#1VACUATION ASSEMBLY AREA 3 TERMINAL 3 टर्मिनल 3 C Inter ional Dep Depar GAR Investor Presentation Q4FY19#2GAR DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other information ("Contents") contained in this document ("Material") is prepared by GMR Infrastructure Limited ("Company") soley for the purpose of this Material and not otherwise. This Material is prepared as on the date mentioned herein which is solely intended for reporting the developments of the Company to the investors of equity shares in the Company as on such date, the Contents of which are subject to change without any prior notice. The Material is based upon information that we consider reliable, but we do not represent that it is accurate or complete. Neither the Company, its subsidiaries and associate companies ("GMR Group"), nor any director, member, manager, officer, advisor, auditor and other persons ("Representatives") of the Company or the GMR Group provide any representation or warranties as to the correctness, accuracy or completeness of the Contents and this Material. It is not the intention of the Company to provide a complete or comprehensive analysis or prospects of the financial or other information within the Contents and no reliance should be placed on the fairness on the same as this Material has not been independently verified by any person. NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION WITH THIS MATERIAL. 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In particular, such statements should not be regarded as a projection of future performance of the Company or the GMR Group. It should be noted that the actual performance or achievements of the Company and the GMR Group may vary significantly from such statements. All forward-looking statements are not predictions and may be subject to change without notice. This Material is not and does not constitute any offer or invitation or recommendation or advise to purchase, acquire or subscribe to shares and other securities of the Company or the GMR Group and not part of this Material shall neither form the basis of or part of any contract, commitment or investment decision nor shall be relied upon as a basis for entering into any contract, commitment or investment decision in relation thereto. 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Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 1#3Particulars Institutional Framework Business Overview Table of Contents Pg. No. 3-7 8-11 Airport Sector 12-19 Energy Sector 20-25 Urban Infrastructure & Transportation 26-29 Summing Up 30-33 Financial Analysis - Q4FY2019 34-53 Annexures 55-68 GAR Humility I Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility | Respect for Individual 2#4GAR Institutional Framework GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#5Visionary Leadership - Building Institution For Perpetuity... THE GROUP HOLDING BOARD INDEPENDENT DIRECTORS ON GIL BOARD GM Rao Group Chairman • Founder Chairman of the Group •⚫ Since 1978, he has successfully led the Group creating infrastructure assets of national importance NC Sarabeswaran • Ex-director of RBI and ING Vysya Bank RSS LN Bhaskarudu • Ex-MD of Maruti Udyog Limited Srinivas Bommidala Chairman, Energy and International Airports GBS Raju Chairman, Airports S Sandilya • Chairman - Eicher Motors • Board Member - Parry's Sugar & Mastek S Rajagopal • Ex-Chairman & MD of Bank of India, Indian Bank G Kiran Kumar Corporate Chairman & MD B V N Rao Chairman, Urban Infra & Highways C. R. Muralidharan • Ex- ED of Bank of Baroda Kameswari Vissa ⚫ CA with 24 yrs of experience • Board Member: L&T valves, Madura microfin. Group has rotated its Business Chairmen across verticals as a healthy governance practice. GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 4#6External advisory council ensures highest standards of Governance and Professionalism GAR Dr Ram Charan Group Performance Advisory Council • Highly acclaimed business advisor, speaker, and author. • For 35 years, he's worked with companies like GE, BOA, DuPont, 3M, etc. M Damodaran • Retired IAS, with 30+ experience in financial services and PSUs. • • • • Independent panel comprising eminent industry leaders Quarterly meetings Brings Outside - in view Advises on business strategy and future positioning . Served leadership positions- Chairman SEBI, CMD IDBI Bank, Chairman UTI OP Bhatt • Former MD & Chairman of SBI, Chairman of Indian Bank's Association. ⚫ Independent Director & interim Chairman of TATA Steel Pradip P Shah ⚫ Founder / Co-founding member Indocean, CRISIL and HDFC. • Advisory roles to USAID, The World Bank and ADP Sanjeev Aga • Experience of 40+ yrs, Now engages in advisory/board Has been CEO/MD at Blow Plast / VIP Industries, Aditya Birla Nuvo, Idea. Daljit Mirchandani • Former Chairman Ingersoll Rand/ leadership positions with Kirloskar group. Serves on the advisory and statutory Board of various Companies . Dr V Sumantran • • Executive Vice-Chairman of Hinduja Automotive Was chief executive of TATA Motors (Cars); 16-year stint with GM in Detroit Luis Miranda • President & CEO at IDFC alternatives. • Now works for non-profits & also as advisor to Morgan Stanley Infra. Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 5#7Vision & Values GMR Vision "GMR Group will be an Institution in perpetuity that will build Entrepreneurial Organizations, making a difference to Society through creation of Value" Our Values and Beliefs Family Constitution Run the family like business and run the business like family HUMILITY We value intellectual modesty and dislike false pride and arrogance LEARNING & INNER EXCELLENCE We cherish the life long commitment to deepen our self awareness, explore, experiment and improve our potential ENTREPRENEURSHIP We seek opportunities - they are everywhere SOCIAL RESPONSIBILITY Anticipating and meeting relevant and emerging needs of society RESPECT FOR INDIVIDUAL We will treat others with dignity, sensitivity and honor ✓ A family vision that is in sync with the business vision Defines family governance structure, rights and responsibilities of family members in business and outside of business ✓ Codifies agreed ways of decision making within the family GAR TEAMWORK & RELATIONSHIPS Going beyond the individual- encouraging boundary less behavior DELIVER THE PROMISE We value a deep sense of responsibility and self-discipline, to meet and surpass on commitments made Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 6#8Committed to "Giving Back To The Community" through GMR Varalakshmi Foundation Mission of GMR Varalakshmi Foundation "To make sustainable impact on the human development of under- served communities through initiatives in education, health and livelihoods" GAR Our Four Pronged approach GMR Varalakshmi Foundation Education Health, Hygiene & Sanitation Community Development Through "Our Projects" Working with communities where: o Group has business operations- 25 locations in India & 1 in Nepal 。 350+ school & 35 K students 。 