#1RAJA PRES Marrecolt ww esselworld The entertainment destination Tourism Finance Corporation of India Ltd. helping tourism grow Q1FY20 - Investor Presentation NEWAL#2Safe Harbor This presentation has been prepared by and is the sole responsibility of Tourism Finance Corporation of India Limited (the "Company"). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. 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These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and (g) other risks. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. 2 Tourism Finance Corporation of India#3Q1FY20 - Financial Highlights Loan Book (Rs. In Crs) 1,537 Jun-18 5.21% +10% NIMS (%) +53 bps 1,691 Disbursements (Rs. In Crs) 44 57 Jun-19 Q1FY19 5.74% 4.20% +134% 134 ROA (%) 20 20 Q1FY20 Q1FY19 PAT (Rs. In Crs) +12% 23 Q1FY20 Gross NPA & Net NPA (%) Gross NPA Net NPA 5.1% 4.49% 5.4% 3.3% Q1FY19 Q1FY20 Q1FY19 Q1FY20 Jun-18 3 2.5% Jun-19 Tourism Finance Corporation of India#4Q1 FY20 - Financial Highlights Networth (Rs. In Crs) 688.4 Jun-18 +9% Borrowings (Rs. In Crs) 747.4 1,080.0 Q1FY19 Jun-19 Cost of Borrowings (%) +10% Yield (%) Book Value per Share (Rs.) 1,185.0 85.3 Q1FY20 Jun-18 92.6 Jun-19 Capital Adequacy Ratio (%) -5bps +14 bps Total CRAR Tier I 9.41% 9.36% 12.45% 12.59% 40.0% 40.1% 39.6% 39.7% Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Tourism Finance Corporation of India#5Managing Director's Comments Commenting on the results and performance, Mr. Anirban Chakraborty, Managing Director said: "It gives us pleasure to inform you all that your Company reported steady performance despite depressed market conditions and liquidity crisis for the last few months. Our disbursement grew substantially to Rs. 134 crs. and Profit after Tax grew by 12% to Rs. 23 crs (YoY basis). We have been able to show a growth in our loan book inspite of slowdown in the sector. We were also able to maintain our Asset Quality and got the rating reaffirmed by various agencies even in these challenging times and proactively have made more than adequate provisions against our stressed assets. The Company is well capitalized with a CRAR of 40% with Tier I ratio of 39.7% as against regulatory requirement of 15%. The ROA of 4.49% and ROE of 12% are aligned with our overall performance. While tourism financing will be our main focus, your Company will be looking out for various financing options for diversifying for growth and also has set up a separate subsidiary to pursue Investment Banking practise to enhance the fee-based incomes. The Company intends to grow its balance sheet size by pursuing the emerging opportunities which would enable us to leverage its capital and thereby improve return on equity." 5 Tourism Finance Corporation of India#6Profit & Loss Statement 6 Particulars (Rs. In Crs.) Income Interest Income Interest Expense Net Interest Income Other Income Net Total Income Q1FY20 Q1FY19 Y-o-Y FY19 58.0 51.6 211.3 28.8 26.3 104.4 29.3 25.3 15.7% 107.0 4.6 6.2 25.0 33.9 31.5 7.6% 131.9 Expenditure Employee Expenses 2.6 2.1 4 10.6 Depreciation and amortization expense 0.1 0.1 0.4 Other Expenses 1.6 1.4 7.3 Total Expenditure 4.3 3.5 22.4% 18.3 Profit Before Tax 29.6 28.0 5.8% 113.6 Tax 6.7 7.6 27.4 Profit After Tax 22.9 20.4 12.4% 86.3 Other Comprehensive Income -0.1 0.0 -0.1 PAT after OCI 22.8 20.4 11.6% 86.1 EPS 2.84 2.53 10.69 Tourism Finance Corporation of India#7Credit Rating Reaffirmed 7 Rating Agency Rating Agency (Rs. In Crs) Rating Action Long Term Bonds Bank Borrowings Commercial Paper A+ CARE Outlook: Stable (781.50) AA- ACUITE Outlook: Stable (300.00) AA- AA- Brickwork Outlook: Negative (941.24 present outstanding 841.24) Outlook: Negative (400.00) *In July 2019 A1+ (100.00) Reaffirmed* Reaffirmed* Reaffirmed* Tourism Finance Corporation of India#8About TFCI TFCI, as a specialised financing institution, has contributed significantly in terms of creation of tourism infrastructure throughout the country and thereby generating direct employment opportunities INDIA 8 Specialized tourism lending Institution Successfully played the role of investment catalyst for the tourism sector and has contributed significantly in terms of creation of tourism infrastructure Pioneer in taking new projects such as Palace On Wheels, Heritage Renovation projects, Entertainment Centres, Waterparks, Ropeways etc. Long term lender and executed many prestigious assignments for the Ministry of Tourism, Govt. of India, State Govts., Private sector etc. Excellent execution capabilities of broad-based assignments through coordinated networking with various organizations and reputed panel of Architects/ Engineers/Valuers etc. Tourism Finance Corporation of India#9TFCI 1.0 1. Track record of 30 years • Assisted more than 899 projects till 30.06.2019 • More than 40% of the room capacity in star category hotels, have been created assistance from TFCI with 9 3. Strong Financial Performance • Growth Capital in place with Tier I • Ratio of over 38% Underleveraged Balance sheet Strong business pipeline 2. Strong Business Proposition • Dominance in Niche Segment • • Ability to add value through advisory - Fee income potential - Pioneer in taking innovative projects like Palace on Wheels, Heritage Renovation projects, Entertainment Centres, Waterparks, Ropeways etc 5. Eminent Board of Directors and Experienced Management Team • Eminent Members on the Board with diverse experience New Leadership Team with strong experience to drive growth 4. High Growth Potential . Diversified Product Offerings across Growth Sectors in India which has tremendous potential giving us enough opportunities to grow Tourism Finance Corporation of India#10Track Record of 30 Years#111. Track Record of 30 Years.. 899 Cumulative Projects Sanctioned by TFCI 26 708 43 HOTEL AMUSEMENT PARKS 里 RESTUARANTS 64 14 OTHER TOURISM PROJECTS* INFRASTRUCTURE PROJECTS *Includes Travel Agencies and Tour Operation Projects 11 multiplex 44 OTHER SECTOR Tourism Finance Corporation of India#12...with Multiple Project sanctions Particulars Projects Rs. Crores PAN India Presence Cumulative Sanctioned 899 11,493 Cumulative Disbursement 542 7,078 Cumulative Closed 460 5,348 Cumulative Write-offs 8 39 Outstanding Projects as on date 74 1,691 72% Cumulative Sanctioned (% of Value) ■ Hotels ■Amusement Parks / Shopping Complex ■Restaurants ■Other Tourism Projects 12% 3% 1% ■Infrastructure Projects 8% 4% Other Sector State/Cities Maharashtra Uttar Pradesh Gujarat Delhi Madhya Pradesh Haryana Rajasthan Punjab Tamil Nadu # Projects 12 7 6 7 84 6 3 3 Karnataka 4 Andhra Pradesh 3 Telangana 1 Kerala 2 Himachal Pradesh 1 Uttarakhand 2 Andaman & Nicobar 1 Assam 1 Goa 1 Chhattisgarh 1 West Bengal 1 74 Tourism Finance Corporation of India As on 31st March 2019 Note: Map not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness Total 12#13...with many Firsts to our Credit 13 1 FIRST Dedicated Institution to Cater to the needs of Tourism Industry FIRST Institution to Fund Innovative Tourism Projects like: Luxury Trains, Theme parks, SPA/Wellness Centre, Dolphinarium, Chain of Restaurant FIRST Institution to study the Carrying Capacity of a National Park FIRST