revenue Share,587,68,75 5,773 5,389-6% 2% 7% Net Revenue,837,879,865 6,659 6,43 % 2% 8% Total Expenditure,483,879,007 5,62 3,70 87% 27% 52% EBITDA 354 (0) 857,038 2,442-00% -00% -57% EBITDA margin 9% 0% 46% 6% 40% Other Income % 24% -67% Interest & Finance Charges,52, ,252,28 258% 2% 54% Depreciation 870, ,684,66 2% 5% 30% Tax (276) (3) PAT (Before Minority Interest) (,643) (2,4) 523 (4,485) PAT (After Minority Interest) (884) (,5) 39 (2,404) Decrease in Non-aero revenue in Q4FY over Q4 FY0 is mainly due to one -off adjustments in Q4FY0 (see slide 9 for details) Increase in Total Expenditure is mainly on account of additional cost incurred in T-3. Expenses in Q4FY include non recurring charge of Rs300Mn Increase in Interest & Depreciation is on account of capitalization of T-3 in Q3-FY. 7

9 Delhi International Airport: Financial Analysis Amt. in Rs. Per passenger Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero revenue % -3% -4% Non-aero revenue % -3% -4% Total Gross revenue % -4% -6% Total Net revenue % -4% -5% Opn. & Admin. Expenses % 9% 32% EBITDA % -00% -63% Per ATM Aero revenue 7,67 7,77 7,573 6,842 6,958-2% -2% -% Per tonne 2 Cargo revenue* 4,072 3,702 2,959 3,545 5,240 25% -9% -32% 2 Non aero revenue excluding cargo and CPD rentals Cargo operations outsourced to JV in Q3 FY0. Presently DIAL has Revenue share of 26%. Also the above analysis takes into account only International cargo 8

10 Delhi International Airport: Revenue Analysis Revenue Analysis for the quarter ended March 3 20 Particulars Q4 FY20 Q4 FY200 Growth Rs. in Mn. per pax % of total Rs. in Mn. per pax % of total Q4-Q Aero revenue : Landing & Parking % % 26% PSF % % 23% Others 4 2 % % -86% Total aero revenue, %, % 5% Non aero revenue: Fuel Farm % % 0% Ground Handling % % -54% Flight Catering % % 56% Advertisement % (20) -3 -% - Retail % % -23% Food & Beverage 0 3 7% 78 4% 42% Services % % 2% Land & Space (for hanger / office etc.) % % -57% Total non- aero revenue, % 2, % -7% Baggage screening charges discontinued as per AERA directions. Ground Handling One time income on account of the settlement with NACIL in Q4FY0 Advertising income: Reversal of minimum Guaranteed income in Q4FY0 due to restructuring of revenue share from the JV Retail: Full rent pertaining to FY 200 of Rs 50 mn was received in March 200. Hence Q4FY0 retail income was higher Land & Space: Had received arrears of hangar rent from NACIL and CISF of Rs 570 mn in Q4FY0 9

11 Delhi International Airport: Revenue Analysis Revenue Analysis for the year ended March 3 20 Particulars FY20 FY200 Growth Rs. in Mn. per pax % of total Rs. in Mn. per pax % of total Y-o-Y Aero revenue : Landing & Parking 3, % 2, % 9% PSF, %, % 7% Others 62 2 % % -82% Total aero revenue 4, % 4, % 0% Non aero revenue: Fuel Farm, % % 25% Ground Handling % % 4% Flight Catering % % 22% Advertisement % 280 5% 52% Retail, %, % -6% Food & Beverage % % 23% Services % % 8% Land & Space (for hanger / office etc.), %, % -% Total non- aero revenue 5, % 5, % 0% 0

12 Delhi International Airport: Income from JVs Rs in Mn Joint Venture Commencement Q3 FY Q4 FY Revenue DIAL share Revenue DIAL Share Travel Food Services (Delhi T3) Pvt. Ltd. 28th July' Devyani Food Street Pvt. Ltd. 28th July' Delhi Select Service Hospitality Pvt. Ltd. th Nov' Delhi Duty Free Services Pvt. Ltd.* Wipro Airport IT Services Ltd. 28th July' Delhi Airport Parking Services Pvt. Ltd. 2nd July' Celebi Delhi Cargo Terminal Management India Pvt. Ltd. 25th Nov' Delhi Cargo Service Centre Pvt. Ltd. 9th Nov' Delhi Aviation Fuel Facility Pvt. Ltd. 28th July' Delhi Aviation Services Pvt. Ltd 30th July' TIM Delhi Airport Advertising Pvt. Ltd. st July' Total 2, , Against Delhi Aviation Fuel Facility Pvt. Ltd. there is no revenue share but DIAL's income will be Airport Operator Rs per kilo litres * USD = Rs 45.5

