Sadbhav Engineering Limited

Corporate Presentation
September, 2014

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
connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made
except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers
reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall
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 Companys 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
companys ability to successfully implement its strategy, the Companys future level so growth and expansion,

technological implementation, changes and advancements, changes in revenue, income or cashflows, the Companys
market preferences and its exposure to market risks, as well as other risks. The Companys factual results, level so
activity, performance or achievements could differ materially and adversely from results expressed in or implied by this
Presentation.

Agenda
Sr. No
1

Company Snapshot

Business Overview
Sadbhav Engineering Limited (SEL)

Sadbhav Infrastructure Project Limited (SIPL)

Toll Collection Trends

Financials

A Compelling Investment Proposition

Annexure

Company Snapshot

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)

SIPL has a BOT portfolio of 8 fully operational projects, 1 partially operational and 4 are under various stages of development
Well diversified order book of Rs 83,361 mn as on June 2014 with presence in 12 different states
Company has strong in-house integrated execution capabilities with highly qualified human resources and state of the art
equipments

Equity shares were listed in 2006 on BSE & NSE with a market cap of Rs 2,016 mn, As on Sep 16, 2014 the market cap stands at
Rs 37,077 mn

Diversified shareholding with FIIs and DIIs holding at approx 15% and 26% respectively in the company
During FY14, SEL achieved a standalone & consolidated turnover of Rs 23,581 mn & Rs 27,325 mn respectively
Company has been making profits since inception and has paid regular dividend over the last 12 years
Order Book Rs 83,361 mn June 2014

Projects Completed Till Date

Segment

27%

50%
23%

Irrigation
Mining

Order book to sales ratio stands at 3.5x FY14

revenue providing good revenue visibility
5

Size

Transport

Transport Roads

Over 4,500 lane kms

Irrigation Canal
work

Over 260 kms

Mining

Over 250 mn cubic mt

Operational BOT

2,289 lane kms

Key Clients

Key Management Personnel

Board of Directors
Mr. Vishnubhai M Patel
(Chairman & MD)

Mr. Vasishtha C. Patel

(Executive Director)

Mr. Shashin V Patel

(Jt. Managing Director)

Mr. Nitin R Patel

(Executive Director & CFO)

Mr. Vikram R. Patel

(Executive Director)

Mr. Sandip V Patel, Mr. Atul N Ruparel, Mr. Arun S. Patel, Mr. Sandip A. Sheth, Mirat N. Bhadlawala acts as Independent Directors

Experienced Key Management Personnel

Mr. Ashok
Menon
(President - HR)

Mr. Sanjay Tiwary

(COO - Mining)

Mr. P K Doshi
(Director Technical)

Mr. Parulkumar Shah

(GM - BD)

Mr. H.C. Shah

(President - Finance)

Mr. Vijay Kalyani

(Company Secretary)

Shareholding Pattern
Shareholding Pattern as on June 2014
Category

No. of shares

Institutional Investors
%

Promoter Group*

7,27,95,880

47.96%

Public Shareholding

7,89,98,920

52.04%

4,01,87,385

26.47%

11,233

0.01%

2,34,14,432

15.43%

1,53,85,870

10.14%

15,17,94,800

100.00%

Institutions
- Mutual Funds / UTI
- Financial Inst. / Banks
- FIIs
Non-Institutions
Total Shareholding

*Upon conversion / exercise of warrants, shareholding of promoters will increase to 51.3%

Strong Institutional Presence over the years..

12%

13%

10%

9%

10%

41%

40%

43%

42%

42%

48%

47%

47%

49%

48%

Mar-11

Mar-12

Mar-14

Jun-14

Promoter
7

Mar-13
Institutions

Non Institutions

Impressive Growth Story

CAGR 2006-14
Revenue
~ 30%
Net Profit
~29%
Order book
~ 26%

Mar 2014

Mar 2010

At the time of IPO - Mar 2006

Net Revenue
Net Profit
Networth
Gross Block

Rs
Rs
Rs
Rs

Order Book

Rs 13,300 mn

2,913 mn
139 mn
1,254 mn
1,038 mn

Net Revenue
Net Profit
Networth
Gross Block

Rs
Rs
Rs
Rs

Order Book

Rs 67,686 mn

12,569 mn
538 mn
3,915 mn
3,322 mn

Net Revenue
Net Profit
Networth
Gross Block

Rs
Rs
Rs
Rs

Order Book

Rs 83,361 mn

23,581 mn
1,062 mn
9,572 mn
7,264 mn

BOT Projects
13
8
Fully Operational
1
Partially Operational
4
Under Construction
Total Project Cost Rs 116,643 mn

BOT Projects
9
2
Fully Operational
7
Under Construction
Total Project Cost Rs 77,984 mn

BOT Projects
1
1
Under Construction
Total Project Cost Rs 8,060 mn

Note 1. On listing date

2. As on 15-Sep-2014
Financials are on standalone basis

Business Overview - Sadbhav Engineering Limited (SEL)

Corporate Structure
Sadbhav Engineering Limited
77.42%1

EPC Business

Sadbhav Infrastructure Project Limited (SIPL)

BOT Project Portfolio
20.81%

Transport

Irrigation

Mining

Xander & Norwest Venture Partners

Note:
1
Stake shall be subject to final conversion of CCPS held by Investors & CCD held
by SEL into equity
2. Including stake currently held by SEL and proposed to be transferred to SIPL
3. Stake will increase to 40%, post acquisition of John Laings 13% stake
4. Stake will increase from 50% to 100% post Lenders and NHAI approval
5. Stake will increase from 50% to 74% post Lenders and NHAI approval

10

Stake

Aurangabad Jalna Tollway Limited (AJTL)

Ahmedabad Ring Road Infrastructure Limited (ARRIL)

Mumbai Nasik Expressway Limited( MNEL)

20%2

Nagpur Seoni Expressway Limited (NSEL)

