Gmr Power And Urban Infra Limited has informed the Exchange about Investor Presentation
..... ..w.,R ~'OWER & URBANrNFRA
February 14, 2023
National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Sandra (E) Mumbai - 400051 Symbol: GMRP&UI
·
BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001 Scrip: 543490
Dear Sir/Madam,
Sub: Investor Presentation
Ref: Disclosure under Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
to
the Regulation 30 of SEBI
(Listing Obligations and Disclosure Pursuant Requ irements), Regulations, 2015, please find enclosed herewith the Investor Presentation on the financia l results for the quarter/ nine months ended December 31, 2022.
The presentation is also being uploaded on the Company's website www.gmrpui.com
Request you to .please take the same on record.
Thanking you,
for GMR Power and Urban Infra Limited
Vimal Prakash Company Secretary & Compliance Officer
Encl: As above
GMR Power & Urban Infra Limited
Corporate Office: New lld.Hrl Bl1awan. Op~ . Terminal 3, Indira (,andhi lntern.Ji i01li!l Air Pl'IL I~ PI'/ D~ l ili- 110 0)7 Registered Office: Plot Nc•. C-31. (, Bluck. /(Jl. 7th FI•J>Jr, Nalllctll ((·nlr c. GJncli a l\url.1 C•Jmpl~~: (Opp, Dt•nJ 13-1rrkl. Gamlr,l IEc•;l), Mullll).1 i · 400 05 1
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0
DISCLAIMER
All statements, graphics, data, tables, charts, logos, names, figures and all other information (“Contents”) contained in this document (“Material”) is prepared by GMR Power and Urban Infra Limited (“Company”) solely 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. 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.
the intention of
is not
It
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.
is
published
This Material the Company’s website www.gmrpui.com which is subject to the laws of India, and is solely for information purposes only and should not be reproduced, retransmitted, republished, quoted or distributed to any other person whether in whole or in part or for any other purpose or otherwise.
available
and
on
Any reproduction, retransmission, republishing or distribution of this Material or the Contents thereof in certain jurisdictions may be restricted by law and persons who come into possession of this Material should observe such laws and restrictions if any.
This Material and any discussions which follows may contain ‘forward looking statements’ relating to the Company and the GMR Group and may include
statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which the Company and the GMR Group operates and such statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s or the GMR Group’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Company or the GMR Group. 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.
invitation or is not and does not constitute any offer or This Material 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. Prospective investors in the Company or the GMR Group should make its own investment decisions and seek professional advice including from legal, tax or investment advisors before making an investment decision in shares or other securities of the GMR Group. Remember, investments are subject to risks including the risk of loss of the initial principal amount invested; past performance is not indicative of future results.
the Company or
REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA, OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL OFFENSE.
1
Table of Contents
Particulars
Overview
Highlights of Q3FY23
Financial Performance
- Energy Business
- Transportation and Urban Infrastructure Business
Strategy and Way Forward
ESG Practices
Annexures
Pg. No.
3 – 4
5
6 – 9
10 – 12
13 – 18
19 –23
24 – 25
27 – 34
2
Snapshot of Businesses
Energy
Highways & EPC
Urban Infra
Solar 26 MW
2 Wind Plants
3.4 MW
2 Coal Plants
1,650 MW operational & 350 MW under development
Gas Plants 1,156 MW
Hydro
180 MW operational & 1,425 MW under development
2 Annuity Projects
133 kms
Special Economic Zone (SEZ) in –
2 Toll Projects
186 kms
Railways
Construction of ~417 KM stretch of DFC in UP for DFCCIL - part of Eastern Corridor
~1,178 acres in Tamil Nadu Land at strategic locations, integrated industrial development
3
Corporate Structure
GMR Power and Urban Infra Ltd. (GPUIL)
53.8%
82%
100%
100%
GMR Energy
Other Energy Assets
GMR Highways Ltd.
