GMR Infrastructure Business Overview March 2013

GMR INFRASTRUCTURE LTD 

BUSINESS OVERVIEW 

MARCH 2013

Presentation Flow 

Key Highlights … 2 

Business Structure … 3 

Corporate Structure … 4 

Airports … 5 

Energy … 6 

Highways … 13 

Financial Summary … 17 

Appendix 

1

Key Highlights 

GMR Group is one of India's 

leading infrastructure companies 

with business interests across 

airports, energy, highways and 

urban infrastructure 

1 Leading positions across all its operating segments i.e. airports, power and roads 

• Airports: Largest private developer and operator of airports in India 

• Power: 5GW of capacity expected to be commissioned by Mar-15 making the company among top 7 power producers 

• Roads: Mixed portfolio of Annuity and Toll projects with 8 out of 9 projects operational 

• Leading Infrastructure player – Ideally positioned to capture significant growth opportunities in Infrastructure sector 

2 Superior quality and scale of assets 

• Strong execution track record. Delhi Airport was executed in 37 months which is much quicker as compared to other large 

international Airports 

• Delhi Airport ranked 2 nd in the world in 25-40 mppa (1) category and Hyderabad Airport ranked 3 rd in the world in 5-15 

mppa category in Service Quality (ASQ) (2) 

• Hyderabad Airport adjudged “The Best Cargo Airport & Best Cargo Terminal of the Year” by Air Cargo Association of India 

3 Opportunity from growing investment in infrastructure 

• India still “building infrastructure for the past” 

• Significant growth in infrastructure spending expected to help achieve target GDP growth of 9%-10% over the next 

decade and to compensate for recent slippages 

4 Professional management team with demonstrated track record 

• Strong management team with extensive experience in successfully developing and managing large-scale infrastructure 

projects in India and Overseas 

5 Evolving Business Strategy 

• Transformation through consolidation 

• Equity release and deleverage of balance sheet through divestment of assets at right valuations 

• Asset Light & Asset Right approach for growth - to follow the principle of “Develop, Build, Create Value, and Divest” 

Notes: 

(1) Million passengers per annum 

(2) Ranking by Airports Council International (ACI) for 2010-11 

2

Business Structure 

GMR has been presented with the prestigious `Most Admired 

Infrastructure Company – Overall’ at the 5th KPMG Infrastructure 

Today Awards 2012-13 in association with KPMG 

Airports 

Power Generation, 

Transmission and Coal 

Mine 

Highways 

Others 

• Delhi Airport (PAX Cap. 60 mn, FY12 Traffic 35.88 mn) 

• Hyderabad Airport (PAX Cap. 12 mn, FY12 Traffic 8.6 mn) 

• Istanbul Sabiha Gokçen Airport (PAX Cap. 25 mn, FY12 Traffic 13.82 mn) 

• Generation Assets in Operation: 837 MW, 6 Assets 

• Generation Assets Under Construction: 4,938 MW, 5 Projects 

• Generation Asset (Coal based) Under Development: 1,320 MW, 1 Project 

• Generation Assets (Hydro) Under Development: 2,140 MW, 5 Projects 

• Transmission Lines in Rajasthan Under Construction: 350 km, 2 Projects 

• Coal Mines: Reserves of 1959 mn tons, 4 Assets 

• Assets in Operation (Annuity): 255 kms, 3 Assets 

• Assets in Operation (Toll): 446 kms, 5 Assets 

• Assets under Construction: 29 km, 1 Project 

Urban 

Infrastructure 

• EPC Division 

• At Delhi Airport 

• 250 acres for Commercial Development 

• At Hyderabad Airport 

• 1,000 acres for Commercial Development 

• 250 acres Aviation SEZS 

• 250 acres Logistics SEZ 

CAPEX 

CAPEX 

CAPEX 

• Setting up Industrial Investment Region (IR) cluster of approx. 3000 acres at Tamil Nadu (Krishnagiri) 

• Multi Product Large Area Development of approx. 10000 acres at Andhra Pradesh (Kakinada) 

200 

100 

400 

300 

200 

100 

0 

0 

100 

0 

129 

29 

294 

69 69 

225 255 

Operational Under Cons Total 

55 

29 32 

28 

3 

25 

83 

3 

80 

Operational Under Cons Total 

189 

DIAL GHIAL SGIA Total 

324 

3 

INR bn 

INR bn 

To be 

Incurred 

Incurred 

INR bn 

To be 

Incurred 

Incurred

Corporate Structure 

The Group has been conferred with the Most Caring 

Company Award-2013 at a ceremony in Mumbai 

G I L 

Shareholding 

Pattern 

As of Feb 28 2013 

Promoter & 

Promoter Group 

71.6% 

FIIs 11.0% 

MF & DIIs 4.5% 

Others 12.9% 

Airports 

(GMR Airports Limited) 

Energy 

(GMR Energy Limited) 

Roads 

(GMR Highways Limited) 