13 Hyderabad International Airport: Operational Performance Traffic Q3-20 Q4-20 Q4-200 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Passenger (mn) Arriving Domestic % -3.6% 9.% International % -7.2%.0% Departing Domestic % -0.6% 20.8% International % -4.2% 0.2% Total Passengers % -4.3% 7.5% ATMs (Nos`000) Domestic % 2.% 3.7% International % -0.4%.8% Total ATM's % -0.% 3.4% Cargo (`000 in Tons) Inbound Domestic % -.3% 25.8% International % 0.7% 33.7% Outbound Domestic % -6.6% 4.3% International % 3.6% 6.6% Total Cargo % -3.0% 2.2% 2

14 Hyderabad International Airport: Operational Analysis Particulars Metrics Capacity Peak demand handled Average Air Traffic Movement (ATM) ATM per hour (No's) Passenger capacity : International Departure Pax per hour (No's) International Arrival Pax per hour (No's) Domestic Departure Pax per hour (No's) Domestic Arrival Pax per hour (No's) Cargo product range: Imports Exports Electrical & electronic goods, machinery & spare parts, pharma & chemical, computer parts, solar cells, metal products, medical equipment's Pharma, fruits & vegetables, machinery & spare parts, garments & consolidated cargo 3

15 Hyderabad International Airport: Financial Performance Rs. In Mn. Q3-20 Q4-20 Q4-200 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero Revenue ,969 2,99 52% 0% 35% 2 Non Aero Revenue ,095,948 6% 6% 8% Cargo Revenue % 65% 59% Gross Revenue,356,480,079 5,66 4,2 37% 9% 23% Less: Revenue Share % 7% 20% Net Revenue,297,48,036 4,950 4,03 37% 9% 23% Total Expenditure ,973,787 24% 3% 0% EBITDA ,977 2,244 48% -3% 33% EBITDA margin 64% 57% 53% 60% 56% Other Income % 8% 253% Interest & Finance Charges (Net) ,902 2,076-3% % -8% Depreciation ,88,246-7% -3% -5% 3 Tax (,068) 38 - (,037) - PAT (Before Minority Interest),85 44 (239),6 (,0) -8% -96% -25% PAT (After Minority Interest) (44) 776 (603) -9% -96% -229% 2 3 Increase in aero revenues is partly due to increase in UDF rates w.e.f. November and increase in Traffic Increase in cargo revenue is due to increase in International Cargo and increase in cargo revenue share from 5% to 8% wef April 200 Deferred tax created on losses carried forward in GHIAL in Q3 FY 20 4

16 Hyderabad International Airport : Financial Analysis Amt. in Rs. Per passenger Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero revenue (other than UDF) % 4% 3% UDF % 9% 6% Non-aero revenue % 3% -7% Total Gross revenue % 4% 4% Total Net revenue % 4% 5% Expenses % 37% -6% EBITDA % 2% 3% UDF per departing pax % 6% 5% Per ATM Aero revenue 37,963 4,792 28,609 35,650 27,300 46% 0% 3% 2 Per tonne Cargo revenue,2, , % 70% 3% 2 Increase in UDF rates w.e.f November Increase in cargo revenue is due to increase in International Cargo and increase in cargo revenue share from 5% to 8% wef April 200 5

17 Hyderabad International Airport: Revenue Analysis Revenue Analysis for the quarter ended March 3 20 Particulars Q4 FY20 Q4 FY200 Growth Rs. In mn Rs./pax % of total Rs. in mn Rs./pax % of total Q4-Q4 Aero revenue Landing & Parking charges % % 6% PSF % % 22% UDF % % 73% Total aero revenue % % 52% Non Aero revenue: Fuel Farm % % % Cargo concession fee % 8 4% 9% Ground Handling 7 9 3% 3 8 3% 26% Flight Catering 6 2% 9 6 2% 9% Retail % % 24% Land & Space % % 27% Common Infra Charges % % 7% Total non- aero revenue % % 20% Increase in cargo revenue is due to increase in International Cargo and increase in cargo revenue share from 5% to 8% wef April 200 6