Operational Projects
Stake
Operational Projects
Stake
Annuity Projects
Rajahmundry Plant (Gas)
45%
Wind Projects
100%
Pochanpalli
Chennai ORR
Under Development
Stake
BOT (toll) Projects
Talong HPP
99%
Ambala Chandigarh
Hyderabad Vijayawada
90%
Special Investment Region
Under Development
Stake
Krishnagiri SIR
100%
Stake
100%
90%
Stake
100%
Warora Plant (Coal)
Kamalanga Plant (Coal)
100%
97.6%
Vemagiri Plant (Gas)
100%
Solar Power Project
Bajoli Holi Project
100%
79.9%
Under Development (Hydro)
Stake
Alaknanda Project
100%
Upper Karnali Project
73%
Note: Ownership includes both direct & indirect holding
4
Key Highlights – Q3FY23
Operational Performance
• Achieved PLF of 89% and 75% in Warora and Kamalanga respectively against an All India
FY22 – Key Business highlights
Average PLF of 51.7%
• Traffic (PCU) in Hyderabad Vijaywada and Ambala Chandigarh increased by 3.7% and
423% YoY respectively
Resolution Plan for Warora
•
Interest rate on sustainable debt of ~INR 23.5 bn revised to 8.50% p.a. and unsustainable debt of ~INR 7.88 bn to carry interest rate of 0.01% p.a.
• Loan to be be repaid progressively over a period of ~15 years - elongated by ~7 years from
the existing repayment schedule
• Resolution plan implemented in all respect on January 11, 2023
• GCORR:
Significant Progress in Highway Projects Arbitration
Received favorable award from Madras High Court, which has been subsequently
upheld by Supreme Court (award amount INR 5.1 bn upto November 2, 2022).
Notice in SLP1 filed in Supreme Court by GOTN2 is confined only to the pendent lite interest awarded by Single Bench of Madras High Court. Madras High Court directed GoTN to deposit a sum of INR 5.1 bn with Registrar
Note : 1. Special Leave Petition, 2. Government of Tamil Nadu
5
Performance Highlights
GPUIL Performance Highlights – Q3FY23
Consolidated Financials1 • Gross Revenues
▼8% QoQ; ▲50% YoY to INR 14.5 bn in Q3FY23
• EBITDA
▲2.2x QoQ; ▼23% YoY to INR 1.2 bn in Q3FY23
• Net Profit after Tax2
Profit of INR 3.4 bn in Q3FY23 vs INR 10.7 bn in Q2FY23, loss of INR 5.7 bn in Q3FY22
Revenue
EBITDA
INR bn
INR bn
15.8
14.5
1.6
9.6
1.2
0.6
Q3FY22
Q2FY23
Q3FY23
Q3FY22
Q2FY23
Q3FY23
Note: 1. GMR Energy Ltd and PT Gems are not consolidated due to JV structure and are incorporated in the Consol statements of GPUIL using equity method of accounting
2. From continuing operations
7
GPUIL Performance Highlights – Q3FY23
Operational performance
Energy – PLF
o Kamalanga: 75% vs 83% YoY
o Warora: 89% vs 76% YoY
Highways – PCU Traffic growth*
o Bajoli Holi: 18%
o Hyderabad - Vijaywada: ▲4% YoY
o Ambala - Chandigarh: ▲5x YoY*
Segmental Revenue#
Note: *Toll Collection was suspended from Oct 12, 2020 to Dec 14, 2021 due to Farmer's Agitation in Punjab. Toll collection resumed from Dec 15, 2021
#Energy segment does not include GMR Energy Limited (GEL) as GEL is a Joint Venture
8
Energy73.8%Highways8.1%Others18.1%Net RevenueINR14.0 bn GPUIL Consolidated Debt
Gross & Net Debt (INR bn) ^
59
9
50
Net Debt (Sector-wise) ^ (in INR bn, %age of total)
Others, -0.4, -1%
Corporate, 27.7, 55%
Highways, 20.0, 39%
Gross Debt
Cash & equivalents
Net Debt
Energy, 2.7, 5%
Net debt reduced by ~INR 126 mn QoQ
Note : FCCB not considered in debt, ^ As on December 31, 2022
9
Energy Business
Key Developments in Q3FY23 – Energy Business
Warora Power Project • Revenue ▲60% QoQ; ▲13% YoY
− PLF at 89% vs. 55% in Q2FY23 and 76% in Q3FY22 − Overhauling of Unit 1 and Unit 2 done in Q2FY23
• EBITDA ▲2.5x QoQ; ▲9% YoY • Cash profit of INR 806 mn vs. INR 339 mn in Q2FY23 and INR 426 mn in Q3FY22
Kamalanga Power Project • Revenue ▲10% QoQ;▲22% YoY
− PLF at 75% vs. 64% in Q2FY23 and 83% in Q3FY22 − Overhauling of Unit 2 done in Q2FY23
• EBITDA ▲32% QoQ; ▼6% YoY • Cash profit of INR 1.2 bn vs. INR 962 mn in Q2FY23 and INR 1.4 bn in Q3FY22