Operational Group Stake** Operational Group Stake** Operational Group Stake** 

Delhi International Airport 54% GMR Energy Limited 100% Tuni Anakapalli 100% 

GMR Hyderabad International 

Airport 

Sabiha Gokçen International 

Airport 

97% * 98% * 100% 

63% 

40% 

GMR Power Corporation 51% Tambaram Tindivanam 100% 

Vemagiri Power Generation 100% Pochanpalli 100% 

GMR Renewable Energy 100% Ambala Chandigarh 100% 

Under-construction Faruknagar Jadcheria 26% 

GMR Rajahmundry Energy 100% Tindivanam Ulunderpet 100% 

GMR Kamalanga Energy 80% Hungund Hospet (Partial) 51% 

EMCO Energy Limited 100% Hyderabad Vijaywada 90% 

GMR Chattisgarh Energy 100% Under-construction 

GMR Energy (Singapore) 70% Chennai ORR 90% 

Under-development 

SJK Powergen 70% 

GMR Badrinath Hydro Power 100% 

Talong Hydro Power 100% 

Holi Bajoli Hydro Power 100% 

Himtal Hydro power 80% 

GMR Upper Karnali 69% 

* Balance with Employee Welfare Trust 

** Group Stake includes any Direct or Indirect stake by GIL 

4

Airport Asset Details 

GMR is the largest private developer 

and operator of Airports in India 

Project 

GMR Stake 

Annual Passenger 

Capacity 

Traffic in FY 2012 

Total Capital 

Expenditure 

Concession Terms 

Awards and Recognition 

DIAL 

New Delhi, India 

54% 60 mn 

35.88 mn Pax; 

317,283 ATMs 

Rs. 128 bn for 

Phase I 

($ 2,560 mn) 

• 30 + 30 years concession 

• 46% Revenue share 

• 250 acres Real Estate parcel 

• SKYTRAX – World Airport award – 

World’s most improved airport in 

2012 & No. 1 airport in India 

• World’s 2nd best airport in 25-40 

mppa category and 6th best overall 

(ASQ 2011) 

GHIAL 

Hyderabad, India 

63% 12 mn 

8.6 mn Pax; 

99,658 ATMs 

Rs. 29.2 bn for 

Phase I 

($ 584 mn) 

• 30 + 30 years concession 

• 4% revenue share 

• 1,000 acres Real Estate parcel 

• 250 + 250 acres SEZ 

• SKYTRAX – World Airport award 2012 

– 3rd best airport in India 

• Awarded ‘National Tourism Award 

2010-11’ under Best Airport category 

in India 

• World’s best airport in 5-15 mppa 

category and 7th best overall (ASQ Q3 

2010) 

• Honoured with the “Best Cargo 

Airport & Best Cargo Terminal of the 

Year” awards, recently. The esteemed 

Air Cargo Agents Association of India 

(ACAAI), announced the awards 

during its 39th Annual Convention 

held at Istanbul on 22nd- 25th 

November, 2012. 

SGIA 

Istanbul, Turkey 

40% 25 mn 

13.82 mn Pax; 

117,242 ATMs 

€ 451 mn 

($ 557 mn) 

• ~22 years concession 

• €2.17 bn fee over concession 

period 

• Selected as Best Airport in World Low 

Cost Airline Awards in 2010 

• Won Turkey’s Most Successful 

Tourism Investment award in 2010 

# Exchange Rate : 1USD = ` 50.00 

# Exchange Rate : 1USD = € 0.81 

5

Energy Projects 

837MW in operation and 8,398MW under implementation 

Presence across the entire value 

chain makes it one of India’s few 

fully integrated players 

Bajoli Holi 

(180MW / Hydro) 

Alaknanda 


Upper Marsyangdi (600MW 

/ Hydro) 

Upper Karnali 


Maru Transmission 

Aravali Transmission 

SJK Powergen 

(1320MW / Coal) 

Talong 


Wind Project 

(2.1MW) 

GMR Energy 

Singapore Pte Ltd. 

(800MW) 

Solar Project 

(25MW) 

Kamalanga 

(1,400MW / Coal) 

Legends: 

Operational Assets 

Homeland Energy, South 

Africa 

(500 MT) 

Projects Under Construction 

Projects Under Development 

Coal Mines 

Transmission Projects 

PT Barasentosa Lestari, 

Indonesia (700 MT) 

Golden Energy Mines, 

Indonesia (1.9 BT) 

Chhattisgarh 

(1,370MW / Coal) 

EMCO 

(600MW / Coal) 

Chennai 

(200MW / Diesel) 

Rampia Coal Mines (645 

MT) 

Vemagiri 

(388.5MW / Gas) 

Kakinada 

(220MW / Gas) 

Rajahmundry 

(768MW / Gas) 

Wind Project 

(1.25MW) 