Vocational training to ~44K GHIAL recognized as an example of "Reaching out to Bottom of Pyramid" in 2012/13 Through "Personal Philanthropy" ■ Started from Rajam (A.P) in 1991 ■ Personal Holding in the Group pledged to foundation by GM Rao ■ Family Constitution ensures donation by the family members to the Foundation Livelihood SMR vohre of Tech so agy *National Voluntary Guidelines for Responsible Business published by Ministry of Corporate Affairs Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 7#9GAR Business Overview GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#10GMR Group: Evolution And Key Milestones Managing Turbulence Consolidation 2009-11 2012 - 14 Cash Flow Stabilisation > 2015 Growth Phase 1996 - 2008 Group (Capital Raising) IPO INR 8bn QIP USD 1bn QIP - USD 315mn New Airport Wins • Delhi Airport Hyderabad Airport (CoD in 2008) Commencement of Operations • DIAL - Completed Terminal 3 of in record 37 months Istanbul Airport Capital Raising GMR Airports - USD 330mn from PE Investors • Airports QIP INR 14.8bn Rights issue - INR 14.0bn • FCCB INR 20bn from KIA Divestments Istanbul Airport, Turkey New Airport Wins • Signed binding term sheet with Tata, GIC, SSG for an investment of INR 80 bn in GMR Airports Ltd. New Airport Wins • • Cebu Airport in Philippines Nagpur Airport in Oct' 18 Mopa Airport, Goa in Aug'16 • Crete Airport, Greece in Jun'17 • • Clark Airport, Philippines in Dec' 17 (EPC project) Bhogapuram Airport, AP in Feb'19 International Bonds Energy Commencement of Operations • Chennai Power Plant (200MW) Acquisition 50% stake in Intergen Power USD 1.1bn Urban Infra & Highways Commencement of Operations • Tuni Anakapalli Tambaram Tindivanam • Ambala Chandigarh Capital Raising GMR Energy - USD 300mn from PE Investors - Acquisition 30% stake in PT GEMS (coal mine in Indonesia) - USD 520mn Divestments Intergen Power for USD 1.2 bn Commencement of Operations . Pochampalli Commencement of Operations Warora (Coal - 600MW) Kamalanga (Coal - 1,050MW) Divestments Island Power Project, Singapore • Delhi Airport - USD 1.16 bn • Hyderabad Airport - USD 650 mn Capital Raising/Partnership • Tenaga -30% stake in GMR Energy for USD 300mn Equity Partnership with Lenders • Rajahmundry (Gas - 768MW) Chhattisgarh (Coal - 1,370MW) Divestments • 2 Transmission assets • PT BSL coal mine (Indonesia) • Himtal (hydro) project (Nepal) New Project Wins EPC project of INR 51bn on eastern DFCC • Jadcherla Expressways Ulundurpet Expressways Commencement of Operations Hyderabad Vijayawada Hungund Hospet Chennai ORR Divestments 2 Highway projects Divestment 1 Highway project GAR vidual 9#11Business Overview AIRPORTS ~325 Mn Total Passenger Capacity • ~87 mn capacity operational, ~76 mn under development • • . Operational airports: Delhi and Hyderabad in India, Cebu in Philippines New wins: Nagpur and Goa in India, Crete in Greece, Clark (EPC) in Philippines Airport Land: 230 acres in Delhi, ~1,500 acres in Hyderabad, 232 acres in Goa, ~100 acres Greece, ~247 acres in Nagpur ENERGY ~6,800 MW Power Generation Capacity • Coal Based: ~3,000 MW operational & 350 MW under development • Gas Based ~1,400 MW operational • Hydro Projects: 180 MW under construction & 1,800 MW under development* Solar 25 MW & Wind: 3.4 MW • • Coal Mines: 2 in India & 1 in Indonesia CAR GAR GAR TRANSPORTATION Highways - 6 Operational Projects 4 Annuity Projects: 285 kms & 2 Toll Projects : 216 kms Railways Construction of 417 Km stretch in Eastern DFCC URBAN INFRASTRUCTURE ~13,000 Acres Land ~10,400 acres in Kakinada (AP) & ~2,500 acres in Krishnagiri (TN) * Share Purchase Agreement signed to divest entire stake in Himtal hydro project (600MW) in Nepal Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 10 10#12Corporate Structure GMR Infrastructure Ltd Shareholding as on Mar 31, 2019 GAR Promoter & Promoter Group - 63.2% Flls 18.6% O MF & Dlls 6.6% Others 11.6% 91.95%** 52%* 100%* 100% GMR Airports Ltd GMR Energy Other Energy Assets GMR Highways Ltd Special Investment Region Operational Projects Stake Operational Projects Stake Operational Projects Stake Annuity Projects Stake Projects Stake Warora Plant (Coal) 100% Chhattisgarh Plant (Coal) 48% Tuni Anakapalli 100% Kakinada SIR 51% Delhi International Airport 64% Kamalanga Plant (Coal) 87.4% Rajahmundry Plant (Gas) 45% Tambaram Tindivanam 100% Krishnagiri SIR 100% Kakinada Plant (Gas) 100% Wind Projects 100% Pochanpalli 100% Hyderabad International Airport 63% Vemagiri Plant (Gas) 100% Chennai ORR 90% Solar Power Project 100% Mactan-Cebu International 40% Airport, Philippines ** Under Development Project Under Construction / Development (Hydro) Coal Mines (Indonesia) BOT (toll) Projects Bajoli Holi Project 100% Ambala Chandigarh 100% Goa International Airport (Mopa) 100% PT Golden Energy Mines (PT GEMS) 30% Alaknanda Project 100% Upper Karnali Project 73% Crete International Airport, Greece Hyderabad Vijaywada Hungund Hospet ^^ 90% 36% 21.6% Upper Marsyangdi Project ^^ 82% Clark Internation Airport, Philippines (EPC) ** 50% *Includes both direct & indirect holding **Post PE Settlement ^^ Share Purchase Agreement signed to divest entire stake Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 11#13Airport Business GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#14GMR is One of the World's Largest Integrated Airport Platform GAR Leading Integrated Airport Platform Wide range of capabilities and services across the entire airport value chain; with demonstrated replicability and scalability Large Market Opportunity in India Fastest growing aviation market globally with an expected passenger traffic growth of 11.8% CAGR over the next five years 4th* Largest Private Operator Globally Portfolio of 7 marquee airports - Delhi, Hyderabad, Cebu¹, Goa, Nagpur, Bhogapuram and Crete; handling ~102 mn² passengers globally Regulated Aero Business Highly visible cash flows through defined tariff setting; with a assured regulated return³ High-growth Non-Aero Business Unique Consumer-facing, retail- focused play on India's demographics and consumer story; catering to 33.1%4 of international arrivals Real Estate Development Opportunity High quality, multiple contiguous land parcels spanning 2,2835 acres; located close to the heart of economic activity 1. Note: *Private Operator (Govt. holding <50%) In process of being transferred from GMR Infrastructure Ltd to GMR Airports Ltd 2. 3. Delhi, Hyderabad and Cebu LTM (Apr 2018-Mar 2019) passenger data Only for India 545 4. As of 2016 through government tourism websites 5. Includes DIAL (230 acres), GHIAL (1,463 acres), Goa (232 acres), Nagpur (247 acres), Cebu (11 acres), Greece (~100 acres). Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 13#15GMR Airports: Focus on Emerging Markets Private Equity Investors 5.86%^^ GMR Infrastructure Ltd 91.95%^^ GMR Airports Ltd (GAL) 64% 63% Delhi Airport (DIAL) Hyderabad Airport (GHIAL) 100% Goa Airport (Mopa) 100% 67%* Duty Free (DDFS) Duty Free ** 21.6% Crete Airport, Greece 26% 100% Cargo (Celebi) Hotel (GHRL) ** 49% 100% Advertising (TIMDAA) Cargo (GHACLPL) # Mactan Cebu, Philippines 40% 26% 100% Fuel Farm (DAFFL) MRO 90%* 49% Car Park (DAPS) Advertising (Laqshya) Clark Airport, Philippines^^ 50% 40% 100% F&B (TFS) Real Estate 50% Delhi Aviation Services 26% IT JV GAR *Includes both direct & indirect holding ** Duty Free business merged with GHRL ^^ Post PE Settlement #Wholly owned subsidiary of GHIAL w.e.f Nov'18 Operational Under Development Subsidiaries/ JVs EPC Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 14#16Airport Assets - Domestic GAR Delhi International Airport Project (DIAL) Hyderabad International Airport (GHIAL) Goa International Airport (GGIAL) Nagpur Airport Status Operational Greenfield Development Brownfield Development ■ GMR ■ GMR 100% 100% 10% 13% 64% Shareholding 63% ■GOT ■Fraport ■ GMR ■ GMR* 13% 26% ■AAI ΠΑΑΙ 11% - МАНВ Passenger Capacity (annual) Rated Capacity Concession Terms 66 mn 12 mn 7.7 mn * 4 mn (Existing : 2 mn) * 119 mn 80 mn 33 mn Started April 2006 • Started March 2008 • 30 + 30 years • 30 + 30 years • Started Sep 2017 • 40+ 20 years • 46% revenue share • 4% revenue share • 37% revenue share • 30+30 years from Jan 2020 • 14.49% revenue share Revenue Structure . Aero Revenues - Return on Capital • Non-Aero Revenues - Duty Free, Retail, F&B, Advertising, Car Park, etc. • Commercial Property Development (CPD) Commercial Property Development • 230 acres 。 40 acres completed 23+64 acres awarded to Bharti Realty Traffic - FY19 69.2 mn pax ( ▲ 5%) • 232 acres • 247 acres • 1,463 acres 。 ~90 acres already monetized 21.4 mn pax (17%) N.A. 2.8 mn pax (28%) Note: GMR emerged as the highest bidder for Greenfield Airport at Bhogapuram in Andhra Pradesh in Feb 2019; *Authority to hold 1 non-transferable equity share with seat on Board Humility Entrepreneurship! Teamwork and Relationships | Deliver the Promise Learning and Inner Excellence Social Responsibility I Respect for Individual 15#17Status Shareholding Airport Assets - Outside India Project Mactan - Cebu International Airport, Philippines Crete International Airport, Greece Passenger Capacity (annual) Rated Capacity Concession Terms Revenue Structure Commercial Property Development Traffic FY19 * Post completion of Phase 1 Brownfield Development 40% 60% ■ GMR ■Megawide Greenfield Development ■ GMR 32% 22% ■TERNA S.A. 46% ■Govt. of Greece 15 mn 16 mn * (Existing 12.5 mn) 28 mn • 25 years from Nov 2014 • Phase 1 expansion completed in Jun'18 • Aero revenue - Pre-determined PSF (Post construction) 15 mn • GMR to be Airport Operator • 35 years (including construction period) • Aero revenue determined based on Dual Till methodology • Non-Aero revenue from allied activities 11 acres 11.5 mn pax ( 15%) 100 acres N.A. GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 16#18Non-Aero Businesses: Delivering Strong Growth Demonstrated Track Record of Successful Execution Across Value Chain of Non-Aero Businesses TAX & DUTY, FIEL GAR GR GAR Duty Free F&B Advertising Car Park Cargo Fuel Farm MRO Delhi Airport: Non-Aero Revenues Hyderabad Airport: Non-Aero Revenues 11.4 CAGR FY15-19: 16.3% 13.6 15.3 INR bn 20.9 18.0 INR bn 5.4 CAGR FY15-19: 15.8% 4.5 4.0 3.3 3.0 FY15^ FY16* FY17 FY18 FY19 FY15^ FY16 FY17 FY18 FY19 ^ FY15 financials are based on I-GAAP; * FY16 financial adjusted for one-time adoption of Ind-AS Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 17#19Real Estate: Unique Opportunity Beyond Core Airport Delhi Airport Aerocity - Upcoming Central Business District in NCR Marquee Customer Base Prime Real Estate Strategic Location 230 acres available for development Between Central Delhi (current CBD) & Gurgaon (commercial hub) Long Lease Period HYATT Land parcels available till 2066 HOTELS & RESORTS JW MARRIOTT NOVOTEL HOTELS Track Record of Monetization ~127 acres monetized ~40 acres (Hospitality) • ~23 acres (Retail) ~64 acres (Commercial) Excellent Connectivity Dedicated high speed metro line & 8-lane access road to NH8 High Occupancy Prime hospitality market with scope for hotel additions bharti Bharti Retail Limited lemon tree THE ROSEATE HOTELS ibis HETPLY 折 Holiday Inn Hyderabad Airport Aerotropolis - Large Integrated Ecosystem Synergistic with the Airport Large Client Base across Industry Verticals Large Land Bank 1,463 acres available for development Key Location Organic extension of commercialized west Hyderabad Long Lease Period amazon AEROTES Land parcels available till 2068 cfm THE PLOTER OF FLIGHT GAR High Value Monetized Land ~90 acres monetized with huge scope for growth Excellent Connectivity Connected by NH44, NH765 and Nehru Ring Road DECATHLON Mixed Use Model SPORT FOR ALL I ALL FOR SPORT Land Use across hospitality, education, warehousing, entertainment etc. NIPRO Pratt & Whitney Schullch Novone HYDERABAD BARCHA YONE AN Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 18#20Airports Business: Main Growth Engine GAR Rapidly growing passenger volumes Large potential for expansion Significant unregulated commercial revenue upside Outstanding Real Estate opportunity Positive regulatory momentum Low penetration of flying (0.07 trips per capita vs. 0.3 in China) • 3rd largest domestic aviation market in 2016; to become 3rd largest global aviation market by 2025 Government agenda to privatize airports opens up big pipeline for growth Expansion plans in place to capitalize on evident growth opportunities • DIAL to expand to 119 mn (rated capacity) from 66 mn, becoming one of the largest airports in the world; Hyderabad can expand upto 80 mn (rated capacity) Strong non-aero performance and significant potential to grow; Duty free SPP of ~USD 10/pax in Delhi vs. USD -25/pax at Dubai/Bangkok Continuous revamp of retail offerings to cater to evolving passenger profile of young and aspirational travelers • Plans to develop Delhi as a cargo hub Marquee hospitality/retail development in ~127 acres at Delhi Hyderabad Airport has one of the largest free unencumbered airport land banks - 1,463 acres enabling development of both industrial (SEZs) and commercial formats Comprehensive new aviation policy to strengthen growth in the Indian aviation market Clarity on major regulatory issues, especially applicability of 30% "hybrid till" and implementation of Base Airport Charges (BAC) Favourable judgement from TDSAT (appellate tribunal) provides clarity on long pending issues Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 19#21Energy Business GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#22GMR Energy : Strategic Partnership with Tenaga Nasional Berhad GMR Infrastructure Ltd Tenaga Nasional 52% 30% Berhad 18% GMR Energy Ltd Private Equity Investors Other Assets GAR Thermal (Coal & Gas) Warora Power Plant (Coal - 600MW) Kamalanga Power Plant (Coal - 1,050MW) * Kakinada Power Plant (Gas - 220MW) Vemagiri Power Plant (Gas - 388MW) Renewables (Hydro & Solar) Bajoli Holi Project (Hydro-180MW) Upper Karnali Project (Hydro - 900MW) Upper Marsyagadi Project (Hydro - 600MW)^ Alaknanda Project (Hydro - 300MW) Gujarat Power (Solar - 25MW) Chhattisgarh Power Plant (Coal - 1370MW) Rajahmundry Power Plant (Gas - 768MW) Coal Mines - Indonesia PT GEMS - Operational -- Under Construction Under Development Note: All stakes includes both direct & indirect holding * Excludes 350MW of Unit 4 which is yet to be developed ^ Share Purchase Agreement signed to divest entire stake Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 21 24#23GMR Energy Ltd. : Diversified Portfolio