Bajoli Holi Hydro Power Project • Revenue ▼78% QoQ
− PLF at 18% vs. 63% in Q2FY23
• EBITDA ▼86% QoQ • Cash loss of INR 792 mn vs. profit of INR 167 mn in Q2FY23
11
GMR Energy Ltd (GEL) - Operational & Financial Highlights YoY
(figures in INR mn)
Note: Considered 100% of Kamalanga financials for GEL Consolidated Proforma; GMR Energy Limited’s (GEL) is a Joint Venture and is not consolidated in GPUIL results
• GEL Net Debt : ~INR 80.5 bn as of December 31, 2022
12
Q3FY2022Q3FY2023Q3FY2022Q3FY2023Q3FY2022Q3FY2023Q3FY2022Q3FY2023Q3FY2023Revenue11,14013,5303,8254,3136,6278,090150150282EBITDA 3,449 3,498 1,084 1,182 2,346 2,196 110 110 142 Interest2,7953,3229706441,2541,1683020940PAT (2,350) 750 129 536 621 394 30 30 (652)PLF %76%89%83%75%15%16%18%9MFY20229MFY20239MFY20229MFY20239MFY20229MFY20239MFY20229MFY20239MFY2023Revenue28,89039,2908,82611,57218,16022,7584404402,652EBITDA (1,134) 12,558 1,938 3,198 5,931 6,873 330 320 1,953 Interest8,35810,2192,8712,3183,8063,505110702,716PAT (4,400) 2,420 (589) 1,436 655 1,922 70 70 (929)PLF %59%79%83%72%15%15%44%WaroraParticularsSolarBajoli HoliGEL Consolidated Proforma Kamalanga Transportation and Urban Infrastructure Business (T&UI)
Highway Business - Key Developments
Hyderabad Vijayawada Project • Traffic ▲4.4% QoQ; ▲3.7% YoY to 11.7 mn PCUs in Q3FY23
− On February 28, 2022, Sole Arbitrator has released report on the claim quantification under
Change-in-Law and awarded gross claim of INR 16.72 bn
− Report submitted by Sole Arbitrator was taken on record and the matter is listed for hearing
before Delhi High Court
Ambala Chandigarh Project • Traffic ▼2% QoQ; ▲5.2x YoY to 4.6 mn PCUs in Q3FY23 • Traffic was impacted due to farmer’s agitation from October 12, 2020 until December 14, 2021 − Declared Force Majeure (FM) under the Concession Agreement (CA) and has notified NHAI − NHAI has approved the concession period extension for 429 days on account of farmer’s protest − Further, NHAI has approved Force Majeure claim of INR 87 mn, out of which INR 64.2 mn has already been reimbursed in September 2021 as ad-hoc payment and balance INR 22.2 mn (post TDS and GST deduction) is adjusted towards the recovery of o/s negative grant due to NHAI
14
Highway Business - Key Developments
Chennai ORR Project • GCORR received an award of INR 3.41 bn plus interest against GOTN/TNRDC1
− Supreme Court has upheld the Tribunal Award and dismissed the challenge of GOTN − SPV has filed execution petition in Madras High Court to realize the decretal amount. GOTN is
given time till February 20, 2023 to deposit the amount with the court
− Matter is now listed for hearing on February 21, 2023 − GCORR has also received withheld annuity amounting to INR 387.9 mn from GOTN
Pochanpalli Project • SPV challenged Arbitral Tribunal’s award in Delhi High Court (HC), on the interpretation of the Major Maintenance Clause as per Concession Agreement (CA) and rejection of claims for reimbursement of Major Maintenance (MM) cost incurred by the SPV which was not warranted − Delhi HC in its order (April 2022) held that SPV is entitled to reimbursement of MM cost incurred as the same was not warranted since the roughness index of Project Highway was <2000 mm/km (which is permissible as per CA) & the claim will be determined by Retd. SC Judge − Delhi HC directed NHAI to release wrongly deducted annuity amount along with interest to SPV − SPV will undertake MM on the Project Highway as and when roughness index goes beyond
permissible threshold instead of every 5 years period
− Matter will now be taken up in Delhi HC during March 2023 for further arguments
Note : 1. Government of Tamil Nadu (GoTN), Tamil Nadu Road Development Company (TNRDC)
15
Highway Business Assets Performance YoY
(figures in INR mn)
Note: 1.