6

Power Assets Portfolio Summary 

Capacity by stage 

Capacity build-up 

Under 

development 

3,460 

37% 

Operational 

837 

9% 

9,235MW 

Under 

construction 

4,938 

53% 

MW 

10,000 

8,000 

6,000 

4,000 

2,000 

0 

1,660 

9,235 

480 

1,670 

1,453 

1,835 

1,300 

837 

Till date FY13 FY14 FY15 FY16 FY17 FY18 FY19 Total 

Capacity Capacity Addition 

Fuel type split 1 

MW 

12,000 

10,000 

8,000 

6,000 

4,000 

2,000 

0 

4,938 

1,568 

3,460 

837 

2,140 

3,370 

228 

609 

Operational 

Under 

Under 

construction development 

Coal Hydro Natural Gas Others 

9,235 

2,177 

2,140 

4,690 

Total 

228 

Notes: 

1. Others includes LSHS (200MW), solar (25MW) and wind energy (3.35MW) for the operational projects. 

7

837 MW of Operational Power Generation Capacity 

Project 

(Capacity MW) 

GMR Stake 

Fuel Type 

Commencement of 

Generation 

Power Off-take 

Further Development 

Chennai 

Tamil Nadu 

(200 MW) 

51% LSHS 1 February 1999 

• 100% Regulated Tariff 

• 15 yrs PPA till 2014 at 

68.5% PLF 

Kakinada 

Andhra Pradesh 

(220 MW) 

100% Natural Gas 

July 2010 

(Post Conversion) 

• 100% Merchant Tariff 

• Relocated the Barge to Kakinada in 

Apr 2010 

• Converted into Gas-fired Plant 

• Gas allocation received from KG Basin 

Vemagiri 


(388 MW) 

100% Natural Gas April 2009 

• 100% Regulated Tariff 

• 23 yrs PPA 

• Gas allocation received from KG Basin 

• APCC has introduced the EPSS 

(Expensive Power Supply Scheme) 

wherein DISCOMs shall procure 

expensive power based on RLNG from 

four plants (VPGL being one of them) 

as of now and sell to willing buyers 

Patan 

Gujarat 

(25 MW) 

Kutch 

Gujarat 

(2.1 MW) 

100% Solar Energy December 2011 

100% Wind Power July 2011 

• PPA with GUVNL 2 @ Rs.15/kWh 

for 12 years and @ Rs. 5/kWh 

for remaining period 

• Sale to GUVNL under REC 

scheme of GERC 

Tirupur District 

Tamil Nadu 

(1.25 MW) 

100% Wind Power December 2011 

• Power sale to TANGEDCO 3 as 

per PPA terms 

1: Low Sulphur Heavy Stock; 2. GUVNL: Gujarat Urja Vikas Nigam Limited; 3: TANGEDCO: Tamilnadu Generation and Distribution Corporation Ltd. 

8

4,938 MW of Thermal Power Projects under Construction 

Project 

(Capacity MW) 

GMR 

Stake 

Fuel Type Estimated Capex 

Expected CoD 

Financial 

Closure 

Off take Arrangement Source of Fuel Milestones Achieved 

Rajahmundry 


(768 MW) 

100% 

Natural 

Gas 

Rs. 40,600 mn 

($ 812 mn) 

Based on Gas 

availability 

Sep 2010 • 100% Merchant 

• High on the gas allocation list 

from KG Basin 

• Unit 1 synchronized 

• Land available at site 

• Water available 

• EPC contract - L&T 

• BTG package - GE 

• STG package – Alstom 

Kamalanga 

Orissa 

(1,050 MW) 

Warora (EMCO) 

Maharashtra 

(600 MW) 

Chhattisgarh 

Raipur 

(1,370 MW) 

GMR Energy 

Singapore* 

(800 MW) 

80% Coal 

100% Coal 

100% Coal 

70% 

Natural 

Gas 

Rs. 81,558 mn 

($ 1,631 mn) 

Rs. 38,800 mn 

($ 776 mn) 

Rs. 82,900 mn 

($ 1,658 mn) 

SGD 1,171 mn 

($ 937 mn) 

# Exchange Rates : 1USD = ` 50.00; 1USD = SGD 1.25 

Unit I - Apr 13; Unit 

II - Jul 13; Unit III - 

Oct 13 and Unit IV - 

Apr 16 

Unit I - Mar 13; Unit 

II - Jul 13 

Unit I - Oct 13; Unit 

II - Apr 14 

May 2009 

(for 1,050 

MW) 

Mar 2010 

Dec 2010 

December 13 Jul 2011 

• 300 MW to HPGPL 

(Haryana) - Case 1 bid 

• 260 MW to BSEB (Bihar) 

- Case 1 bid 

• 350 MW to Orissa 

GRIDCO - Regulated 

• Land Acquired 

• Firm linkage for 500 MW & 

tapering linkage for 550 MW 

• Allotted Rampia mine (to be 

developed) in JV with others; 

can also source via e-auction 

/ import 

• 200 MW to MSEDCL 

(Maharashtra) - Case 1 

bid 

• Firm Linkage for 570 MW 

• 200 MW to Dadra and 

Nagar Heveli - Case1 Bid 

• 479.5 MW to 

CSPTRADCO 

(Chhattisgarh)- 

Regulated 

• 27% Vesting 

• Retail and Hedge 

• Spot sales in pool 

• Recommended for coal 

linkage by CEA 

• Re-gassified LNG contract 

with British Gas 

• MOEF Clearance Obtained 

• Water Allocated 

• EPC Contract – SEPCO 

• First unit successfully 

synchronized with the central 

grid on January 27, 2013 




• BTG supply contract awarded 

to SEC 

• First unit successfully 

synchronized with the grid on 

December 10, 2012 




• EPC contract for BTG awarded 

to Doosan 

• Land acquired 

• All major permits and approvals 

in place 

• EPC - Siemens / Samsung 

• BTG / STG - Siemens 

9 

* GMR Group has entered into a Share Purchase Agreement (“SPA”) on March 4, 2013 to sell its 70% interest in GMR Energy (Singapore) Pte Ltd to FPM Power Holdings Limited