100%

Maharashtra Border Checkpost Network Limited

(MBCPNL)

90%2

Bijapur-Hungund Tollway Private Limited (BHTPL)

Hyderabad Yadgiri Tollway Private Limited (HYTPL)

100%4

Dhule Palesner Tollway Limited (DPTL)

27%2,3

Rohtak Panipat Tollway Private Limited (RPTPL)

10

Shreenathji-Udaipur Tollway Private Limited (SUTPL)

100%2

11

Bhilwara Rajsamanad Tollway Private Limited (BRTPL)

100%2

12

Rohtak Hisar Tollway Private Limited (RHTPL)

100%2

13

Mysore Bellary Highway Private Limited (MBHPL)

* Operational

* Under Construction

100%
80%

77%

100%

74%5

SEL - EPC Business

Transport

Order book

Currently, executing 24 EPC transport projects with a balance work order of Rs 41,957 mn
as on June 30, 2014

Captive order book of Rs 28,507 mn & Non Captive order book of Rs 13,450 mn as on June
30, 2014

Major Projects Ongoing

Multai - Chindwara - Narsinghpur Saoner cash contract, Maharashtra

Jodhpur-Barmer section of NH-112, Rajasthan

Delhi Metro project, Delhi

upgradation,

Gomati Chauraha - Udaipur section, Rajasthan

widening & strengthening of

Rajsamand - Bhilwara, Rajasthan

Rohtak to Hissar section, Haryana

Rehabilitation,
roads & highways

Constructed more than 4,500

lane kms of roads & highways

Major projects completed o Widening & strengthening of

NH 15 (ADB funded) - 106

kms

Transport Order book over the years

Rs mn
51,226

66,201

4%

53,990
45,961

41,957

in Rajasthan 183 kms

28%

13%
16%

o Early completion of ARRIL

(76 kms), BHTPL (97 kms),
11

9%

7%

o Lalsot to Kota road project

DPTL (89 kms)

State-wise Transport
Order book (Q1 FY15)

FY11

FY12

FY13

FY14

Q1 FY15

Rajasthan
Karnataka
Delhi

23%

Haryana
Maharashtra
MP

Key Clients

SEL - EPC Business

Irrigation

Order book

Currently, executing 19 irrigation projects with a balance work order of Rs 18,719 mn as

on June 30, 2014

Major Projects Ongoing

Construction of earthen dams,

canals, syphon, remodeling &
improvement of canals
Constructed over 260 kms of
canals

12

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

HNSS main canal Anantapur district, Andhra Pradesh

Gouravelly right side canal, Andhra Pradesh

Omkareshwar right bank lift canal, M.P

Radhanpur sub branch canal, Gujarat

Kachchh branch canal Adipur, Gujarat

'Bhauti high level canal, M.P

Irrigation Order book over the years

Rs mn

19,397

State-wise Irrigation
Order book (Q1 FY15)

Key Clients

4% 1%

18,719

15,004

18%

43%

11,594
9,593

34%

FY11

FY12

FY13

FY14 Q1 FY15

* CAGR for period FY11 to FY14

MP

Gujarat

AP

Orrisa

UP

SEL - EPC Business

Mining

Order book

Currently, executing 14 Mining projects with a balance work order of Rs 22,685 mn as

on June 30, 2014

Major Projects Ongoing

13

Excavation of overburden &

mining of minerals
Excavated more than 250 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

Excavation work at Mangrol lignite mines, Gujarat

Removal of over burden at Bharat Coking Coal , Dhanbad

Maheshpur colliery of Govindpur area, Jharkhand

Basantimata - Dahibari patch of Dahibari colliery of C.V. area, Jharkhand

Excavation of overburden at specified places of Amlohri OCP of NCL, M.P

Overburden & extraction of Uranium Ore Banduhurang mine, Jharkhand

Mining Order book over the years

Rs mn
24,049

State-wise Mining
Order book (Q1 FY15)
2%

22,685

20,222

1%

10%
25%

8,832

FY11

62%

9,958

FY12

FY13

FY14

* CAGR for period FY11 to FY14

Q1 FY15

Jharkhand
Gujarat
Maharashtra

MP
AP

Key Clients

Order Book
Company has a healthy order book of Rs 83,361 mn providing revenue visibility over the next 3 years
(Rs mn)
101,426
89,407
69,651

75,542

83,361

Captive

34%

Non Captive
66%
FY11

FY12

FY13

FY14

Q1 FY15

Segment wise Order book

Over past 4 years, SEL has improved its

presence in Irrigation & Mining segment

50%

65%

74%

from 27% of total order book as on FY11 to

49% as on FY14

27%
20%

13%
14%

15%

FY11

FY13
Irrigation

14

Mining

22%

Q1 FY15
Transport

National Footprint of Order book

State

Order Value* (Rs mn)

Projects

MP

15,524

Jharkhand

14,379

Rajasthan

12,020

Haryana

9,520

Gujarat

9,414

10

Karnataka

6,840

Maharashtra

5,607

AP / Telangana

4,064

10

Delhi

2,834

Orrisa

2,073

Bihar

863

UP

224

83,361

57

Total

Project Type

Projects

Transport BOT

Transport EPC

16

Mining

14

Irrigation

19

Total
15

* Order book as on 30.06.14

57

Business Overview - Sadbhav Infrastructure Project Limited (SIPL)

SIPL - Snapshot
Company

Incorporated in 2007 , SIPL is a subsidiary of SEL

SIPL is an asset holding company for road BOT projects having a portfolio of 13 road BOT assets

Shareholding
(post conversion of
CCPS and CCD)
Synopsis

SEL 77.42%
Norwest Venture Partners and Xander Group 20.81%
SIPL has a portfolio of 13 Road BOT projects. Of which, 8 projects are fully operational, 1 partially operational and

remaining are under various stages of construction

Type

Business Overview

Project Cost (Rs mn)