2.
In Ambala Chandigarh Project, Toll collection was suspended from October 12, 2020 to December 14, 2021 due to farmer's agitation in Punjab. Toll collection resumed from December 15, 2021 In Hyderabad Vijayawada Project, the Revenue shown is the Net Revenue after setting off the NHAI’s revenue share
16
Q3FY2022Q3FY2023Q3FY2022Q3FY2023Q3FY2022Q3FY2023Q3FY2022Q3FY2023Revenue57664230186120110212190EBITDA 472 546 (33) 130 69 57 148 130 Interest693714169126134130200187PAT (420) (390) (228) 56 15 13 (51) 410 Traffic (mn PCU) 11.2 11.7 0.9 4.6 - - - - 9MFY20229MFY20239MFY20229MFY20239MFY20229MFY20239MFY20229MFY2023Revenue1,5511,91330531506353654574EBITDA 1,290 1,617 (143) 366 232 186 486 385 Interest2,0592,065494399316317579564PAT (1,304) (1,118) (663) (277) 153 128 (83) 475 Traffic (mn PCU) 30.0 34.6 0.9 14.2 - - - - ParticularsHyderabad-VijaywadaAmbala - ChandigarhGPELChennai ORR Urban Infrastructure – Potential to Unlock Value
Krishnagiri Special Investment Region: ~1,178 Acres • ~165 acres under discussion for sale to an agency of Tamil Nadu Govt. • Next phase of development being planned for ~210 acres under Joint Venture with TIDCO1 • Industrial cluster catering to electronics, automobile, logistics, engineering and aerospace sectors
Note: 1. Tamil Nadu Industrial Development Corporation – TIDCO is a Government agency in the state of Tamil Nadu, India
17
EPC in Dedicated Freight Corridor Projects
DFCC’s Project Network
GMR’s Scope and Highlights
Kanpur
GMR’s stretch of work
Mughalsarai
• Dedicated Freight Corridor is INR 820 bn project undertaken by DFCCIL (a wholly owned public sector undertaking of Ministry of Railways)
• Corridor under construction - Eastern (Ludhiana
to Kolkata) & Western (Dadri to Mumbai)
• GMR along with JV partner has been awarded contract to construct a part of the DFC Eastern Corridor:
GMR’s Scope
Length (KMs)
Contract Value (INR bn)
Mughalsarai to New Karchana (UP)
New Karchana to New Bhaupur (UP)
TOTAL
181
236
417
24.2
26.6
50.8
• Above section of the project is fully funded by World Bank - no anticipatory revenue risk
Status update • Construction Progress: Physical progress of ~88% for package 201 and ~94% for package 202 is completed as of December 31, 2022. Completion of track linking of New Bhaupur in Package 202
• Presently, approved project completion timelines is until April 2023
18
Strategy and Way Forward
India’s Energy Sector is Undergoing a Paradigm Shift
A
Renewables: Sharp growth expected in upstream renewable generation
B EV Infrastructure: Exponential growth in charging stations as
EV penetration grows
175 GW
Target for 2022
500 GW
Target for 2030
Rooftop Solar 40 GW
Utility Solar 60 GW
Wind 60 GW
Others 15 GW
100%+ CAGR
2.5-3k
80-100k
# charging stations (2021)
Projection (2025)
Central & state governments providing strong tailwinds through subsides, fast-track clearance, mandatory %EV in fleets, etc.
