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CORPORATE PRESENTATIONCORPORATE PRESENTATION
December 2009December 2009
[This presentation is not an invitation or an offer to subscribe for or sell securities of the company to any person and is for general information only]
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This presentation has been prepared by IRB Infrastructure Developers Limited (the “Company”) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials.
The information contained in this presentation does not constitute or form any part of any offer, invitation or recommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information contained in these materials has not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. Any forward-looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Such forward-looking statements are not indicative or guarantees of future performance. Any forward-looking statements, projections and industry data made by third parties included in this presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. This presentation may not be all inclusive and may not contain all of the information that you may consider material. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM ANY PART OF ANY OFFER, INVITATION OR RECOMMENDATION TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES IN THE UNITED STATES OR ELSEWHERE.
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INDEX
Sr. No Particulars Page No.
1 Company Overview 5
2 Key Competitive Difference 6
3 Roadmap so far 7
4 The IRB Group 8
5 Organization Structure 9
6 Major BOT Infrastructure Development Projects – Mumbai Pune Project 11
7 Major BOT Infrastructure Development Projects – Bharuch Surat Project 12
8 Major BOT Infrastructure Development Projects – Surat Dahisar Project 13
9 Major BOT Infrastructure Development Projects – Thane Ghodbunder Project 14
10 Major BOT Infrastructure Development Projects – IRDP Kolhapur BOT Project 15
11 Operational BOT Projects 16-17
12 BOT Projects under implementation 18
13 Strong Order Book 19
14 Overview of IRB’s market Share 20
15 Upcoming opportunities 22-24
16 Recent Diversification 26
17 The Road ahead 27
18 Consolidated Financial Results as on December 2009 29-30
19 Strong Financial track record 31-32
20 Comparative of BOT Toll Revenues 33-36
21 Reducing the dependency on Revenue of Mumbai – Pune Project 37
22 Corporate Recognition 38
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Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
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Construction and development of Highway Infrastructure
- Government contracts for rural and urban roads infrastructure projects
Development and Operation of BOT projects
- Develop, Operate and Maintain infrastructure assets as per the concession agreement
- Revenue generation through charges, fees, tolls or annuities
- Ownership transferred back to government after the expiration of the concession period
Proposed real estate development alongside the Mumbai-Pune Expressway
- Land acquisition of approximately 1,168 acres completed and propose to acquire additional land
Focus Verticals
Country’s first ever BOT project (Thane Bhiwandi Bypass) executed by the Group
One of the largest BOT portfolio in the country - total length of around 1,150 kms as BOT operator
Holds market share of 7.22% on the Golden Quadrilateral
Credentials
IRB Infrastructure Developers Limited (“IRB”) incorporated in 1998, has strong in-house integrated execution capabilities
One of the leading Infrastructure Development company in India in road and highway sector
Group has successfully executed numerous BOT projects in roads and highways sector, including improvement of National highways and sections of Golden Quadrilateral
IRB Group
Company Overview
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Key Competitive Advantages
Key Competitive Advantage
Strong financial record and relationship with leading
financial institutions
Strong financial record and relationship with leading
financial institutions
Robust order book of Rs 92,380 mn
Robust order book of Rs 92,380 mn
Professionally managed company with qualified and
skilled employee base
Professionally managed company with qualified and
skilled employee base
Integrated and efficient project execution capabilities
Integrated and efficient project execution capabilities
16 BOT projects out of which 10 are operational
16 BOT projects out of which 10 are operational
One of the largest domestic BOT project portfolio in the roads and highways sector
One of the largest domestic BOT project portfolio in the roads and highways sector
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1977
1995
2004
2006 2008
2009
2009
2009
Upfront payment of Rs. 9,180 Mn to MSRDC for Mumbai –Pune Project
Upfront payment of Rs. 9,180 Mn to MSRDC for Mumbai –Pune Project
Upfront payment of Rs. 5,040 Mn to NHAI for Bharuch - Surat
Upfront payment of Rs. 5,040 Mn to NHAI for Bharuch - Surat
Successful launch of IRB Infrastructure Developers Limited IPO Raised Rs. 9,445.7 MnIssue Price: Rs. 185.0
Successful launch of IRB Infrastructure Developers Limited IPO Raised Rs. 9,445.7 MnIssue Price: Rs. 185.0
Awarded Surat -Dahisar projectAwarded Integrated Road Development program in Kolhapur city
Awarded Surat -Dahisar projectAwarded Integrated Road Development program in Kolhapur city
First ever Airport Project in IRB’s portfolio– Greenfield Airport Project in Sindhudurg, Maharashtra.
Project Development Agreement executed with MIDC
First ever Airport Project in IRB’s portfolio– Greenfield Airport Project in Sindhudurg, Maharashtra.
Project Development Agreement executed with MIDC
Awarded 3 NHAI Projects on DBFOT Pattern
– Amritsar – Pathankot (Punjab)– Talegaon – Amravati (Maharashtra)– Jaipur – Deoli (Rajasthan)
Awarded 3 NHAI Projects on DBFOT Pattern
– Amritsar – Pathankot (Punjab)– Talegaon – Amravati (Maharashtra)– Jaipur – Deoli (Rajasthan)
First venture in BOT (Thane – Bhiwandi Bypass Phase 1 – 25 Kms)
First venture in BOT (Thane – Bhiwandi Bypass Phase 1 – 25 Kms)
Roadmap so far
Ideal Road Builders Pvt. Ltd was incorporated
Ideal Road Builders Pvt. Ltd was incorporated
1998
IRB was incorporated
IRB was incorporated
2010
Awarded Panji Goa BOT Project of NHAI on DBFOT pattern in the state of Goa
Awarded Panji Goa BOT Project of NHAI on DBFOT pattern in the state of Goa
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The IRB Group
IRB INFRASTRUCTURE DEVELOPERS LIMITED
RoadsRoads
Engineering, Construction and
Wind Power
Engineering, Construction and
Wind Power
AirportAirport
Real EstateReal Estate
HospitalityHospitality
15 BOT Road Assets15 BOT Road Assets
Modern Road Makers Pvt. Ltd. Modern Road Makers Pvt. Ltd.