Lane kms

Operational

77,763

2,292

Under Construction

38,880

1,448

Total

116,643

3,740

Current business : SIPL is engaged in

o EPC work for MBCPNL pertaining to IT & allied works, computer hardware, software, electronic equipment,
electrification, canopy works, road signage & gantry works and furniture/accessory related works
o Advisory and Project Management Fees related to its SPVs
Future business : SIPL plans to foray into
o Toll Operation of its SPVs
o Routine Maintenance Services of its SPVs
o Major Maintenance Services of its SPVs
o Due to capacity augmentation clauses in some of its SPVs, company retains the right to widen the existing road
which is a huge potential of EPC income for the company in future
o Providing consultancy services related to border check posts projects in India

Operating Assets
Particulars

AJTL

ARRIL

MNEL

NSEL

BHTPL

100%

80%

20%1

100%

77%

Toll

Toll

Toll

Annuity

Toll

Maharashtra

Gujarat

Maharashtra

Maha/MP

Karnataka

N.A

Patel Infra Pvt

Limited

Gammon Infra

N.A

Monte Carlo
Construction Limited

Govt. of
Maharashtra

AUDA

NHAI

NHAI

NHAI

65.8

76.3

99.5

27.7

97.2

Concession Start

1-Feb-07

6-Dec-06

31-Mar-06

26-Nov-07

5-Sep-10

Concession (yrs)

23.5

20.0

20.0

20.0

20.0

28-Jul-09

31-May-08

23-Dec-09

21-May-10

9-April-12

N.A.

Grant

Grant

N.A.

Grant

Project Cost

2,753.9

5,214.0

8,059.5

2,779.7

13,226.6

Total Equity
(30.06.2014)

830.0

521.0

520.0

598.3

2,105.6

1,735.2

3,676.0

4,933.22

1,931.4

8,518.2

EBIDTA (FY14)3

84.2

302.74

812.42

334.8

652.8

ADTC5 (mn per day)

0.9

2.1

3.66

N.A

2.8

Stake

Project Details

Project Type
State
JV Partner
Client

Terms

Length (km)

PCOD/COD

Financials
(Rs mn)

Revenue Sharing

Debt outstanding
(30.06.2014)

1Including

2MNEL for 9 months FY14

stake currently held by SEL and proposed to be transferred to SIPL
Provision for Periodic Major maintenance has been considered for AJTL,BHTPL, NSEL 4 Actual MMR expenditure incurred during FY14
5 ADTC Average Daily Toll Collection (Apr-June14)
6 MNEL ADTC is for Apr-June 14
3

18

Operating Assets
Particulars

RPTPL

MBCPNL1

HYTPL

DPTL

100%

90%2

100%7

27%2,3

Toll

Service Fee

Toll

Toll

Haryana

Maharashtra

A.P

Maharashtra

N.A

SREI Infra and SREI

Sahaj e-village Limited

GKC Projects7

HCC Group

NHAI

Govt. of Maha.

NHAI

NHAI

80.9

22 Border CPs

35.7

89.0

Concession Start

18-April-11

Diff. for all CPs

30-July-10

21-Dec-09

Concession (yrs)

25.0

24.5

23.0

18.0

PCOD/COD

9-Jan-14

Diff. for all CPs

10-Dec-12

20-Feb-12

Revenue Sharing

Premium

Upfront Premium

Premium

Premium

Project Cost

12,134.0

14,263.7

5,131.4

14,200.0

Total Equity
(30.06.2014)

2,426.8

2,852.7

1,470.9

3,347.0

Debt outstanding
(30.06.2014)

9,707.4

9,387.2

3,782.2

10,017.41

14.5

126.8

106.7

931.3

2.4

2.26

1.2

3.7

Project Details

Stake
Project Type
State
JV Partner
Client

Financials
(Rs mn)

Terms

Length (km)

EBIDTA (FY14)4
5

ADTC (mn per day)

1MBCPNL

- Project is partially operational

Stake will increase to 40%, post acquisition of John Laings 13% stake
5ADTC Average Daily Toll Collection (Apr-June14)
3

19

Including stake currently held by SEL and proposed to be transferred to SIPL

Provision for Periodic Major maintenance has been considered for RPTPL, HYTPL
6 From 9 Operational Check Posts
7 To increase from 60% to 100% post Lenders and NHAI approval
2
4

Under Construction Assets

SUTPL

BRTPL

RHTPL

MBHPL

100%1

100%1

100%1

74%

Toll

Toll

Toll

Annuity

State

Rajasthan

Rajasthan

Haryana

Karnataka

Client

NHAI

NHAI

NHAI

Govt. of Karnataka

79.3

87.3

98.8

193.3

Concession Start

18-Apr-13

9-Oct-13

26-Dec-13

15-Oct-14 (E)

Concession (yrs)

27.0

30.0

22.0

10.0

Expected COD

15-Oct-15

8-Apr-16

25-June-16

13-Apr-17

Revenue Sharing

Premium

Grant

Grant

Grant

Project Cost2

11,515.0

6,756.7

12,716.0

7,892.7

Total Equity Required

3,115.0

1,333.0

1,077.0

790.7

Total Equity infused

(30.06.2014)

1,037.1

1,333.0

637.2

Nil

Total Debt (30.06.2014)

3,640.0

790.0

1,659.0

Nil

37.4% of EPC work

completed

20.7%of EPC work

completed

9.2% of EPC work

completed

Particulars

Project Details

Stake
Project Type

Financials
(Rs mn)

Terms

Length (km)

Current Status (30.06.2014)

1
2

20

Including stake currently held by SEL and proposed to be transferred to SIPL

Project cost inclusive of Grant

FC is under progress

Sizeable Operational Portfolio Ensuring Sustained Future Cash flows

Yearly Operational
Assets Addition
MBHPL
RHTPL
BRTPL

Total Assets
Operational
Assets
21

SUTPL

SUTPL

RPTPL

RPTPL

RPTPL

MBCPNL*

MBCPNL

MBCPNL

BHTPL

BHTPL

BHTPL

BHTPL

HYTPL

HYTPL

HYTPL

HYTPL

DPTL

DPTL

DPTL

DPTL

DPTL

NSEL

NSEL

NSEL

NSEL

NSEL

NSEL

MNEL

MNEL

MNEL

MNEL

MNEL

MNEL

AJTL

AJTL

AJTL

AJTL

AJTL

AJTL

AJTL

ARRIL

ARRIL

ARRIL

ARRIL

ARRIL

ARRIL

ARRIL

ARRIL

FY09

FY10

FY11

FY12

FY13

FY14

FY16

FY17

12

12

13

13

13

10

13

* As on Aug 2014, 9 Checkposts have started generating revenue.