Power Projects under Development 

Project 

(Capacity MW) 

Badrinath 

Uttranchal 

(300 MW) 

Bajoli Holi 

Himachal Pradesh 

(180 MW) 

Talong 

Arunachal Pradesh 

(160 MW) 

Upper Karnali 

Nepal 

(900 MW) 

Upper Marsyangdi 

Nepal 

(600 MW) 

Shahdol (SJK) 

Madhya Pradesh 

(1,320 MW) 

GMR Stake Fuel Type Expected CoD Concession Period Milestones Achieved 

100% Hydro Power FY 2018 




• 45 years from Implementation 

Agreement 

• 13% free power to State 

• 40 years from CoD 

• Rs. 820 mn premium paid to the 

Government 

• Royalty power for: 

Year 1-12: 12%; Year 13-30: 

18%; Year > 30: 30% 

• 40 years from CoD 

• 14% power to be supplied as 

royalty 

• DPR approved by CEA 

• Environmental Clearance obtained; Stage I - Forest Clearance obtained: 

Stage II – Under progress 

• Land acquisition in process 

• CDM: Under validation 

• DPR approved by CEA 

• Environmental Clearance obtained; Stage I - Forest Clearance obtained: 

Stage II – Clearance obtained 

• CDM: PDD under preparation 

• Environment Study Approved by MOEF 

• TOR approved for higher capacity 

• DPR submitted to CEA for Approval 

• Plan to apply for CDM Benefits 

• Approval from GoN obtained for capacity enhancement 

• Survey License received 

• 30 years from Generation License 

• Power to be exported to India 

• 12% free power to NEA 

• CDM application under progress 

• Free equity of 27% to GoN 

• PDA under negotiation with GON 

• Received consent letter from MEA for import of power from Nepal 


• Approval from GoN obtained for capacity enhancement 

• Survey license received 

• CDM application under progress 

• 30 years from Generation License 

• Power to be exported to India 

• PDA under negotiation with GON 

• Received consent letter from MEA for import of power from Nepal 

70% Coal FY 2017 

• Acquiring Land 


• LOI issued to Doosan for EPC 

• Connectivity granted to Jabalpur pooling station 

10 

* Plans to have short-term PPAs with States in Northern India # Exchange Rate : 1USD = ` 50.00;

Diversification in Power (Transmission) 

Project GMR Stake Length Estimated Capex 

Expected 

CoD 

Configuration 

Milestones Achieved 

Maru 

Rajasthan 

100% 265 KM 

Rs. 2,233 mn 

($ 45 mn) 

Q1FY2014 

• Two 400 KV S/C and one 220 

KV D/C transmission lines 

• 1 sub-station 

• Possession of land (61 acres) completed 

• Transmission Service Agreement completed 

• EPC contract awarded to L&T 

• Received Transmission License 

Aravali 

Rajasthan 

100% 85 KM 

Rs. 1,306 mn 

($ 26 mn) 

Q1FY2014 

• One 400 KV S/C transmission 

lines 

• 1 sub-station 

• Possession of land (46 acres) completed 

• Transmission Service Agreement completed 

• EPC contract awarded to L&T 

• Received Transmission License 


11

Fuel security: Coal Mining Asset Overview 

Fuel Sources 

Rampia Mine Block and Dip side of Rampia, Orissa 

• Blocks jointly allocated to six companies: GMR, 

Lanco, Reliance, Navbharat, Arcelor Mittal & 

Vedanta 

• Location: Dist. Sundergarh, Odisha 

• Area of the block: 12 sq. km. 

• Estimated reserves: 645 mn tons 

• Expected to receive the Prospecting License by 

end of FY13 

• The production will start in 43 months after 

getting the prospecting license 

Kendal Mines and Eloff Mines, South Africa 

• 55.84% stake in Homeland Energy Group, 

Canada 

Coal mines in South Africa 

GMR’s Board representation & strong rights 

• Coal resources: 350 mn tons 

25 mn tons coal resource in Kendal, an 

operational opencast coal mine producing 

1.2 mtpa 

325 mn tons coal resource in Eloff, an 

opencast mine under development 

Rampia and DIP 

side of Rampia 

Golden Energy Mines, Indonesia 

• Acquired 30% stake in in PT Golden Energy Mines TbK 

(“GEMS”), a Sinar Mas Group company in Indonesia for 

US$500mn 

• GMR has effective management and board 

participation at PT Golden Energy level 

• Coal reserves: 860 mn tons 

• Coal resources: 1.9 bn tons 

• GMR would get coal for a period of 25 years with 

annual quantity gradually increasing from 1 mtpa in 

the 1st year to 10 mtpa in the 7th year 

• Conditional SPA entered with United Fiber System 

(UFS), a listed entity in Singapore, for swapping PT 

GEMs shares into UFS shares. 

