IRB Infrastructure Developers : Corporate Presentation March 2023

Investor Presentation

May 2023

India's First Multi-National Infrastructure Company in the Highways Sector

Table of Contents

Financial Highlights	Page 2
Result Highlights	Page 4
Business Overview	Page 9
IRB Parent Overview	Page 25
Private InvIT Overview	Page 33
Public InvIT Overview	Page 39
Appendix - Additional Financial Info	Page 46
Appendix II - Sector Overview	Page 50

Financial Highlights for FY23

• In general, WPI linked toll roads provides a natural hedge against interest rate hikes (e.g., Ahmedabad Vadodara tariff and 9 assets of Private Invit +10% since April 2022). Traffic already above pre COVID-level
• Mumbai Pune sound revenue growth +16% YoY for FY23 without any tariff revision
• Private InvIT Revenue Growth of +70% YoY for FY23
• Ganga Expressway Execution progressing as per schedule.
• Concession Agreement for project envisaging 6 laning of Samakhiyali to Santalpur on NH 27 in the state of Gujarat on DBFOT (Toll) basis has been executed
• Bagged Hyderabad ORR TOT Project in state of Telangana

Concession / Contracting

• Strong financial position: Net Debt 100.74 Bn, 0.75x Net Debt/Equity, with strong liquidity for future Equity requirement
• Corporate rating improve from A to AA- by Crisil ratings
• In line with our strategy for optimizing returns, we have refinanced 3 BOT Projects i.e. SYBOT, YABOT & USBOT of Private InvIT, fixing rates for 5 years. Thereby saving additional cash surplus of Rs. 5.5 Bn over next 5 years .
• Received Rs. 3,420 mn from Public InvIT towards sale proceeds of VK1 HAM asset
• IRB Infrastructure Trust , the first Private
  InvIT listed on NSE
• Aggregate dividend declared for FY23 is Rs. 1.2 Bn

Financial Position &

Development

• IRB member of India Global Compact UN Since July 2022
• IRB has published its Sustainability Report for FY22
• We are committed to ESG practices with strong focus on emission reduction along with conservation of energy & water
• New ESG, Risk Management and HSW committees in place. Our Health, Safety and Wellness team ensures occupational health and safety of employees, which is important for unhindered business continuity
• We are committed to ensure resource efficiency and promote circular economy in its operations by effective planning and management of input materials i.e., raw materials.

ESG & Sustainability

2

Result Highlights

Financial Summary (Quarterly YoY)

							INR in Million
		Total all segments	Construction Segment	BOT Segment
	Particulars
	Q4FY23	Q4FY22	Q4FY23	Q4FY22	Q4FY23	Q4FY22
	Revenue	16,989	16,827	11,514	11,727	5,475	5,101
	EBITDA	8,377	8,907	3,325	4,268	5,052	4,639
	EBITDA margin	49%	53%	29%	36%	92%	91%
	Financial expenses	3,733	3,990	1,148	1,504	2,584	2,486
	Depreciation and amortization	2,221	1,889	153	115	2,068	1,774
	PBT (Before JV)	2,423	3,028	2,023	2,650	400	378
	PAT (Before JV)	1,669	2,349	1,357	1,979	312	371
	PAT margin	10%	14%	12%	17%	6%	7%
	Share of profit/(loss) in JV/Associates	(367)	(604)	-	-	(367)	(604)
	PAT after Share of profit/(loss) in	1,302	1,745	1,357	1,979	(55)	(234)
	JV/Associates

4