Denotes Assets that have become operational in that year

Expected to be operational in that year

Toll Collection Trend

Toll Collection
Rs mn

Aurangabad Jalna Tollways Limited (AJTL) COD July09 (Rs mn)

Quarter

2010-11

2011-12

2012-13

2013-14

2014-15

2010-11

% rise

85.4

4.4%

57.8

64.5

72.0

81.8

Sept

53.0

61.4

63.6

69.4

80

Dec

63.3

71.4

70.3

45.1*

60

Mar

63.0

72.2

71.2

82.6

40

Total

237.1

269.5

277.1

279.1

20
-

* At AJTL toll collection was stopped from 5-Nov.-13 to 13-Dec-13

Ahmedabad Ring Road Infrastructure Limited (ARRIL) COD May08 (Rs mn)
2010-11

2011-12

2012-13

2013-14

June

147.1

173.3

183.6

183.0

Sept

139.7

164.8

163.9

175.6

Dec

169.9

194.6

179.3

188.5

Mar

177.6

199.8

192.2

176.7

Total

634.3

732.5

719.1

723.7

2014-15

% rise

188.4

2.9%

2012-13

2013-14

2014-15

100

June

Quarter

2011-12

June

Sept

Dec

Mar

June

Sept

Dec

Mar

Sept

Dec

Mar

250

200
150
100
50
-

Mumbai Nashik Expressway Limited (MNEL) COD Dec09 (Rs mn)

Quarter

2010-11

2011-12

2012-13

2013-14

June

49.2

159.1*

312.6

327.2

Sept

136.5

187.6*

307.5

289.5

Dec

162.4

310.7

334.6

324.5

Mar

164.6

320.6

351.4

332.9

Total

512.7

977.9

1,306.1

1,274.1

23

2014-15
318.8

% rise
-2.6%

400
300
200
100

June

Toll Collection
Bijapur Hungund Tollway Pvt Limited (BHTPL) - COD May12 (Rs mn)
Quarter

2011-12

2012-13

2013-14

2014-15

Rs mn

2010-11

% rise

255.2

4.8%

164.6*

243.6

Sept

232.7

236.3

Dec

227.6

231.0

Mar

237.6

238.6

100

Total

862.5

949.5

50

150

2014-15

% rise

120

17.3%

100

2011-12

2012-13

June

95.0

Sept

88.5

80

Dec

24.6*

97.4

60

Mar

87.4

100.8

Total

112.1

381.7

111.4

2013-14

June

192.0

222.6

Sept

179.9

260.9

Dec

186.0

312.5

Mar

118.2*

205.1

330.7

Total

118.2

763.0

1,126.7

th
24 * Toll collection started from 20 Feb, 2012

Sept

Dec

Mar

June

Sept

Dec

Mar

Sept

Dec

Mar

20
-

Dhule Palesnar Tollway Limited (DPTL) COD Feb12 (Rs mn)

2012-13

June

40

* Toll collection started from 10th Dec, 2012

2011-12

2014-15

200

Hyderabad Yadgiri Tollway Pvt Limited (HYTPL) COD Dec12 (Rs mn)

Quarter

2013-14

250

* Toll collection started from 2nd May 2012

2013-14

2012-13

300

June

Quarter

2011-12

2014-15
338.9

% rise
52.2%

400
300
200
100

June

Financials

Standalone Financials SEL

Balance Sheet (Rs mn)
Share Capital
Money recd. against Share
Warrants

FY14
151.7

FY13

FY12

150.9

150.4

Income Statement
(Rs mn)

Q1
FY15

FY14

FY13

FY12

Income from
Operations

6,855.1

23,581.2

18,109.9

26,755.5

Expenditure

6,140.0

21,087.2

16,552.5

23,852.7

EBIDTA

715.1

2,494.0

1,557.4

2,902.8

%margin

10.4%

10.6%

8.6%

10.8%

Depreciation

219.5

474.0

318.2

274.4

Interest

221.1

931.0

843.6

651.1

15.6

114.0

103.4

108.2

383.5

(609.4)

231.5

Reserves & Surplus

9,189.1

8,174.2

7,472.7

Net Worth

9,572.2

8,325.1

7,623.1

Long Term Borrowings

4,215.3

3,121.6

1,305.6

Short Term Borrowings

4,417.8

3,609.6

2,722.4

Total Debt

8,633.1

6,731.2

4,028.0

DTL

356.7

316.9

234.5

Other Income

Other Long Term Liabilities

516.8

804.6

772.5

Exceptional items

19,078.8

16,177.8

12,657.8

PBT

290.0

819.6

1,108.4

2,085.5

Gross Block

7,263.5

5,173.8

4,435.0

Tax

20.1

(242.0)

367.7

679.9

Less: Depreciation

2,281.7

1,871.2

1,554.3

PAT

269.9

1,061.6

740.7

1,405.6

Net Block

4,981.9

3,302.6

2,880.7

%margin

3.9%

4.5%

4.1%

5.3%

Non Current Investments

5,210.0

5,384.5

3,287.3

Net Current Assets

3,871.4

5,554.3

5,322.8

ROE (%)

