Investor Presentation

March 2017

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
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.
This Material is published and available on the Companys website
www.gmrgroup.in which is subject to the laws of India, and is soley for information
purposes only and should not be reproduced, retransmitted, republished, quoted or
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or otherwise.
Any reproduction, retransmission, republishing or distribution of this Material or the
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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 Companys or the GMR Groups 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.
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. 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 Company or 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.
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
Institutional Framework
 Visionary Leadership - Building Institution For Perpetuity

THE GROUP HOLDING BOARD

GM Rao
Group Chairman

Founder Chairman of the Group

Since 1978, he has successfully led the GMR group
creating infrastructure assets of national importance
Holds a degree in Mechanical Engineering

P M Kumar
G Kiran Kumar
Srinivas B V N Rao Chairman,
GBS Raju Corporate
Bommidala Chairman, Urban Institution
Chairman, Energy Chairman
Chairman, Airports Infra & Highways Building &
& MD, GMR Infra
Governance

Held various managerial
positions in the GMR Group in
the past
One of the first Directors of the
Group and Board Member since
1996
Involved with the group since
1996
Held various positions including
the group CFO in the past
Instrumental in establishing the
roads business
Significant experience in leading
projects and businesses in the
infrastructure space
Spearheaded the development
of the T3 terminal at Delhi
Airport
Over 40 years of experience
One of the founding Directors of
the Group in 1988
Has been associated with all
the businesses promoted by the
group
Over 45 years of experience in
several leading and diverse
organizations in senior
leadership and consulting
positions

INDEPENDENT DIRECTORS ON BOARD OF GMR INFRASTRUCTURE

RSSLN
NC Sarabeswaran S Sandilya S Rajagopal C. R. Muralidharan Kameswari Vissa
Bhaskarudu

Ex- director of RBI Ex- MD of Maruti Chairman - Eicher Ex-Chairman & MD Ex- ED of Bank of CA with over 24
and ING Vysya Udyog Limited Motors of Bank of India, Baroda years of experience
Bank Served more than Board member of Indian Bank comprising of
two decades at Parrys Sugar management
BHEL Industries & Mastek consultancy and
industry experience

3
A Feature Of Our Governance is The Group Performance Advisory
Council, which Comprises Eminent Industry Leaders
A highly acclaimed business advisor, speaker, and author who has coached some of the world's most successful CEOs.
Dr Ram Charan For 35 years, he's worked with companies like GE, Bank of America, DuPont, 3M,etc.

Retired IAS, with over 30 years experience in financial services and public sector enterprises. Served leadership positions
M Damodaran like Chairman SEBI (equivalent to SGX in Spore, SEC in US), CMD IDBI Bank, Chairman UTI

Sanjeev Aga Former CEO and Managing Director of Blow Plast / VIP Industries, Aditya Birla Nuvo, and Idea Cellular

Former MD & Chairman of SBI, Chairman of Indian banks association, Independent director and interim Chairman of Tata
O P Bhatt Steel

Founder / Co-founding member Indocean, CRISIL and HDFC. He has been in advisory roles to USAID, The World Bank
Pradip P Shah and The Asian Development Bank in the past

Former Chairman Ingersoll Rand. Previously held leadership positions with Kirloskar group. He serves on the advisory and
Daljit Mirchandani statutory Board of various Companies

Dr. Sumantran is Executive Vice-Chairman of Hinduja Automotive. From 2001-05, he was chief executive of TATA Motors
Dr V Sumantran Car business. Prior to this he had a 16-year career stint with GM in Detroit

Founder of IDFC Private Equity and served as its Chairman until 2011 and its Chief Executive Officer and President from
Luis Miranda 2002 to 2010

4
 We have approached Institution Building through
Technology, People and Governance

2 Process & Governance 3 Technology

Family Governance guided by Centralized infrastructure and
Family Constitution ERP with real-time intelligence

Management Assurance, Ethics, Business automation with real-

Governance Council time war rooms, toll monitoring,
video audits, laser mapping
Group Performance Advisory
Council (GPAC) Process automation through ERP
and e-enabled shared services
Business Excellence organization for back-office
transactions
Strategy & Risk Management

Corporate Centre of Excellence

for processes Procurement, HR,
Legal

1 People

Vision, Values & Beliefs

Leadership Development and

talent Management

Empowered Organization

5
 Sustainability Initiatives - Airports
Delhi International Airport T3 terminal
T3 has been awarded the green building
LEED INDIA GOLD rating by IGB ( Indian
Green Building Council) in Feb 2011, thereby
making it one of the largest Green Buildings
in the world
First Carbon Neutral Airport in Asia Pacific
region in Oct 2016, accredited by from
Airports Council International (ACI)
GMR Hyderabad International Airport
Awarded the prestigious Leadership in
Energy and Environmental Design New
Construction (LEED NC) SILVER rating by
US Green Building Council in Sep 2008
Design leads to 25% saving in energy & 30%
in water
First in Asia to be LEED certified for its eco -
friendly design
6
 Sustainability Initiatives - Energy