IRB Sindhudurg Airport Pvt. Ltd.IRB Sindhudurg Airport Pvt. Ltd.
Aryan Infrastructure Investments Pvt. Ltd. Aryan Infrastructure Investments Pvt. Ltd.
Aryan Hospitality Pvt. Ltd. Aryan Hospitality Pvt. Ltd.
IRB’s Road ProjectsIRB’s Road Projects
Sr. No. Company Road Name Length
(Km)
1 Ideal Road Builders Pvt. Ltd. Thane Bhiwandi Bypass BOT 25.00
2 Aryan Toll Road Pvt. Ltd. Pune – Sholapur BOT 29.81
3 ATR Infrastructure Pvt. Ltd. Pune – Nashik BOT NH 50 29.81
4 Mhaiskar Infrastructure Pvt. Ltd. Mumbai – Pune BOTMPEW & NH4 206.00
5 Thane Ghodbunder Toll Road Pvt. Ltd. Thane Ghodbunder Toll Road BOT 14.90
6 IDAA Infrastructure Pvt. Ltd. Bharuch – Surat BOT NH 4 65.00
7 NKT Road & Toll Pvt. Ltd. Ahmednagar – Karmala – Tembhurni Road, SH 141 60.00
8 IRB Infrastructure Pvt. Ltd. Bridge over Patalganga River-Kharpada BOT 1.40
9 MMK Toll Road Pvt. Ltd. Mohol-Kurul-Kamtee-Mandrup Road, SH 149 33.00
10 IRB Surat Dahisar Tollway Pvt. Ltd.* Surat – Dahisar Road, NH 8 239.00
11 IRB Kolhapur Integrated Road Development Company Pvt. Ltd. Integrated Road Development in Kolhapur 49.99
12 IRB Pathankot Amritsar Toll Road Pvt. Ltd. Pathankot Amritsar NH 15 102.42
13 IRB Talegaon Amravati Tollway Pvt. Ltd. Talegaon Amravati NH 6 66.73
14 IRB Jaipur Deoli Tollway Pvt. Ltd Jaipur Deoli NH 12 146.30
15 IRB Goa Tollway Pvt. Ltd*** Panji Goa NH 4A 69.07
100%
66%**
100%
100%
100%
* Deutsche Bank, AG holds 10% in IRB Surat Dahisar Tollway Pvt. Ltd.** Remaining shareholding in Aryan Infrastructure Investments Pvt. Ltd. held by Promoter Group Entities*** The Company is under formation
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Organization Structure
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Board of DirectorsMr. Virendra D. MhaiskarChairman and Managing Director
Mr. Dattatraya P. MhaiskarDirector
Mrs. Deepali V. MhaiskarDirector
Mr. Suresh G. KelkarDirector
Mr. Bhalchandra K. KhareIndependent Director
Mr. Shivramakrishnan S. IyerIndependent Director
Mr. Govind G. DesaiIndependent Director
Mr. Chandrashekhar S. KaptanIndependent Director
Bankers to the Company
Canara Bank
Union Bank of India
Indian Overseas Bank
Indian Bank
Bank of India
IDBI Bank
Andhra Bank
Corporation Bank
UCO Bank
Bank of Baroda
Bank of Maharashtra
IDFC
Registrar and Transfer AgentKarvy Computershare Pvt. Ltd.Plot No. 17 to 24, Vittalrao NagarMadhapur, Hyderabad – 500 081Tel No : 91 40 2342 0815Fax No : 91 40 2342 0814
Registered Office
IRB Complex, Chandivli Farm, Chandivli Village,Andheri ( East) , Mumbai - 400 072.Tel No: 91 22 6640 4220Fax No : 91 22 6675 1024Email : [email protected] : www.irb.co.in
Mr. Rajkamal R. BajajAdvisor to the Board
Statutory AuditorsS. R. Batliboi & co., Chartered Accountants
Internal AuditorsSuresh Surana & Associates , Chartered Accountants
Mr. Mehul N. PatelCompany Secretary
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Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
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Expand a stretch of NH 4 into four lanes and value additions to the Mumbai - Pune Expressway
Covered 206 kms of road: 111 kms on NH 4 and 95 kms on the Mumbai - Pune Expressway
Operate and maintain facilities during the concession period
Aggregate value of the O&M contract is Rs. 7,258 Mn
Concession period of 15 years for both Mumbai-Pune Expressway & NH 4
Total cost Rs. 13,016 Mn Including upfront fee of Rs. 9,180 Mn paid to MSRDC
Funded through Equity Rs. 1,050 MnTerm Loans Rs. 11,814 MnInternal Accruals Rs. 152 Mn
Tolling at Mumbai-Pune Expressway began in August, 2004
Expand a stretch of NH 4 into four lanes and value additions to the Mumbai - Pune Expressway
Covered 206 kms of road: 111 kms on NH 4 and 95 kms on the Mumbai - Pune Expressway
Operate and maintain facilities during the concession period
Aggregate value of the O&M contract is Rs. 7,258 Mn