Other Long Term Assets

5,015.6

1,936.4

1,167.0

19,078.8

16,177.8

12,657.8

Total Liabilities

Total Assets
26

Key Ratios

FY14

FY13

FY12

11.9%

9.3%

20.3%

Net Debt to Equity

0.9

0.8

0.5

Interest Coverage Ratio

2.2

1.5

4.0

Standalone & Consolidated Financials SIPL

Standalone Financials-SIPL
Particulars (Rs mn)
Total Revenue

FY14

FY13

FY12

1,158.3

1,166.8

954.6

EBITDA

538.6

382.1

430.3

%margin

46.5%

32.7%

45.1%

526.8

214.2

42.4

6.1

117.1

259.2

Networth

8,318.6

8,312.5

6,946.5

Total Debt

6,713.1

3,475.6

1,247.9

Interest
PAT

Consolidated Financials-SIPL
Particulars (Rs mn)

27

FY14

FY13

FY12

Total Revenue

3,967.6

3,154.5

1,987.5

EBITDA

2,176.9

2,068.3

1,279.1

%margin

54.9%

65.6%

64.4%

Interest

3,623.7

1,952.7

718.4

PAT after Minority Int.

(397.3)

(784.0)

(13.3)

Networth

8,547.5

8,944.8

8,031.4

Total Debt

51,837.5

37,528.2

28,567.7

Consolidated Financials - SEL

Balance Sheet (Rs mn)

FY14

FY13

Income Statement (Rs mn)

FY12

FY14

FY13

FY12

Income from Operations

27,325.2

21,595.9

28,663.3

Expenditure

22,869.7

17,655.3

24,519.2

EBIDTA

4,455.5

3,940.7

4,144.1

16.3%

18.2%

14.5%

Share Capital

151.7

150.9

150.4

Money recd. against Share

Warrants

231.5

Reserves & Surplus

12,347.9

11,951.0

11,582.5

% margin

Net Worth

12,731.1

12,101.9

11,732.9

Depreciation

1,304.8

1,706.9

860.4

1,532.4

1,556.7

1,745.6

Interest

4,554.6

3,042.0

1,559.0

Long Term Borrowings

49,897.2

40,541.2

31,121.3

306.3

382.1

272.9

Short Term Borrowings

4,677.9

3,731.8

3,034.5

1,217.2*

609.4

54,575.1

44,273.0

34,155.8

119.5

183.2

1,997.6

DTL

356.7

316.8

234.4

(141.2)

434.5

808.0

Other Long Term liab.

479.0

136.5

148.6

PAT

260.7

(251.3)

1,189.6

Total Liabilities

69,674.3

58,384.9

48,017.3

Minority Int & Share of Assc.

183.0

326.1

33.3

Gross Block

65,414.4

53,444.2

41,999.9

PAT After Minority Int

443.7

74.8

1,222.9

4,738.0

5,051.4

3,371.1

% margin

1.6%

0.3%

4.2%

60,676.4

48,392.8

38,628.8

256.0

245.4

249.0

Net Current Assets

5,692.1

6,924.7

6,854.9

ROE (%)

Other Long Term Assets

3,049.8

2,822.1

2,284.4

69,674.3

58,384.9

48,017.3

Minority Interest

Total Debt

Less: Depreciation
Net Block
Non Current Investments

Total Assets
28

Other Income
Exceptional Item
PBT
Tax

* Includes Exceptional Items of Rs 1,217 mn as written back of toll collection rights due to
change in method of amortization

Key Ratios

FY14

FY13

FY12

3.6%

0.6%

12.0%

Net Debt to Equity

3.3

3.0

1.4

Interest Coverage Ratio

0.7

0.7

2.1

A Compelling Investment Proposition

1

Strong Execution Capabilities & Healthy Balance Sheet

Indias one of the leading EPC

company
Diversified presence across
transportation, mining & irrigation
Robust order book of > INR 83 Bn
Strong Corporate Governance
Promoters focused only on SEL
and SIPL operations

Strong Balance Sheet sustained

low leverage, positive cash from
operations
Sound working capital
management
Strong relationship with financial
institutions

13 road assets including 22

checkposts
Invested over Rs 1,731 crs in BOT
projects along with grant as on
30.06.14

Sizeable operational portfolio

9 operating assets including 9
checkposts
No further external infusion
required to complete the
operational projects

Impeccable Execution Track Record

Integrated player with strong inhouse execution capabilities for

EPC and O&M
Presence in the entire value chain
for execution and BOT

Proven track record of timely

completion & excellent quality of
projects
Established strong relationship with
corporates & government bodies
Received bonus for early completion of
few projects

Strategically located along main

freight corridors

Road assets located along the

main freight corridors of India
with high industrial traffic growth

Rationale Bidding
Company has not resorted to
aggressive bidding for winning
projects resulted in assets with
attractive returns

Industry Opportunities
Robust orders expected to come up in roads for
bidding
NHDP has a strong pipeline of 15,000 kms of
road projects to be awarded,
NHAI proposed to award 6,000 kms of highway
projects during 2014-15

29

Strong In-House Capabilities

Attractive Portfolio of BOT Assets

One of Indias largest operating

road portfolio

Sound Financial Management

Huge Investment plans by GOI in Irrigation Sector

Govt plans to spend Rs 6,240 crs by 2017 to clean
waters in 10,000 canals, lakes and rivers enabling
irrigation on 1.2 million acres of land.
Rs 1000 crore provided for Pradhan Mantri
Krishi Sinchayee Yojna for assured irrigation in
Union Budget 2014-15

Upcoming opportunities in Mining sector

Coal India Limited plans to add its production
capacity by over 40% to 615 MTby end of 2017
GOI laying more focus on under ground mining
and envisaged to increase its share from 15% of
total production in India to 30% by 2030

Annexure

AJTL
Location

Project road is located in the heart of Maharashtra wherein Section-I (50 kms) starts from Aurangabad airport and ends at Jalna by-pass.
Section II of the project (16 kms) starts from Zalta by-pass and ends at Beed by-pass
Connectivity to vast industry hinterland area viz, Aurangabad City, Chikalthana, Shendra, Karmad, Badnapur, Selgaon, Silod, Waluj, Jalna,
Ambad, etc

Connectivity &
Industrial
Development

Home to some of the major industrial parks namely Shendra Bidkin industrial park & Waluj industrial estate
Many firms, both domestic & international in the sectors of automotive and auto components, pharmaceuticals, aluminum processing,
handicrafts, agriculture and biotech, have their manufacturing bases in Aurangabad
Major companies having presence around the project stretch are Skoda, Siemens, Wockhardt, Glenmark, Hindalco-Almex, Kingfisher,
Caterpillar etc.

