Post on 20-Mar-2020
transcript
Disclaimer
This presentation and the accompanying slides (the “Presentation”),which have been prepared by Sadbhav Engineering
Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer,
recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in
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be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This
Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any
liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity
and business prospects that are individually and collectively forward – looking statements. Such forward-looking
statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and
assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance
of the Indian economy, the performance of the infrastructure industry in India and world - wide, competition, the
company’s ability to successfully implement its strategy, the Company’s future level so growth and expansion,
technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company’s
market preferences and its exposure to market risks, as well as other risks. The Company’s factual results, level so
activity, performance or achievements could differ materially and adversely from results expressed in or implied by this
Presentation.
Agenda
3
1. Snapshot 4
2. Business Overview 10
3. Financials 26
4. Annexures 28
Snapshot
Corporate Structure
Sadbhav Engineering Limited
EPC Business Sadbhav Infrastructure Project Limited (SIPL)
69.04%
5
Transport Irrigation Mining
Rs. 111,242 mn Rs. 3,519 mn Rs. 22,670 mn
BOT HAMAnnuity
Order book as on 30th Sept, 2018
BOT Project Portfolio SIPL SEL J.V
1 Ahmedabad Ring Road Infrastructure Limited (ARRIL) 100.0% 0.0% 0.0%
2 Aurangabad Jalna Tollway Limited (AJTL) 100.0% 0.0% 0.0%
3 Nagpur Seoni Expressway Limited (NSEL) 100.0% 0.0% 0.0%
4 Hyderabad Yadgiri Tollway Private Limited (HYTPL) 100.0% 0.0% 0.0%
5 Bijapur-Hungund Tollway Private Limited (BHTPL) 77.0% 0.0% 23.0%
6 Rohtak Panipat Tollway Private Limited (RPTPL) 100.0% 0.0% 0.0%
7Maharashtra Border Check Post Network Limited (MBCPNL) 1 77.5% 6.1% 16.4%
8 Dhule Palesner Tollway Limited (DPTL) 99.9% 0.1% 0.0%
9 Shreenathji-Udaipur Tollway Private Limited (SUTPL) 100.0% 0.0% 0.0%
10 Bhilwara Rajsamanad Tollway Private Limited (BRTPL) 100.0% 0.0% 0.0%
11 Rohtak Hisar Tollway Private Limited (RHTPL) 100.0% 0.0% 0.0%
12 Mysore Bellary Highway Private Limited(MBHPL) 2 0.0% 74.0% 26.0%
HAM Project Portfolio SIPL SEL J.V
1 Sadbhav Rudrapur Highway Private Limited (SRHPL) 100.0% 0.0% 0.0%
2 Sadbhav Nainital Highway Private Limited (SNHPL) 100.0% 0.0% 0.0%
3 Sadbhav Bhavnagar Highway Private Limited (SBHPL) 100.0% 0.0% 0.0%
4 Sadbhav Una Highway Private Limited (SUHPL) 100.0% 0.0% 0.0%
5 Sadbhav Bangalore Highway Private Limited (SBGHPL) 100.0% 0.0% 0.0%
6 Sadbhav Udaipur Highway Private Limited (SUDHPL) 100.0% 0.0% 0.0%
7 Sadbhav Vidarbha Highway Private Limited (SVDHPL) 100.0% 0.0% 0.0%
8 Sadbhav Jodhpur Ring Road Private Ltd (SJRRPL) 100.0% 0.0% 0.0%
9 Sadbhav Vizag Port Road Private Ltd (SVPRPL) 100.0% 0.0% 0.0%
10 Sadbhav Bhimasar Bhuj Highway Private Ltd (SBBHPL) 100.0% 0.0% 0.0%
11 Sadbhav Tumkur Highway Private Ltd (STHPL) 100.0% 0.0% 0.0%
12 Sadbhav Kim Expressway Private Ltd (SKEPL) 100.0% 0.0% 0.0%
Under ConstructionOperational Under Development
Note:
1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake
from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to
D.Thakkar Construction Private Ltd or its associates
2. SPA has been signed for stake transfer of 74% stake from SEL to SIPL and 26% stake
from GKC Projects to SIPL. MBHPL is the subsidiary of Sadbhav Engineering
Limited Under the HAM portfolio.