Concession period of 15 years for both Mumbai-Pune Expressway & NH 4
Total cost Rs. 13,016 Mn Including upfront fee of Rs. 9,180 Mn paid to MSRDC
Funded through Equity Rs. 1,050 MnTerm Loans Rs. 11,814 MnInternal Accruals Rs. 152 Mn
Tolling at Mumbai-Pune Expressway began in August, 2004
Mumbai – Pune Express Highway & NH 4Mumbai – Pune Express Highway & NH 4
BOT Projects
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Engaged to expand and improve the Bharuch – Surat section of NH 8 in Gujarat on a BOT basis
Expand specific sections of the NH 8 into a 6 lane highway
Improvements to the existing 4 lane highway
Commenced work on January 2, 2007 and work is completed as per schedule
Concession period of 15 years ending on January 1, 2022
Estimated cost Rs. 14,695 Mn Including an upfront fee to the NHAI of Rs. 5,040 Mn
Funded through Equity and Internal Accrual Rs. 1,981 MnTerm Loans Rs. 12,076 MnSub-Debt Rs. 638 Mn
Tolling commenced from September 25, 2009
Engaged to expand and improve the Bharuch – Surat section of NH 8 in Gujarat on a BOT basis
Expand specific sections of the NH 8 into a 6 lane highway
Improvements to the existing 4 lane highway
Commenced work on January 2, 2007 and work is completed as per schedule
Concession period of 15 years ending on January 1, 2022
Estimated cost Rs. 14,695 Mn Including an upfront fee to the NHAI of Rs. 5,040 Mn
Funded through Equity and Internal Accrual Rs. 1,981 MnTerm Loans Rs. 12,076 MnSub-Debt Rs. 638 Mn
Tolling commenced from September 25, 2009
Bharuch – Surat Section of NH 8Bharuch – Surat Section of NH 8
BOT Projects
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Engaged to expand and improve the Surat - Dahisar section of NH 8 on BOT basis from the existing 4 to 6 lane for a total length of 240 kms
Construction of 25 flyovers over various junctions
Concession Agreement signed on April 30, 2008
Concession period of 12 years including the construction period of 30 months
Total cost Rs. 28,350 Mn
Equity & internal accruals Rs. 8,790 MnDebt Rs. 19,560 Mn
Tolling started from February, 2009
Revenue share of 38% of the toll collected to be given to NHAI for the first year and to be increased by 1% year on year
Engaged to expand and improve the Surat - Dahisar section of NH 8 on BOT basis from the existing 4 to 6 lane for a total length of 240 kms
Construction of 25 flyovers over various junctions
Concession Agreement signed on April 30, 2008
Concession period of 12 years including the construction period of 30 months
Total cost Rs. 28,350 Mn
Equity & internal accruals Rs. 8,790 MnDebt Rs. 19,560 Mn
Tolling started from February, 2009
Revenue share of 38% of the toll collected to be given to NHAI for the first year and to be increased by 1% year on year
Surat – Dahisar Section NH 8Surat – Dahisar Section NH 8
BOT Projects
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Engaged to improve the Thane-Ghodbunder section connecting NH 8 with NH 4 and NH 3 for a total length of 14.9 kms
Provided concrete pavement 4 out of the existing 6 lane road for a length of 7.1 kms; and 6 out of the existing 10 lane road for a length of 3.4 kms
Scope of work includes improvement, operation & maintenance of the stretch during the concession period
Concession period of 15 years starting from June 2007 with tolling rights
Total cost Rs. 2,463 Mn.
Funded through Equity Rs. 300 MnDebt Rs. 2066 MnInternal Accruals Rs. 103 Mn
Engaged to improve the Thane-Ghodbunder section connecting NH 8 with NH 4 and NH 3 for a total length of 14.9 kms
Provided concrete pavement 4 out of the existing 6 lane road for a length of 7.1 kms; and 6 out of the existing 10 lane road for a length of 3.4 kms
Scope of work includes improvement, operation & maintenance of the stretch during the concession period
Concession period of 15 years starting from June 2007 with tolling rights
Total cost Rs. 2,463 Mn.