PT Barasentosa Lestari, Indonesia 

• Acquired PT Barasentosa Lestari in Sep 08 having coal 

mine in South Sumatra Province 

• 700 mn tons coal resources in ~25,000 hectares 

Out of which Coal reserves of 104 mn tons 

identified in 5,500 Hectares 

• Coal production expected to commence by FY13 

Trial production commenced in Nov 2011 

Gradual increase in production expected from 1 

mtpa to 5 mtpa over 3 years 

• Plan to export coal 

Less than 10kms by road to barge loading facility 

300kms by barge to trans-shipment point 

12

Highways Assets Details 

701 kms in Operation and 29 kms Under Implementation 

Significant scale-up in the 

Highways business from the 

under-construction projects 

Chandigarh-Ambala Highway 

(GACEPL) 

Adloor-Gundla Pochanpalli 

Highway (GPEPL) 

Tuni-Anakapalli Highway 

(GTAEPL) 

Farukhnagar-Jadcherla Highway 

(GJEPL) 

Hyderabad 

Hyderabad-Vijaywada 

Highway (GHVEPL) 

Hungund-Hospet Highway 

(GHHEPL) 

Tambaram-Tindivanam 

Highway (GTTEPL) 

Chennai Outer Ring (GCORRP) 

Tindivanam-Ulunderpet 

Highway (GTUEPL) 

Legends: 

Operational Projects 

Projects Under Construction 

Recently Awarded 

13

Operational Highways Projects - Annuity 

Project GMR Stake Road Length Project Cost Scope of Work CoD Concession Period 

GTAEPL 

Tuni – Anakapalli 

100% 59 KMS 

Rs. 2,950 mn 

($ 59 mn) 

• 2 to 4 laning of existing stretch on 

NH45 

• DCDFOM 1 of the existing road 

December 2004 17.5 years from June 2002 

GTTEPL 

Tambaram –Tindivanam 

100% 93 KMS 

Rs. 3,620 mn 

($ 72 mn) 

• 2 to 4 laning of existing Adloor – 

Gundla stretch of NH7 

• Maintenance and strengthening of the 

existing road 

October 2004 17.5 years from June 2002 

GPEPL 

Pochanpalli 

100% 103 KMS 

Rs. 7,043 mn 

($ 141 mn) 

• 2 to 4 laning of stretch on NH7 

• Maintenance and strengthening of the 

existing road 

March 2009 

20 years from September 

2006 

1 Designing, Constructing, Developing, Financing, Operating and Maintaining 

* Estimated Project Cost 


14

Operational Highways Projects - Toll 

Project GMR Stake Road Length Project Cost Scope of Work CoD Concession Period 

GACEPL 

Ambala – Chandigarh 

100% 35 KMS 

Rs. 4,993 mn 

($ 100 mn) 

• 2 to 4 laning of stretch on NH21 & 

NH22 

• Maintenance and strengthening of 

the existing road 

November 2008 20 years from May 2006 

GJEPL** 

Faruknagar – Jadcherla 

26% 58 KMS 

Rs. 5,155 mn 

($ 103 mn) 


• EPC and O&M contract on a turnkey 

basis 

February 2009 

20 years from August 

2006 

GUEPL 

Tindivanam – Ulundurpet 

100% 73 KMS 

Rs. 8,817 mn 

($ 176 mn) 


• EPC and O&M contract 

July 2009 

20 years from October 

2006 

GHHEPL 

Hungund – Hospet 

51% 99 KMS 

*Rs. 16,509 mn 

($ 330 mn) 

• DCDFOM 1 of existing 2 lane to 4 lane 

of the stretch on NH 13 

• Presently, 2 out or 3 toll plazas are 

operational 

November 2012 

(partial) / March 

2013 

19 years from September 

2010 

GHVEPL 

Hyderabad – Vijaywada 

90% 181 KMS 

Rs. 21,934 mn 

($ 439 mn) 

• Designing, engineering, financing, 

procuring, constructing, operating and 

maintaining of existing 2 lane to the 

four/six lane of the stretch on NH9 

December 2012 25 years from April 2010 

* Estimated Project Cost 

** GMR Highways Ltd. signed a definitive agreement with Macquarie SBI Infrastructure Investments Pte Ltd and SBI Macquarie Infrastructure Trust to divest 74% stake 

1 Designing, Constructing, Developing, Financing, Operating and Maintaining 


15

Highways Projects under Construction 

Project GMR Stake Road Length 

Concession 

Type 

Estimated Project 

Cost 

Scope of Work Expected CoD Concession Period 

GCORRPL 

Chennai Outer Ring 

Road 

90% 29 KMS Annuity 

Rs. 11,998 mn 

($ 240 mn) 