Sadbhav Group- List of BOT/HAM Projects
6
7
SEL - Snapshot
Sadbhav Engineering Limited (SEL), incorporated in 1988, is engaged in
o Engineering, Procurement and Construction (EPC) business for Transport, Mining and Irrigation sector
o Development of roads & highways on Build, Operate and Transfer (BOT) through Sadbhav Infrastructure Project Limited (SIPL)
Well diversified order book of Rs 137,432 (excluding GST) mn as on 30th September, 2018 with presence in 15 different states
Company has strong in-house integrated execution capabilities with highly qualified human resources and state of the art equipments.
Gross block of fixed assets as on 31st March 2018 stands at Rs. 7,305 mn
Equity shares were listed in 2006 on BSE & NSE with a market cap of Rs 2,016 mn. As on 16th November, 2018 the market cap stands at
~Rs 37,179 mn. Long-term facilities & NCDs are rated A+ by CARE and short-term facilities/CP are rated A1 by CARE
Diversified shareholding with FIIs and DIIs holding at ~ 16.48% and 31.63% respectively as on 30th September, 2018
During FY18, SEL achieved a standalone & consolidated turnover of Rs 35,050 mn & Rs 49,747 mn respectively
Company has been making profits since inception in its standalone business and has paid regular dividend over the last 16 years
Completed the construction of prestigious Eastern Peripheral Expressway (EPE) within 20 months as compared to scheduled timeline of
30 months
Order Book Rs 137,432 mn – Sept, 2018 Projects Completed Till Date
Segment Size
Transport – Roads Over 8,000 lane kms
Irrigation – Canal work
Over 700 kms
Mining Over 550 mn cubic mtOrder book to sales ratio stands at 3.9x FY18
revenue providing good revenue visibility
Key Clients
81%
3%
16% Transport
Irrigation
Mining
Strong Institutional Presence over the years..
SEL - Shareholding Pattern
Strong Institutional Presence
8
Shareholding Pattern as on 30th September 2018
Category No. of shares %
Promoter Group 79,818,723 46.52%
Public Shareholding 91,752,077 53.48%
Institutions 82,533,321 48.10%
- Mutual Funds/AIF/FIs/Banks 35,930,533 20.94%
- Life insurance companies 17,317,602 10.68%
- FPIs 28,275,957 16.48%
Non-Institutions 9,218,756 5.37%
Total Shareholding 171,570,800 100.00%
47.43% 47.25% 48.68% 47.11% 47.17% 46.76% 46.47%
41.05% 44.72% 45.98% 45.13% 46.53% 48.48% 46.96%
11.52% 8.03% 5.34% 7.76% 6.30% 4.76% 6.57%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015 2016 2017 2018
Promoter Institution Non-Institution
At the time of IPO - Mar 2006
Net Revenue Rs 2,913 mn
Net Profit Rs 139 mn
Net worth Rs 1,254 mn
Gross Block Rs 1,038 mn
Order Book Rs 13,300 mn
BOT Projects1 1
Under Construction 1
Total Project Cost Rs 8,060 mn
Mkt Cap2 Rs 2,016 mn
Mar 2010
Net Revenue
Net Profit
Net worth
Gross Block
Rs 12,569 mn
Rs 538 mn
Rs 3,915 mn
Rs 3,322 mn
Order Book Rs 67,686 mn
BOT Projects
Fully Operational
Under Construction
Total Project Cost Rs 48,430 mn
633
Mkt Cap Rs 15,850 mn
SEL - Growth Story
9
Note –Financials are on standalone basis1.LoA date2.On listing date3.Including stake in MBHPL held by SEL.4.As on 16th September, 2018
Mar 2018
Net Revenue
Net Profit
Net worth
Gross Block
Rs 35,050 mnRs 2,206 mnRs 18,667 mnRs 7,305 mn
Order Book Rs 1,32,493mn
Mkt Cap4 Rs 37,179 mn
BOT/HAM Projects3
Fully Operational
Partially Operational
Under Construction
Total Project Cost Rs 220,791 mn
2411
112
CAGR 2006-18
Net Revenue ~ 23%
Net Profit ~ 26%
Order book ~ 21%