of Projects GAR Project Fuel Ownership Capacity Project Cost Warora (Maharashtra) Coal 100% 600 MW INR 42.5 bn COD Power Off-take September 2013 Fully contracted through long term PPA • Kamalanga (Orissa) Vemagiri (Andhra Pradesh) Coal Gas 87.4% 1,050 MW * INR 65 bn March 2014 85% of power contracted through long term PPA 100% 388 MW INR 11.5 bn September 2006 • 100% regulated tariff • 23 years PPA with Andhra Pradesh & Telangana Bajoli Holi (Himachal Pradesh) Hydro 100%^ 180 MW INR 22 bn Expected in 2019 • ~50% of saleable power contracted through long term PPA Fuel Linkage • Confirmed linkage from Coal India Ltd. for entire capacity • Confirmed linkage from Coal India Ltd. for 85% contracted capacity Gas not available since FY13 • Plant operated under eRLNG scheme during FY16 & FY17 • Run of the river facility • 71% in FY18 Operated till FY12 • 61% in FY18 PLF · ⚫74% in FY19 ⚫73% in FY19 Operated in FY17 under eRLNG scheme • Others · Refinancing of project loan completed Refinancing of project loan completed • Debt-free plant • Under construction with ~83% completed by Mar'19 Excludes 350MW of Unit 4 which is yet to be developed ^ Includes both direct & indirect holding Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 22 22#24Other Energy Projects Project Raikheda (Chhattisgarh) Fuel Ownership Capacity Project Cost Coal 48% 1,370 MW INR 124 bn COD • November 2015 (Unit - 1) March 2016 (Unit - 2) • Power Off-take Long term PPA with Chhattisgarh TransCo for 5% of gross capacity Fuel Linkage • Have Talabira and Ganeshpur coal mine • Operating under Tolling mechanism with GUVNL Current Status • Resolution Plan under progress · October 2015 Rajahmundry (Andhra Pradesh) Gas 45% 768 MW INR 49.4 bn GAR • To enter into long term PPA based on sustainable gas supply • No long term gas supply contract in place • Secured gas supply under e-RLNG scheme from Oct' 15 to Sept'16 • Executed Resolution Plan approved by 100% of lenders • Existing Debt of INR 24 bn brought down to a Sustainable Debt of INR 14 bn 。 Balance Debt of INR 0.9 bn converted into Long Dated CRPS @0.1% coupon repayable from 17th to 20th year Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 23 23#25Project Mine Location Ownership Resources Reserves Indonesia Coal Mines PT GEMS Indonesia 30% 2.4 Bn Tons 828 Mn Tons Sales Volume 24.4 mn tons in CY18 ( ▲ 43%) GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 24 224#26Strong Diversified Portfolio Highly Contracted Portfolio Energy Business: High Visibility of Stable Cash-flows Fuel Security Superior Expertise Platform for Growth Well balanced portfolio across fuel - coal, natural gas, hydro & others Bajoli Holi project in advanced stages of construction with 83% completed by Mar'19 GAR Over 80% of the operational capacity tied up in long term PPA's providing visibility of long term cash flows Minimal fuel risk: Warora plant entirely tied up and Kamalanga plant tied up for entire contracted capacity Company has reputed strategic (Tenaga) & financial partner (Temasek & IDFC) Proven management team with an average of 25+ years of experience Well established platform to pursue growth opportunities in distribution, transmission and renewable development Signed MoU with TNB Remaco (Tenaga) for setting up a facility for O&M of third party power projects Note: Excluding Chhattisgarh, Rajahmundry and Indonesian Coal Mines Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 25 25#27Urban Infrastructure & Transportation GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#28Project Name Location Shareholding Highways Projects Annuity Based Road Projects (285 kms) GAR Toll Based Road Projects (216 kms) GPEPL GCORRPL GACEPL GHVEPL Pochampalli Chennai ORR Ambala- Chandigarh Hyderabad- Vijayawada 90% 100% 90% GTAEPL TTTEPL Tambaram- Tuni-Anakapalli Tindivanam 100% 100% 100% Road Length (kms) 59 93 103 30 35 181 COD Dec-04 Oct-04 Mar-09 Jun-13 Nov-08 Dec-12 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 • Divestment of Road Projects in line with Asset Light, Asset Right Strategy Signed a Share Purchase Agreement to divest entire 51% equity stake in the Hungund Hospet project 15% stake has been transferred to Joint Venture partner; balance stake (36%) to be transferred post receiving all approvals Divestment has reduced INR 10.8 bn of debt and created INR 850 mn of liquidity Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 27 27#29yapet Narispa Urban Infrastructure: Special Investment Regions of ~13,000 acres GAR Gangara Kothagudem State Capital Region Sobhanadripuram Kakinada Rajahmundry Tadpan Eluru orantia Vijayawada Guada Neresaraopeto Qutu Mach patnam Kanduku Ongole Chirala National Highway -State Highway UNITA Rabsay Famabhadhapuram Viaggiam Visakhapatnam Vizag Kakinada SIR (Andhra Pradesh): 10,400 acres Kakinada SIR Kakinada Amelaput am Proposed Road O SHOOLAGERI • Port-based SIR, located in the Krishna-Godavari basin, to include an all weather multi-purpose deep-water port, a logistics park, a petrochemicals cluster and an eco-industrial park ⚫ Land of -4,650 acre notified as SEZS Utility/environment approvals in place • MoU signed for monetization of ~3,100 acres including: . 。 Govt of AP signed an MoU with Haldia Petrochemicals Ltd to set up a refinery cum petrochemical project in Kakinada SIR in 2,500 acres land 。 MoUs entered for 325 acres with down stream petrochemical units 。 250 acres MoU with Grasim (Aditya Birla Group) for chemical manufacturing unit Development of a greenfield commercial port at a location ~30km north from Kakinada o Proposed to be developed as an all-weather, deep draft, multi-cargo port 。 Initial capacity of 16 MnT to be spread over ~1,950 acres • MoU signed with APGDCL for supply of gas at KSEZ project doorstep Krishnagiri SIR (Tamil Nadu) : ~2,500 acres . Development philosophy – Leverage locational advantage to create cluster in Aerospace, automobile, logistics, engineering and electronics sectors Setting up an Special Investment region in JV with TIDCO o Infra development in 275 acres in progress with all approvals in place. Appointed BCG to market the same. • SIPCOT to acquire ~500 acre for their Industrial park 。 