• DCDFOM of the six lane and two 

service lanes from the Vandalur to 

Nemilicheri section in the state of 

Tamilnadu 

FY 2014 20 years from June 2010 


16

Consolidated Profit & Loss 

INR mn 

H1FY2013 FY2012 

Airports 27,924 44,054 

Power 13,913 23,750 

Roads 2,116 4,056 

EPC 8,630 12,346 

Others 2,791 5,770 

Less: Inter Segment (5,373) (5,246) 

Gross Revenue 50,000 84,730 

Less: Revenue Share / Rebate in Energy 6,907 8,866 

Net Revenue 43,092 75,864 

Total Expenditure 31,537 59,268 

EBITDA 11,556 16,595 

EBITDA margin 26.8% 21.9% 

Other Income 1,458 2,434 

Exceptional Item - (1,621) 

Interest & Finance Charges 9,656 16,531 

Depreciation 5,095 9,358 

PBT (1,737) (8,481) 

Tax 1,393 2,111 

Current Tax 1,074 1,598 

MAT Credit (77) (38) 

Deferred Tax 396 551 

PAT (Before Minority Interest) (3,130) (10,591) 

Less: Minority Int. / Share of Associates (394) (4,555) 

PAT (After Minority Interest) (2,736) (6,036) 

17

Balance Sheet 

INR mn 

Particulars 30-Sep-12 31-Mar-12 

Equity and Liabilities 

Shareholders’ Funds 

(a) Share Capital 3,892 3,892 

(b) Reserves & Surplus 67,912 71,485 

71,804 75,378 

Pref Shares by Subsidiaries 19,801 19,801 

Minority Interest 17,534 17,917 

Net Worth 1,09,139 1,13,096 

Long Term Liabilities: 

a) Long Term Borrowings (other than DF) 2,99,561 2,47,192 

b) Deferred Tax Liability 427 377 

b) Trade Payables 170 117 

c) Other Long Term Liabilities 23,012 25,265 

d) Long Term Provisions 1,436 1,491 

e) Pass through Debts / Interest Free Loans 6,323 6,475 

3,30,930 2,80,916 

Current Liabilities: 

a) Short-term borrowings 81,406 73,156 

b) Trade Payables 11,197 12,367 

c) Other Current liabilities 58,372 47,458 

c) Short Term Provisions 2,763 1,822 

b) Current maturities of long-term borrowings 

(other than DF) 

21,673 25,261 

d) Pass through Debts / Interest Free Loans 8,807 8,206 

1,84,217 1,68,269 

Total 6,24,286 5,62,282 

Particulars 30-Sep-12 31-Mar-12 

Assets: 

Non Current Assets: 

Fixed Assets 4,50,148 3,88,492 

Goodwill on Consolidation 32,363 31,745 

Non-current investments 1,059 1,492 

Deferred tax assets 1,021 1,359 

Long term loans and advances 37,502 32,045 

Trade receivables 1,660 1,337 

Other non-current assets 8,361 11,425 

Non Current Bank Balance 9,353 4,391 

5,41,466 4,72,285 

Current Assets: 

Current investments 9,044 5,724 

Inventories 3,241 2,595 

Trade receivables 15,604 17,037 

Cash and cash equivalents 31,975 42,561 

Short-term loans and advances 9,243 9,877 

Other current assets 13,713 12,203 

82,819 89,997 

Total 6,24,286 5,62,282 

18

Key Balance Sheet Details 

INR mn 

30-Sep-12 31-Mar-12 

Gross Debt 4,02,639 3,45,608 

Less: Cash & Cash equivalents 50,372 52,676 

Net Debt 3,52,268 2,92,932 

Net Worth 1,09,139 1,13,096 

Net Debt/Equity 3.23 2.59 

Gross Debt for Projects under Implementation: 

INR mn 

30-Sep-12 31-Mar-12 

Rajahmundry 25,358 24,624 

Kamalanga 30,965 22,976 

EMCO 22,791 18,020 

Chhattisgarh 29,354 21,855 

GMR Energy (Singapore) 33,345 16,930 

Transmission Projects 1,031 - 

Energy - Others 1,500 1,500 

Hungund - Hospet 7,660 5,630 

Hyderabad - Vijaywada 14,732 11,534 

Chennai Outer Ring Road 4,046 3,315 

Others 7,799 7,050 

Net Debt/Equity 178,581 133,434 

19

Consolidated Financial Performance 

1 

Gross Revenues (INR mn) 

2 

Gross Revenues (USD mn) 

CAGR: 22% 

64,653 

84,730 

73,780 

CAGR: 22% 

1,293 

1,695 

1,476 

44,762 

51,234 

895 

1,025 

FY09 FY10 FY11 FY12 9MFY13 


3 

EBITDA (INR mn) 

4 

EBITDA (USD mn) 