Business Overview
EPC Business - Transport
11
Transport
Rehabilitation, upgradation,
widening & strengthening of
roads & highways
Constructed more than 7,551
lane kms of roads & highways
Major projects completed -
o Widening & strengthening of
NH 15 (ADB funded) - 106
kms
o Eastern Peripheral
Expressway – 47 kms
o Early completion of ARRIL
(76 kms), BHTPL (97 kms),
DPTL (89 kms)
Order book
Transport projects with a balance work order of Rs 111,242 mn as on September 30, 2018
which translates to 3.81x of FY18 Transport revenue
Captive order book of Rs 74,525 mn & non captive order book of Rs 36,717 mn as on
September 30, 2018
Major Projects Ongoing
• Six lanining of Ahmedabad - Rajkot highway (Package III & V)
• Four laning of Bhavnagar - Talaja section and Una - Kodinar section, Gujarat
• Four laning of Rampur – Kathgodam, Uttar Pradesh (Package I & II)
• Six laning of greendfield Udaipur Bypass
• Four laning of Waranga - Mahagaon section
• Two/Four Laning of BRT Tiger Reserve Boundary to Bangalore Section
Rs mn
Transport Order book over the years Key Clients
FY12 FY13 FY14 FY15 FY16 FY17 FY18
53,990
66,201
45,961 37,929 40,706
49,968
107,751
EPC Business - Irrigation
Construction of earthen dams,
canals, syphon, remodeling &
improvement of canals
Constructed over 656 kms of
canals
Major projects completed -
o Construction of NMC from
108 to 127 km for SSNNL
o Canal syphon across river
Watrak for SSNNL
o Construction canal
earthwork, structures, lining
and service road to Kachchh
Branch Canal
12
Irrigation Order book
Irrigation projects with a balance work order of Rs 3,519 mn as on September 30, 2018
which translates to 1.09x of FY18 Irrigation revenue
Major Projects Ongoing
• Bahuti high level canal, M.P
• Omkareshwar right bank lift canal, M.P
• Bhanpura canal, M.P.
• Baitarani Left Bank Canal, Orissa
• Halon Sardar Sarovar Narmada, Madhya Pradesh
Rs mn
Irrigation Order book over the years Key Clients
FY12 FY13 FY14 FY15 FY16 FY17 FY18
11594
15004
19397 20146
14419
9899
4538
EPC Business - Mining
Excavation of overburden &
mining of minerals
Excavated more than 350 mn
cubic meters
Major projects completed -
o Removal of Overburden at
Khadia OCP
o Removal of all types of
material at Junad OCM of
Wani area
o 7 year repeat contract from
GIPCL for excavation of
overburden at Mangrol
mines
MiningOrder book
Mining projects with a balance work order of Rs 22,670 mn as on September 30, 2018
which translates to 8.83x of FY18 Mining revenue
Major Projects Ongoing
• Removal of all types of material at Western Coal Field, Wani, Maharashtra
• Removal of over burden at Bharat Coking Coal , Dhansar
• Basantimata - Dahibari patch of Dahibari colliery of C.V. area, Jharkhand
• Overburden & extraction of Uranium Ore Banduhurang mine, Jharkhand
• Excavation work at Jalipa Lignite Mine, Barmar, Rajasthan
Rs mn
13
Mining Order book over the years Key Clients
FY12 FY13 FY14 FY15 FY16 FY17 FY18
9958
20222
24049 23925
19748
16966
20203
Order book to sales ratio stands at 3.92x FY18 revenue providing good revenue visibility
14
(Rs mn)
Order Book
Due to lack of orders in road segment, SEL had increased
its presence in Irrigation & Mining segment from 27% of
total order book as on FY11 to 54% as on FY15. With
increase in bidding in road segment, SEL has once again
increased the road segment contribution to 81% as on
September 30, 2018 and which is expected to touch 85%
by March 31, 2019.