Institution to carry out a Study on Hotel Accommodation needs of India way back in 1990's Every third room in the approved category hotels is Funded by TFCI ~51,444 rooms FIRST Institution to organise a National Seminar on Hotel Project Management FIRST Institution to carry out a study of Safety benchmarks of Hotel Industry Tourism Finance Corporation of India#14Strong Business Proposition#152. Strong Business Proposition 15 Tourism Project Financing Other Financing ☑ Fee Based Advisory Services Tourism Finance Corporation of India#16with strong expertise developed in 30 years > Dedicated team providing consultancy services to facilitate identification, conceptualization, implementation, promotion, investment, infrastructure > Established a franchise in financing projects in the niche tourism sector > 74 Projects outstanding across 20 states 16 augmentation Sector Understanding and Product Knowledge Pan India Presence of Projects Financed > Comfortable capitalisation profile with a gearing of 1.6 times and CRAR of 39.65% as on 30th June 2019 > Follow strict appraisal criteria based on cash flow generation capacity of the project > Strong Credit Assessment Mechanism and Risk Management System $ Healthy Capitalisation Profile 2 credit merce Nocko High Asset Quality Tourism Finance Corporation of India#17... offering different types of Financial Assistance 17 Corporate Loans 1 6 Takeover Financing Financial Rupee Loans 2 7 Subscription on Equity Assistance Bridge Loans 3 Working Capital Finance 4 Existing Products New Products being introduced Hv a] 8 Leasing Facility/Lease Rental Discounting 9 Equipment Financing Guarantee of 5 10 Acquisition/Promoter Financing Deferred Payments Tourism Finance Corporation of India#18... to to marquee projects across India Heritage & 5-Star Hotels 18 Ananda in Himalayas Umaid Bhawan Hotel Taj Residency Hyatt Hampi JW Marriott Taj Ramada Palace on Wheels Maharaja Express Hyatt HYATT Ritz Carlton Tourism Finance Corporation of India#19... to to marquee projects across India 4-Star Hotels & Amusement Park 19 THE RESIDENCY SAS Residency Shivalikview Shivalik View Daiwik Hotel Windsor Manor NICCO PARK Hicos's MFW Sayaji Radisson Blu Hotel Clarks Shiraz Nicco Park Hotel Savera www Holiday Inn Lemeridien We have Funded Innovative Business Projects in the Country Adlabs Imagica Tourism Finance Corporation of India#20Strong Financial Performance#213. Strong Financial Performance 21 641 Sanctions (Rs. In Crs) 975 +18% 1,272 1,065 FY16 FY17 FY18 FY19 1,292 127 Loan Book (Rs. In Crs) 131 Disbursement (Rs. In Crs) 487 381 +9% 693 490 FY16 FY17 FY18 FY19 144 1,694 FY16 FY17 FY18 FY19 TOTAL Tourism Finance Corporation of India#22...with improving Operating Performance Interest Income (Rs. In Crs) 173 164 +9% 212 197 76 PBT (Rs. In Crs) 97 +15% 114 107 54 PAT (Rs. In Crs) +17% 98 86 77 70 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 NIMS (%) 6.9% 6.3% FY16 22 8.7 5.4% 5.2% 6.6 EPS (Rs.) +17% 10.7 9.6 Book Value (Rs.) 68.7 62.6 +13% 91.3 84.0 FY17 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Tourism Finance Corporation of India#2323 well Capitalized to deliver Growth Tangible Networth (Rs. In Crs) 505 554 +13% 668 730 Capital Adequacy Ratio (%) 39.9% 39.0% 39.0% 37.8% FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Tourism Finance Corporation of India#24High Growth Potential#254. High Growth Potential.. 