All Operating Units are Integrated Management System certified (ISO 9001:QMS, ISO
14001:2004:Environmental Management System, OHSAS 18001)

Sustainable Features Aspects

Energy Efficient thermal power technology SUPER CRITICAL TECHNOLOGY
Renewable Energy SOLAR, WIND
Green Energy HYDRO ELECTRIC POWER
Cleaner Fuel technology NATURAL GAS
Addressing Global Issues SIX CDM PROJECTS

GMR Energy Corporate

o Achieved best ever FY16 LTIFR 0.122 in Indian Power Sector
o Publishing Corporate Sustainability Report since 2013 vetted by a Big 4 firm
o Adopted GRI G4 based SoFi a Sustainability E-Tool, a product of M/s Thinkstep, Germany
GMR Power Corporation Ltd., Chennai (200 MW)
o The GPCL Plant treats 7200 cubic metres of raw sewage per day from Chennai Metropolitan & Sewerage
Board to produce 5400 cubic metres of clean water for its own use
o The plant has received the renowned Dr. M.S. Swaminathan Award for Environmental Protection

Overall, GMR Group will be reducing 4.59 Million Metric tons of CO2e/ annum through its CDM Projects

7
 Committed to Giving Back To The Community" through
GMR Varalakshmi Foundation

Mission of
To make sustainable impact on the human development of under-served
GMR Varalakshmi
Foundation communities through initiatives in education, health and livelihoods

Through Through
Our Four Pronged approach
Our Projects Personal Philanthropy

GMRVF works with communities Family Tradition of Giving back to

Education wherever the Group has business society
operations
Health, 1991 - Formal foundation activities
Hygiene & 25 locations in India & 2 in Nepal started from Rajam (A.P) in South
Sanitation India
GMR One airports of GMR has been
Varalakshmi recognized as an example of
Foundation
Group Chairman (GM Rao) has
Reaching out to Bottam of Pyramid pledged his entire individual
Community
Development
in the National Voluntary Guidelines shareholding in the Group to the
for Responsible Business published Foundation
by Ministry of Corporate Affairs
Livelihood Family Constitution ensures donation
by the family members to the
Foundation

8
Business Overview
 GMR Group: Evolution And Key Milestones

Young Group Less than 20 years old with a Balance Sheet of INR 672bn [USD 10.0bn]
Chennai power Hyderabad airport started Terminal 3 of DIAL completed in Divested stake in Island Power, Raised INR 14.8bn [USD 220mn] via QIP,
plant started operations record 37 months Istanbul Airport, GMR Jadcherla and INR 14bn [USD 209mn] via Rights Issue &
operations Delhi Airport (DIAL) Coal mines in Indonesia acquired GMR Ulundurpet USD 300mn via FCCB from KIA
Two highways concession awarded Sabiha Gokcen (Istanbul airport) Warora & Kamalanga power projects DIAL raised USD 289mn and USD 523mn
started operations IPO successfully completed inaugurated started operation via international bond issues
Forayed into Raised ~USD 1 bn via QIP Raised ~USD 315 mn via QIP Road projects started operation: GMR Energy raised USD 300mn from
airports with Acquired 50% stake in PE Investors invest US$300mn in Hyderabad Vijayawada, Hungund Tenaga for a 30% stake
award of Intergen Power GMR Energy and US$330mn in GMR Hospet and Chennai ORR Divested 2 Transmission assets and 3
Hyderabad airport
Ambala Chandigarh toll road Airports Won concession to expand Cebu Highway projects
concession
started operations Stake in Intergen Power divested for airport in Philippines Adopted SDR for gas based
USD 1.2 bn Received favourable verdict (Jun14) Rajahmundhry & coal based Chhattisgarh
5 power plants and 3 road projects from arbitration tribunal regarding power plants
became operational termination of Male Airport Won Mopa Airport, North Goa in Aug16

Incorporation of
GMR
Infrastructure
Ltd (GIL)

Consolidation Stablisation of Cash Flows

Managing Execution:
Growth Phase Operationalise under
Turbulence construction projects All projects in Airport, Energy and Highway
Focus on attaining scale and Raising of Focus on operational sector fully operational
efficiency, returns &
rapid growth equity capital cash flow optimisation No major investments required
Bidding for new projects and Focusing on Liquidity management Assets stablisation would lead to positive
commencing construction execution Recycling of capital cash flows
through divestments
Declared Investment
holiday
USD 1 = INR 67
10
 Business Overview