2.8x
5.6x
3.8x2.8x
Order Book to Sales Ratio
Gross Block
2.4x 2.3x
3.7x
54%46%
Captive
Non Captive75,542
101,426 89,407
82,000 74,873 76,834
132,493 137,432
FY12 FY13 FY14 FY15 FY16 FY17 FY18 H1FY19
14% 15%25% 19% 13% 3% 3%
13% 20%
29%26%
22%
15% 17%
74% 65%46% 55% 65%
81% 81%
FY11 FY13 FY15 FY16 FY17 FY18 H1FY19
Segment wise Order book
Irrigation Mining Transport
3,715.2 5,173.8 8,511.9 6,731.5 6,758.5 7,305.5
Mr. Nitin R Patel
(CFO & Whole time Director)
Experienced Key Management Personnel
Mr. Vishnubhai M Patel
(Chairman Emeritus)
Mr. Shashin V Patel
(Chairman and Managing Director)
Mr. H.C. Shah
(President - Finance)
Mr. Vikram R Patel
(Whole time Director)
Mr. Vasistha C Patel
(Whole time Director)
Mr. Ashok Menon
(President - HR)
Mr. Parulkumar Shah
(GM - BD)
Mr. Tushar Shah
(Company Secretary)
Board of Directors
Mr. Sandip V Patel, Mr. Atul N Ruparel, Mr. Arun S Patel, Mr. Mirat N Bhadlawala, Ms. Purvi S Parikh acts as Independent Directors
Key Management Personnel
15
Mr. Amarsinh Vaghela
(Technical Director - Irrigation)
Mr. Vipul H Patel
(Whole time Director)
Mr. Amares Kumar
(CEO - Mining)
Order book breakup as on 30.09.18
16
States – Rs mn Transport – BOT Transport – EPC Transport – HAM Irrigation Mining Total
Gujarat - 9,537.78 23,775.75 - - 33,313.53
Maharashtra 482.30 15,798.88 6,164.19 - 7,742.54 30,187.91
Karnataka - 438.94 20,716.85 - - 21,155.79
Rajasthan - - 12,101.58 - 3,923.72 16,025.30
Uttar Pradesh - 8,382.88 3,078.90 - - 11,461.78
Jharkhand - 9.69 - - 7,833.55 7,843.24
Uttrakhand - - 4,210.72 - 3,171.11 7,381.83
Andhra Pradesh 12.79 85.15 3,890.47 688.59 - 4,677.00
Madhya Pradesh - - - 2,548.86 - 2,548.86
Haryana 91.46 945.88 - - - 1,037.34
Punjab - 679.61 - - - 679.61
Delhi - 570.45 - - - 570.45
Orrisa - 268.29 - 281.55 - 549.84
Total 586.55 36,717.55 73,938.47 3,519.00 22,670.92 137,432.49
SEL - Performance since listing
Financial year 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
Total income 3,505 3,320 3,186 2,970 2,358 1,872 2,686 2,229 1,274 1,074 905 485 284
% growth 5.6 4.2 7.3 26.0 26.0 (30.3) 20.5 75.0 18.6 18.7 86.6 70.8
EBITDA 415 356 315 300 249 217 290 226 138 108 102 59 35
% growth 16.7 13.0 5.0 20.5 14.7 (25.2) 28.3 63.8 27.8 5.9 72.9 68.6
EBITDA (%) 11.8 10.7 9.9 10.1 10.6 11.6 10.8 10.1 10.8 10.1 11.3 12.2 12.3
PBT 216 190 165 146 82 111 209 176 98 83 77 39 31