01 Travel and tourism industry direct contribution to GDP US$ 234 billion (9.4% of total GDP) in 2017 02 World Economic Forum (WEF) - India was ranked 12th in the Asia Pacific region and 40th overall in the list of the world's attractive destinations 03 FTAs during 2017 were 10.6 million, with a growth of 3.5% YoY It is expected that the hotels industry is expected to fall short of meeting the long term demands of an economy growing at about 7% p.a. FEES from tourism were US$ 28.6 billion, with a growth of 4.7% YoY 04 05 Around 40 international brands are said to enter the country in the next. five years (as per Cygnus estimates) During the period April 2000-December 2018, the hotel and tourism sector attracted around US$ 12 billion of FDI by DPIIT Growth Drivers: Introduction of e-visa for foreign tourists, Domestic economy improving a rise in online competition like OYO, makemytrip.com, Cleartrip.com etc Source: IBEF FTAs - Foreign Tourist Arrivals 25 FEES - Foreign Exchange Earnings Tourism Finance Corporation of India#26... with clear Government support to boost tourism Initiatives planned by the Government of India to give a boost to the tourism and hospitality sector of India : Various Other Government Initiatives: Source: IBEF 26 The Government of India is working to achieve 1% share in world's international tourist arrivals by 2020 (20Mn Foreign Tourists) and 2% share by 2025 A 5-year tax holiday has been offered for 2,3- and 4- star category hotels located around UNESCO World Heritage sites (except Delhi & Mumbai) Under the Swadesh Darshan scheme, 15 thematic circuits in the country have been selected for development of tourism infrastructure Under Budget 2019-20, the government allotted Rs 1,160 crore (US$ 160.78 million) for development of tourist circuits under Swadesh Darshan E-visa facility offered to 166 countries, as of December 2018 Tourism & hospitality sector's direct contribution to GDP in 2017, was Rs.5.94Trn (US$91.27bn). This is expected to reach Rs.12.68Trn (US$194.69 bn) in 2028, implying a CAGR of 7.23% during 2012-28 The Government of India will develop 10 prominent sites in India into iconic tourist destinations, as per Union Budget 2018-19 100 per cent FDI is allowed under the automatic route in tourism & hospitality, subject to applicable regulations & laws Tourism Finance Corporation of India#27Hotel Industry a natural beneficiary Total Rooms (in Lakhs) 23.6 22.6 24.7 27.0 25.8 19.5 18.7 17.9 17.1 16.4 1.3 1.2 1.1 1.0 0.9 3.3 3.5 3.7 3.9 4.0 2.0 2.0 2.1 2.1 2.2 2014 2015 2016 2017 2018 Incremental Room Addition Independent/unbranded segment Chain Affiliated Homestay/Guest House Other 2014 2015 2016 2017 2018 Independent/unbranded segment 75,024 75,387 78,120 83,453 89,714 Chain Affiliated 10,718 10,770 11,160 11,922 12,816 Homestay/Guest House 17,148 17,231 17,856 19,075 20,506 Other Total Room Addition 4,287 4,308 4,464 4,769 5,127 107,177 107,695 111,600 119,219 128,163 Source: Industry Sources & HVS Research 27 Tourism Finance Corporation of India#2828 augmenting its Capacity to address the Opportunity Total Rooms (in Lakhs) 29.5 28.3 30.7 33.3 31.9 23.9 23.0 22.1 21.2 20.4 1.4 1.6 1.7 1.8 1.9 4.2 4.4 4.6 4.8 5.0 2.2 2.3 2.3 2.4 2.4 2019 2020e 2021e 2022e 2023e Incremental Room Addition Independent/unbranded segment Chain Affiliated Homestay/Guest House Other 2019 2020 2021 2022 2023 Independent/unbranded segment 80,369 83,668 87,101 90,676 94,397 Chain Affiliated 9,990 10,729 11,523 12,376 13,292 Homestay/Guest House 16,744 17,431 18,146 18,891 19,666 Other 4,521 4,377 4,203 3,996 3,752 Total Room Addition 1,11,624 1,16,205 1,20,974 1,25,939 1,31,107 Tourism Finance Corporation of India#2929 .TFCI best placed to fund the growth Target Market (Rooms in '000's) 9.9 9.4 9.0 10.8 10.3 9.4 