18 Hyderabad International Airport: Revenue Analysis Revenue Analysis for the year ended March 3 20 Particulars FY 20 FY 200 Growth Rs. In mn Rs./pax % of total Rs. in mn Rs./pax % of total Y-o-Y Aero revenue Landing & Parking charges % % 8% PSF % % 7% UDF % % 48% Total aero revenue % % 35% Non Aero revenue: Fuel Farm % % -2% Cargo concession fee % % 59% Ground Handling % % 8% Flight Catering % % 20% Retail % % 3% Land & Space % % 22% Common Infra Charges % % 5% Total non- aero revenue 2, % 2, % 9% Increase in cargo revenue is due to increase in International Cargo and increase in cargo revenue share from 5% to 8% wef April 200 7

19 Turkey Airport (ISGIA): Operational Performance Traffic Q3 FY Q4 FY Q4 FY0 FY FY0 Q4-Q4 Q4-Q3 Y-o-Y Passengers: (Mn) Arriving Domestic % -0.8% 5.2% International % -5.5% 75.3% Departing Domestic % 2.0% 52.8% International % -7.9% 7.0% Total Passengers % -5.5% 58.6% ATM: (Nos`000) Domestic %.2% 53.8% International % -7.% 65.% Total ATM's % -6.% 58.0% Cargo Volume: (`000 in Tons) Domestic % 49.2% 0.9% International % -49.5% 85.% Total Cargo % -35.% 70.6% Fuel Sales: (`000 in Tons) Domestic % 0.8% 28.4% International % -23.2% 39.3% Total Fuel % -4.3% 34.7% 8

20 Turkey Airport (ISGIA): Operational Analysis Particulars Metrics Capacity Peak demand handled Average Air Traffic Movement (ATM) ATM per hour (No's) Passenger capacity : International Departure Pax per hour (No's) International Arrival Pax per hour (No's) Domestic Departure Pax per hour (No's) Domestic Arrival Pax per hour (No's) Cargo product range: Electronic devices, Construction materials, Textiles, Food, Furniture, Concert Equipment, Armored Vehicles, Transmitter for GSM companies 9

21 Turkey Airport (ISGIA): Financial Performance* Rs. in Mn. Q3-20 Q4-20 Q4-200 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero Revenue , % -23% 67% Non Aero Revenue , % 3% 88% Fuel Revenue 999, ,040 2,582 36% 2% 56% Gross Revenue,52,54,28 6,08 3,75 34% 0% 63% Less: Fuel Cost ,759 2,396 33% 0% 57% Fuel margin % 9% 5% Fuel margin % 7% 8% 6% 7% 7% Other Expenditure % 20% 30% EBITDA (Airport Opn.) , % -3% 88% EBITDA margin (Airports) 55% 56% 23% 54% 33% Other Income (Forex) (4) 8 (2) (60) Interest & Finance Charges % 2% 70% Depreciation % -9% 82% Amortization of license fees % 5% 33% Deferred Tax (48) 60 (2) PAT (22) (96) (530) (936) (582) -63% -% 6% * Figures correspond to 40% stake in ISGIA 20

22 Turkey Airport (ISGIA): Financial Analysis* Amt. in Rs. Per passenger Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero Revenue % -8% 5% Non-Aero Revenue % 9% 8% Net Fuel Margin % 26% -4% Total Revenue % 4% 9% Expenses % -% -23% EBITDA % 7% 54% Per ATM Aero revenue % -8% 5% Net fuel margin % 26% -4% * Figures correspond to 40% stake in ISGIA 2

23 Turkey Airport (ISGIA): Revenue Analysis* Revenue Analysis for the quarter ended March 3 20 Q4 FY20 Q4 FY200 Q4-Q4 Particulars Rs. In mn Rs./pax % of total Rs. in mn Rs./pax % of total Aero Revenue: PSF & Others % % % Non-Aero Revenue: Car Park % % -34% Rentals % 8 8 9% 03% Duty Free % % 59% F&B 30 0% % -0% Others incl. Utilities % % 50% Total non-aero % % 49% * Figures correspond to 40% stake in ISGIA 22

24 Turkey Airport (ISGIA): Revenue Analysis* Revenue Analysis for the year ended March 3 20 FY 20 FY 200 Y-o-Y Particulars Rs. In mn Rs./pax % of total Rs. in mn Rs./pax % of total Aero Revenue: PSF & Others, % % 67% Non-Aero Revenue: Car Park 3 2% % 28% Rentals % % 83% Duty Free % % 93% F&B 4 9 % % 06% Others incl. Utilities % 6 5 2% 26% Total non-aero, % % 88% * Figures correspond to 40% stake in ISGIA 23