Funded through Equity Rs. 300 MnDebt Rs. 2066 MnInternal Accruals Rs. 103 Mn
Thane – Ghodbunder Section connecting NH 8 with NH 4 & NH 3Thane – Ghodbunder Section connecting NH 8 with NH 4 & NH 3
BOT Projects
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First ever Urban Infrastructure project on BOT basis in India
All 9 entry points to be tolled post substantial completion of construction
Only vehicles entering or leaving the city will be paying toll
Construction activity commenced from January 9, 2009
In addition to the concession period, IRDP enjoys the following benefits:-
Land admeasuring 30,000 sq. mtrs to be allotted
Lease period of this land will be 99 years
Concession period of 30 years
Total Cost estimated to be Rs. 4,300 Mn
Funded through Equity Rs. 1,720 MnDebt Rs. 2,580 Mn
Target COD: January 8, 2011
First ever Urban Infrastructure project on BOT basis in India
All 9 entry points to be tolled post substantial completion of construction
Only vehicles entering or leaving the city will be paying toll
Construction activity commenced from January 9, 2009
In addition to the concession period, IRDP enjoys the following benefits:-
Land admeasuring 30,000 sq. mtrs to be allotted
Lease period of this land will be 99 years
Concession period of 30 years
Total Cost estimated to be Rs. 4,300 Mn
Funded through Equity Rs. 1,720 MnDebt Rs. 2,580 Mn
Target COD: January 8, 2011
Integrated Road Development Program (IRDP ) in the city of KolhapurIntegrated Road Development Program (IRDP ) in the city of Kolhapur
BOT Projects
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Name of the Project Mumbai - Pune Surat – Dahisar* Bharuch - Surat Thane Ghodbunder Pune - Nashik
Client MSRDC NHAI NHAI MSRDC MOSRT&H
State Maharashtra Maharashtra / Gujarat Gujarat Maharashtra Maharashtra
Length of the Project (In Kms) 206.0 240.0 65.0 15.0 30.0
Project Cost Rs. Mn 13,016 28,350 14,091 2,462 737
Debt Outstanding as on December 31, 2009 Rs. Mn
10,872` 2,399 11,984 477 -
Date of Start (concession) August 10, 2004 February 20, 2009 January 2, 2007 December 24, 2005 September 25, 2003
Concession Period 15 Years 12 Years 15 Years 15 Years 18 Years
Description
4 Laning and improvement of Mumbai - Pune section of NH 4, Toll Collection and
Operation and Maintenance on NH 4 and existing MPEW
6 Laning of Sura8 on DBF
t to Dahisar section of NH OT
Pattern under NHDP(Phase - V)
6 Laning of Bharuch to Surat section of NH 8 on BOT basis
Improvements, Toll Collection and Operation and
Maintenance of Thane -Ghodbunder Road
4 Laning and strengthening of Pune - Nashik Road NH 50
Operational Projects
* IRB’s stake: 90%; balance 10% held by Deutsche Bank, AG
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Name of the Project Thane - Bhiwandi Bypass Pune - Sholapur Ahmednagar - Karmala -Tembhurni Mohol – Mandrup Kamtee Kharpada Bridge
Client PWD MOSRT&H PWD PWD MOSRT&H
State Maharashtra Maharashtra Maharashtra Maharashtra Maharashtra
Length of the Project (In Kms) 24.0 26.0 60.0 33.4 1.4
Project Cost Rs. Mn 1,040 630 368 180 320
Debt Outstanding as on 2009 December 31,
Rs. Mn- - - - -
Date of Start (concession) January 1, 1999 March 20, 2003 December 12, 2000 May 29, 2002 November 29, 1997
Concession Period 18 Years & 6 Months 16 Years 15 Years 16 Years 17 Years & 9 Months
Description
Improvement and Maintenance of Thane
Bhiwandi Bypass including widening of 2 lane road to 4
lane road and construction of 2 lane bridge on Kasheli
Creek
4 Laning and strengthening of Pune - Solapur Road NH 9 on a BOT basis
Improvement to Ahmednagar - Karmala - Tembhurni Road
SH 141
Improvement to Mohol –Mandrup – Kamtee to NH 13
road in Solapur on a BOT basis
Construction of major bridge across Patalganga River and ROB near village Kharpada, NH 17 including approach
road at both side
Operational Projects (Cont’d.)
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Name of the Project Kolhapur Project Pathankot to Amritsar Jaipur to Deoli Talegaon to Amravati Panji - Goa
Client MSRDC NHAI NHAI NHAI NHAI
State Maharashtra Punjab Rajasthan Maharashtra Goa
Length of the Project (In Kms) 50.0 102.4 146.3 66.7 69.07
Project Cost Rs. Mn 4,300 11,910
Estimated14,700
Estimated7.460
Estimated7,240
Estimated
Expected FC FC achieved March -2010 March -2010 March -2010 May - 2010
Grant Sought / (Given) Rs. Mn (270) 1,269 3,060 2,160 1,863
Concession Period 30 Years 20 Years 25 Years 22 Years 30 Years
Remark Under ConstructionConcession Agreement
executed onNovember 16, 2009
Concession Agreement executed on
December 16, 2009
Concession Agreement executed on
November 18, 2009LOA is received
Description
Implementation of Integrated Road Development
Programme in Kolhapur on BOT basis
Design, EngineeFinance, Construction,
Operation and Mainten
ring,
ance of Pathankot to Amritsar section of NH 15 on BOT
basis under NHDP Phase IIIB
Design, Engineering, Finance, Construction, Operation and
Maintenance of Jaipur to Deoli section of NH 12 under NHDP
Phase III
4 Laning of Talegaon -Amravati section of NH 6 on DBFOT basis under NHDP
Phase III
4 Laning of Goa Karnataka Border to Panji Goa stretch of NH-4A from Km 84.000 to Km 153.070 on DBFOT pattern
under NHDP Phase III
Scheduled COD January, 2011 November 2012 December 2012 November 2012 February 2013
Projects Under Implementation
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Order Book* Composition as on31st December 2009 Amount in Rs. Mn
EPC and ongoing BOT Projects 25,321
BOT Projects in O&M Phase 23,487
Funded Construction Projects 762
BOT Projects under Award 42,810
Total 92,380
Strong Order Book
* Order Book as of a particular date consists of unbilled revenue from the uncompleted portions of our “existing contracts”, i.e., the total contract value of such “existing contracts” as reduced by the value of construction work billed until such date. For purposes of our Order Book, “existing contracts” include construction as well as operation and maintenance contracts, whether relating to funded construction projects or part of a BOT project, for which we have received a letter of award, irrespective of whether definitive contracts have been executed for such projects as of such date.