9.1 8.7 8.4 8.0 1.0 2019 1.1 2020e 1.2 2021e 1.2 2022e 1.3 2023e Independent/unbranded segment Chain Affiliated In Crs 2019 2020 2021 2022 2023 Independent/unbranded segment (Capex – Rs. 15 lakhs / room) 12,055 12,550 13,065 13,601 14,160 Chain Affiliated (Capex - Rs. 75 lakhs / room) Total Capex for Hotels 7,493 8,047 8,642 9,282 9,969 19,548 20,597 21,707 22,883 24,129 Debt Portion to be used for Capex Equity Portion to be used for Capex Target Market for Growth: ~5% Market Share 13,032 13,731 14,472 15,256 16,086 6,516 6,866 7,235 7,577 8,043 Tourism Finance Corporation of India#30Eminent Board & Experienced Management Team#315. Eminent Board of Directors Anirban Chakraborty Managing Director & CEO 31 B.M. Gupta Suman Billa Whole Time Director Nominee Director, Ministry of Tourism, Gol Niraj Agrawal Director Shyam Maheshwari Koppara Sajeeve Naresh T. Jain Thomas Director Director Director S. Ravi SC Sekhar Bapi Munshi Thankom T Mathew Independent Director Chairman of the Board Independent Director Independent Director Independent Director Tourism Finance Corporation of India#32Key Managerial Personnel... 32 2 Age: 48 Years Prior Engagement: Deputy CEO of Axis Capital Education & Qualifications: Mr. Chakraborty is a B.Tech from The University of Kolkata and has done his Post Graduate in Financial Management from University of Mumbai. Mr. Anirban Chakraborty Managing Director & CEO Experience: Headed various divisions in Axis Bank from 2003 to 2015, ranging from SME, Corporate debt & capital markets, Relationship Management group, and Structured Finance He was also associated with IFCI from 1999 to 2003, where he advised corporates across sectors on assignments spanning different product offerings of financial advisory, project appraisal, due diligence, capital restructuring, loan syndication, credit monitoring He was in Voltas in 1993 where he worked in diverse areas ranging from Business Development, assessing techno feasibility of projects, project implementation Expertise: Advisory led Investment banking, which comprised advisory practices such as private equity placement, Mergers & Acquisitions and Debt Capital market Instrumental in building best practices in the domain of sourcing, distribution, risk, underwriting, analytics, technology & human capital.... Tourism Finance Corporation of India#33... Backed by a Strong Team 33 Mr. B.M. Gupta Whole Time Director Has 42+ years of experience in Banking, Finance, Legal, Management, Accounts and Taxation etc. Holds Master Degree in Commerce & Economics, MBA(Finance) from FMS, Delhi and LLB from Delhi University He has also been an Associate of the Indian Institute of Bankers. Joined TFCI in 1993 as Dy. General Manager & elevated as General Manager, Chief General Manager, Executive Director and currently is Whole-time Director ☐ Mr. Vasan Paulraj Executive Director - Head Investment Banking Has 26+ years of Experience in Investment Banking Has handled advisory and ECM transactions of marquee clients and complex, large and innovative transactions Prior to TFCI, was MD & Head - PE, SSG and NEG at Axis Capital (17 years) Chartered Accountant and B.Com from Mumbai university Mr. Anoop Bali President & CFO Has 28+ years in the areas of Project Finance, Project Development, Project Monitoring, NPA Management, Risk Management, Accounts & Finance, Treasury, Corporate Advisory, etc Has developed expertise in development and financial structuring of tourism related projects Chairman of 'Investment Committee of India Enterprise Development Fund (IEDF)' of IFCI Venture Capital Funds Limited