AIRPORTS
~95 mn Passenger Capacity
2 Airports in Delhi and Hyderabad
1 Airport in Mopa, North Goa (recently awarded)
1 Airport in Philippines : Mactan - Cebu Airport
Airport Land : 230 acres in Delhi, 1,500 acres in Hyderabad, 232 acres in Goa

ENERGY
~7,000 MW Power Generation Capacity
3,350 MW of Coal Based Projects
1,400 MW of Gas Based Projects
180 MW of Hydro Projects under construction
1,800 MW of Hydro Projects under development
25 MW of Solar Project / 3.4 MW of Wind Power Projects
4 Coal Mines 2 each in India and Indonesia

HIGHWAYS
7 Operational Projects
4 Annuity Projects 285 kms
3 Toll Projects 315 kms

URBAN INFRASTRUCTURE
~13,800 Acres Land
10,500 acres in Kakinada & 3,300 acres in Krishnagiri

11
 Corporate Structure
FIIs 19.5%
Shareholding
GMR Infrastructure Ltd as on Dec 31,
2016
Promoter &
Promoter Group
61.7%
MF & DIIs 7.9%

Others 10.9%

97% 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
64%
Airport
Kamalanga Plant (Coal) 87% Rajahmundry Plant (Gas) 45% Tambaram Tindivanam 100% Krishnagiri SIR 100%

Kakinada Plant (Gas) 100% Chennai Plant (Diesel) 51% Pochanpalli 100%
Hyderabad
63%
International Airport
Vemagiri Plant (Gas) 100% Wind Projects 100% Chennai ORR 90%

Solar Power Project 100%

Mactan-Cebu
40%
International Airport

Under Development Project Under Construction / Development (Hydro) Coal Mines (Indonesia) BOT (toll) Projects

Bajoli Holi Project 100% Ambala Chandigarh 100%

Mopa Airport, North PT Barasentosa Lestari
100% 100%
Goa (PT BSL)
Alaknanda Project 100% Hyderabad Vijaywada 90%

Upper Karnali Project 73% Hungund Hospet ** 36%

PT Golden Energy Mines
30%
(PT GEMS)
Upper Marsyangdi Project 82%

* Includes both direct & indirect holding

** Share Purchase Agreement signed to divest 51% stake; already transferred 15% in Mar16

12
Airport Sector
 GMR Airports: Assets

World class emerging markets airports

World class airports - Aggregate capacity of ~95 mn passengers (Delhi, Hyderabad, North Goa and Cebu, Philippines)

Emerging market focus - 3 Airports in India and 1 in Philippines

Diversification of revenue streams - Besides revenue from aero related activities, airports also get revenue from non-aero activities such as cargo
handling, MRO, Duty Free, F&B, IT & Car Parking and also from Real Estate (CPD) at airport

Delhi International Airport

Indias Largest and

Busiest Airport

Shareholders
GMR 64%
AAI 26%
Fraport 10%

Mopa Airport Delhi Mactan Cebu International

Airport
Second Airport in Goa Hyderabad
Second Busiest Airport in
Shareholders Philippines
GMR 100% Philippines
Shareholders
GMR 40%
Hyderabad International Megawide 60%
Airport

Indias First Greenfield Airport

Shareholders
GMR 63%
GoAP 13%
AAI 13%
MAHB 11%
14
 Airport Asset Details

Delhi International Airport Hyderabad International Mopa Airport Mactan - Cebu International
Project
(DIAL) Airport (GHIAL) North Goa Airport (MCIA)

Awarded in Operational and undergoing

Status Operational Operational
August 2016 expansion

Annual Passenger
62 mn 12 mn ~7 mn ** 16 mn #
Capacity

25 years (from O&M start

30 + 30 years concession
Concession Terms (starting April 2006)
46% revenue sharing
30 + 30 years concession
(starting March 2008)
4% revenue share
date)
40 years + 20 years
Upfront fees of USD 320mn +
(starting November 2016)
VAT
37% revenue sharing
Project cost of USD 750mn

230 acres Real Estate parcel

1,500 acres Real Estate
Commercial 1st Phase development of 45
parcel
Property acres is completed
~100 acres already 232 acres Real Estate parcel
Development 2nd Phase of 23 acres
monetised
awarded to Bharti Realty

Revenue Structure Assured Target Aero Revenue every year, based on variables like approved project cost, WACC, Aero revenue based on pre-
normative operations, etc. determined PSF

42.6 mn Pax; 11.2 mn Pax; 6.7 mn Pax;