PAT 221 186 133 114 106 74 141 120 54 63 52 26 14
EPS 12.86 10.95 7.70 7.25 7.01 4.91 9.36 8.50 4.21 5.06 4.34 2.42 1.67
BPS 108.81 96.81 86.82 79.94 63.12 55.15 50.74 41.75 31.32 27.41 22.75 13.22 11.19
Networth 1,866 1,661 1,489 1,371 957 833 762 626 392 343 284 144 122
Equity in subs 571 565 559 527 443 460 325 324 144 110 110 46 10
Net networth 1,295 1,096 930 844 514 373 437 302 248 233 174 98 112
Total debt 1,499 1,780 1,228 1,114 1,028 765 460 396 424 211 150 73 52
Loan to subs 653 538 583 544 426 79 23 4 142 7 20 - -
Net debt 846 1,242 645 570 602 686 437 392 282 204 130 73 52
Debt/Equity 0.80 1.07 0.82 0.81 1.07 0.92 0.60 0.63 1.08 0.62 0.53 0.51 0.43
RoE (%) 18.48 18.36 14.99 16.79 23.90 18.27 38.16 43.64 22.45 30.96 38.24 24.76
17
Rs. crs.
BOT Holding Co. - Sadbhav Infrastructure Project Limited (SIPL)
Portfolio Snapshot
Synopsis
Portfolio of 23 Roads & Highways BOT projects of which 10 projects are fully operational, 1 project is partially
operational and 12 HAM projects are under development
As on September 30, 2018No. of Projects No. of Projects
Toll Annuity HAM NHAI State
Operational 9 1 0 8 2
Partly Operational 1 0 0 0 1
Under construction/develop 0 0 12 12 0
Total 10 1 12 20 3
1 Weighted average w.r.t. total project cost19
Standalone Financials - SIPL Consolidated Financials - SIPL
Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14
Revenue 3,377.9 2,854.4 858.0 701.1 911.8
Other income 469.6 282.6 405.6 372.0 246.6
Total Income 3,847.5 3,137.1 1,263.6 1,073.1 1,158.4
Interest 1,634.2 1,295.0 1,400.0 1,037.5 526.8
PAT 677.4 411.6 (50.35) (632.7) 6.1
Networth 14,019.5 13,427.3 12,963.6 8,435.9 8,318.6
Total Debt 12,376.5 12,654.4 10,826.7 12,579.1 6,713.1
Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14
Revenue 22,760.6 13,480.1 19,709.7 5,003.0 3,744.0
Other Income 464.2 558.8 387.5 285.9 215.9
Total Income 23,224.8 14,038.9 20,097.2 5,288.9 3,959.9
Interest 11,408.8 10,561.7 9,773.0 5,259.2 3,556.4
PAT (3,379.7) (3,601.0) (3,525.2) (3,450.5) (800.7)
Networth (2,657.7) 716.5 4,554.4 7,809.1 8,548.5
Total Debt 84,073.6 80,938.1 78,679.1 62,038.8 49,017.3
As on September 30, 2018 Project Cost (Rs mn) Lane kmsResidual life1
(Yrs/months)Equity invested (incl
acquisitions)
Toll 97,860 2,840 15 Y 1 M 21,108
Annuity 3,748 111 8 Y 11 M 435
Hybrid Annuity 110,810 2,511 16 Y 2 M 3,262
Total 212,418 5,462 15 Y 4 M 24,805