and is nominee director on the board of several leading hotel companies in India Holds Master's Degree in Business Administration from University of Jammu Mrs. Charu Singh Senior Vice President Has 22+ years of experience in project finance, appraisals & corporate finance functions with focus on tourism, urban infrastructure & manufacturing sectors Joined TFCI in 1997 and has contributed across multiple domains viz. credit appraisals, project monitoring & follow-up, credit risk management, NPA resolution and various consultancy assignments Holds an MBA(Finance) degree and is a qualified Cost Accountant (ICWAI). She is also an associate of Institute of Bankers (CAIIB) Industry seniors have been identified for key positions and will be joining in next few months Tourism Finance Corporation of India#34TFCI 2.0 To Capture the Large Opportunity across Diversified Businesses#35◉ Future Plans 35 TFCI 1.0 Highly capitalized NBFC, i.e. an underleveraged balance sheet Diversified, granular, moderate loan book backed by high collateral security Lean cost structure with minimal legacy risk Long-duration, low-cost liability profile Ubiquitous with travel & tourism financing in India Travel & Tourism asset-quality cycle has turned around TFCI 1.0 TFCI 2.0 Product Diversification + Efficiency = Higher & Better Returns TFCI 2.0 ■ Sweating of Networth Blend of high quality investment grade and high-yield lending Exploit the synergies in the ecosystem Diverse borrowing book (Term Loan + CC + NCD + ECB) Leverage the sector expertise of Travel & Tourism and expand in other sectors in India New avenues of growth: Structured finance, Acquisition finance, MSME project finance, Equipment finance Investment Banking Tourism Finance Corporation of India#36Long Term Vision We at TFCI shall create a Long-term sustainable value for Shareholders, be Customer Centric, honour all our Commitments, set a benchmark in Corporate Governance and be a Great Place to Work for Employees Diversifying for Growth 36 To be a VALUE CREATOR! Customer is KING! To Honour our Commitments always! Follow Regulations to the 'T'! To be a Great Place to Work! Tourism Finance Corporation of India#37Financial Performance#38Financial Performance Summary 2015-16 Rs. Crores Sanctions (Audited) 2016-17 (Audited) 2017-18 2018-19 (Audited) (Audited) 640.7 974.8 1272.3 1064.65 Disbursements 380.56 487.37 692.98 490.42 Profit before tax 75.68 97.02 106.98 113.64 Profit after tax 53.61 70.43 77.48 86.25 Dividend 18% 20% 20% 22% Equity share capital 80.72 80.72 80.72 80.72 Reserves and surplus 424.14 473.53 597.47 656.19 Tangible Net worth 504.86 554.26 668.07 729.68 Earnings per share(Rs.) 6.64 8.73 9.6 10.69 Book Value(Rs.) 62.55 68.66 84.02 91.3 Debt: Equity Ratio 1.86:1 1.91.1 1.61:1 1.76:1 CRAR(%) 37.82 39.03 39.9 39.01 Gross NPAs 158.85 81.12 33.3 87.14 Gross NPAs (%) Net NPAs 12.3 5.72 2.15 5.14 130.08 43.02 1.22 47.62 Net NPAs (%) 10.07 3.03 0.08 2.81 Net Interest Income 163.63 173.44 197.05 211.6 Loan Book 1291.92 1419.26 1550.16 1693.82 Return on Loans & Advances 12.30% 12.31% 12.18% 12.35% Cost of Borrowings 9.60% 9.59% 9.48% 9.42% NIM 6.26% 6.87% 5.37% 5.21% 38 Tourism Finance Corporation of India#39Thank You Tourism Finance Corporation of India Ltd. Mr. Anoop Bali E: [email protected] Website: www.tfciltd.com Address: TFCI Limited 4th Floor, Tower-1 NBCC Plaza, Pushp Vihar Sector 5, Saket, New Delhi 110017 India helping tourism grow SGA Strategic Growth Advisors Ms. Payal Dave /Ms. Neha Shroff E: [email protected]/[email protected] T:+91 9819916314 / +91 7738073466 www.sgapl.net