25 Male International Airport (MIAL): Operational Performance* Traffic Q3 FY Q4 FY FY Passengers: (Mn) Arriving Domestic International Departing Domestic International Total Passengers ATM: (Nos`000) Domestic International Total ATM's Cargo Volume: (Tons) Domestic International Total Cargo Fuel Sales: (`Mn litres) Domestic International Total Fuel * Male Airport consolidated w.e.f November

26 Male International Airport: Financial Performance* Rs. in Mn. Q3-20 Q4-20 FY 20 Aero Revenue Non Aero Revenue Fuel Revenue 704 2,44 3,8 Gross Revenue 949 3,0 3,960 Less: Fuel revenue share Less: Fuel Cost 524,725 2,250 Less: Fuel Farm Operating expenses Net Fuel margin Net Fuel margin % 2% 5% 5% Less: Non fuel revenue share Net revenue from operations Less: Operating expenses EBITDA (Airport Operations) EBITDA margin (Airport Operations) 40% 50% 47% Other Income Interest & Finance Charges Depreciation Tax PAT (Before Minority Interest) PAT (After Minority Interest) * Male Airport consolidated w.e.f November

27 Airports Sector Consolidated: Operational Performance Traffic Q3FY Q4FY Q4FY 0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Passenger (mn) Arriving Domestic % 4% 24% International % -5% 32% Departing Domestic % 6% 24% International % 5% 28% Total Passengers % 5% 26% ATMs (Nos`000) Domestic % 7% 6% International % 3% 35% Total ATM's % 6% 20% Cargo Volume: (`000 in Tons) Domestic % -5% 4% International % 3% 9% Total Cargo % 2% 9% * Above includes figures related to Male w.e.f November

28 Airports Sector Consolidated: Financial Performance Rs. in Mn. Q3 FY Q4 FY Q4 FY 0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Aero Revenue 2,438 2,386,86 8,820 7,028 28% -2% 25% Non Aero Revenue 3,49 3,397 2,756 0,876 7,832 23% 8% 39% Cargo 527, ,824 2,57 267% 66% 3% CPD Rentals % -2% 70% Fuel income,703 3, ,58 2, % 0% 77% Gross Revenue 8,08 0,8 5,93 30,469 20,063 82% 35% 52% Less: Revenue Share,753 2,096,758 6,53 5,569 9% 20% 7% Net Revenue 6,265 8,75 4,74 23,957 4,494 09% 39% 65% Less: Fuel cost,50 2, ,009 2,396 27% 74% 5% Operating Expenditure 3,022 4,044,960,388 6,802 06% 34% 67% EBITDA,74 2,059,509 6,560 5,296 36% 8% 24% EBITDA margin 28% 24% 36% 27% 37% Other Income % 90% 7% Interest & Finance Charges,95 2,025,232 6,378 3,875 64% 6% 65% Depreciation,360, ,840 2,742 28% 30% 77% Amortization of license fees % -9% -3% Tax (,036) 74 2 (948) (45) 78% - 553% PAT (Before Minority Interest) (58) (,740) (28) (3,75) (,23) PAT (After Minority Interest) (967) (893) (92) (2,22) (972) Note: () Figures correspond to 40% stake in ISGIA (2) Male Airport consolidated w.e.f November

29 Energy Sector

30 Energy sector: Projects under Construction Project progress Rajahmundry (768MW) Total Project Cost: Rs 32,500 Mn Equity drawn till Mar: Rs 4,935 Mn Loan drawn till Mar: Rs5,602 Mn Kamalanga (,400 MW) Total Project Cost: Rs 64,600 Mn Equity drawn till Mar: Rs 6,575 Mn Loan drawn till Mar: Rs 7,868 Mn EMCO Energy (600 MW) Total Project Cost: Rs 34,800 Mn Equity drawn till Mar: Rs 3,84 Mn Loan drawn till Mar: Rs 4,368 Mn EPC contract awarded to L&T. GTG procured from GE and STG from Alstom. Financial closure achieved in September 200 Project expenditure till March 20 INR 2,484 Mn Project completion 79% (as of March 20) Expected COD: Q4 FY2 Approval obtained from Govt. of Orissa for enhancement of capacity by 350 MW. EPC contract for additional capacity awarded to SEPCO, China Financial closure achieved in May 2009 Project expenditure till March 20 INR 6,39 Mn Project completion 49% (as of March 20) Expected COD: Q FY3 LOA for Coal linkage and MOEF approval received. BTG supply contract awarded to Shanghai Electric Corporation, China Financial closure achieved in Mar 200 Project expenditure till December 200 INR 8,092 Mn Project completion 54% (as of March 20) Expected COD: Q FY3 (Unit I) 29