Increase in Toll
Rate

18% revision in April, every 3 years (starts from FY14)

Traffic Growth

Have shown a traffic growth of ~8.2% CAGR during FY10 - FY13

NH-211
Towards Dhule

NH-6
Towards Nagpur

Ellora Caves
MIDC Industrial area
Wokhardt

Inspira Pharmaceutical
SEZ

Skoda Auto,
Caterpillar,
Hindalco-Almex,
Radico, Aegis

P&L Snapshot
Avg. PCUs/day

Chikalthana

Waluj Industrial Estate

Foster, Carlsberg,
Siemens

Iron & Steel Cluster

Hindustan Composites
Maruti Steel & Alloys etc.

Monsanto

Key Financials (Rs mn)

FY13
12,641

12,044

Net Revenue

277

280

EBITDA

236

84*

% Margin

85%

30%

Finance Cost

224

220

BS Snapshot

FY13

Networth
Total Debt

Towards Solapur
Aurangabad
31

Jalna

Aurangabad Airport

Beed Bypass

Shendra MIDC

Waluj

FY14

FY14

82

167

2,186

2,297

101

Cash
*Includes provision for MMR

ARRIL
Location

Located around Ahmedabad city in circular pattern just 10 kms away from the state capital Gandhinagar
It serves as a by-pass road and crosses 19 major radial roads of the city
Provides interstate connectivity between Gujarat and Maharashtra, Rajasthan and Madhya Pradesh

Connectivity &
Industrial
Development

Connects five National Highway (NH) sections namely Ahmedabad-Vadodara (NH-1), Delhi-Mumbai (NH-8), Ahmedabad-Kandla (NH8A), Sarkhej-Gandhinagar (NH-8C), Ahmedabad-Kapadvanj (NH-59)
Connects fourteen State Highway/ Major District Roads: SH- 17/41/4/142/3/58/43
Connecting highways to Kandla & Mundra ports in Gujarat
Various Investment regions such as Viramgam, Changodar, Kheda, Dholera & DMIC are located in the proximity

Increase in Toll
Rate

100% of WPI, every September

Traffic Growth

Have shown a traffic growth of ~8% CAGR during FY08 - FY13

Western bypass

Viramgam Inv.
Region

Dholera Inv.
Region

Science city

NH-8 Towards
Delhi
NH-59Towards
Madhya Pradesh

NH-947 Towards
Kandla & Mundra
Port

Key Financials (Rs mn)

P&L Snapshot
Avg. PCUs/day

NH-8A
Towards Rajkot

32

NE-1 Towards
Vadodara
NH-8 Towards
Mumbai

FY14

24,295

21,834

Net Revenue

738

738

EBITDA

618

303*

% Margin

84%

41%

Finance Cost

481

557

BS Snapshot
Changodar Inv.
Region

FY13

FY13

Networth
Total Debt
Cash
*Includes MMR expenses

FY14

140

466

3,821

3,705

12

BHTPL
Project is part of the Bijapur-Hungund section of NH13. The entire project is located in the state of Karnataka

Location

It caters to North-South traffic, originating from

Bengaluru to Delhi
On project highway about 90% of the traffic is single
journey mainly long distance through traffic
It connects Chitradurga the industrial
Karnataka to Solapur in Maharashtra

area

of

Significant traffic especially commercial, comes from

various industrial active areas viz. Bellary, Hospet and
Sandur (BHS) mines that are located in close proximity
of the project

Industrial Area

JSW Steel Limited is the largest steel maker in Bellary

district with an annual capacity of 10 mn tonnes,
followed by Kalyani Steels, Mukund Steels and BMM
Ispat, all with two million tonnes each
A large number of red granite quarries are located near
Hungund
With the recent lifting on mining ban in the Bellary
region, a lot of industrial development is envisaged
around the area

Increase in Toll
Rate
33

Every April - 3% fixed+ 40% of WPI

NH-13

NTPC plant Kudgi

(Bijapur)

Red Granite Quarries Hungund

JSW Steel,Kalyani Steels,
Mukund Steels and BMM
Ispat

Bijapur

Hungund

Mining Cluster Bellary,

Hospet & Sandur

Dhule

Solapur

Bellary

Hospet

Key Financials (Rs mn)

P&L Snapshot
Avg. PCUs/day

FY13

FY14

17,996

17,105

Net Revenue

862

950

EBITDA

787

653*

% Margin

91%

69%

Finance Cost

918

907

*Includes provision for MMR

BS Snapshot

FY13

FY14

Networth

2,251

2,912

Total Debt

9,874

9,692

14

26

Cash

RPTPL
Project is part of the Rohtak-Panipat section of NH-71A.
The entire project is located in the state of Haryana
Location

Gurgaon Zone (through NH-10) - Industrial and

financial centre of Haryana
Faridabad Zone (through NH-10) hundreds of large-scale companies
Hisar Zone (through NH-10) galvanized iron manufacturing city

Home of

India's

IOC refinery

Textile Cluster

It caters to long distance traffic, originating from

Rajasthan, Maharashtra, Gujarat to Northern states like
Punjab, J & K, Haryana and vice versa