Traffic 9MFY17 N.A.
311,446 ATMs* 96,316 ATMs* 54,148 ATMs*

48.4 mn Pax; 12.5 mn Pax; 8.0 mn Pax;

Traffic FY16 N.A.
365,696 ATMs* 106,303 ATMs* 64,900 ATMs*

*ATM = Air Traffic Movement

# Post 1st phase of expansion
** Post completion of Phase 1
15
 Airports: Cash Flows to Improve

Long awaited regulatory approvals to improve the profitability matrix

Delhi Airport Hyderabad Airport

DIALs tariff fixation assumptions (by AERA) under appeal UDF collection started post DGCA notification restoring the
collection of Airport Charges with effect from 05 Nov15
Appealed for cost of equity of 24% vis--vis currently
approved rate of 16% by AERA GHIAL has submitted its tariff proposal for second control
period starting 01 April 2016
Appealed for return of 24% on real estate deposits
(utilized to fund capex) vis--vis Nil return approved
by AERA
Note : Current tariff will continue till the final order of Tribunal

Delhi Airport - Refinancing existing debt to realign cash flows to repayment

Delhi Airport raised ~USD 812 mn through two landmark issuance of International bonds
o In Jan15, raised ~US$ 289 mn at 6.125% for 7 years
o In Oct16, raised ~US$ 523 mn at 6.125% for 10 years. The transaction was the first 10-year High Yield USD bond transaction from an
India incorporated Issuer in the 144A / Reg S format
Proceeds from bond issuances used to entirely refinance the outstanding Rupee Term Loan and External Commercial Borrowings
o Resulted into a benefit of (a) lower interest cost and (b) bullet repayment instead of yearly repayments

16
 DIAL Land Monetisation to unlock Higher Potential Returns

Flexibility in land usage allows all commercial activities except residential

230 acres of Aerotropolis Development Aerotropolis Phase - I : 45 Acres of Hospitality District

Awarded development rights for 45 acres through competitive

Commercial development at airport envisages
bidding
development of an alternate commercial hub, right in the
heart of NCR Developable area of 6.12 msf
Operations commenced for JW Marriott, Lemon Tree, Red Fox,
Location lends dual advantage of central location with Holiday Inn, Ibis Hotel, Novotel and Pullman
effective connectivity & proximity to demand
~2,400 rooms are operational with an occupancy of ~75%

Total Land Parcel 230 acres Aerotropolis Phase - II : 23 Acres of Retail District
Hospitality
District Awarded development rights for ~23 acres to Bharti Realty
(45 acres) Holdings Ltd
Bharti to develop an Integrated Retail Development Project
Developable area of ~2.1 msf

Destination Upfront payment of INR 3,150 mn (including RSD, ADC, Bid

Retail Processing Fee)
(23 acres)
Will receive License Fee equivalent to 20% of Revenues with
Balance Minimum Guaranteed Payments
Land
(162 acres)

17
Energy Sector
 Energy Assets

Capacity by stage Fuel based capacity Bajoli Holi Alaknanda Upper Marsyangdi Upper Karnali
(180 MW / Hydro) (300 MW / Hydro) (600 MW / Hydro) (900 MW / Hydro)
Others
228
3% Coal
Under Operational 3,370
development 4,639 48%
2,150 67% Natural Gas
31% 1,391
20%
Under
construction Hydro
180 1,980
3% 28%

6,969 MW 6,969 MW

Solar Plant
(25 MW)

Kamalanga
(1,050 MW / Coal)

Kamalanga
(350 MW / Coal)
PT GEMS, Indonesia
(1.8 BT)
Chhattisgarh
(1,370 MW / Coal)
PT Barasentosa Vemagiri
Lestari, Indonesia (388 MW / Gas)
(404 MT)

Warora
(600 MW / Coal) Kakinada
Legends: (235 MW / Gas)
Operational Assets
Chennai
Projects Under Construction
(200 MW / Diesel)
Projects Under Development
Rajahmundry
Coal Mines
(768 MW / Gas)

4,639 MW in operation and 2,330 MW under implementation

19
 Revised Structure of GMR Energy

GMR Infrastructure
Ltd

52%*

30% 18%
Tenaga Nasional Private Equity
GMR Energy Ltd
Berhad Investors

Thermal Renewable
Other Assets Excluded Assets
(Coal & Gas) (Hydro & Solar)

Warora Power Plant Bajoli Holi Project (Hydro Gujarat Power Chhattisgarh Power Plant Coal mines -
(Coal - 600MW) - 180MW) (Solar - 25MW) (Coal 1370MW) Indonesia