C
Green Hydrogen: India to become major hub for Green Hydrogen production and exports
2050 Green H2 projections
Cost of Green H2 expected to decrease significantly
20 MT
~ $4/kg
~ $2/kg
(FY20)
(FY50)
D
Distribution & Smart metering: High potential as focus on reducing AT&C loses via private sector participation and deploying smart meter continues
n o i t u b i r t s i D
e s i h c n a r F
2020 market size
$95B
2020 Share of private players
7-8%
45% Europe & Central Asia
t r a m S
g n i r e t e M
25 Cr by 2025
(Govt. ambition)
National Green Hydrogen Policy with 10-20% target green hydrogen consumption in select sectors already launched
Poor financials for State discoms private sector participation getting promoted by government; upcoming Electricity Amendment Bill to delicense sector
Power trading expected to grow by 2X to become a $13B+ industry by 2026 Other green energy businesses (EEaS, CCUS, etc.) also expected to mirror sharp growth seen in
developed markets
Sources: IHS, Niti Aayog, TERI, etc.; EEaS = Energy Efficiency as a Service; CCUS = Carbon Capture, Utilization and Storage
20
Maximizing value of existing assets & Building a Top Tier tech enabled Clean Energy business
3 pillars of our strategy going forward
Enhance Value of existing businesses
• Aim for higher utilization of existing assets & efficiency improvement measures
• Tie-up open capacities through
innovative PPA models including RTC
• Operationalize gas assets
Nurture & Develop opportunities in Green Ecosystem
• Continued focus on hydro
• Clean energy solution for Commercial & Industrial segment
Create Value in Adjacent Areas
• Opportunities in distributed
• Technology oriented
Asset Light opportunities
• Selectively foray into customer facing businesses
• Scale power trading
business
• Differentiated service offerings using new- age technology solutions
segments like electric mobility & storage solutions
• Energy efficiency as a service
• Forge technology & strategic
partnerships and access green financing
21
To Operationalise the Strategy We Envision to Follow 5 Overarching Principles
Principles
`
High focus on innovative, asset- light, platform-based and technology- oriented business models
Deploy efficient capital structure and access green financing
Enter strategic partnerships with global reputed majors and institutes of excellence
`
Invest in emerging start-ups in cleantech ecosystem where there are potential synergies
Build on our group’s strengths and leverage infrastructure assets and businesses of the group as a launch pad for new offerings
22
Clearly Defined Strategies to Capitalize on the Attractive Industry Prospects
Highways
Expedite receipt of arbitration claims Monetize existing assets in a phased manner
Krishnagiri SIR
Conclude current monetization efforts:
o ~ 165 acres under sale to agency of Tamil Nadu Govt. in FY23 o Next phase of development being planned for ~210 acres
Target Industrial players in electronics, automobile, logistics, and
engineering sectors
EPC
Continue growing the order book Participation in railway stations development bids through PPP
23
ESG Practices
ESG
Environment
Social
• GKEL, GWEL and Bajoli Holi are ISO 14001 certified Environmental
Management System
• GKEL and GWEL have ISO 50001 in place
• GWEL Completed Green House Gas emission verification audit as per ISO 14064 international standard for Carbon emission disclosure. In GKEL is in process of verification. 1st stage audit completed.
• GKEL quantifies carbon sequestration from plantation initiatives while
GWEL is in process of doing
• Biodiversity measures in terms of tree plantation and landscaping adopted
at all 3 Plants – GKEL, GWEL & Bajoli Holi
• GWEL has implemented Water Efficiency Management System (ISO
46001).