Operating Assets – I P
roje
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Term
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(I
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)
20
Particulars ARRIL AJTL NSEL HYTPL
Current Stake 99.99% 99.99% 99.99% 99.99%
Project Type Toll Toll Annuity Toll
State Gujarat Maharashtra Maha/MP Telangana
Client AUDA Govt. of Maharashtra NHAI NHAI
Lane kms 305.4 263.2 110.9 142.6
Concession Start Dec-06 Feb-07 Nov-07 July-10
Original Concession (yrs) 20 Y 23 Y 6 M 20 Y 23 Y
PCOD/COD May-08 Jul-09 May-10 Dec-12
Residual Life (Yrs/Months) 8 Y 3 M 11 Y 10 M 9 Y 2 M 14 Y 10 M
Revenue Sharing Grant N.A. N.A. Premium
Target Traffic (PCUs) N.A. N.A. N.A. 34,897
Target Date N.A. N.A. N.A. 01-Oct-19
Project Cost 5,435.1 2,724.0 3,747.9 4,947.1
Total Equity + Subdebt of SIPL 1,036.8 1,117.7 435.1 1,190.5
Debt Outstanding (30.09.2018) 2,320.4 2,188.3 1,676.5 3,726.3
Credit rating CARE A+ CARE A CARE AAA & IND AAA CARE A-
Operating Assets – II P
roje
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Term
sF
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(I
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)
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Particulars BHTPL RPTPL MBCPNL DPTL
Current Stake 76.99% 99.99% 83.60%1 99.99%
Project Type Toll Toll Service Fee Toll
State Karnataka Haryana Maharashtra Maharashtra
JV Partner Monte Carlo Limited N.ASREI Infra, SREI Sahaj e-village Limited, DTCPL
N.A
Client NHAI NHAI Govt. of Maha. NHAI
Lane km 388.8 323.4 22 Border CPs 355.2
Concession Start Sep-10 April-11 Diff. for all CPs Dec-09
Original Concession (yrs) 20 Y 25 Y 24 Y 6 M 18 Y
PCOD/COD April-12 Jan-14 Diff. for all CPs Jan-12
Residual Life (Yrs/Months) 12 Y 0 M 17 Y 7 M 15 Y 6 M 9 Y 3 M
Revenue Sharing Grant Premium Upfront Premium Premium
Target Traffic (PCUs) 39,338 23,800 N.A 37,000
Target Date 01-Oct-20 01-Sep-19 N.A 01-Oct-20
Project Cost 13,688.7 11,610.2 14,263.52 14,200.0
Total Equity + Subdebt of SIPL 1,398.0 2,426.8 4,566.3 3,823.8
Debt Outstanding (30.09.2018) 7,983.3 10,028.3 11,552.5 10,987.1
Credit rating CRISIL A CARE BB+ CARE A- CARE A
1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to D.Thakkar Construction
Private Ltd (DTCPL)
2. Estimated. CoD has been received for 18 Check posts out of 24 Check posts. Service Fees is being collected from 18 Check Posts.