Through the intersection of 3 major highways i.e. NH-1,

NH-10, NH-71A, project connects to all the development
zones in Haryana

Connectivity &
Industrial
Development

NH-1

National Fertilizer

Proposed International
Cargo Airport

Industrial
Cluster
Kundli (Steel
cluster &
Electronic
hardware
technology
park)

Industrial Modern
Township (IMT)

largest
Industrial zone Gurgaon,
Faridabad etc

Development in the proximity of project

International Cargo Airport at Meham

Increase in Toll
Rate
Premium
Rescheduling
34

Industrial Model Townships at Manesar, Bawal,

Rohtak, Faridabad, Sohana, Kharkhoda,

Key Financials (Rs mn)

Industrial Clusters at Kundli, Bhadurgarh, Panipat &

Barhi

P&L Snapshot

FY13

FY14

BS Snapshot

Avg. PCUs/day

11,779

11,779

Networth

191

Net Revenue

Every April - 3% fixed+ 40% of WPI

Deferment of Premium approved by NHAI from FY15.
Premium for FY15 is Rs 47.3 crs

EBITDA

15

*% Margin

Finance Cost

8%
0.4

*Includes provision for MMR

264

Total Debt
Cash

FY13

FY14

219

(54)

9,954

11,987

437

20

MBCPNL
MBCPNL, first of its kind project in India has 22 Border check post located around Maharashtra state with a objective to facilitates RTO
checks, sales tax and excise clearances, weighment of vehicles and IT support to ensure that there are no delays or tax leakages

Location

Connectivity with the adjoining states like Gujarat, Madhya Pradesh, Chhatisgarh, Andhra Pradesh, Karnataka and Goa which contribute
to about 37% of Indias GDP
Out of the 22 check posts, 11 are situated on National Highways (NH-8, NH-3, NH-6, NH-4, NH-6, NH-9, NH-13, NH-7, NH-17, NH-69)
and 11 are situated on State Highways attracting larger share of interstate movement

Connectivity &
Industrial
Development

Caters to traffic coming from & going towards 2 major ports JNPT & Mumbai port

Nagpur is Indias primary transport hub with all the nations main highways intersecting there
Proposed DMIC project & development of several industrial parks & mega projects across state will accelerate industrial activity in the
region

Toll Collection

Currently toll collection is Rs ~24 lacs per day from 9 Check posts
Haddakhed

Akkalkua

Pumad

Navapur

Key Financials (Rs mn)

Chorwad
Khapri

Warud

Savner

Manegaon

Deori

Borgaon

Acchad

Pimpalkutti
Biloli

Rajura

Deglur

NM

Net Revenue

302

EBITDA

127

% Margin

42%

Networth
Total Debt
Cash

Insuli

Major (03)

Big (02)

FY14

53

572

(97)

(550)

9,600

12,407

27

BS Snapshot

Marawade
Mandrup
Kagal
Shinoli

35

FY13

Avg. PCUs/day

Finance Cost

Omerga
Source: Google Maps

P&L Snapshot

Medium (07)

Small (10)

MBCPNL: Services Offered

Services

Road works
Design & development
of entry and exit points
& lanes
Development of
parking area and
detention area
Service roads

Signages

Other works

Electrical &
Electronic equipment
Development of
lighting systems
Development of power
systems & backup
power systems
Installation and
maintenance of
electronic weighbridges
Installation & maint. of
various traffic
monitoring equipment
Installation & maint.
Scanning devices

Computer works
Installation and
maintenance of various
computer hardware
Installation and
maintenance of
software
Installation and
maintenance of
networking equipments
Development, install. &
maint. of CP software
& waybill application
Integration of systems
with existing
application

Support
infrastructure

Miscellaneous works

Development of
necessary infra. for the
administration

Landscaping and
beautification

Development of water
supply systems
Development of facility
center

Development of
various activity at the
facility centers
Setting up of
signboards for
advertisement

Development of central
control room at
Mumbai
Development of
residence, dormitories,
hostels etc. at CP

Facilities

Each check post would have facilities for RTO checks including weighing, sales tax & excise clearances
Entire process will be computerized & the data will be transmitted to the central monitoring station in Mumbai on a real time basis

Process of inspection is mechanized by online electronic weighbridges, video cameras, scanners, RFID readers & computers
Apart from service fee, Project would also earn revenue from parking, advertisement and rental services
36

HYTPL
Location

Starts at Hyderabad and ends near Raigiri at the junction of Yadagirigutta Road
It is on of the busiest sections of NH-202, carries both local and inter-state traffic
An important link connecting highly industrialised cities Hyderabad & Warangal which attracted most of the traffic, other potential zones in
the project area are Yadgirigutta and Bhongir

Connectivity

Hyderabad is a hub of major Indian enterprises such as BHEL, NMDC, Bharat Electronics, ECIL, DRDO, Hindustan Aeronautics, Indian Drugs
and Pharmaceuticals Limited etc
The project is expected to record high traffic growth led by its connectivity to major pilgrimage destination like Yadgirigutta, popularly known
as Second Tirupathi, which attracts lakhs of pilgrims every year

Increase in Toll
Rate
Premium
Rescheduling

Every April - 3% fixed+ 40% of WPI

Deferment of Premium approved by NHAI from FY2014-15, Premium amount for FY15 is Rs 12.9 crs

Key Financials (Rs mn)

Towards
Mumbai/Pune

P&L Snapshot
Stretch connecting to
Warangal, which is a highly
industrialised zone in the
state of Andhra Pradesh