Funded Work1%
O & M Contracts25%
Surat Dahisar25%
IRDP Kolhapur3%
Panji Goa8%
Amritsar Pathankot13%
Jaipur Tonk Deoli16%
Talegaon Amravati8%
Sindhudurg Airport1%
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No. State NH / SH Total Kms Lane Kms
1 Maharashtra NH 3,4,6,9,17,50 SH 141,149, MPEW 632.7 2,672.2
2 Gujarat 8 183.2 1,099.23 Rajasthan 12 148.8 595.04 Punjab 15 102.0 408.05 Goa 4A 69.0 276.3
Total 1,135.7 5,050.7
Lane KM under development 1,646.3 Lane Kms
Lanes KM operational 3,404.4 Lane Kms
Gross revenue realized per Lane KM from operational portfolio during December -2009 Qtr Rs. 0.67 Mn / Lane KM
FY 2009FY 2009
Overall Market
IRB’s Market Share
Overview of IRB’s Market Share
Share in Golden Quadrilateral
Share in Golden Quadrilateral
IRB’s Road Portfolio as per Lane kmIRB’s Road Portfolio as per Lane km
FY 2010FY 2010
Gujarat16%
Goa6%
Punjab9%
Rajasthan13%
Maharashtra 56%
Gujarat23%
Maharashtra 77%
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Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
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Project Cost BreakupProject Cost Breakup
Sr. No. Name of the Client RFP Stage RFQ Stage
1 NHAI Projects - Phase III 20,265 82,410
2 NHAI Projects - Phase V 16,140 66,150
3 NHAI Projects - on OMT Basis - 3,560
4 NHAI Project – On BOT Annuity Basis – Phase II 22,630
5 NHAI Project – On BOT Annuity Basis – Phase III 25,368
Total 36,405 2,00,118
Upcoming Opportunities for IRB
RFP stands for Request for ProposalRFQ stands for Request for Qualification
Amount in Rs mn*
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Sr. No. Name of the Project State NH Length RFP Stage RFQ Stage
National Highways Authority of India - NHAI
OMT
1 Baran Jhansi on OMT basis Rajasthan 76/25 196.0
2 Swaroopgunj - Pindwada on OMT Basis Rajasthan 14 / 76 160.0
3 Kota-Chittorgarh on OMT basis Rajasthan 76 120.0580
4 Kota Rajasthan - MP Border Rajasthan 76 103.0 820
5 Rajkot – Bhamanbore Gujarat 8B 129.0 1,040
6 Madurai- Tirunnalveli on OMT Basis Tamil Nadu 45 203.0 1,120
TOTAL - 3,560
PHASE – III
7 4 Laning of Belgaum – Khanapur Karnakata 4A 84.1 3,590
8 4/6 Laning of Maharashtra-Goa border to Panaji to Karanataka-Goa border Maharashtra, Goa 17 139.0 20,265
9 4 Laning of Ludhiana to Talwandi Punjab 95 78.0 4,790
10 4 Laning of Panvel Indapur Maharashtra 17 67.0 7,512
11 4 Laning of Nagpur – Wainganga Bridge Maharashtra 6 59.2 8,400
12 4 Laning of Solapur – Mahrashtra / Karnataka Border Maharashtra 13 30.5 3,250
13 4/6 Laning Tirupathi - Tiruthani - Chennai section AP & Tamil Nadu 205 127.0 5,710
14 4 Laning of Deoli Kota section Rajasthan 12 83.0 5,934
15 4 Laning of Beawar – Pali section Rajasthan 14 115.0 11,016
16 4 Laning of Pali - Pindwara section Rajasthan 14 129.1 13,078
17 4 Laning of Vijaywada - Gundugulanu section AP 5 120.0 11,000
18 4 Laning of Jetpur – Somnath Gujarat 8D 127.0 8,130
TOTAL 20,265 82,410
Upcoming Opportunities for IRB (Cont’d.)
Amount in Rs mn*
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Sr. No. Name of the Project State NH Length RFP Stage RFQ Stage
National Highways Authority of India – NHAI (Cont’d.)
PHASE - V
19 6 Laning of Icchapuram – Srikakulam – Vishakhapatnam- Ankapalli AP 5 436.0 35,500
20 6 Laning of Satara – Kagal section on DBFOT basis Maharashtra 4 133.0 11,030
21 6 Laning of Tumkur - Chitradurga section excluding Tumkur & Chitradurgabypasses
Karnataka 4 114.0 11,340
22 6 Laning of Belgaon - Dhargwad section Karnataka 4 79.4 4,800
23 6 Laning of Ahmedabad - Vadodara Gujarat 8 103.3 19,620
TOTAL 16,140 66,150
PHASE – III ( BOT – Annuity)
24 Madhurai – Ramnathpuram – Rameshwaram – Dhanushkodi Tamil Nadu 49 185.0 6,250
25 2 Laning with paved shoulder Nagapattanam – Thanjavur Tamil Nadu 67 76.3 3,049
26 2 Laning with paved shoulder Reengus to Sikar Rajasthan 11 44.43 2,893
27 4 Laning of Jabalpur to Rajmarg Crossing MP 12 92.8 6,376
28 4 Laning of Rajmarg Crossing to Bareli MP 98.2 6,800
TOTAL - 25,368
PHASE – II ( BOT – Annuity)
29 4 Laning of Ghoshpukur – Salsalabari WB 31 163.0 - 22,630.0
Upcoming Opportunities for IRB (Cont’d.)