Operating Assets – IIIP
roje
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Term
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(I
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)
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Particulars SUTPL BRTPL RHTPL
Current Stake 99.99% 99.99% 99.99%
Project Type Toll Toll Toll
State Rajasthan Rajasthan Haryana
Client NHAI NHAI NHAI
Lane kms 317.2 349.0 395.2
Concession Start Apr-13 Oct-13 Dec-13
Original Concession (yrs) 27 Y 30 Y 22 Y
PCOD Oct-15 June-16 July-16
Residual Life (Yrs/Months) 21 Y 7 M 25 Y 1 M 17 Y 3 M
Revenue Sharing Premium Grant Grant
Target Traffic (PCUs) 24,281 16,209 27,726
Target Date 01-Apr-22 01-Oct-22 01-Oct-23
Project Cost 11,514.6 6,761.0 12,715.8
Total Equity + Subdebt of SIPL 3,114.6 1,333.0 1,100.8
Debt Outstanding (30.09.2018) 8,349.2 2,748.5 9,479.2
Credit rating CRISIL A (SO) CRISIL A- CARE BB+
12 HAM projectsP
roje
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Term
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(I
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Particulars SRHPL SNHPL SBHPL SUHPL SBGHPL
Current Stake 99.99% 99.99% 99.99% 99.99% 99.99%
Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible)
State Uttar Pradesh Uttrakhand Gujarat Gujarat Karnataka
Client NHAI NHAI NHAI NHAI NHAI
Lane kms 173.8 199.1 192.2 163.8 341.8
Concession Start Mar-17 Oct-17 Feb-17 Feb-17 Aug-17
Original Concession (yrs) 17 Y 17 Y 17 Y 6 M 17 Y 6 M 17 Y
PCOD Mar-19 Oct-19 Aug-19 Aug-19 Aug-19
Total Project Cost 7,380.0 6,570.0 8,190.0 6,230.0 10,080.0
Total Equity + Subdebt of SIPL to be invested
885.6 788.4 982.8 747.6 1,209.6
Equity + Subdebt already infused upto 30.09.2018
643.3 460.0 360.9 242.4 618.3
Debt to be drawn down 3,542.4 3,153.6 3,931.2 2,990.4 4,838.4
Payment during construction from NHAI
2,952.0 2,628.0 3,276.0 2,492.0 4,032.0
SEL EPC value 6,030.0 5,250.0 6,500.0 4,950.0 8,550.0
SIPL EPC value 690.0 730.0 820.0 590.0 700.0
1st year O&M 75.6 90.0 105.0 84.5 315.0
Credit rating CRISIL A CARE A CRISIL A CARE A CARE A
12 HAM projectsP
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Particulars SUDHPL SVHPL SJRRPL SBBHPL
Current Stake 99.99% 99.99% 99.99% 99.99%
Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible)
State Rajasthan Maharashtra Rajasthan Gujarat
Client NHAI NHAI NHAI NHAI
Lane kms 143.3 267.5 298.5 238.2
Concession Start Nov-17 May-18 Yet to start Yet to start
Original Concession (yrs) 17 Y 17 Y 6 M 17 Y 17 Y 6 M
PCOD Nov-19 Nov-20 Yet to finalise Yet to finalise
Total Project Cost 8,910.0 10,710.0 11,610.0 11,520.0
Total Equity + Subdebt of SIPL to be invested
1,076.0 1,290.0 1,327.2 1,466.0
Equity + Subdebt already infused upto30.09.2018
430.7 488.2 - -
Debt to be drawn down 4,270.0 5,140.0 5,308.8 4,846.0
Payment during construction from NHAI 3,564.0 4,280.0 4,424.0 4,608.0
SEL EPC value 7,450.0 8,300.0 9,750.0 8,500.0
SIPL EPC value 740.0 1,500.0 550.0 1,060.0
1st year O&M 30.0 66.6 35.1 45.0
Credit rating CARE A CARE A
In addition to above, SKEPL, SPRPL and STHPL has signed the Concession Agreement and is in the process of achieving financialclose