10,670 

13,643 

CAGR: 21% 

15,555 

16,595 17,075 

213 

273 

CAGR: 21% 

311 

332 342 

FY 09 FY 10 FY 11 FY 12 9MFY13 


* 9MFY13 figures annualised for CAGR 


20

Appendix

Delhi Airport 

Consortium Partners in DIAL 

GMR Infrastructure 54% 

Airport Authority of India 26% 

Malaysia Airports 10% 

Development Roadmap 

Current Proposed 

Completion Date 2010 

PAX Capacity (mn) 60 100 

Cargo Cap (mn tons) 0.5 3.6 

Runways 3 4 

PTB Area (mn sq. ft) 5.4 17.2 

Terminal 3 

Fraport 10% 

Concession Overview 

Concession Date April 2006 

Concession Period 30 + 30 years 

Revenue Share 46% of revenue 

• Phase-IA completed in Feb 2009 

• Phase-IB completed in Mar 2010 

• Handled 35.88 mn PAX (2011-12) 

• Handled 0.50 mn tons of Cargo (2011-12) 

Phase-IA: Modernization of Existing 

Terminals (T1 & T2) 

Phase-IB: Development of New 

Integrated Terminal (T3) 

Financing Plan (Phase-I) (Rs. mn) 

25000 

Equity # 

14840 

ADF 

Collected till 

01/06/2011 

19312 

Additional 

ADF Stage 1 

& 2^ 

14715 

Interest Free 

Deposits 

52660 

Loans from 

Fis/Banks 

126527 

Total Project 

Cost @ 

Land Side Facilities 

• Domestic Departure & Arrival 

Terminals refurbished in Dec 08 

• International Terminal (T2) 

refurbished in Jun 08 

• New Domestic Departure Terminal 

(T1D) started in Apr 2009 

Air Side Facilities 

• Runway of 4,430 m & parallel Taxiway 


• 168 Check-in Counters 

• 49 Outbound and 46 Inbound 

Immigration counters 

• 92 Walklators, 31 Escalators, 

• 63 Lifts, 141 Washrooms 

• Multilevel Car Park Facility for 4,300 

cars & Surface Parking 2,300 cars 


• 78 Aerobridge 

• 48 Contact & 9 Remote Parking Stands 

# includes Rs.1500 mn upfront fee excluded from capex as per AERA order no. 28/2011-12 

^ As approved by AERA vide order no. 28/2011-12 

@ as approved by AERA, plus upfront fee 

22

Delhi Airport: Annual Operational Performance 

1 

Passenger Traffic (in millions) 

2 

Air Traffic Movements (ATMs in ‘000s) 

7.8 

8.3 

9.3 

10.8 

59.5 

63.4 

74.8 

76.9 

15.1 

17.8 

20.7 

25.1 

157.9 

185.8 201.2 

240.4 

FY 09 FY 10 FY11 FY12 

FY 09 FY 10 FY11 FY12 

3 

Cargo handled (in ‘000s of Tonnes) 

4 

Revenue growth (in Rs millions) 

Aero 

Non-aero 

287.2 

334.5 390.9 367.6 

6,055 

7,311 

7,784 

10,097 

109.9 

165.0 136.0 135.2 

3,420 4,221 4,648 4,829 

FY 09 FY 10 FY11 FY12 

FY 09 FY 10 FY11 FY12 

Domestic International includes non billable domestic cargo. 

Non aero revenue also includes cargo and CPD income 

23

Delhi Airport: 250 Acres of Property Development 

250 Acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District 

NH 8 

45 Acres Divided into 

Core Airport 

infrastructure 

Majority of 

Land Bank 

• 14 Asset Areas (Asset Area 5 

divided as 5A/5B) 

• Total GBA (FSI) = 6.12 msf 

• Hospitality = 11 assets 

(5.04 msf) 

• Commercial = 3 assets 

(1.08 msf) 

*LP = Land Parcel 

Gurgaon 

• Commercial development at airport envisages development of an 

alternate commercial hub, right in the heart of NCR 

• Master plan by YRM & PF 

• Location lends dual advantage of central location with effective 

connectivity & proximity to demand 

• Hospitality District, the first phase of development, constitutes of 

hospitality and commercial assets. 

• Awarded development rights for 14 asset areas through 

competitive bidding 

• Total area: 45.08 acres (Developable Area of 6.12 msf) 

• Bids awarded to Accor, InterGlobe Hotels, Juniper Hotels, Aria 

Hotels, Lemon Tree, Bird Group, DB Hospitality, Blue Coast 

Hotels, Pride Hotels, Sweta Estates, Bharti Realty 

• Development at site in full swing 

24

Hyderabad Airport 

Concession Effective from April 2008 

Concession Period 

Revenue Share 

Consortium Partners in GHIAL* 


Airport Authority of India 13% 

Govt. of Andhra Pradesh 13% 



30 + 30 years 

4% of revenue (deferred 

till 11 th year) 

Financing Plan (Phase-I) (Rs. mn) 