Amount in Rs mn*
25
Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
26
Recent Diversifications – Airport and Realty
Has submitted Bid with the Maharashtra Industrial Development Corporation ('MIDC') for Design, Built, Finance & Operation of Greenfield Airport in Sindhudurg District, Maharashtra
Has been declared as the "Selected Bidder" and a Development Agreement has been executed between MIDC and IRB Sindhudurg Airport Private Limited as on September 25, 2009
Developable area including Airport of 670 acres
Concession period of 95 years including 18 months of construction period
Estimated cost including land is Rs.1,750 Mn
Has submitted Bid with the Maharashtra Industrial Development Corporation ('MIDC') for Design, Built, Finance & Operation of Greenfield Airport in Sindhudurg District, Maharashtra
Has been declared as the "Selected Bidder" and a Development Agreement has been executed between MIDC and IRB Sindhudurg Airport Private Limited as on September 25, 2009
Developable area including Airport of 670 acres
Concession period of 95 years including 18 months of construction period
Estimated cost including land is Rs.1,750 Mn
Intends to develop Integrated township alongside the Mumbai‐Pune Expressway
Land acquisition of approximately ~1,168 acres completed and propose to acquire additional land
Received permission from Directorate of Industries in April 2009 to purchase up to 1,888 acres of agricultural land
Intends to develop Integrated township alongside the Mumbai‐Pune Expressway
Land acquisition of approximately ~1,168 acres completed and propose to acquire additional land
Received permission from Directorate of Industries in April 2009 to purchase up to 1,888 acres of agricultural land
27
The Road Ahead
Focus AreasFocus Areas
BOT ProjectsBOT Projects
AirportsAirports Real EstateReal Estate
Continue to focus on BOT infrastructure projects in the road and highways sector
Geographical diversification - accentuating companies nationwide plans
De-risking revenue stream
Mumbai - Pune project revenue contribution has been reduced to 34% from 69% earlier with operationalizing of Bharuch - Surat & Surat -Dahisar Projects.
Further enhance project execution capabilities
Establishing as a full fledged infrastructure company by selectively diversifying in activities like airport construction
Successfully complete its real estate and Airport Project
Identify strategic investment opportunities
Continue to focus on BOT infrastructure projects in the road and highways sector
Geographical diversification - accentuating companies nationwide plans
De-risking revenue stream
Mumbai - Pune project revenue contribution has been reduced to 34% from 69% earlier with operationalizing of Bharuch - Surat & Surat -Dahisar Projects.
Further enhance project execution capabilities
Establishing as a full fledged infrastructure company by selectively diversifying in activities like airport construction
Successfully complete its real estate and Airport Project
Identify strategic investment opportunities
28
Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
29
Consolidated Financial Results
For the Period Ended
December 2009 (Quarter) December 2008 (Quarter) March 2009 (Year)
Particulars Total All Segments Construction Segment BOT Segment Total All Segments Construction Segment
BOT Segment Total All Segments Construction Segment BOT Segment
Amt % Amt % Amt % Amt % Amt % Amt % Amt % Amt % Amt %
Total Income 4,417.78 100.00 2,354.04 100.00 2,063.74 100.00 2,481.10 100.00 1,413.10 100.00 1,068.00 100.00 10,214.78 100.00 5,671.55 100.00 4,543.22 10.00
Earnings before interest, tax and depreciation
2,358.35 53.38 505.08 21.45 1,853.45 89.81 1,106.50 44.60 197.80 14.00 907.50 84.97 4,669.91 45.72 1,013.37 17.87 3,656.54 80.48
Financial Expenses 735.61 16.65 54.47 2.31 681.13 33.00 365.40 14.73 10.40 0.74 353.90 33.14 1,376.63 13.48 102.36 1.80 1,274.26 28.05
Depreciation and Amortisation
530.95 12.01 126.08 5.36 404.68 19.61 286.20 11.53 44.80 3.17 241.40 22.60 1,143.82 11.20 208.27 3.67 935.55 20.59