Details related to Cash profitability
25
Details related to cash profitability at SPVs (INR mn)
Quarter FY17 FY18 Q1FY19 Q2FY19
Total Income from Operations + Other Income 10,128.60 10,726.45 2,935.08 2,895.02
Less: Recurring cash expenses 1,671.09 1,675.75 432.73 385.40
Total Cash EBITDA 8,457.51 9,050.70 2,502.35 2,509.63
Cash EBITDA margin (%) 83.50% 84.38% 85.26% 86.69%
Less: Recurring cash finance costs to lenders 7,359.31 7,083.14 1,653.49 1,696.31
Cash profits after taxes at SPVs 1,136.47 2,004.42 858.35 768.09
Cash profits after taxes at SIPL standalone 780.69 794.74 118.26 273.30
Financials
Balance Sheet (Rs mn) FY18 FY17 FY16 FY15
Share Capital 171.5 171.5 171.5 171.5
Reserves & Surplus 18,496.3 16,437.3 14,720.5 13,349.1
Net Worth 18,667.9 16,608.9 14,892.0 13,520.6
Long Term Borrowings 2,862.8 3,062.3 4,932.1 5,582.9
Short Term Borrowings 10,463.2 12,121.0 5,696.5 3,799.9
Total Debt 13,326.0 15,183.3 10,628.6 9,382.8
DTL - - - 244.1
Other Long Term Liabilities 83.1 98.0 31.9 337.1
Total Liabilities 32,077.0 31,890.2 25,552.5 23,484.7
Gross Block 7,305.5 6,758.5 6,735.1 8,511.9
Less: Depreciation 2,277.8 1,529.7 804.6 3,154.7
Net Block 5,027.7 5,228.8 5,930.5 5,357.2
Non Current Investments 5,774.6 5,694.1 5,629.2 5,312.6
Net Current Assets 19,240.4 19,314.5 12,760.1 6,582.7
Cash and bank balances 126.5 229.6 165.5 351.1
Other Long Term Assets 1,907.8 1,423.3 1,067.2 5,881.1
Total Assets 32,077.0 31,890.2 25,552.5 23,484.7
Income Statement (Rs mn) FY18 FY17 FY16 FY15
Income from Operations 35,050.5 33,203.1 31,862.5 29,698.5
Expenditure 30,899.0 29,647.0 28,514.7 26,696.1
EBIDTA 4,151.5 3,556.1 3,347.9 3,002.4
%margin 11.84% 10.71% 10.51% 10.10%
Depreciation 979.03 1,000.4 970.7 817.1
Finance Cost 1,167.2 992.0 855.0 890.9
Other Income 157.4 333.0 317.9 164.2
Exceptional items - - (194.5) -
PBT 2,162.6 1,896.8 1,645.6 1,458.5
Tax (51.1) 18.3 325.5 321.2
PAT 2,206.6 1,878.4 1,320.2 1,137.4
%margin 6.30% 5.66% 4.14% 3.80%
SEL - Standalone Financials
27
Annexures
IN HOUSE -FLEET
NAME OF MACHINERY OEM Quantity
Bachoe Loader CAT, JCB 9
Batching Plant(H,L,M) SCHWING STETTER 45
Bitumen Sprayer Apollo 17
Cement Feed Blower, Concerte Pumps, MIX plantsSchwing Stetter, Greaves 49
Canal Paver Diamond Equipment 6
Pick & Carry Crane, Tower Crane ACE, Escorts, CAT 6
Cement Silo Schwing stetter 59
Transit Mixer Schwing stetter 31
DLC PLANT Plus Equipment 7
Dumper TATA, Scania, AMW, Bharatbenz,Ashok Leyland 590
Drill Rig Mining Leeboy 18
Diesel Browser TATA 26
Dozer Mining JCB, CAT 33
Excavator JCB ,CAT, VOLVO, KOMATSU, HYUNDAI 76
Grader CAT, VOLVO ,Greaves 44
Hot Mix Batch Plant Schwing stetter 10
Loader JCB, CAT 24
Crusher Plant Terex, Metso,Local 11
WMM Plant Apollo, Maxmech ,Macoons 8
Paver Fin./DBM Paver Volvo, Writgen 16
Kerb Paving Machine Apollo 15
WMM Paver Volvo, Writgen 13
SoiL Compactor greaves, volvo, Writgen 56
Tandem Roller Volvo, Writgen 28
Slipform Paver Wtrigen 8
Water Chilling Plant Schwing stetter 5
Water Tanker Tata, volvo, L&T 47
Passenger Vehicle Toyota, Volvo, BMW, Balero, TATA 66
Other Supporting machinery CAT, Kirloskar, Cummins Etc 542
29
Thank You