Development Roadmap 

Current Proposed 

PAX Capacity (mn) 12 40 

Cargo Cap (mn tons) 0.10 0.45 

Runways 1 2 

PTB Area (mn sq. ft) 1.17 3.90 

• Phase-I operationalized in Mar 2008 

• Currently handling 8.60 mn PAX pa 

• Currently handling 0.81 mn tons of Cargo 


• Runway (4,260 m) with Parallel Taxiway 

• 30 Remote Parking Stands 

• Facility of 12 Aerobridges 

• 5 Cargo Parking Stands 


• 146 Check-in Counters 

• 46 Immigration Counters 

• 3 nos. 90 m & 1 no. 70 m Baggage Carousels 

• Car Park Facility for 3,500 cars 

Terminal Building 

* GHIAL: GMR Hyderabad International Airports Ltd 

25

Hyderabad Airport: Annual Operational Performance 

1 


2 

Air Traffic Movements (ATMs) in ‘000 

1.69 

1.88 

1.9 

13.56 13.82 

14.11 

4.80 

5.75 

6.7 

66.90 69.47 

85.55 

FY 10 FY11 FY12 

FY 10 FY11 FY12 

3 

Cargo handled (in ‘000 Tons) 

4 

Revenue growth (in Rs millions) 

Aero 

Non-aero 

37.12 

44.39 47.00 

2,012 

2,197 

2,488 

29.35 

36.39 34.47 

2,199 

2,969 

3,503 

FY 10 FY11 FY12 

FY 10 FY11 FY12 

Domestic 

International 

26

Hyderabad Airport: 1,500 Acres of Property Development 

Development of Aviation and Logistics SEZs in 500 acres 

250 acres of Aviation SEZ 

• MRO over 25 Acres (JV with Malaysian Aerospace) 

• 4 bays (2 narrow body,1 wide body,1 paint bay) 

• Operations commenced in Nov 2011 

• Training Centre with CFM International (Aircraft Engine Manufacturer) 

operational 

• Plan to develop a world-class Aerospace Park which would include: 

• Airframe & Engine MROs, manufacturing of components and sub-systems, 

Design, Engineering and Technical Support services 

• Advantages of clustering several Aviation Industry segments 

• Availability of knowledgeable and experienced workforce, service 

customisation and synergy from sharing of resources 

250 acres of Logistics SEZ 

• Planned as Cargo Trans-shipment Hub 

• Districon appointed for a feasibility study for establishing 

• Freight Distribution Centre 

• Perishable Cargo Centre 

• Express Cargo Facilities 

Creating a theme-based, anchor-led mixed-use Airport City in 1,000 acres (Phase-I: 275 acres) 

Healthport 

(~25 Acres) 

Commercial District (~ 

75 Acres) 

Funport 

(~145 Acres) 

Eduport 

(~40 Acres) 

• Multi-Specialty Hospital focused on medical tourism as the anchor 

• Research, Clinical Trial, Medical education and Training facilities 

• Convention Centre cum Exhibition Facility as the anchor 

• Office Space, Hotels, Restaurants & supporting Retail facilities 

• Amusement Park with Destination Retail and Multi Purpose Arena as the anchor 

• International Business Institution and an International School as anchors, supporting Retail and Sports Facility 

• Agreement signed with Schulich Business School, York University, Canada for establishing GMR Campus of Schulich Business School 

* Superior connectivity with city centre (45 minutes) and HiTech City (30 minutes), Metro lines planned 

27

Istanbul Sabiha Gokçen International Airport 

Consortium Partners in ISGIA* 


Limak 40% 


Very strong annual traffic growth 

• FY 2012 traffic was 13.82 

mn PAX (13% higher than 

FY11) 


Concession Date May 2008 

Concession Period 20 years (extended by additional 1 

year and 300 days) 

Concession fees 

Financing Plan (Euro mn) 

€1.93bn over the concession 

period. First payment in 2011 

Airport Capacity 

Previous 

Current 

PAX Capacity 5 mn 25 mn 

Cargo Capacity - 145,000 tons 

PTB Area (sq. m) 25,600 210,000 

Project Features 

Air Side facilities 

• Runway with 45 m (width) and 3,000 m (length) 

• Parallel Taxiway 2 Rapid Exit Taxiways (RET) – 45 m (width) 

• Apron Parking capacity for 48 planes 

• Cargo Terminal of 8,200 sq. m 

* ISGIA: Istanbul Sabiha Gokçen International Airport Ltd 

28

SGIA: Annual Operational Performance 

1 


2 

Air Traffic Movements (ATMs) in ‘000 

4.18 

4.6 

43.50 

43.50 

2.42 

26.35 

5.31 

8.06 

9.22 

44.45 

68.35 74.09 

FY 10 FY11 FY12 

FY 10 FY11 FY12 

3 

Fuel Farm Operations (in ‘000s of Tonnes) 

4 

Revenue growth* (in Rs millions) 

Aero Non-aero Fuel (net) 

241 

109.58 

81.16 

152.70 

104.23 

137.27 

65.13 

186 

562 

607 

281 

1,056 

1,012 

1,218 

1,290 

FY 10 FY11 FY12 

FY 10 FY11 FY12 

Domestic 

International 

* Figures correspond to 40% stake in ISGIA 

29

Thank You 

For further information, please visit 

Website: www.gmrgroup.in

GMR Infrastructure Business Overview March 2013

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