31 Energy sector: Projects under Construction/ Development Project progress EPC contract for BTG awarded to Doosan, Korea Chhattisgarh (,370 MW) Total Project Cost: Rs 82,900 Mn Equity drawn till Mar; Rs 20 Mn Loan drawn till Mar: Rs 6,05 Mn Financial closure achieved in December 200 Recommended for Coal Linkage by CEA Environmental Clearance received Project expenditure till March 200 INR,420 Mn 90% of the Engineering activities & ordering of BoP packages completed Expected COD: Q4 FY4 Alaknanda (300 MW) CEA concurrence received for DPR. Environmental clearance received. Forest clearance & Govt. land acquisition in progress. Environmental Clearance obtained and DPR submitted for CEA approval for Bajoli Holi Other Hydro Projects (840 MW) Approval obtained from Govt. of Nepal for capacity enhancement of Upper Karnali (900 MW) & Upper Marsyangdi (600 MW) projects - Technical part of DPR submitted to GoN Transmission companies for Nepal projects established and DPR work initiated 30

32 Energy sector: New projects Project Details Transmission GMR Energy won 2 bids for Rajasthan Rajya Vidyut Prasaran Nigam Ltd for setting up 400KV 386 circuit kms. transmission lines To build two substation at Alwar and Deedwana Concession period of 25 years TSA & SPA signed in Jan 20 Solar PPA signed with Gujarat Urja Vikas Nigam Limited for solar power project Capacity 25MW EPC contract awarded Expected COD December 20 3

33 Energy Sector: Operational Performance GPCPL (Chennai) Tamil Nadu Particulars UOM Q3-20 Q4-20 Q4-200 FY 20 FY 200 PLF Achieved % Power off take (PPA) MU ,80 Fuel Consumption MT 3,948 55,293 53,352,73,663 2,26,259 VPGL (Vemagiri) Andhra Pradesh Particulars UOM Q3-20 Q4-20 Q4-200 FY 20 FY 200 PLF Achieved % Power off take (PPA) MU ,730 2,97 Fuel Consumption MMBTU 4,543,432 4,42,700 5,22,247 9,03,880 20,322,80 GEL (Barge mounted) Andhra Pradesh Particulars UOM Q3-20 Q4-20 Q4-200 FY 20 FY 200 PLF Achieved % Power off take (PPA) MU Fuel Consumption MMBTU 2,782,955 2,536,783-7,64,56 69,070 2 Lower PLF in gas based plants is due to lower fall back gas allocation from RIL GEL was converted from naptha fuel to gas fuel in Q2 FY

34 Energy Sector: Financial Performance Q4 FY20 UOM GMR Energy GMR Power Vemagiri Total / Wtd Avg. Merchant Tariff Rs./kWh PPA Tariff Rs./kWh Average Tariff Realization (net) Rs./kWh Fixed cost (Ops. & Admin) Rs./kWh Variable (Fuel Cost) Rs./kWh Spread / (EBITDA) Rs./kWh EBITDA margin % 3% 0% 28% 0.24 Other income Rs./kWh (0.00) Capacity Cost Rs./kWh Tax Rs./kWh PAT Rs./kWh (0.09)

35 Power Generation & Trading Company wise Financial Performance Rs. in Mn Company Revenue EBITDA EBITDA Margin PAT (Before Minority) Q4FY Q4 FY0 Q4FY Q4 FY0 Q4FY Q4 FY0 Q4FY Q4 FY0 GEL,242 (65) 389 (34) 3% 409% 25 (69) GPCPL 2,67 2, % 6% VPGL,820, % 24% (54) 897 GMR Trading () (5) -3% -2% (9) Others incl. project cos - - (38) 22 0% 0% 202 (20) Total 5,769 4,288,9 52 9% 2% 397,247 Others - Q4-FY includes Write back of charges earlier written off - Rs. 282 mn. 34

36 Power Generation & Trading: Financial Performance Rs. in Mn Q3 FY Q4FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Contracted 3,07 4,49 4,228 5,048 6,368 6% 46% -8% Merchant Sale,255,242 (65) 3,58 2, % 49% Power Trading and others ,540,663-7% -84% 53% Gross Revenue 4,557 5,769 4,288 2,06 20,395 35% 27% 3% Purchase of Energy ,453,68-86% -9% 52% Fuel - Consumption 2,78 3,980 3,6 2,63 3,832 28% 46% -9% Other Expenses ,308,935 23% 3% 9% EBITDA,000,9 52 3,75 3,00 5% 2% 23% EBITDA margin 22% 9% 2% 8% 5% Other Income % Exceptional item - - -, Interest & Fin Charges (Net) % -43% 20% Depreciation ,433,096 43% 7% 3% Tax (670) 835 (453) PAT (Before Minority Interest) ,247 2,72 2,344-68% -2% 6% PAT (After Minority Interest) ,66 2,472 2,04-74% -28% 2% Exceptional item in Q2 FY is due to write back of EPC advance in Island Power, which was earlier impaired and charged to P&L. 35