Kamalanga Power Plant Upper Karnali Project Rajahmundry Power Other Power
(Coal - 1,400MW) ** (Hydro - 900MW) Plant (Gas 768MW) Assets

Kakinada Power Plant Upper Marsyagadi

(Gas - 235MW) Project (Hydro - 600MW)

Vemagiri Power Plant Alaknanda Project

(Gas - 388MW) (Hydro - 300MW)

Operational Under Construction Under Development

* Includes both direct & indirect holding

** Kamalanga Power Plant includes 350MW of Unit 4 which is under development
20
 Strategic Partnership with Tenaga Nasional Berhad

Overview
Primary investment of $300m (~INR 20bn) by Tenaga Nasional Berhad in GMR Energy (GEL) for 30% stake
on a fully diluted basis

Portfolio includes
o Operational projects of 2,300 MW and
o Development pipeline of 2,330 MW
Structure
Tenaga has right to invest in Chhattisgarh and Rajahmundhry projects at the Fair Market Value (FMV) any time
within the next 5 year (subject to RBI guidelines)

Indonesian coal mines is outside of GEL since Tenaga does not want to take exposure in commodities

GEL Valuation Equity Value of USD 1 bn (~INR 67bn)

Proceeds from the transaction is used to reduce corporate debt

Key Terms &
All convertible instruments (Private Equity players) have been converted into equity shares
Conditions
GMR remains the majority shareholder

USD 1 = INR 67
21
Partnership with Tenaga provides renewed impetus to Energy Business

Strong synergies from the strategic partnership with Tenaga

Partnership between one of the largest integrated utilities and an established player in the Indian Power
sector will be a force multiplier to create one of the most valuable companies

Strong Visibility on Cash Flows from Operational Portfolio

GEL has over 80% of its capacity contracted under long-term PPAs ensuring high visibility of cash flows

Strengthening of the Balance Sheet

Primary capital infusion strengthens GELs balance sheet through reduction of corporate debt
Convertible preference shares issued to Private Equity Investors converted into Equity

Attractiveness of GMR Energy from a value unlocking perspective

Given the attractiveness of GMR Energy post the investment, it will have an opportunity to unlock value at an
appropriate time

22
 GMR Energy - Thermal Power Projects

Warora Kamalanga Vemagiri Kakinada Barge Plant

Project
(Maharashtra) (Orissa) (Andhra Pradesh) (Andhra Pradesh)
Fuel Coal Coal Gas Gas
Ownership 100% 86% 100% 100%
Capacity 600 MW 1,050 MW 388 MW 235 MW

Project Cost INR 40 bn [USD 597 mn] INR 65 bn [USD 970 mn] INR 11.5 bn [USD 171 mn] INR 6 bn [USD 90 mn]

CoD September 2013 March 2014 January 2008 June 2010

85% of power contracted through 100% Regulated Tariff

Power Off- Fully contracted long term long term PPA
23 years long term PPA (starting 100% Merchant Tariff
take PPAs Plan to tie-up the remaining also Sept06) with four state owned
through a long term PPA discoms in Andhra Pradesh

Gas allocation from KG Basin

(not getting gas since 2012-13)
Confirmed linkage from Coal Confirmed linkage from Coal Gas allocation from KG Basin
Fuel Linkage
India Ltd. India Ltd. Plant restarted post tie-up of gas (not getting gas since 2012-13)
supply through the RLNG
scheme

Plant operated at 59% PLF till

PLF of 67% in 9MFY17
PLF
PLF of ~76% in FY16
Refinancing of project loan
completed
Refinancing Interest rate reduced by 110bps,
moratorium of 18 months and 15
years repayment period
PLF of 67% in 9MFY17 FY12
Plant operated at 57% PLF till
PLF of ~67% in FY16 PLF in FY16 stood at ~18% FY12
PLF of 12% in 9MFY17
Refinancing of the project loan
completed
Interest rate reduced by 100bps,
moratorium of 30 months with
16.5 years repayment period

USD 1 = INR 67
23
 GMR Energy Pipeline of Hydro Power Projects

Bajoli Holi Alaknanda, Upper Karnali Upper Marsyangdi

Project
(Himachal Pradesh) (Uttaranchal) (Nepal) (Nepal)
Ownership 100% 100% 73% 82%
Capacity 180 MW 300 MW 900 MW 600 MW
40 years from CoD 30 years from generation license

Concession Period Royalty power to government: 45 years from Implementation 12% free power to NEA1
30 years from generation license
Year 1-12: 12%; Year 13-30: 18%; Agreement Free equity of 27% to Govt. of
Year > 30: 30% Nepal
Expected COD FY19 FY21 FY20

