Ircon International Ltd. · NSE:IRCON
Ircon International — Non-Deal Roadshow (October 2023)
42 slides from Ircon International's roadshow presentation, Oct 4, 2023
Slide 1: Intimation of schedule of institutional investors meet
इरकॉन इं टरनेशनल लललिटे ड (भारत सरकार का उपक्रम) IRCON INTERNATIONAL LIMITED (A Govt. of India Undertaking) An integrated Engineering and Construction Company IRCON/SECY/STEX/124 4th October, 2023 BSE Limited National Stock Exchange of India Limited Listing Dept./ Dept. of Corporate Services Listing
Slide 2: Annexure-I: Investors Meet Schedule
Annexure-I Day & Date Investors Name Maybank; Morgan Stanley; Next Infinity Family Office; Kotak Offshore; October 9 & 10, 2023 Perfecta Capital; DE Shaw; Nikko Asset; and Other Investors
Slide 3: Ircon International Limited Corporate Presentation October 2023
Annexure-II Ircon International Limited Corporate Presentation October 2023
Slide 4: Safe Harbour
Safe Harbour By attending the meeting/telephonic call where this presentation is made, you agree to be bound by the trailing restrictions regarding the information disclosed in this presentation. This presentation has been prepared by IRCON Limited (the “Company”) and is of general background inform
Slide 5: Table of Contents
Table of Contents I Executive Summary 5 • Company at Glance • Experienced Management Team • IRCON – Diversified Global Infrastructure PSU • Robust Order Book • Global Presence • Projects • Group Structure – Subsidiaries & JVs • Certifications II SWOT Analysis 24 III Key Investment Highlights 26 IV F
Slide 6: Journey So Far
Journey So Far 2023 Highest ever Q1FY24Turnover 2023 of over 2022 Highest ever Rs.2,800 crore Crossed Turnover of over 2018 2020 Rs.10,000 crore Turnover of Equity Shares Crossed Rs.7,000 crore 9 Turnover of listed 8 on NSE & Rs.5,000 crore 2006 BSE in Sept. 7 1998 6 A Miniratna Schedule ‘A” 1992 19
Slide 7: Company at a Glance
Company at a Glance Mini-Ratna Category – I Schedule ‘A’ Listed Central Public Sector Undertaking Projects Completed Executed Work (till March’23) Ranking (2023) 8,181 RKM USA ENR Construction 5,470 TKM 229th Companies Railway 401 Railway Track Top Global Contractors for Year 2023 Electrification Do
Slide 8: Highlights - 47 Years of Journey
Highlights - 47 Years of Journey Largest & Fastest Newest (in Kashmir Valley) Front Runner Constructed New BG Rail link from • First Construction company to Way back in 1980 executed a project of Quazigund – Baramulla (both stations bring the Dual Lane Concrete construction of High Speed Railway - i
Slide 9: IRCON – Diversified Global Infrastructure PSU
IRCON – Diversified Global Infrastructure PSU Diversified Business Services Engineering Procurement Public Private Project Management & Renewable & Construction Partnership Consultancy Power • Offers a range of services from • Undertakes PPP projects in the • Offers wide range of PMC • Entered into
Slide 10: International Footprint
International Footprint 128 25+ International Countries Projects Geographic Footprint: • Afghanistan • Malaysia • Algeria • Mozambique • Angola • Myanmar • Bangladesh • Nepal • Bhutan • Nigeria • Brazil • Saudi Arabia • Ethiopia • Sri Lanka • Indonesia • Syria • Iran • Tanzania • Iraq • Turkey • Jor
Slide 11: Group Structure Subsidiaries and JVs
Group Structure Subsidiaries and JVs Ircon International Limited Subsidiaries (11 nos.) JVs (7 Nos.) Ircon Infrastructure & Services Limited (100%) Ircon Bikaner Phalodi Tollway Limited (100%) (BOT) Ircon Shivpuri Guna Tollway Limited (100%) (BOT) Ircon Davanagere Haveri Highway Limited (100%) (HAM)
Slide 12: Board of Directors
Board of Directors Shri Brijesh Kumar Gupta Chairman & Managing Director (Additional Charge) • Holds BE in Civil Engineering from Jiwaji University, Gwalior and PG degree in applied mechanics from IIT, Delhi. • Belongs to IRSE and is Additional Member (Civil Engg.), Railway Board. • Has experience o
Slide 13: Board of Directors
Board of Directors Shri Dhananjaya Singh, Government Nominee, (Part-Time Official) Director • Holds Bachelors degree in Civil Engineering from University of Lucknow. • Belongs to IRSE and Executive Director (Works), Railway Board Shri Ajay Kumar Chauhan, Independent Director (Part-Time Non-Official)
Slide 14: Human Capital
Human Capital Employee Break-Up Revenue & Cost per Employee (INR Crore) 1,576 1,369 1,295 1,278 1,343 7.6 28 38 20 5.6 311 24 37 73 30 197 26 28 35 229 249 303 4.0 4.0 3.0 0.16 0.19 0.18 0.19 0.20 1199 1122 1016 964 932 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Regular Contract Deputation Ot