37 Homeland Energy Financial Performance Rs. in Mn Q3FY Q4FY FY 20 Gross Revenue Expenses ,004 EBITDA (90) (63) (253) EBITDA margin -37% -26% -34% Other Income Interest & Fin Charges (Net) Depreciation Tax - (3) (3) PAT (Before Minority Interest) (207) (26) (233) PAT (After Minority Interest) (3) (4) (27) Operational performance Tonnes Coal Sales Q3 FY Q4FY FY 20 Saleable product 26.5 CV 28,446 89,23 2,7,659 Raw 5,67 5,84,2,458 Discard 327,877,73,93 5,0,808-2 mm Product 4,834 3,265 8,099 *HEG is being consolidated wef from Q3FY. Upto Q2FY it was being accounted for as an associate 36

38 Energy Sector Consolidated: Financial Performance Rs. in Mn Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Contracted 3,07 4,49 4,228 5,048 6,368 6% 46% -8% Merchant Sale,255,242 (65) 3,58 2, % 49% Coal Revenue % Power Trading and others ,540,663-7% -84% 53% Gross Revenue 5,066 6,0 4,288 2,858 20,395 40% 9% 7% Purchase of Energy ,453,68-86% -9% 52% Fuel - Consumption 2,78 3,980 3,6 2,63 3,832 28% 46% -9% Other Expenses, ,32,935 8% -28% 7% EBITDA 80, ,462 3,00 03% 30% 5% EBITDA margin 6% 8% 2% 6% 5% Other Income % -56% -23% Exceptional item - - -,403 - Interest & Fin Charges (Net) % -30% 28% Depreciation ,457,096 52% 3% 33% Tax (670) 822 (453) - 47% - PAT (Before Minority Interest) ,247 2,488 2,344-70% 27% 6% PAT (After Minority Interest) ,240,769-7% -3% 27% 37

39 Highways & Urban Infrastructure Sectors

40 Highways: Projects Under Construction Project progress Hyderabad-Vijayawada Total Project Cost: Rs 2,934 Mn Equity drawn till Mar-: Rs 2,944 Mn Loan drawn till Mar -: Rs 5,49 Mn Hungund Hospet Total Project Cost: Rs 6,509 Mn Equity drawn till Mar-: Rs 2,300 Mn Loan drawn till Mar -: Rs.,820 Mn 8 kms, 4-lane project on a Toll Basis Appointed Date 6th April 200 & Financial Closure 5th August 200 Project expenditure till March 20- INR 6,634 Mn Project completion 30 % (as of March 20) 99 kms 4 land project on a Toll Basis Appointed Date 8 th September 200 & Financial Closure 5 th September 200 Project expenditure till March 20- INR 4,093 Mn Project completion 25 % (as of March 20) Chennai Outer Ring Road Total Project Cost: Rs,668 Mn Equity drawn till Mar-: Rs,500 Mn Loan drawn till Mar-: Rs 709 Mn 29 kms, 6-lane and 2 service roads project on an Annuity Basis Appointed Date 3 rd June 200 & Financial Closure 3 st May 200 Project expenditure till March 20- INR 3,07 Mn Project completion 26 % (as of March 20) 39

41 Highways: Toll Projects Operational Asset Details - GUEPL 73 kms (Ulundurpet-Tindivanam ) Operating metrics Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Lane km Lane km days tolled 26,280 26,280 26,280,06,580 73,292 Total traffic (Mn) Traffic PCU (Mn) PCU Factor Avg toll Rs. / PCU Avg toll Rs./PCU/Lane km Revenue Rs. / Lkmd 6,298 6,929 5,27 6,475 5,3 Op. cost Rs. / Lkmd ,628 EBITDA Rs. / Lkmd 5,306 5,956 4,349 5,498 3,485 EBITDA margin 84% 86% 83% 85% 68% Capacity cost Rs. / Lkmd Performance metrics Q4 on Q4 Sequential Y-o-Y Traffic growth 5% 7% % Revenue growth 3% 0% 27% EBITDA growth 37% 2% 58% 40