Financial Closure achieved in April Approval from Govt. of Nepal JDA7 with IFC8
2013
DPR2 approved by CEA3 obtained for capacity enhancement Approval from Govt. of Nepal
Lenders of the project are IDBI
Environmental Clearance obtained Survey license received obtained for capacity enhancement
Bank and L&T Infra Finance
Current Status Land fully acquired CDM5 application under progress Survey license received
NTP issued to Gammon for civil
works Registered as CDM5 Project with PDA6 signed with Govt. of Nepal CDM application under progress

Currently, ~40% of project is

UNFCC9 Received consent letter from MEA PDA under negotiation with Govt.
completed for import of power from Nepal of Nepal

Under Construction Under Development Under Development

Under Development
Run of the river power facility Run of the river power facility Run of the river power facility
Run of the river power facility
Total Project Cost of INR 22bn To give 13% of power generated On a build operate own
Overview [USD 329mn] per annum to the state govt Entire power generated, net of free transfer basis
power, if any, to be supplied to the
INR 1.2bn [ USD 17.9mn] premium Project currently on hold, due to a Government of Nepal, will be Expected to provide 12% of power
paid to the Govt stay order for all such similar to Nepal government, and the rest
exported to India
projects in the region to be exported to India

Notes: 1. NEA: Nepal Electricity Authority; 2. DPR: Detailed Project Report; 3. CEA: Central Electricity Authority; 4. MoEF: Ministry of Environment and Forests. 5. CDM: Clean Development Mechanism;
6. PDA: Project Development Agreement. 7. JDA: Joint Development Agreement 8. IFC: International Finance Corporation; 9. UNFCCC: United Nations Framework Convection on Climate Change

USD 1 = INR 67
24
 Other Energy Projects

Raikheda Rajahmundry
Project
(Chhattisgarh) (Andhra Pradesh)
Fuel Coal Gas
Ownership 48% 45%
Capacity 1,370 MW 768 MW

Project Cost INR 124 bn [USD 1,855 mn] INR 49.4 bn [USD 737 mn]

CoD November 2015 (Unit - 1)

October 2015
March 2016 (Unit 2)

Long term PPA with Chhattisgarh TransCo for 5% of gross

Signed short term PPA based on supply of gas through the
capacity
Power Off-take RLNG scheme
Emerged as one of the lowest bidders for 500MW for long
term PPA to state of UP To enter into long term PPA based on sustainable gas supply

Won the operational Talabira coal mine and Ganeshpur coal Currently no long term gas supply contract in place
mine
Fuel Linkage In the interim period, secured gas supply under e-bid RLNG
Coal mining at Talabira started from Aug15 scheme from Oct15 to Sept16

PLF PLF of ~26% in FY16 PLF in FY16 stood at 20%

Adopted Strategic Debt Restructuring Plan considering

Adopted Strategic Debt Restructuring Plan considering
the absence of long term Power Purchase Agreements
Others o Out of total debt (incl. accrued interest) of INR 88 bn, debt
to the extent of INR 30 bn has been converted into equity
o Consortium lenders would have 52% shareholding
the absence of long term Fuel Supply Agreement and long
term Power Purchase Agreements
Refinancing of residual project loan under RBIs 5/25 scheme
completed
o Extended repayment period of 20.5 years (moratorium of
1.75 years) and interest rate reduced to 10.75% p.a.

USD 1 = INR 67
25
 Coal Mines
Project Talabira mine Ganeshpur mine

Mine Location Sambalpur, Odisha Latehar, Jharkhand

Prior Allottee Hindalco Industries Tata Steel Limited & Adhunik Group

Upfront payment INR 540 mn [USD 8.1 mn] INR 1,090 mn [USD 16.2 mn]

Geological Reserve - 138 Mn Tons

Extractable Reserve 9 Mn Tons 92 Mn Tons

Mining Plan 3 Mn Tons p.a. 4 Mn Tons p.a.

Bid Price INR 478 /ton INR 704 /ton

Coal Quality Grade F (3,600 kcal) Grade G 11 (4,200 kcal)

Strip Ratio 1.02x 1.39x

Distance from plant 296 kms 740 kms

Under development stage

Current Status Operational mine; Mining commenced from Aug15
Would take 2-3 years to become operational

Project GEMS PTBSL

Mine Location Indonesia Indonesia

Ownership 30% 100%

Resources 1.77 Bn Tons 404 Mn Tons

Reserves 640 Mn Tons 142 Mn Tons

USD 1 = INR 67
26
Highway Sector
 Highways Projects

All 7 Projects (600 kms) are Operational

4 Projects (285 kms) are Annuity based and 3 Projects (315 kms) are Toll based

Chandigarh-Ambala Highway
GACEPL (35 kms)