1,266.66 28.66 180.74 7.68 1,085.82 52.61 651.60 26.26 55.20 3.91 595.30 55.74 2,520.45 24.67 310.62 5.48 2,209.82 48.64
Profit Before Tax 1,091.97 24.72 324.34 13.78 767.63 37.20 454.90 18.33 142.60 10.09 312.20 29.23 2,149.46 21.04 702.75 12.39 1,446.72 31.84
Total Tax Expenses 139.21 3.15 66.53 2.83 72.68 3.52 72.40 2.92 39.30 2.78 33.10 3.10 377.79 3.70 212.83 3.75 164.97 3.63
Profit after Tax 952.76 21.57 257.81 10.95 694.95 33.68 382.50 15.41 103.30 7.31 279.10 26.13 1,771.67 17.34 489.92 8.64 1,281.75 28.21
Less: Minority Interest
38.35 0.87 ‐ ‐ 38.35 1.86 ‐ ‐ ‐ ‐ ‐ ‐ 13.20 0.13 ‐ ‐ 13.20 0.29
Profit after Minority Interest
914.41 20.70 257.81 10.95 656.60 31.82 382.50 15.41 103.30 7.31 279.10 26.13 1,758.47 17.21 489.92 8.64 1,268.55 27.92
Amount in Rs Mn
30
Consolidated Financial Results
For the Period Ended
December 2009 (Nine Months ) December 2008 (Nine Months) March 2009 (Year)
Particulars Total All Segments Construction Segment BOT Segment Total All Segments Construction Segment
BOT Segment Total All Segments Construction Segment BOT Segment
Amt % Amt % Amt % Amt % Amt % Amt % Amt % Amt % Amt %
Total Income 12,406.98 100.00 7,121.12 100.00 5,285.86 100.00 6,938.00 100.00 3,674.50 100.00 3,263.50 100.00 10,214.78 100.00 5,671.55 100.00 4,543.22 10.00
Earnings before interest, tax and depreciation
6,056.14 48.81 1,427.75 20.05 4,628.39 87.56 3,418.30 49.27 649.50 17.67 2,749.80 84.26 4,669.91 45.72 1,013.37 17.87 3,656.54 80.48
Financial Expenses 1,679.35 13.53 177.85 2.50 1,501.50 28.41 992.30 14.30 36.60 1.00 936.70 28.70 1,376.63 13.48 102.36 1.80 1,274.26 28.05
Depreciation and Amortisation
1,303.31 10.51 388.46 5.45 914.85 17.30 813.00 11.72 112.30 3.05 700.70 21.47 1,143.82 11.20 208.27 3.67 935.55 20.59
2,982.66 24.04 566.31 7.95 2,416.35 45.71 1,805.30 26.02 148.90 4.05 1,637.40 50.17 2,520.45 24.67 310.62 5.48 2,209.82 48.64
Profit Before Tax 3,073.48 24.77 861.44 12.10 2,212.04 41.85 1,613.00 23.25 500.60 13.62 1,112.40 34.09 2,149.46 21.04 702.75 12.39 1,446.72 31.84
Total Tax Expenses 526.13 4.24 205.78 2.89 320.35 6.06 276.80 3.99 145.70 3.96 131.10 4.02 377.79 3.70 212.83 3.75 164.97 3.63
Profit after Tax 2,547.35 20.53 655.66 9.21 1,891.69 35.79 1,336.20 19.26 354.90 9.66 981.30 30.07 1,771.67 17.34 489.92 8.64 1,281.75 28.21
Less: Minority Interest
33.46 0.27 ‐ ‐ 33.46 0.63 ‐ ‐ ‐ ‐ ‐ ‐ 13.20 0.13 ‐ ‐ 13.20 0.29
Profit after Minority Interest
2,513.89 20.26 655.66 9.21 1,858.23 35.16 1,336.20 19.26 354.90 9.66 981.30 30.07 1,758.47 17.21 489.92 8.64 1,268.55 27.92
Amount in Rs Mn
31
Strong Financial Track RecordConsolidated Financials
RevenueRevenue EBITDAEBITDA
PATPAT EPSEPS
Note: FY 2007: Subsidiarization had happened during the year
3,251
7,847
10,215
12,407
0
4,000
8,000
12,000
16,000
FY2007 FY2008 FY2009 FY2010 (9 months)
(Rs.
Mn)
1,848
4,639 4,670
6,056
0
2,000
4,000
6,000
8,000
FY2007 FY2008 FY2009 FY2010 (9 months)
(Rs.
Mn)
298
1,266
1,772
2,547
0
400
800
1,200
1,600
2,000
2,400
2,800
FY2007 FY2008 FY2009 FY2010 (9 months)
(Rs.
Mn)
1.1
4.2
5.3
7.3
0.5
1.5
2.5
3.5
4.5
5.5
6.5
7.5
8.5
FY07 FY08 FY09 FY2010 (9 months)
(Rs.
)
32
* FY 2007: Subsidiarization had happened during the year ** BOT Assets: Unamortized intangible assets *** Total Debt excludes Unsecured Debt
Networth & ROENetworth & ROE Total Debt & D/E*** RatioTotal Debt & D/E*** Ratio
BOT Assets**BOT Assets** Capital Employed & ROCECapital Employed & ROCE
Strong Financial Track RecordConsolidated Financials
3,775
16,20717,301 17,530
10%
7%
6%
14%
0%2%4%6%8%10%12%14%16%18%20%
0
4,000
8,000
12,000
16,000
20,000
FY07 FY08 FY09 FY2010 (9 months)
(%)
(Rs.
Mn)
Networth (LHS) RoE (RHS)
25,18020,212
24,85927,3766.67
1.25
1.44
1.56
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
FY07 FY08 FY09 FY2010 (9 months)
(x)
(Rs.
Mn)
Total Debt (LHS) D/E Ratio (RHS)
23,49326,736
31,234
36,071
04,0008,000
12,00016,00020,00024,00028,00032,00036,00040,000
FY2007 FY2008 FY2009 FY2010 (9 months)
(Rs.
Mn)
28,774
36,404
42,150
47,104
5%
10%
8%
10%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
13,000
26,000
39,000
52,000
FY07 FY08 FY09 FY2010 (9 months)
(x)
(Rs.