Initiated the acquisition of ~335 acres RAYAKOTTA • Leased 20 acre to M/s Toyota Boshuku for their manufacturing unit Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 28#30EPC Projects in Dedicated Freight Corridor Projects GAR DFCC's Project Network DEDICATED FREIGHT INDIAN RAILWAY MAP CORRIDOR NETWORK MUMBA VASOO LUDHANA DELH Kanpur GMR's stretch of work Mughalsarai KOLKATA VUAYAWADA CHENNAI Sanctioned projects Unsanctioned projects GMR's Scope and Highlights GMR along with it's partner SEW Infra has been awarded contract to construct a part of the eastern corridor: Corridor Contract Length (kms) Value (INR bn) Mughalsarai to New Karchana (UP) 181 24.2 New Karchana to New 236 26.6 Bhaupur (UP) TOTAL 417 50.8 Dedicated Freight Corridor is a INR 820 bn project undertaken by DFCCIL (a wholly owned public sector undertaking of MOR) Corridor under construction - Eastern (Ludhiana to Kolkata) & Western (Dadri to Mumbai) • Above section of the project is fully funded by World Bank by USD 1.1 bn - no anticipatory revenue risk Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 29 29#31GAR Summing Up GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#32Key Developments - Airports Value Unlocking of Airport Subsidiary i.e. GMR Airport Ltd. Signed Binding Term Sheet with Investors Tata Sons, GIC Infra Holdings and SSG Capital for proposed equity investment of INR 80 bn Secondary Sale - INR 70 bn and Primary Sale - INR 10 bn GAR Real Estate Monetisation Second phase of Real Estate monetization at DIAL Commercial Development Rights awarded to consortium led by Bharti realty for ~10 mn sq - For 1st phase (~5 mn sq ft) – upfront payment of INR 18.4 bn plus Annual Lease Rent of INR 3.64 bn p.a. till 2036 to be escalated by 50% for the extended term of 30 years till 2066 Growth in Airports Capacity Expansion underway at Delhi and Hyderabad Airport Aero Revenue visibility at Delhi Airport Base Airport Charges (BAC) implemented from December 2018 Award of New Airports Nagpur: Received Letter of Award at a revenue share of 14.49% of gross revenues Bhogapuram (Vizag): Emerged as the highest bidder to develop, operate, manage the new airport Crete (Greece): GMR TERNA JV signs concession agreement for development and operation Fund raise Delhi Airport - Recently raised 10 year bonds amounting to USD 350 mn priced at 6.45% p.a. Hyderabad Airport - Raised 5 year Bonds amounting to USD 300 mn priced at 5.375% p.a. Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 31#33Stabilizing Energy Assets Key Developments - Other Sectors GAR Tenaga Nasional Berhad invests INR 2.26 bn in GMR Bajoli Holi Hydropower Ltd. • Achieved tariff increase in Warora & Kamalanga related to 'change in law' and 'coal cost pass-through' Kamalanga power project tied up long term coal linkage under 'SHAKTI' scheme for additional 1.5 mn tons Resolution of Energy Assets Executed Resolution Plan for Rajahmundry gas based projects ⚫ Resolution Plan is in advanced stage of closure for Chattisgarh coal based projects Unlocking value in Energy Assets Divestment of non-core assets - Transmission projects (Maru - 74% & Aravali - 49%) for an equity consideration of INR 1 bn PT BSL coal mine for an equity consideration of ~USD 66 mn Upper Marsyagadi (Himtal) hydro project of 600MW in Nepal Unlocking value in SIRS • Setting up an Special Investment Region at Krishnagiri on ~600acres of land in JV with TIDCO • MoU signed for monetization of 3,100 acres in Kakinada SIR Development of greenfield commercial port at Kakinada with an initial capacity of 16 MnT over ~1,950 acres • Construction of Eastern Dedicated Freight Corridor (DFCC) Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 32#34Strengths of GMR Airports Business: 4th largest private Airport company in the world; Set to double capacity in ~5 years Energy Business: Stabilized and operational portfolio with a growth pipeline Managed turbulence despite strong headwinds especially from the macro environment Ability to attract global partners even in difficult times Most of the projects have completed and are operational : Entered cash flow generation phase Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 33 33 GAR#35GAR Financial Analysis GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#36Key Highlights - FY19 GAR • • Value Unlocking of Airport Business through Strategic Partnership to deleverage the Balance Sheet Airports Portfolio continues to grow with addition of newer airports contributing to a stronger platform for GMR The sector continues to show strong and sustained growth driven by greater regulatory clarity. Base Airport Charges at Delhi Airport from December 2018 onwards provides a strong base of stable and growing Aero Revenues In FY 2019, GMR Airports had a throughput of ~102 mn Passengers, with -9% growth over FY 2018 driving an even stronger growth in Non-Aero Revenues at 16% in FY 2019 over FY 2018 Real Estate monetization at Delhi Aerocity establishing new benchmarks in valuation, with Aerocity poised to emerge as new Central Business District for NCR Raised long term USD bonds for expansion at both Delhi (USD 350 mn 10 years) and Hyderabad (USD 300 mn - 5 years) Airports to cater to growth in passenger and cargo traffic Improved Operating Performance in the Energy business along with Resolution of GMR Rajahmundry Energy Limited through restructuring of loan Strong Growth in capacity, volumes and revenues at GEMS in FY 19 – Coal Mining operations in Indonesia Following Global best practices, the Company has voluntarily chosen to report its Investments on a Fair Value basis as per Ind AS as against Historical cost basis, pursuant to which, the Net Worth of GIL (Standalone) has been reinstated at INR 119.1 bn Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 35#37Consolidated Financial Performance Highlights - Q4FY2019 GAR Net Revenues (excl. energy trading business) 4% YoY Airport business revenues recorded 11% YoY O Energy trading revenues 51% YoY - Under Ind AS the same gets netted off with power purchase cost EBITDA (excl. one offs) 14% YoY Net Loss after tax (adjusted for exceptional items) ~INR 1.3 bn in Q4FY19 vs INR 49 mn profit in Q4FY18 Exceptional item consist of ~INR 22.1 bn related to non-airport businesses O Q4FY19 operational performance Airports- Traffic growth (YoY) O Energy- Improved PLF level Highways - Traffic growth (YoY) O DIAL: 4% to 16.8 mn pax GHIAL: 19% to 5.5 mn pax Cebu: 16% to 2.9 mn pax GWEL: 85% vs 78% YoY GKEL: 66% vs 65% YoY Hyderabad-Vijaywada: 14% o Ambala-Chandigarh: 3% Airports is key Revenue Driver Net Revenue INR 15 bn Highways 7.9% Energy 14.4% Others 16.6% 0 Airport 61.0% Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility | Respect for Individual 36#38EBITDA Net Revenue 17.1 GIL Consolidated - Quarterly Trends INR bn ■Airport Energy Highways Others GAR 15.3 14.7 15.0 17% 21% 19% 19% 17% 13.2 7% 7% 8% 9% 9% 6% 12% 10% 14% 27% 64% 62% 62% 61% 49% Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 4.4 4.1 5.3 4.1 INR bn ■Airport Highways ■ Energy + Others 29% 24% 18% 17% 12% 3.1 130% 102% 103% 88% 91% -19% -5% -2% -27% -59% Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 32 37#39EBITDA Net Revenue GIL Consolidated - Yearly Trends INR bn 67.9 68.1 ■Airport Energy Highways Others 9% 17% 19% 7% 7% 8% 19% 11% 23% 58.0 65% 62% 53% FY17 FY18 FY19 32.3 FY17 21.9 FY18 INR bn FY17 9% FY18 ■Airport ■Highways Energy +Others 13% FY19 19% 16.9 96% 100% 93% FY19 -5% FY17 -6% FY18 -19% FY19 Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual GAR 38#40255.5 Gross & Net Debt (INR bn) ^ 44.3 GIL Consolidated Debt 211.1 Gross Debt Cash & equivalents Net Debt Corporate (Inc. debt for PE Exit). 31% Net Debt (Sector-wise) ^ Airport .36% Others. 