Adloor-Gundla Pochanpalli Highway

GPEPL (103 kms)
Tuni-Anakapalli Highway
GTAEPL (59 kms)

Hyderabad-Vijaywada Highway
Hungund-Hospet Highway GHVEPL (181 kms)
GOHHHPL (99 kms)

Tambaram-Tindivanam Highway
GTTEPL (93 kms)

Chennai Outer Ring

GCORRP (30 kms) Hyderabad

28
 Highways Projects

Annuity Based Road Projects (285 kms) Toll Based Road Projects (315 kms)
Project Name
GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL GOHHPL
Tambaram- Ambala- Hyderabad- Hungund-
Location Tuni-Anakapalli Pochampalli Chennai ORR
Tindivanam Chandigarh Vijayawada Hospet

Shareholding 100% 100% 100% 90% 100% 90% 36%

Road Length (kms) 59 93 103 30 35 181 99

Nov-12*/May -
CoD Dec-04 Oct-04 Mar-09 Jun-13 Nov-08 Dec-12
14

17.5 yrs from 17.5 yrs from 20 Yrs from 20 Yrs from 25 Yrs from Apr- 19 Yrs from
Concession Period 20 Yrs from Jun-10
May-02 May-02 Sep-06 May-06 10 Sep-10

Divestment of Road Projects in line with Asset Light, Asset Right Strategy
Key Highlights
Signed a Share Purchase Agreement to divest entire 51% equity stake in the Hungund Hospet project
o 15% stake has been transferred to Joint Venture partner; balance stake to be transferred post receiving all approvals
o Divestment has reduced INR 10.8 bn of debt and would create INR 850mn of liquidity

Divested remaining 26% equity stake in GMR Ulundurpet and GMR Jadcherla projects during FY2016-17
o Stake transferred post receipt of all approvals
o Divestment created a liquidity of ~INR 1,045mn

29
Summing Up
 Key Highlights Over Last ~ 2 Years

Particulars

Asset Light Focus moved from Asset Growth to Cash Growth

Asset Right
Approach Delivered on Asset Light, Asset Right strategy

Divestments Divested 8 large projects:

o 1 Airport: Sabiha Gocken International Airport (SGIA), Turkey
o 1 Power project: Island Power Project, Singapore
o 1 Coal Mine: Eloff & Kendall Mines by Homeland Energy Group
o 3 Road projects: Jadcherla Expressway, Ulunderpet Expressway and Hungund Hospet Expressway
o 2 Transmission assets : Maru and Aravali

Released INR 41 bn [USD 616 mn] equity and reduced liabilities by INR 76 bn [USD 1.13 bn] through
divestments

Capital Raising Total Equity & Equity-linked Capital Raised - INR 70 bn [USD 1.04 bn]
Raised INR 48.8 bn [USD 728 mn] over the last ~2 years
o QIP of INR 14.8 bn [~USD 220 mn]
o Rights Issue of INR 14.0 bn [~USD 209 mn]
o FCCB of INR 20.0 bn [USD 300 mn]
Investment of USD 300 mn by Tenaga for a 30% stake in GMR Energy Ltd
Issuance of International Bonds:
o USD 289 mn for Delhi International Airport at 6.125% for 7 years (Jan 2015)
o USD 523 mn for Delhi International Airport at 6.125% for 10 years (Oct 2016)

USD 1 = INR 67
31
 Key Highlights - Over Last ~ 2 Years (cont.)

Business
Update
Verticals

Energy GMR Energy Ltd. - Renegotiation completed with Private Equity Investors; issued 18% stake

Warora & Kamalanga - Both plants operating at high PLFs

o Orissa PPA (Kamalanga) - Awarded a tariff increase of INR 0.65/unit to INR 3.4/unit
o Haryana PPA (Kamalanga) Awarded favourable order w.r.t. change in law and coal cost pass-through
o MSEDCL & DnH PPA (Warora) - Awarded favourable order w.r.t. change in law leading to an increase in the tariffs by
~INR 0.39/unit and ~INR 0.31/unit respectively
o Tamil Nadu PPA (Warora) - Commenced full supply of 150 MW from Dec15 onwards

Gas Auctions (RLNG scheme) - GMR won right to receive imported R-LNG for two of its power projects
(Vemagiri & Rajahmundhry)
o Both Vemagiri & Rajahmundhry started operations during FY16 post winning gas supply

Strategic Debt Restructuring

o Rajahmundhry (Gas - 768 MW) Converted INR 14.1 bn of debt into equity & issued shares to consortium lenders
representing 55% stake in the project
o Chhattisgarh (Coal - 1,370 MW) Converted INR 29.9 bn of debt into equity & issued shares to consortium lenders
representing 52% stake in the project