Slide 15: Robust Order Book
Robust Order Book Total Order Book – INR 32,486 Cr (As on 30th June 2023) Segment Geography Mode of Award Railways INR 23,613 Cr (72.7%) Domestic Nomination INR 29,649 Cr INR 14,614 Cr (91.3%) (45.0%) Highways INR 6,906 Cr (21.3%) International Bidding INR 2,837 Cr INR 17,872 Cr (8.7%) (55.0%) Other
Slide 16: Order Book (Nomination Vs. Bidding)
Order Book (Nomination Vs. Bidding) Order Book (INR Cr) 33,901 30,713 34,689 43,758 35,195 32,486 100% 17% 15% 90% 22% 80% 46% 52% 55% 70% 60% 50% 83% 85% 40% 78% 30% 54% 48% 45% 20% 10% 0% FY19 FY20 FY21 FY22 FY23 Q1FY24 Nomination Bidding 14
Slide 17: Opportunities
Opportunities • Government to undertake huge Capex in Railways, Highways, DFC, Metro, Solar Power and High-speed Projects • Well placed to secure BOT as well as HAM orders on competitive bidding basis on both EPC and PPP models Infrastructure Projects Massive Govt. push to the infrastructure Nationa
Slide 18: Major Projects Completed in FY23
Major Projects Completed in FY23 Kim-Vadodara Project Angul – Balram Section of Hajipur - Bachhwara project Escape Tunnel in J&K MCRL Project • IRCON Kim Vadodara • Completed Angul - • Commissioned Hajipur - • IRCON has achieved project received Balram section of 14 Km Bachhwara project - 72 breakth
Slide 19: Railway Projects (Under Execution)
Railway Projects (Under Execution) Qazigund- Baramulla Rail Project • Railway connectivity of J&K region with rest of India • Tunneling, Bridges, Station Building, S&T etc. • Contract value: INR 15,170 Crore • Expected date of completion: FY 2023 - 2024 Sivok Rangpo New Rail Line Project • Sivok in
Slide 20: Foreign Projects (Executed Key Projects)
Foreign Projects (Executed Key Projects) Iraq Samawa High Speed Rail Project • Mussayeb-Samawa Length – 95.67 Km. • Design Speed – 250 Kmph • Project Cost – Iraqi Dinar 104.5 Million • Project Period – 1981 - 1984 Malaysia Rail Project • Seremban – Gemas double tracking project in Malaysia valued at
Slide 21: Foreign Projects (Under Execution)
Foreign Projects (Under Execution) Railway Line Project, Sri Lanka • Upgradation of Railway Line from Maho to Omanthai, Sri Lanka • Client: Sri Lanka Railway • Contract value: USD 91.268 Million (INR 638 Crore) • Expected date of completion: FY 2023 - 2024 Khulna-Mongla Port Rail Line Project, Bangl
Slide 22: Metro & Dedicated Freight Corridors Projects
Metro & Dedicated Freight Corridors Projects Metro Projects DFCC Project (Projects under execution) • Design and construction of 3.11 km of Tunnel by shield TBM method as • Design & Construction of Civil, Building & consortium named MTG Track works for Vaitarna - Sachin Section of • Total 143.03 KM
Slide 23: High Speed Rail Projects (Projects under execution)
High Speed Rail Projects (Projects under execution) MAHSR C-7 Project • Design and Construction for Double Line High Speed Railway involving Ahmedabad Station, Sabarmati Station, Viaduct & Bridges, Crossing Bridges etc. between MAHSR Km. 489.467 and MAHSR Km. 507.599 in the State of Gujarat. • Clien
Slide 24: Road & Highway Projects
Road & Highway Projects • Shivpuri Guna Highway Project • Type of Project: BOT • Date of completion (Phase-I) : June 2018 • Phase-II: Provisional CoD received on 01.06.2023 • Bikaner Phalodi Highway Project • Type of Project: BOT • Date of completion: February, 2019 • Six-Laning of Davanagere-Haveri
Slide 25: Table of Contents
Table of Contents I Executive Summary 5 II SWOT Analysis 24 III Key Investment Highlights 26 IV Financial Snapshot 28 V Annexures 34 23
Slide 26: SWOT Analysis
SWOT Analysis Strengths S W • Strong Order Book Weakness • Sturdy Cash Position • Inherent constraints being PSU • Experienced Manpower • Prone to change in government policies • Diversified Business Segments • Wide Geographical Presence O T Threats Opportunities • Increase in competition in the sec
Slide 27: Table of Contents
Table of Contents I Executive Summary 5 II SWOT Analysis 24 III Key Investment Highlights 26 IV Financial Snapshot 28 IV Annexures 34 25
Slide 28: Key Investment Rationale
Key Investment Rationale Government thrust on infrastructure Government has launched National Infrastructure Pipeline for FY 2019-25 to provide world-class infrastructure to citizens There are 4,676 opportunities available in 9 sectors under NIP Wide Geographic Presence IRCON operates in 20 states i
Slide 29: Table of Contents