42 Highways: Toll Projects Operational Asset Details - GJEPL 58 kms (Jadcherla) Operating metrics Q3 FY Q4 FY Q4 FY0 FY FY0 Lane km Lane km days tolled 20,880 20,880 20,880 84,680 84,680 Total traffic (Mn) Traffic PCU ( Mn) PCU Factor Avg toll Rs. / PCU Avg toll Rs./PCU/Lane km Revenue Rs. / Lkmd 6,55 6,550 5,9 6,045 4,934 Op. cost Rs. / Lkmd 957,032,208,080,20 EBITDA Rs. / Lkmd 5,558 5,58 3,92 4,965 3,84 EBITDA margin 85% 84% 76% 82% 77% Capacity cost Rs. / Lkmd 6,009 3,564 6,635 5,455 6,438 Performance metrics Q4 on Q4 Sequential Y-o-Y Traffic growth 9% -% 7% Revenue growth 28% -2% 23% EBITDA growth 4% -3% 30% Q4- Capacity Cost lower due to decrease in depreciation on true up for the year based on revised Traffic projections. 4

43 Highways: Toll Projects Operational Asset Details GACEPL 35 kms (Ambala - Chandigarh) Operating metrics Q3 FY Q4 FY Q4 FY0 FY FY0 Lane km Lane km days tolled 2,600 2,600 2,600 5,00 5,00 Total traffic (Mn) Traffic PCU (Mn) PCU Factor Avg toll Rs. / PCU Avg toll Rs./PCU/Lane km Revenue Rs. / Lkmd 4,488 4,295 3,807 4,249 3,644 Op. cost Rs. / Lkmd 979,093,885,46,428 EBITDA Rs. / Lkmd 350 3,202,922 3,04 2,27 EBITDA margin 78% 75% 50% 73% 6% Capacity cost Rs. / Lkmd 0,3 3,92 9,964 8,486 0,27 Performance metrics Q4 on Q4 Sequential Y-o-Y Traffic growth 9% -3% 8% Revenue growth 3% -6% 7% EBITDA growth 67% -% 40% Q4- Capacity Cost lower due to decrease in depreciation on true up for the year based on revised Traffic projections. 42

44 Highways: Annuity Projects Operational Asset Details- Annuity Received Rs. in Mn. GTTEPL (93 kms) Q3 FY Q4 FY Q4 FY0 FY FY0 Annuity receipt of Rs millions semi annually in May and November every year GTAEPL (59 kms) Annuity receipt of Rs millions semi annually in May and November every year GPEL (03 kms) Annuity receipt of Rs millions semi annually in Sep and March every year

45 Company wise- Financial Performance Rs. in Mn Company Revenue EBITDA EBITDA Margin PAT (Before Minority) Q4 FY Q4 FY0 Q4 FY Q4 FY0 Q4 FY Q4 FY0 Q4 FY Q4 FY0 Annuity Projects: TA % 73% 20 3 TT % 66% 33 6 Pochanpalli % 90% 24 3 Total Annuity % 78% Toll Projects: Ambala - Chandigarh % 50% 2 (0) Jadcherla % 76% 44 (52) Ulundurpet % 83% (44) (59) Others incl. project cos. - - (33) (4) - - (64) (2) Total Toll % 74% (6) (233) Total Roads % 77% 6 (89) Other s losses on account of charge off administration expenditure not eligible for capitalisation. 44

46 Highways Consolidated: Financial Performance Rs. in Mn Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Q4-Q4 Q4-Q3 Y-o-Y Annuity Revenue ,483 2,482 0% -2% 0% Toll Revenue , % 5% 45% Gross Revenue ,902 3,46 9% % 3% Operating Expenses % 27% 3% EBITDA ,200 2,782 2% -5% 5% EBITDA margin 84% 79% 77% 82% 80% Other Income % -55% -39% Interest & Finance Charges (Net) ,245,98-9% -0% 3% Depreciation ,42,447-27% -34% -2% Tax % 40% -27% PAT (Before Minority Interest) (09) 6 (89) (375) (477) PAT (After Minority Interest) (26) (200) (456) (654)