Mn)
Capital Employed (LHS) ROCE (RHS)
33
Comparative Statement showing BOT Toll RevenueComparative Statement showing BOT Toll Revenue
Sr. No. Name of the Project 2007‐08 2008‐09
2009-10Up to
Dec-2009Q3 ‐ Dec ‐08 Q3 – Dec ‐09
1 Surat Dahisar BOT Project^ - 336 2,431 - 873
2 Mumbai ‐ Pune BOT Project 2,352 2,880 2,302 722 771
3 Thane Bhiwandi Bypass 4 Lane BOT Project 335 403 342 96 118
4 Thane Ghodbunder BOT Project 270 265 208 67 72
5 Pune ‐ Nashik BOT Project 160 164 133 41 47
6 Pune ‐ Sholapur BOT Project 136 127 98 30 32
7 Nagar ‐ Karmala ‐ Tembhurni BOT Project 110 113 98 27 35
8 Mohol ‐Mandrup ‐ Kamtee BOT Project 61 65 49 15 14
9 Kharpada Bridge BOT Project 75 71 50 16 16
10 Bharuch ‐ Surat BOT Project$ - - 345 - 324
11 Kaman ‐ Paygaon BOT Project** 36 36 21 9 5
12 Khambatki Ghat BOT Project* 128 131 12 32 -
13 Bhiwandi ‐Wada BOT Project# 30 16 - - -
Total 3,693 4,607 6,089 1,055 2,307 * Concession Period of Khambatki Ghat BOT Project ended on May3 , 2009# Concession Period of Bhiwandi Wada BOT Project ended on September 22, 2008^ Surat Dahisar Project Commissioned on February 20, 2009$ Bharuch Surat BOT Project Commissioned on September 25, 2009** Kaman - Paygaon BOT Project concession period has stopped effective from November 22, 2009
Comparison of BOT Toll Revenue
Amount in Rs mn
34
Comparison of BOT Toll Revenue
Amount in Rs mn
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 74.96 108.75 111.52 2.54%
Sept 72.67 97.63 111.56 14.28%
Dec 80.77 95.66 118.44 23.82%
Mar 106.20 101.42
Total 334.60 403.46 341.52
TBB - 4( Mumbra )
‐
20.00
40.00
60.00
80.00
100.00
120.00
140.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 21.02 20.28 18.15 -10.47%
Sept 17.13 17.06 15.45 -9.48%
Dec 17.92 16.31 16.14 -1.03%
Mar 18.86 16.86
Total 74.93 70.51 49.74
KHARPADA
‐
5.00
10.00
15.00
20.00
25.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 27.59 31.34 29.17 -6.92%
Sept 26.71 28.63 34.40 20.16%
Dec 27.38 26.71 34.72 29.96%
Mar 28.34 26.80
Total 110.02 113.48 98.29
NKT
‐
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
35
Comparison of BOT Toll Revenue
Amount in Rs mn
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 12.59 18.01 17.12 -4.95%
Sept 15.69 16.69 17.86 7.01%
Dec 15.89 14.95 13.80 -7.64%
Mar 16.76 15.81
Total 60.92 65.46 48.78
MMK
‐2.00 4.00 6.00 8.00
10.00 12.00 14.00 16.00 18.00 20.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 33.75 36.54 35.58 -2.63%
Sept 29.36 30.73 30.61 -0.39%
Dec 35.22 29.51 31.81 7.80%
Mar 38.12 30.31
Total 136.45 127.09 98.00
PUNE - SOLAPUR
‐5.00
10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 40.31 40.01 42.04 5.07%
Sept 39.05 42.11 43.38 3.02%
Dec 40.28 40.64 47.33 16.48%
Mar 40.26 41.19
Total 159.91 163.94 132.75 2.52%
PUNE - NASHIK
‐5.00
10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
36
Comparison of BOT Toll Revenue
Amount in Rs mn
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 578.74 721.14 763.97 5.94%
Sept 584.38 726.28 766.98 5.60%
Dec 594.45 721.74 770.69 6.78%
Mar 594.43 710.36
Total 2,352.00 2,879.53 2,301.64
MUMBAI - PUNE
‐100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
Quarter 2007-08 2008-09 2009-10 % Rise
Jun 66.48 68.09 69.10 1.48%
Sept 62.67 63.88 66.94 4.80%
Dec 69.50 66.62 71.73 7.67%
Mar 70.86 66.15
Total 269.50 264.73 207.77
THANE -GHODBUNDER
58.00
60.00
62.00
64.00
66.00
68.00
70.00
72.00
74.00
Jun Sept Dec Mar
2007-08 2008-09 2009-10
37
* Concession Period of Khambatki Ghat BOT Project ended on 3rd May 2009
# Concession Period of Bhiwandi Wada BOT Project ended on 22nd September 2008^ Surat Dashisar Project Commissioned on 20th February 2009$ Bharuch Surat BOT Project Commissioned on 25th September 2009
During Q3 – December 2008During Q3 – December 2008 During Q3 – December 2009During Q3 – December 2009
Revenue Dependence on Mumbai Pune to Reduce Going Forward
Mumbai Pune69%
Thane Bhiwandi9%
Thane Ghodbunder6%
Pune Nashik4%
Pune Solapur3%
Others 9%
Mumbai Pune34%
Thane Bhiwandi5%
Thane Ghodbunder3%
Pune Nashik2%
Pune Solapur1%
Others 3%
Surat Dahisar38%
Bharuch Surat14%
38
Agenda
Company Overview
BOT Projects
Upcoming Opportunities
The Road Ahead
Financial Snapshot
Annexure
39
IRB has bee tructure Excellence Award Mumbai -
This award was in reco mented on the develop of NH-4.
This was th t in India. The Awards have been frastructure
Co field of const to select the
best rastructure projects in ts, Ports,
Energy & Power, structure.
n awarded CNBC TV 18 Essar Steel Infrasin the Highways & Flyovers category for
Pune section of National Highways (NH-4). gnition of the high quality work imple
ment and maintenance of the Mumbai-Pune section
e first and biggest Infrastructure Awards concep instituted to recognize and felicitate In
mpanies for excellence and strategic initiatives in theruction. A rigorous evaluation program was designed and the most sustainable value creator amongst inf
categories like Highways & Flyovers, Railways, Airpor Oil & Gas, Telecom and Urban Infra
Mr. Virendra D. Mhaiskar, CMD of IRB has been honored by “Navshakti, the leading Marathi Free
Press Journal Group on their 50th Golden Jubilee year celebration for making significant contribution to the
national life. The Board of Jury, consisting of many distinguished persons from different walks of life, have nominated name of Mr. Virendra D. Mhaiskar, CMD
Corporate Recognition
40
Note of Thanks