Refinancing of Operational projects - Group is refinancing the project debt to align the cash flows with
repayment schedule. Already debt of Warora, Kamalanga & Rajahmundhry projects has been refinanced

Divestment of Transmission projects - Sold 74% stake in Maru project and 49% stake in Aravali project to
Adani Transmission Limited (ATL) for a consideration of INR 1 bn

32
 Key Highlights - Over Last ~ 2 Years (cont.)

Business
Update
Verticals
Airport Delhi Airport (DIAL) - Raised USD 289 mn & USD 523 mn through an international bond issues

DIAL Real Estate Awarded development rights of 23 acres (~2.1 msf) for retail district to Bharti Realty
Hyderabad Airport Restarted collection of User Development Fee (UDF) under Hybrid Till methodology of
tariff determination; Submitted tariff proposal for second control period with AERA

Mopa Airport, North Goa GMR won right to develop & operate the Greenfield Airport in Mopa
Mactan Cebu Airport, Philippines Construction ongoing for expanding capacity to 16 mn pax in Phase 1
Maldives Airport - Awarded compensation of ~USD 270 mn by the international Arbitral Tribunal; Compensation
covers (a) debt, (b) equity with return of 17% & (c) termination payments & legal costs

Highways Hungud Hospet project Signed Share Purchase Agreement to divest 51% stake at a P/BV of 1.1x;
transferred 15% stake in Mar16
Tindivanam Ulundurpet project Divested balance 26% stake to India Infrastructure Fund (IIF)

Faruknagar Jadcherla project Divested balance 26% equity stake

Urban Infra & Kakinada SIR signed an MoU for 2,700 acres including that with GAIL, HPCL and Govt. of Andhra Pradesh
EPC together to set up a cracker unit with a proposed investment of INR 400 bn [USD 6 bn] in 2,000 acres of land

GIL led consortium has won two packages of Eastern Dedicated Freight Corridor (DFCC) project worth
INR 51 bn [~USD 758 mn]
In Jun16, GIL led consortium won two more packages on the Eastern DFCC worth INR 23 bn [USD 340 mn]
USD 1 = INR 67
33
 Key Financial Indicators (Consolidated)

Net Revenue (INR bn) Gross & Net Debt (INR bn) * Net Debt-to-EBITDA Ratio (x)
109.5
15.5
468.9 14.6
88.9 13.6
86.4
82.6 401.2
67.7
9.4

FY13 FY14 FY15 FY16 Gross Debt Cash & Net Debt FY13 FY14 FY15 FY16
equivalents

EBITDA (INR bn) Sector wise Debt breakup * Interest Coverage Ratio (x)
42.6
1.2
Corporate Airport
14% 22% 1.1
Others
5% 0.9
25.9 25.5
24.8
0.7

Roads
7%

Energy
52%
FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16
* As on 31 March 2016
34
 Focus for next 12- 18 Months

Business Strategy

Consolidate existing Energy & Highways projects

Capex holiday in Energy & Highway projects
Explore select profitable opportunities in the Airport sector
Improvement in Operational Efficiencies across various projects and cost optimization

Financial Initiatives to Strengthen the Balance Sheet

Focus on consolidation and strengthening of balance sheet through deleveraging

Continuous reduction of Corporate Debt

o Capital raising through IPO of Airport Assets
o Induction of strategic / financial partner in Airport holding company
o Divestment of certain operational Energy / Highway projects
o Recovery of receivables from Energy Distribution companies, Airlines etc

Refinancing of project debt through capital market (Bonds) / bank refinancing route to result into
o Reduction of interest rate,
o Projects getting longer moratorium and
o Extending maturity of debt primarily to align the repayment schedule with the Cash Flows of the project

Focus on stronger Balance Sheet through financial innovation & better project performance
35
 Summing Up Strengths of GMR

Experienced Leadership and Management teams duly guided by the Group Performance Advisory Council

Delivered world class assets in record time like Delhi and Hyderabad airport - Received various awards & recognitions

Capex phase complete; entered cash flow generation phase

Diversity across business segments To ensure stability of cash flows

Continued focus on asset monetisation post value creation - Released INR 41 bn [USD 616 mn] equity and reduced
liabilities by INR 76 bn [USD 1.13 bn] through divestments over last ~2 years

Strong track record of raising capital - Total Capital Raised of INR 85 bn [USD 1.27 bn] since FY12 (excl. divestments)

Governments renewed focus on infrastructure and resolution of impediments to provide boost to GMR

36
Thank You

For further information, please visit

Website: www.gmrgroup.in or
Contact: investor.relations@gmrgroup.in