• GWEL & GKEL has taken initiatives to reduce water consumption required for the Plant process. Respectively 40 and 33% reduction achieved in last 8 Years.
• DFCC has an ISO 14001 certified Environmental Management System
• Highways sector have adopted measures to reduce energy consumption by
converting conventional HPSV streetlights to LED
• Trial of plastic mix overlay for road major maintenance carried out
for improving durability. Saving of natural resources by using recycled method like Hot in Place Recycled in maintenance and maximizing recycling during upgradation
Note : 1. GKEL is GMR Kamalanga Energy Ltd, 2. GWEL is GMR Warora Energy Ltd.
CSR Spend (Q3FY23) - INR 10.06 mn Total beneficiaries - Over 35,000
• CSR activities implemented in the thrust areas of Education, Health and
Livelihoods
• NABARD supported System of Wheat Intensification (SWI) program project
initiated at Warora
• Supported 20 farmers to cultivate Kuber and Sugar free varieties of paddy
which has reached the harvesting stage with good yield at Kamalanga
• Supporting 20 farmers for apple berry cultivation at Kamalanga • Eye check-up camps were organized for truck drivers at Hyd-Vja Highway
in association with Apollo Tyres Foundation
• Mobile Medical Units are being run at Warora, Kamalanga and Holi-Bajoli • Tele-medicine program is implemented at Kamalanga •
Innovative road safety awareness programs being implemented in all highway locations
• Learning and Development 32 business/corporate trainings conducted in Q3FY23 apart from plant specific
People
trainings
2784 work hours of training provided covering 324 unique permanent employees in the Q3FY23. 40% male and 37% female employees have undergone at least one training in Q3FY23
Governance
• Strict governance principles through guided values of the organization and
all the secretarial compliances in place Internal audits, MAG audits keep processes very transparent
• • Regular Board meetings conducted to keep Board updated on all aspects • Periodic training of employees on the CoC guidelines • Risk management framework and governance process, including SOPs
around risk assessment and mitigation
25
Thank You
For further information, please visit
Website: www.gmrpui.com or
Contact: GPUIL–IR@gmrgroup.in
Annexures
Annexures
Particulars
Profitability Statement (Consolidated)
Financial Performance
•
Energy Sector (Consolidated)
• Warora (Standalone)
•
•
Kamalanga (Standalone)
Bajoli Holi (Standalone)
• Highways Sector (Consolidated)
No.
A
B
C
D
E
F
28
Annexure A : GPUIL (Consolidated)
29
INR mnQ3FY2022Q2FY2023Q3FY20239MFY20229MFY2023Gross Revenue9,641 15,807 14,474 28,908 40,968 Less: Revenue Share410 460 477 1,104 1,419 Net Revenue9,231 15,348 13,998 27,804 39,549 Total Expenditure7,620 14,782 12,750 23,690 36,333 EBITDA1,611 565 1,248 4,114 3,216 EBITDA margin17%4%9%15%8%Other Income428 462 561 1,212 1,971 Interest & Finance Charges3,280 4,108 2,760 10,085 10,105 Depreciation316 465 360 844 1,297 PBT before exceptional items(1,557) (3,546) (1,311) (5,603) (6,214) Exceptional Income/(Expense)(3,640) 9,137 5,244 1,730 14,381 PBT(5,197) 5,591 3,933 (3,873) 8,166 Tax102 865 (1) 607 933 Profit after Tax (PAT)(5,299) 4,726 3,934 (4,480) 7,233 Add: Share in Profit / (Loss) of JVs / Associates (439) 5,967 (541) 690 8,869 PAT from Continuing Operations(5,737) 10,693 3,393 (3,791) 16,103 Add: Profit / (Loss) from Discontinued Operations(0) - (1) (0) (1) Add: Other Comprehensive Income (OCI)(71) 708 513 170 1,541 Total Comprehensive Income(5,808) 11,401 3,905 (3,621) 17,642 Less: Minority Interest (MI)(155) (91) (182) 559 (364) Total Comprehensive Income (Post MI)(5,653) 11,492 4,087 (4,180) 18,006 Annexure B : Energy Business (Consolidated)