Table of Contents I Executive Summary 5 II SWOT Analysis 24 III Key Investment Highlights 26 IV Financial Snapshot 28 • Annual Standalone Financials • Annual Consolidated Financials • Quarterly Standalone Financials • Quarterly Consolidated Financials IV Annexures 34 27
Slide 30: Standalone Financials (Annual)
Standalone Financials (Annual) All figures in INR Cr unless stated otherwise Revenue from Operations & Growth 9,921 6,910 5,202 4,948 4,415 FY19 FY20 FY21 FY22 FY23 Segment wise break-up of Revenue Geography wise break-up of Revenue 4,415 5,202 4,948 6,910 9,921 4,415 5,202 4,948 6,910 9,921 7% 6% 1
Slide 31: Standalone Financials (Annual)
Standalone Financials (Annual) All figures in INR Cr unless stated otherwise EBITDA 924 716 642 614 641 FY19 FY20 FY21 FY22 FY23 PAT Dividend/Share (INR) 777 3.0 2.4 2.5 544 2.2 2.4 490 445 405 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 ¹Profit for the FY22 includes Rs.92 crore of write back
Slide 32: Standalone Financials (Quarterly)
Standalone Financials (Quarterly) All figures in INR Cr unless stated otherwise Geography wise Revenue from Operations EBITDA 1,897 2,117 2,237 3,670 2,626 303 4% 4% 4% 4% 4% 237 238 220 168 96% 96% 96% 96% 96% Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Domestic Internatio
Slide 33: Consolidated Financials (Annual)
Consolidated Financials (Annual) All figures in INR Cr unless stated otherwise Revenue from Operations EBITDA 1,117 853 10,368 783 690 693 7,380 4,798 5,392 5,342 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 PAT ROE 765 14.65% 12.69% 592 11.63% 11.35% 450 485 391 8.88% FY19 FY20 FY21 FY22* FY23
Slide 34: Consolidated Financials (Quarterly)
Consolidated Financials (Quarterly) All figures in INR Cr unless stated otherwise Geography wise Revenue from Operations 2,002 2,239 2,347 3,781 2,717 4% 4% 4% 4% 4% 96% 96% 96% 96% 96% Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Domestic International Total Revenue EBITDA PAT 370 256 315 281 190 187 239 233
Slide 35: Thank You
Thank You Ircon International Limited (A Government of India Undertaking) CIN: L45203DL1976GOI008171 Corporate Office: C-4, District Centre, Saket, New Delhi – 110017, India 33
Slide 36: Table of Contents
Table of Contents I Executive Summary 5 II SWOT Analysis 24 III Key Investment Highlights 26 IV Financial Snapshot 28 V Annexures 34 • Company Structure • Annual Standalone Financials • Awards & Accolades • Annual Consolidated Financials 34
Slide 37: Group Structure - Subsidiaries (1/4)
Group Structure - Subsidiaries (1/4) 1. IRCON Infrastructure & Services Limited (IRCON ISL) - Subsidiary • Wholly owned subsidiary incorporated on September 30, 2009 • Main objectives of Ircon ISL are: ▪ To undertake infrastructure projects including planning, designing, development, improvement etc
Slide 38: Group Structure - JVs (2/4)
Group Structure - JVs (2/4) Joint Ventures – Seven (7) 1. Chhattisgarh East Railway Limited (CERL): A JV company with equity participation by SECL, IRCON and CSIDC in the ratio of 64:26:10, respectively, was incorporated on March 12, 2013. The main object of CERL is development of coal connectivity
Slide 39: Group Structure – SPVs (3/4)
Group Structure – SPVs (3/4) Road & Highways SPVs – Subsidiaries (Built Operate Transfer – BOT) 3. IRCON PB Tollway Limited (IRCON PBTL): • A wholly owned subsidiary of IRCON, incorporated as a Special Purpose Vehicle on September 30, 2014 • The main object of IRCON PBTL is widening and strengthenin
Slide 40: Group Structure – SPVs (4/4)
Group Structure – SPVs (4/4) Road & Highways SPVs – Subsidiaries (Hybrid Annuity Model – HAM) 5. IRCON Davanagere Haveri Highway Limited (IRCON DHHL): Six-laning of Davanagere-Haveri from km 260+000 to km 338+923 of NH-48 (old NH- 4) in the State of Karnataka 6. IRCON Vadodara Kim Expressway Limited
Slide 41: Standalone Financials (Annual)
Standalone Financials (Annual) All figures in INR Cr unless stated otherwise Balance Sheet FY21 FY22 FY23 Assets Income Statement FY21 FY22 FY23 Non-Current Assets 3,876 2,888 3,329 Property, Plant and Equipment 255 188 179 Revenue from operations 4,948 6,910 9,921 - - - Capital Work-in-Progress Inv
Slide 42: Consolidated Financials (Annual)
Consolidated Financials (Annual) All figures in INR Cr unless stated otherwise Balance Sheet FY21 FY22 FY23 Assets Income Statement FY21 FY22 FY23 Non-Current Assets 3,772 4,193 4,320 Property, Plant and Equipment 260 205 201 Revenue from operations 5,342 7,380 10,368 Capital Work-in-Progress 3 6 8
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