4% Energy Highways- 13% 16% On going equity fund raising at Airport business and divestment of non-core assets to significantly reduce Corporate Debt Note: FCCB not considered in debt, ^ As on Mar 2019 GAR Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 39#41Airport Business GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#42Key Developments in Q4FY19 - Airport Business GAR Delhi Airport (DIAL) • Robust revenue growth (12% YoY) despite Jet Airways debacle O Aero revenue (▲29% YoY) and Non-aero revenue (▲8% YoY) Aero revenue growth driven by o Implementation of BAC w.e.f. December 2018 o Recovery of unclaimed passenger UDF Non-aero revenue aided by growth in Retail incl. Duty Free (15% YoY) - Benefit from store expansion and currency tailwinds Land and space rental (▲13% YoY) - Led by new allotment Cargo (17% YoY) - Driven by tariff hike effective Oct 18 and volume uptick (▲11% YoY) Operational EBITDA (INR 1.8 bn in Q4FY19) ▲34% YoY Prevailing tariff extended till Sep 30, 2019 or determination of tariff for 3rd control period, whichever is earlier Hyderabad Airport (GHIAL) Revenue growth of 12% YoY led by aero ( 7% YoY) and non-aero (22% YoY) Non-aero revenue aided by growth in Fuel Farm (41% YoY) - Benefit from increased ATMs Retail incl. Duty Free (12% YoY) - Driven by increased spend per pax (SPP) Operational EBITDA ▲4% YoY driven by healthy revenue growth Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 41#43Key Developments in Q4FY19 - Airport Business GAR Cebu Airport Revenue 42% YoY and EBITDA 33% YoY in constant currency terms Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 Addition of new flights and frequencies Operating performance in INR impacted by ~12% YoY appreciation in INR vs PHP Profitability declined due to recognition of interest cost and depreciation charges Goa Airport . Rehabilitation and resettlement works completed Earth works and substructures works for passenger terminal building and ATC are in progress Working closely with Goa Govt. to resolve pending appeals on the validity of the environment clearances granted Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 42#44Item Transaction Investment Amount Value Unlocking at Airport Business Description GAR Signed binding term sheet for Equity Raise from Long Term Strategic & Financial Investors Equity Investment: INR 80 bn (INR 8,000 Cr) Secondary Sale: INR 70 bn (INR 7,000 Cr) O Primary Infusion: INR 10 bn (INR 1,000 Cr) Investors Amount (INR bn) Proportion of Equity Investment Investors 1. Tata Group 35.6 44% 2. GIC Singapore 26.7 33% 3. SSG Capital Management 17.8 22% Amount (INR bn) Post Money Valuation Valuation Add: Earn Outs 180.0 ~44.8 Total Post-Money Valuation ~224.8 % (post transaction closing) New Investors Shareholding Structure GMR Infrastructure Ltd. (Directly & Indirectly) Employee Welfare Trust On successful consummation of Earn-outs, GIL (direct & indirect) shareholding in GAL will reach to ~62% Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 53.5% 44.4% 2.1% 43#45Airports Business (Q4FY19) - Operational & Financial Highlights Airport Business Delhi Airport GAR (figures in INR mn) Hyderabad Airport Particulars (Consolidated) (Standalone) (Standalone) Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Gross Revenues 12,151 13,566 7,462 8,388 3,355 3,761 Net Revenues 8,395 9,334 3,844 4,314 3,218 3,602 EBITDA ^ Λ 4,508 4,233 1,356 1,812 2,288 2,370 PAT 1,576 1,667 -679 409 1,836 1,728 Delhi Airport - Passenger Traffic declined 4% ■Domestic International (mn pax) 17.4 16.8 4.7 ▲4% 4.9 Hyderabad Airport - Passenger Traffic grew 9% Domestic International 5.5 (mn pax) 5.0 1.0 0.9 ▲ 3% 12.7 ▼ 6% 11.9 4.1 ▲ 10% 4.5 Q4FY2018 ^ Adjusted for revenue share on other income Q4FY2019 Q4FY2018 Q4FY2019 Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 44#46Airports Business (FY19) - Operational & Financial Highlights GAR Airport Business Delhi Airport Particulars (Consolidated) (Standalone) (figures in INR mn) Hyderabad Airport (Standalone) FY2018 FY2019 FY2018 FY2019 FY2018 FY2019 Gross Revenues 54,338 52,772 36,810 32,626 12,520 14,523 Net Revenues 36,194 36,244 19,195 16,714 11,991 13,907 EBITDA ^ 21,867 18,420 9,749 6,536 8,876 9,961 PAT 8,292 6,597 383 -1,118 6,027 7,328 Delhi Airport - Passenger Traffic grew 5% ■Domestic International 65.7 (mn pax) 69.2 17.4 A8% 18.7 - Hyderabad Airport – Passenger Traffic grew 17% Domestic International (mn pax) 21.4 18.3 3.9 3.6 ▲ 9% 48.3 5% 50.5 14.7 ▲ 19% 17.4 FY2018 FY2019 FY2018 FY2019 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual ^ Adjusted for revenue share on other income 45 45#47Delhi Airport - Non-Aero Revenues (FY19) Delhi Airport GAR INR 20.9 bn • Non-aero revenues Non-Aero Revenue Break-up Retail revenues Others 19% Retail (incl Duty Free) 30% Ground Handling 6% F&B 7% Advt. Space Rentals 18% 8% Cargo 12% 16% to INR 20.9bn 23% YoY to INR 6.3bn 。 Duty Free revenues in overall Retail is ~71% 。 Duty Free SPP improved to USD 10.3 in FY19 from USD 10 in FY18 Cargo revenues o Cargo vol. 17% YoY to INR 2.4bn 8% YoY to 1.04 mn tons Advertisement revenues ▼5% to INR 1.6bn 。 Occupancy rate improved sequentially to 70.7% in Q4FY19 vs 69% in Q3FY19; 67.4% in FY19 vs 77.8% in FY18 CAGR FY15-19: 14.5% 3.32 3.57 2.58 3.25 Duty Free 4.44 Key Segments growing at a fast pace ■FY15 ■FY 16 FY 17 FY18 FY 19 CAGR FY15-19: 23.8% CAGR FY15-19: 11.3% 2.42 1.85 2.07 1.55 1.58 1.60 1.71 1.17 CAGR FY15-19: 11.8% 1.71 0.79 1.63 1.42 0.64 1.19 1.04 Other Retail Cargo Advertisement Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 46#48Hyderabad Airport - Non-Aero Revenues (FY19) Hyderabad Airport Non-Aero Revenue Break-up INR 5.4 bn Car Park 12% Others 17% Retail (incl Duty Free) 16% F&B 8% Advt. Space 7% Rentals 13% Fuel Farm 27% Non-aero revenues 21% to INR 5.4bn • Retail revenues 33% to INR 877mn 。 Duty Free revenues in overall Retail is 54% GAR 。 Duty Free SPP improved to USD 5.7 in FY19 from USD 5 in FY18 Fuel Farm revenue 47% to INR 1.4bn 。 Air Traffic Movements (ATMs) ▲ 20% • Advertisement: Revenues 11% to INR 0.4bn 。 Occupancy declined to 58% in FY19 from 60% in FY18 CAGR FY15-19: 36% 0.48 0.30 0.34 0.21 0.14 Duty Free * reclassified data for FY18 and FY19 Key Segments growing at fast pace FY 15 FY16 FY17 FY18 FY 19 CAGR FY15-19: 19.0% INR bn 1.44 CAGR FY15-19: 11.5% 0.40 0.26 0.27 0.31 0.32 0.98 0.83 0.72 0.70 CAGR FY15-19: 12.1% 0.23 0.26 0.40 0.36 0.36 Other Retail* Fuel Farm Advertisement Humility I Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 47#49Cebu Airport - Operational & Financial Highlights CAR Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 (figures in INR mn) FY2019 Gross Revenues 787 1,039 992 3,153 3,641 EBITDA PAT 565 728 665 2,315 2,632 301 96 157 1,578 1,179 • . Tariff reset on commencement of new terminal 2 w.e.f. Jul 1, 2018 Operating performance in INR impacted by ~12% YoY appreciation in INR vs PHP Profitability declined due to recognition of interest cost and depreciation charges Q4FY19 Passenger Traffic grew 16% (mn pax) Domestic ■International 2.5 2.9 0.8 0.9 13% Q4FY19 Revenues grew 26% (INR mn) Aero Non-Aero 992 787 350 444 ▲ 27% 1.7 2.0 17% 437 25% 549 Q4FY2018 Note: Financials are at 100% level Q4FY2019 Q4FY2018 Q4FY2019 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 48#50INR mn Significant Contribution of JVs and Subsidiaries GAL - FY19 Consolidated EBITDA (Proforma) INR mn 18,420 Airport Consolidated EBITDA^# 2,804 1,053 22,277 JVs EBITDA (DIAL+GHIAL)* Cebu EBITDA Airport Consolidated Proforma EBITDA DIAL - FY19 Consolidated EBITDA (Proforma) 6,536 2,594 GAR GHIAL - FY19 Consolidated EBITDA (Proforma) INR mn 9,131 9,961 1,080 11,041 Standalone EBITDA^ Share of EBITDA from JVs/ Consolidated Proforma EBITDA Subsidiaries Standalone EBITDA^ Share of EBITDA from JVs/ Subsidiaries Consolidated Proforma EBITDA ^ Adjusted for revenue share on other income; # also include airport subsidiaries; * also includes share of JVS EBITDA where GAL has direct ownership Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 49#51Energy Business GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#52Warora Power Project Key Developments in Q4FY19 - Energy Revenue normalised for Coal Pass Through (CPT) and Change in law (CIL) 13% YoY led by Traction in PLF (85% vs. 78% YoY) Additional claim for CPT and CIL accounted in Q4FY18 GAR EBITDA (normalized for CPT and CIL) ▼8% YoY impacted by escalation in fuel cost and transmission charges PBT of INR 750 mn vs. INR 1.8 bn in Q4FY18 and a cash profit of INR 1 bn vs. INR 2.1 bn in Q4FY18 Kamalanga Power Project - Marginal improvement in PLF (66% vs. 65% YoY) due to improved coal supply under Shakti scheme Major maintenance undertaken during Q4FY19 Revenue normalized for CPT and CIL 6% YoY led by - - Decline in power exchange tariff rate Additional claim for CPT and CIL accounted in Q4FY18 EBITDA (normalized for CPT and CIL) 10% YoY on realisation of cheaper coal under Shakti scheme PBT of INR 453 mn vs. INR 1.3 bn in Q4FY18 and a cash profit of INR 1.2 bn vs. INR 2 bn in Q4FY18 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 51 554#53Energy Business (Q4FY19) - Operational & Financial Highlights GAR (figures in INR mn) Power Assets Warora (A) Kamalanga (B) Total (A + B) Particulars Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Q4FY2018 Q4FY2019 Revenues* EBITDA Interest 6,207 5,828 6,757 5,534 12,965 11,362 3,134 1,992 3,022 2,147 6,156 4,139 1,050 1,026 1,080 1,407 2,130 2,432 PAT 1,816 2,654 1,293 454 3,109 3,108 PLF 78.4% 85.4% 64.6% 66.0% *Includes cumulative amount on account of Coal Pass Through and Change in Law in Q4FY18 Coal Mines Golden Energy Mines Particulars . Production 21% YoY to 6.7 mn tons Q4FY2018 Q4FY2019 Sales Vol. (mn tons) 6.4 7.4 Sales volumes 16% YoY о Realisation declined 20% YoY to USD 38/ton Revenues 19,834 19,939 EBITDA 4,408 840 EBITDA -80% YoY due to drop in coal price and flattish operating cost per ton Net Interest 30 124 PAT 2,779 281 Note: Financials at 100% level Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 52 52#54Energy Business (FY19) - Operational & Financial Highlights GAR (figures in INR mn) Power Assets Warora (A) Kamalanga (B) Total (A + B) Particulars FY2018 FY2019 FY2018 FY2019 FY2018 FY2019 Revenues* 17,707 18,942 19,896 21,954 37,603 40,896 EBITDA 7,159 5,892 7,244 7,429 14,403 13,321 Interest 4,193 4,122 5,831 5,661 10,024 9,783 PAT 1,927 2,625 (775) 566 1,152 3,191 PLF 71.3% 74.1% 60.7% 73.0% *Includes cumulative amount on account of Coal Pass Through and Change in Law in FY18 Golden Energy Mines Coal Mines Particulars • Production 45% YoY to 23 mn tons FY2018 FY2019 Sales Vol. (mn tons) 17.1 24.4 43% YoY Revenues 50,170 71,409 Sales volumes 。 Realisation declined to USD 43/ton in FY19 vs 44/ton in FY18, EBITDA 16% YoY due to drop in coal prices EBITDA 12,101 10,123 Interest 143 164 PAT 7,934 6,871 Note: Financials at 100% level Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 53#55GAR Thank You For further information, please visit Website: www.gmrgroup.in or Contact: [email protected] GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#56GAR Annexures GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#57Annexures Particulars Checklist of Companies: Ind AS Consolidation and Change in Accounting Policy Profitability Statement (Consolidated) Financial Performance Airport Sector (Consolidated) Delhi Airport (Standalone) Hyderabad Airport (Standalone) Airport JVs and Subsidiaries Energy Sector (Consolidated) Warora (Standalone) No. A B C D E F G H | Kamalanga (Standalone) PT GEMS (Indonesian Coal Mine) Highways Sector (Consolidated) J GAR 56 K#58Annexure A : Checklist of Companies - Ind AS Consolidation Segment Companies Delhi Airport Yes Hyderabad Airport Mactan Cebu Airport - Yes No Airports Goa Airport Yes DIAL JVs (excl Car Park JV) No GHIAL JVs (excl Advertisement JV) Yes GMR Airports Ltd Yes GMR Energy Ltd (Standalone) Projects under GMR Energy Ltd - Warora, Kamalanga, Vemagiri, Solar, Hydro projects Energy No Indonesian Coal Mines Chhattisgarh Rajahmundry GMR Highways Ltd Highways All road projects Note: Profit/(Loss) from companies not consolidated is included in Profit/(Loss) of JVs / Associates Yes Yes Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual GAR 57 40#59Annexure A: Change in Accounting Policy GAR Fair Valuation of Investments Following Global best practices, the Company has voluntarily chosen to report its Investments on a Fair Value basis as per Ind AS as against Historical cost basis, pursuant to which, the Net Worth of GIL (Standalone) has been reinstated at INR 119.1 bn Adoption of Ind AS-115 Adopted Ind AS-115 for Energy Trading business recognising revenue on net basis Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 58#60Annexure B: Profitability Statement (Consolidated) GAR INR mn Gross Revenue Less: Revenue Share Q4FY2018 21,094 Q3FY2019 Q4FY2019 FY2018 FY2019 19,488 19,825 87,212 75,649 4,014 4,518 4,528 19,115 17,648 Net Revenue 17,080 14,970 15,298 68,097 58,001 Total Expenditure EBITDA EBITDA margin 12,952 10,848 12,208 46,238 41,055 4,128 4,122 3,090 21,859 16,946 24% 28% 20% 32% 29% Other Income 1,255 1,620 3,111 5,530 7,198 Interest & Finance Charges 5,875 7,194 7,857 23,163 26,842 Depreciation 2,607 2,444 2,505 10,284 9,840 PBT before exceptional items (3,099) (3,895) (4,161) (6,058) (12,536) Exceptional Income/(Expense) (22,123) (22,123) PBT (3,099) (3,895) (26,284) (6,058) (34,659) Tax (383) 30 (47) 455 (874) Profit after Tax (PAT) (2,716) (3,925) (26,237) (6,513) (33,785) Add: Share in Profit/ (Loss) of JVs / Associates 2,846 (1,493) 2,711 PAT from Continuing Operations 130 (5,418) (23,526) (4,314) (10,827) (879) (34,664) Add: Profit/ (Loss) from Discontinued Operations (81) (193) 114 Add: Other Comprehensive Income (OCI) (489) 2,452 Total Comprehensive Income (440) (3,158) Less: Minority Interest (MI) Total Comprehensive Income (post MI) 970 (1,410) 1,425 (4,583) (1,187) (24,599) 150 (319) (1,107) (12,253) 1,101 1,736 (31,827) 2,570 2,376 (24,749) (14,822) (34,203) Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 59#61Annexure C: Airport Business (Consolidated) GAR Q4FY2018 Q3FY2019 Q4FY2019 FY2018 INR mn FY2019 Aero Revenue 4,287 4,806 5,052 25,108 18,982 Non Aero Revenue 7,309 8,407 8,093 27,356 31,831 CPD Rentals 555 370 422 1,874 1,959 Gross Revenue 12,151 13,583 13,566 54,338 52,772 Less: Revenue Share ^ 3,755 4,235 4,232 18,144 16,528 Net Revenue 8,395 9,348 9,334 36,194 36,244 Operating Expenditure 4,205 5,106 5,303 15,887 19,275 EBITDA ^ 4,190 4,242 4,031 20,307 16,969 EBITDA margin 50% 45% 43% 56% 47% Other Income 931 1,408 2,388 4,138 5,803 Interest & Finance Charges 2,124 3,078 3,099 8,918 10,751 Depreciation 2,193 2,065 2,129 8,947 8,355 Exceptional Income/(Expense) PBT Tax Profit after Tax (PAT) Less: Minority Interest Add: Share in Profit/ (Loss) of JVs / Associates PAT (After share in JVs/Associates) 804 507 1,191 6,580 3,665 (416) (51) (82) (50) (1,111) 1,220 557 1,274 6,630 4,777 357 412 394 1,662 1,820 1,576 970 1,667 8,292 6,597 ^ Includes revenue share on 'Other Income'; adjusting for it, Operational EBITDA would be INR 4,508 mn for Q4FY18 and INR 4,233 mn for Q4FY19 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 60 60#62Annexure D : Delhi Airport (Standalone) GAR Particulars Aero Revenue Non Aero Revenue Q4FY2018 Q3FY2019 Q4FY2019 FY2018 INR mn FY2019 2,112 2,539 2,731 17,055 9,878 4,865 5,471 5,260 17,988 20,909 CPD Rentals 485 345 397 1,767 1,839 Gross Revenue 7,462 8,355 8,388 36,810 32,626 Less: Revenue Share ^ 3,618 4,078 4,074 17,615 15,913 Net Revenue 3,844 4,277 4,314 19,195 16,714 Operating Expenditure 2,800 2,606 2,698 10,969 11,595 EBITDA ^ 1,044 1,672 1,617 8,226 5,119 EBITDA margin 27% 39% 37% 43% 31% Other Income Interest & Finance Charges 685 1,334 2,096 3,619 5,306 1,447 1,582 1,587 5,792 6,296 1,583 1,573 1,581 6,459 6,398 Depreciation Exceptional Income/(Expense) * PBT Tax Profit after Tax (PAT) Other Comprehensive Income (OCI) Total Income (Including OCI) (1,301) (149) 545 (406) (2,269) (622) (137) 136 (788) (1,151) (679) (11) 409 383 (1,118) 1 1,359 298 128 (101) (678) 1,348 707 511 (1,219) ^ Includes revenue share on 'Other Income'; adjusting for it, Operational EBITDA would be INR 1,356 mn for Q4FY18 and INR 1,812 mn for Q4FY19 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 61#63Annexure E: Hyderabad Airport (Standalone) GAR INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Aero Revenue 2,174 2,267 2,321 8,056 9,106 Non Aero Revenue 1,181 1,427 1,440 4,465 5,416 Gross Revenue 3,355 3,694 3,761 12,520 14,523 Less: Revenue Share ^ 138 157 159 529 615 Net Revenue 3,218 3,537 3,602 11,991 13,907 Operating Expenditure 936 981 1,239 3,152 3,981 EBITDA ^ 2,282 2,556 2,363 8,839 9,926 EBITDA margin 71% 72% 66% 74% 71% Other Income 632 294 383 1,503 1,172 Interest & Finance Charges 574 444 678 1,983 1,982 Depreciation 486 353 396 1,984 1,390 Exceptional Income/(Expense) PBT 1,854 2,053 1,672 6,375 7,726 Tax 17 233 (56) 348 399 Profit after Tax (PAT) 1,836 1,820 1,728 6,027 7,328 Other Comprehensive Income (OCI) 148 21 (786) 149 163 Total Income (Including OCI) 1,984 1,841 943 6,176 7,491 ^ Includes revenue share on ‘Other Income'; adjusting for it, Operational EBITDA would be INR 2,288 mn for Q4FY18 and INR 2,370 mn for Q4FY19 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 62 62#64Annexure F : Airport JVs and Subsidiaries DIAL JVs and Subsidiaries GAR (figures in INR mn) FY2018 FY2019 Growth Particulars Duty Free Others Total Duty Free Others Total (YoY) Gross Revenues 11,358 12,487 23,844 14,032 13,894 27,926 17% Revenue shared with DIAL 4,172 4,280 8,452 5,142 4,964 10,106 20% Net Revenues 7,186 8,206 15,392 8,891 8,930 17,820 16% EBITDA 2,175 3,272 5,447 2,717 3,467 6,183 14% PAT 1,241 1,371 2,611 1,520 1,533 3,053 17% GMR's % Holding 67% 26% - 90% GHIAL JVs and Subsidiaries FY2018 FY2019 Growth Particulars Duty Free Cargo Others Total Duty Free Cargo Others Total (YoY) Gross Revenues 1,217 1,037 2,805 5,059 1,658 1,058 3,135 5,851 16% Revenue shared with GHIAL 397 182 415 993 561 180 360 1,101 11% Net Revenues 820 856 2,390 4,066 1,098 878 2,775 4,750 17% EBITDA 147 352 664 1,164 138 184 833 1,155 -1% PAT 134 255 (709) (320) 124 88 (143) 70 GMR's % Holding 100% 100% 49%-100% Note: Financials at 100% level Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 63#65Annexure G : Energy Business (Consolidated) GAR INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenue 4,535 1,457 2,204 15,654 6,172 Operating Expenditure 4,551 1,309 2,797 15,767 7,152 EBITDA (16) 148 (593) (113) (980) EBITDA margin 0% 10% -27% -1% -16% Other Income (281) 54 61 150 239 Interest & Fin Charges 660 851 1,170 2,821 3,157 Depreciation 1 9 9 34 35 Exceptional Income/(Expense) (3,857) (0) (22,123) (3,857) (22,123) PBT (4,815) (658) (23,834) (6,675) (26,057) Taxes (31) 75 55 329 149 Profit after Tax (PAT) (4,784) (732) (23,889) (7,004) (26,205) Add: Share in Profit/ (Loss) of JVs / Associates 2,511 (1,957) 2,247 (5,953) (2,834) PAT (After share in JVs/Associates) (2,273) (2,689) (21,642) (12,957) (29,039) Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 64#66Annexure H : Warora (Standalone) Power Plant GAR INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Total Revenue 6,207 4,721 5,828 17,707 18,942 Fuel Consumption 2,526 2,774 3,005 8,678 10,482 Other Expenses 547 620 831 1,870 2,568 EBITDA 3,134 1,326 1,992 7,159 5,892 EBITDA margin 50% 28% 34% 40% 31% Other Income 26 33 44 180 288 Interest & Finance Charges 1,050 1,008 1,026 4,193 4,122 Depreciation 295 295 260 1,219 1,138 PBT 1,816 57 750 1,927 920 Taxes -0 200 (1,904) -1 (1,705) PAT 1,816 (143) 2,654 1,927 2,625 Other Comprehensive Income (OCI) -1 (0) (1) 1 Total Income (Including OCI) 1,815 (144) 2,654 1,929 2,625 Note: Financials are at 100% level Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 65#67Annexure I : Kamalanga (Standalone) Power Plant 1: GAR INR mn Particulars Total Revenue Fuel Consumption Other Expenses EBITDA Q4 FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 6,757 6,242 5,534 19,896 21,954 3,390 3,088 2,596 10,075 11,713 346 687 791 2,576 2,812 3,022 2,467 2,147 7,244 7,429 EBITDA margin 45% 40% 39% 36% 34% Other Income 83 100 462 745 1,826 Interest & Finance Charges 1,080 1,418 1,407 5,831 5,661 Depreciation 741 762 749 3,002 3,028 PBT 1,283 388 453 (843) 566 Taxes (10) 1 (0) (68) 0 PAT 1,293 387 454 (775) 566 Other Comprehensive Income (OCI) (2) 1 (1) Total Income (Including OCI) Note: Financials are at 100% level 1,293 385 455 (777) 566 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 66 66#68Annexure J : PT GEMS (Indonesian Coal Mine) GAR INR mn Particulars Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Production (mn tons) 5.5 6.9 6.7 15.6 22.6 Sales Volumes (mn tons) 6.4 6.6 7.4 17.1 24.4 Gross Revenue 19,834 19,801 19,939 50,170 71,409 Total Expenditure 15,426 16,882 19,099 38,069 61,286 EBITDA 4,408 2,919 840 12,101 10,123 EBITDA margin 22% 15% 4% 24% 14% Interest & Finance Charges (net) 30 42 124 143 164 Depreciation 298 140 280 869 656 PBT 4,081 2,737 436 11,089 9,303 Taxes 1,302 701 155 3,155 2,433 PAT 2,779 2,036 281 7,934 6,871 Note: Financials are at 100% level; GMR owns 30% stake Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 67#69Annexure K : Highway Business (Consolidated) GAR INR mn Q4FY2018 Q3FY2019 Q4FY2019 FY2018 FY2019 Gross Revenue 1,524 1,672 1,510 5,897 5,705 Less: Revenue Share 258 283 295 971 1,120 Net Revenue 1,265 1,389 1,215 4,926 4,585 Operating Expenses 534 384 333 2,084 1,333 EBITDA 731 1,005 882 2,842 3,252 EBITDA margin 58% 72% 73% 58% 71% Other Income 38 38 564 159 688 Interest & Finance Charges 1,354 1,188 1,263 4,675 4,689 Depreciation 313 231 224 816 901 Exceptional Income/(Expense) 3,857 3,857 PBT 2,959 (376) (40) 1,366 (1,650) Taxes (58) 37 4 89 112 Profit after Tax (PAT) 3,017 (413) (44) 1,277 (1,763) Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 68