HITEC City, a major

technology township

Towards
Chennai

Kothagudem Coal
Mining area,
contributing to growth
of industrial traffic

Avg. PCUs/day

FY13
13,112

13,857

112

383

EBITDA

61

107*

% Margin

54%

28%

Finance Cost

130

430

14

296

4,658

5,094

44

19

Net Revenue

BS Snapshot
Networth

FAB City Indias

semiconductor
and solar energy
hub

37

FY14

Total Debt
Cash

*Includes provision for MMR

DPTL
Location

The project road starts from MP/MH Border & ends at Dhule. It is a part of NH-3 (AB Road) which connects Agra to Mumbai. Major
towns/cities enroute in DPTL area are Palasner, Sangvi, Shirpur, Varshi, Nardana, Songir and Dhule

Connectivity &
Industrial
Development

Major highways NH-3 and NH-6 intersect at Dhule. NH-6 serves as the connect between the major states of
West Bengal and Gujarat
NH-3 runs through the states of Uttar Pradesh, Rajasthan, Madhya Pradesh and Maharashtra. DPTL caters to the traffic originating from these
states
Major Development in the project influence area
o Nashik - Third most industrialized city in Maharashtra, home for many domestic & global manufactures. It is also a home for textile
industries & world class wineries
o India Bulls is setting up a Multipurpose SEZ at Sinnar, first and largest multipurpose SEZ in Maharashtra
o Suzlon Energy is presently developing a world largest 1,000 MW wind park near Dhule

Increase in Toll
Rate

Every April - 3% fixed+ 40% of WPI

Revenue sharing

1% of revenue after 2610 days

Key Financials (Rs mn)

Towards Indore and Agra

Avg. PCUs/day

Project stretch part of the

Delhi-Indore Industrial
Corridor

Towards Mumbai

FY13

FY14

24,930

23,485

Net Revenue

766

1,116

EBITDA

594

931

% Margin

78%

83%

1,332

1,403

Finance Cost

Suzlon is setting up a 1,000

MW wind park

BS Snapshot

38

38

P&L Snapshot

FY13

FY14

Networth

(1,040)

(2,366)

Total Debt

11,848

10,044

123

30

Cash

SUTPL
Key Description of the Project Stretch
NH-8 leading to New
Delhi

Project is part of the Shrinathji-Udaipur section of

Project

NH-8. The entire project is located in the state of

Rajsamand Major Muble

Cluster in India

Rajasthan. Length of the project is ~79 kms

The project is located at ~14 kms of ghat section

due to which heavy commercial traffic could not
Udaipur Tourism and Industrial
area

Location

NH-8 leading to Mumbai

pass through the road. Once this stretch will

develop potential traffic from NH-79 is expected
to divert on this road

The project caters to North-West traffic, originating from Delhi to Mumbai

Project stretch is part of NH-8 which is one the busiest highways which passes through the State capitals of Gandhinagar and Jaipur, as
well as important cities like Gurgaon, Ahmedabad, Surat and Vadodara
Location & Connectivity

The project caters to long distance traffic, originating from Ahmedabad to Kishangarh
~50,000 PCUs travel between Kishangarh and Ahmedabad section
As the project road lies in the vicinity of this stretch, and once operational, a lot of traffic diversion is expected onto the project
stretch thus helping industrial and commercial traffic growth

Udaipur is known for its many tourist locations which attracts a lot of tourism traffic onto the stretch thus contributing to significant
growth of passenger traffic along the stretch
Industrial & Tourism Area

Udaipur is also a major industrial hub and a big exporter of Zinc, Marble, Rock Phosphate, Granite, Wolestonites and Soapstone, major
& minor minerals non-ferrous metal and other industrial products, thus contributing a significant growth of industrial traffic along the
stretch

39

BRTPL
Key Description of the Project Stretch
Textile Hub with a
turnover of INR
10,000 Cr p.a.

Project is part of the Bhilwara-Rajsamand

Major Marble Clusters in
Rajasthan (Around 20% of
Indias Marble reserve)

Project /
Location

section of NH-758. The entire project is located

in the state of Rajasthan
The total length of the stretch is ~87 km

Hindustan Zinc Limited 80 MW

power plant

Zawar Township by Hindustan

Zinc which contains the Zawar and
Balaria Mines

Location & Connectivity

Industrial Area

40

This section of NH-758 connects all the major cities in Rajasthan

The project caters to long distance traffic, originating from Ahmedabad to Kishangarh
~50,000 PCUs travel between Kishangarh and Ahmedabad section
As the project road lies in the vicinity of this stretch, and once operational, a lot of traffic diversion is expected onto the project
stretch thus helping industrial and commercial traffic growth

Project Road passes through the Rajsamand which is one of the major Marble Clusters in Rajasthan (Around 20% of Indias Marble
reserve)
Deposits of a variety of white & greyish white marble like Morwar, Agaria, Dholikhan, Arna, Jhanjhar, Dharmeta etc
About 500 mines and 250 modern gangsaw mills
Cluster spread over a stretch of 40 km square from Nathdwara to Kelwa and Amet
Jawar mines and Dariba mines in close vicinity to the project are principal sources of minerals like zinc, silver and manganese in India

RHTPL
Key Description of the Project Stretch
Project is part of the Rohtak-Hissar section of

HSIIDC Industrial
Area

Industrial
Modern
Township (IMT)

Location & Connectivity

NH-10. The entire project is located in the

Project /
Location

state of Haryana
The total length of the stretch is 83 km

Proposed International Cargo

Terminal

Project stretch lies on the important NH-10 which runs through Delhi, Haryana and Punjab states in India
The highway passes through the cities of Delhi, Rohtak, Hisar, Sirsa and Fazilka contributing a lot to the growth of
commercial traffic along the stretch
Long-distance traffic originating from Haryana going into Delhi will utilize the project stretch
NH-10 is one of the most important link and strategic important national highways of the country and it is officially listed
as running over 403 km

Government investments to boost industrial growth surrounding the project stretch

Industrial Area

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The Haryana government has recently decided to set up a international air cargo terminal in Rohtak which will help in
significant growth of freight traffic along the stretch
Proposed cargo airport is expected to boost the industries based in Rohtak, Hissar, Jhajjar, Bhiwani regions

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