30
INR mnQ3FY2022Q2FY2023Q3FY20239MFY20229MFY2023Gross Revenue5,223 9,236 10,331 15,052 25,040 Operating Expenditure5,065 9,993 10,278 14,732 25,653 EBITDA159 (758) 53 320 (613) EBITDA margin3%-8%1%2%-2%Other Income206 59 26 563 128 Interest & Fin Charges562 1,538 247 1,706 2,323 Depreciation11 7 7 39 22 Exceptional Income/(Expense)(640) 9,137 (434) 4,730 8,703 PBT(849) 6,893 (609) 3,868 5,873 Taxes127 851 (9) 589 893 Profit after Tax (PAT)(976) 6,041 (600) 3,279 4,980 Add: Share in Profit / (Loss) of JVs / Associates (441) 5,966 (541) 687 8,867 PAT (After share in JVs/Associates)(1,417) 12,007 (1,141) 3,966 13,847 Annexure C : Warora (Standalone) Power Plant
Note: Financials are at 100% level
31
INR mnParticularsQ3FY2022Q2FY2023Q3FY20239MFY20229MFY2023Total Revenue3,825 2,695 4,313 8,826 11,572 Fuel - Consumption2,323 1,760 2,694 5,385 7,037 Other Expenses 417 466 437 1,503 1,338 EBITDA1,084 469 1,182 1,938 3,198 EBITDA margin28%17%27%31%28%Other Income312 23 267 1,035 526 Interest & Finance Charges970 651 644 2,871 2,318 Depreciation297 263 270 886 826 Exceptional Income/(Expense)- (22) - - 857 PBT129 (444) 536 (785) 1,436 Taxes- - - (195) - PAT129 (444) 536 (589) 1,436 Annexure D : Kamalanga (Standalone) Power Plant
Note: Financials are at 100% level
32
INR mnH1ParticularsQ3FY2022Q2FY2023Q3FY20239MFY20229MFY2023Total Revenue6,627 7,338 8,090 18,160 22,758 Fuel - Consumption3,139 4,765 4,696 9,009 12,722 Other Expenses 1,143 913 1,198 3,220 3,163 EBITDA2,346 1,661 2,196 5,931 6,873 EBITDA margin35%23%27%33%30%Other Income339 440 188 960 996 Interest & Finance Charges1,254 1,139 1,168 3,806 3,505 Depreciation810 819 823 2,427 2,442 Exceptional Income/(Expense)- - - - PBT621 143 394 657 1,922 Taxes- - - 2 - PAT621 143 394 655 1,922 Annexure E : Bajoli Holi (Standalone) Power Plant
Note: Financials are at 100% level
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INR mnParticularsQ2FY2023Q3FY20239MFY2023Total Revenue1,290 282 2,652 Fuel - Consumption- - - Other Expenses 273 140 700 EBITDA1,018 142 1,953 EBITDA margin79%50%74%Other Income9 6 39 Interest & Finance Charges860 940 2,716 Depreciation173 173 518 Exceptional Income/(Expense)- - PBT(6) (965) (1,242) Taxes(313) (313) PAT(6) (652) (929) Annexure F : Highway Business (Consolidated)
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INR mnQ3FY2022Q2FY2023Q3FY20239MFY20229MFY2023Gross Revenue1,348 1,554 1,604 3,845 4,790 Less: Revenue Share410 460 477 1,104 1,419 Net Revenue938 1,094 1,128 2,741 3,371 Operating Expenses155 301 237 713 809 EBITDA782 793 890 2,029 2,562 EBITDA margin83%72%79%74%76%Other Income27 51 24 75 298 Interest & Finance Charges1,179 971 1,170 3,484 3,278 Depreciation230 375 267 576 1,021 PBT(599) (501) (522) (1,956) (1,439) Taxes(44) 8 1 61 22 Profit after Tax (PAT)(556) (509) (524) (2,016) (1,461)