47 Highways: Projects Under Construction Project progress Hyderabad-Vijayawada Total Project Cost: Rs 2,934 Mn Equity drawn till Mar-: Rs 2,944 Mn Loan drawn till Mar -: Rs 5,49 Mn Hungund Hospet Total Project Cost: Rs 6,509 Mn Equity drawn till Mar-: Rs 2,300 Mn Loan drawn till Mar -: Rs.,820 Mn Chennai Outer Ring Road Total Project Cost: Rs,668 Mn Equity drawn till Mar-: Rs,500 Mn Loan drawn till Mar-: Rs 709 Mn 8 kms, 4-lane project on a Toll Basis Appointed Date 6th April 200 & Financial Closure 5th August 200 Project expenditure till March 20- INR 6,634 Mn Project completion 30 % (as of March 20) Expected COD: Jun 2 99 kms 4 land project on a Toll Basis Appointed Date 8 th September 200 & Financial Closure 5 th September 200 Project expenditure till March 20- INR 4,093 Mn Project completion 25 % (as of March 20) Expected COD: Dec 2 29 kms, 6-lane and 2 service roads project on an Annuity Basis Appointed Date 3 rd June 200 & Financial Closure 3 st May 200 Project expenditure till March 20- INR 3,07 Mn Project completion 26 % (as of March 20) Expected COD: Jun 2 46

48 EPC : Financial Performance Rs. in Mn Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 EPC - GIL 86 3,64 9 5, EPC - CJV Turkey ,399 Gross Revenue 828 3, ,56 4,099 Expenses 72 2, ,544 2,344 EBITDA ,55 EBITDA margin 4% 2% 8% 2% 28% Other Income (37) Interest & Finance Charges () (2) (4) - Depreciation Tax (3) 4 (76) PAT Increase in EPC income due to ramping up of road projects 47

49 Consolidated Financial Performance

50 Consolidated Profitability Statement Rs. in Mn Q3 FY Q4 FY Q4 FY0 FY 20 FY 200 Airports 8,08 0,8 5,93 30,469 20,063 Power 5,066 6,0 4,288 2,858 20,395 Roads ,902 3,46 EPC Others ,70 2,865 3,27 Gross Revenue 5,34 2,76 3,007 64,250 5,234 Net Revenue 3,588 9,620,250 57,738 45,665 Total Expenditure 9,775 5,23 8,04 42,83 32,022 EBITDA 3,82 4,407 3,46 5,555 3,643 EBITDA margin 28.% 22.5% 28.0% 26.9% 29.9% Other Income 46 6,07,573,634 Exceptional Item - (9,389) - (7,986) 0 Interest & Finance Charges (Net) 2,94 2,945 2,227 0,760 7,223 Depreciation 2,357 2,62,642 8,609 6,22 PBT (,338) (9,928) 348 (0,228),93 Tax (820) 764 (76) 239 (322) PAT (Before Minority Interest) (59) (0,69),09 (0,467) 2,253 Minority Interest/ Share of Associates (296) (624) 378 (,70) 669 PAT (After Minority Interest) (222) (0,067) 73 (9,296),584 On account of exceptional, onetime and non-recurring loss of Rs. 939 Crores from the divestment of Intergen. 49

51 Consolidated Balance Sheet Rs. in Mn Dec-0 Mar- Mar-0 Equity 3,892 3,892 3,667 Reserves & Surplus 76,297 72,854 62,999 Preference shares issued by subsidiary 6,30 8,329 2,000 Minority Interest 8,293 9,828 7,902 Total Net worth,4,6,4,903 86,568 Loan funds,93,55 2,09,278,76,09 Pass through debt and interest free deposits 32,425 33,08 32,283 Deferred payment liability 3,665,969 3,334 Total Liabilities 3,43,857 3,59,68 2,98,275 Gross Block 2,35,229 2,43,669,48,896 Less: Accumulated Depreciation 28,759 3,43 23,46 Net Fixed Assets 2,06,470 2,2,238,25,48 Capital Work in Progress 75,388 94,898,03,829 Investment 34,406 29,74 46,40 Deferred Tax Assets / FC Monetary Item Trn Res.,786, Cash & Bank Balance 25,722 33,732 6,826 Net Current Assets (other than Cash) 85 (3,030) 4,927 Total Assets 3,43,857 3,59,68 2,98,275 50

52 Key Operating Ratios Q3FY Q4FY Q4FY0 FY FY0 Description EBITDA Margin 28.% 22.5% 28.0% 26.9% 29.9% EBITDA / Net Revenue EBITDA / Interest EBITDA / Interest Cost Net Debt : Equity Net Debt / Networth Net Operating Debt / EBITDA Operating debt / EBITDA (annualized) DSCR Current Ratio (EBITDA + Other Income)/ (Interest + Debt Repayment) Current Assets / Current Liability Net Debt= ( Secured Loan+ Short Term loan- Cash & Cash Equivalent including Liquid Investment- ADF Funds securitized o/s- GHIAL Interest free loan Deposits from concessionaire) 5

53 Thank You For further information, please visit Website: or Contact: