Il&fs Transportation Networks Limited · NSE:IL&FSTRANS
Il&fs Transportation Networks — Q1 FY2014 Earnings Presentation
36 slides from Il&fs Transportation Networks's earnings presentation, Aug 8, 2013
Slide 1: IL&FS Transportation Networks Limited Analyst Presentation – August 2013
IL&FS Transportation Networks Limited Analyst Presentation – August 2013 August 08, 2013
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely by IL&FS Transportation Networks Limited (“ITNL”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or s
Slide 3: In this presentation…
In this presentation… Company Overview Key Differentiators The ITNL Group Project Portfolio Recent Project Awards and Financial Closures Project Pipeline Road Sector Opportunity Financial Performance Parameters Key Quarterly Financial Parameters Capital Works Remaining to be Executed Toll and Annuit
Slide 4: An Introduction
An Introduction IL&FS Transportation Networks Limited (ITNL) has the largest BoT road asset portfolio (in terms of lane kilometer) in India Jammu & Kashmir ITNL has a pan India presence with projects in 16 states in India PAN India presence with Promoted by Infrastructure Leasing and Financial Servi
Slide 5: Key Differentiators
Key Differentiators Market Leadership in the Transportation Infrastructure Sector • With around 13,000 lane km comprised in 26 projects in its road assets portfolio • Forays into other surface transportation sub-sectors like metro, bus & border check-post Track Record of Successful Project Implement
Slide 6: Organization Chart
Organization Chart Annuity Projects Toll Projects Urban Transport Projects Others North Karnataka Expressway Gujarat Toll Road (83.6%) Vansh Nimay - Bus (90%) IL&FS Rail Ltd (70.4%) (93.5%1) Andhra Pradesh Expressway Rapid Metro Rail ITNL Offshore Pte. Ltd, West Gujarat Eway (100%1) (100%1) Gurgaon
Slide 7: Portfolio: Road Projects
Portfolio: Road Projects Khed • Diverse BOT portfolio of 26 road projects covering 13,161 lane km spread across 16 states in India Barwa Adda Sinnar Panagarh K-SHIP* 500000 • Fair mix of “Annuity / assured payments” and “Toll” based projects in various stages of development Kiratpur RIDCOR III Ner K
Slide 8: Portfolio: Metro Rail
Portfolio: Metro Rail Rapid MetroRail Project: Awarded by Haryana Urban Development Authority (HUDA) Metro link from Delhi metro Sikanderpur station to DLF Cyber City on NH-8 in Gurgaon – around 4.9 km Project Cost of ~ INR 1134 cr with a concession period of 99 years - ITNL stake in the project ~60
Slide 9: Portfolio: Other Concessions
Portfolio: Other Concessions MP Border Check Post Project – awarded by the Government of Madhya Pradesh ITNL stake 51%, 24 border check-post in MP to be developed Border Revenue sources – entry fee from commercial vehicles, parking fee, loading/unloading etc. Entry Similar to toll road concessions i
Slide 10: Recent Project Awards & Financial Closures
Recent Project Awards & Financial Closures ITNL Secured projects worth around INR 69 billion each year Debt Tied-up in the last 2 financial years BOT Length Estimated Cost Debt tied-up Project Authority Type (lane km) ( INR Million) Project ( INR Million) Two stretches under JARDP GoJ Annuity 198 7,
Slide 11: Road Sector Opportunity
Road Sector Opportunity ~20,500 km of awards pending under NHDP – to be substantially executed under PPP Program To be awarded (in Km) NHDP Overall Progress NHDP-III 1,773 VII 41 NHDP-IV 16,010 700 VI 0 NHDP-V 2,420 1000 V 4080 SARDP-NE 276 6500 IV 3990 Total 20,479 20000 Source: MoRTH outcome budge
Slide 12: Project Pipeline
Project Pipeline As of July 31, 2013 BID PIPELINE RFP Stage (Post Qualification) RFQ Stage (Pre Qualification) Projects Length (km) INR Mn) Cost (INR Projects Length (km) INR Mn) Cost (INR NHAI 3 230 48,750 18 2,046 204,810 States 2 80 11,260 18 1,860 193,200 MORTH 1 63 210,000 Border Road 1 14 89,4
Slide 13: Financial Parameters (Consolidated)
Financial Parameters (Consolidated) Revenue EBITDA(1) (INR mn) (INR mn) 80,000 67,888 80,000 57,294 60,000 60,000 41,274 40,000 24,873 40,000 14,798 19,818 13,320 15,894 20,000 20,000 8,785 12,335 2,900 5,491 - - FY09 FY10 FY11 FY12 FY13 Q1FY14 FY09 FY10 FY11 FY12 FY13 Q1FY14 Profit After Tax(2) Ave
Slide 14: Financial Parameters (Standalone)
Financial Parameters (Standalone) Revenue EBITDA(1) (INR mn) (INR mn) 40,000 35,662 29,102 40,000 30,000 30,000 17,010 20,000 20,000 9,415 7,374 6,440 6,171 6,899 8,434 10,000 10,000 3,069 2,277 1,323 - - FY09 FY10 FY11 FY12 FY13 Q1FY14 FY09 FY10 FY11 FY12 FY13 Q1FY14 Profit After Tax(2) Average Cap
Slide 15: Profit & Loss Accounts Highlights
Profit & Loss Accounts Highlights (All figures in INR million) Consolidated Standalone Key Parameters Q1FY14 Q1FY13 % Change Q1FY14 Q1FY13 % Change Revenue 14,511 15,796 -8% 6,919 7,693 -10% Other Income 287 349 -18% 455 482 -6% EBITDA 5,012 10% 3,069 2,425 27% 5,491 EBITDA Margin 37% 32% 42% 32% In
Slide 16: Standalone Revenue & Expenses
Standalone Revenue & Expenses Revenue Expenses (in INR million) (in INR million) 12,000 12000 7% 10,000 745 10000 8,000 23% 8000 1,918 40% 6,000 87% 2,947 6000 9,356 8,333 4,000 68% 4000 5,566 51% 5,084 2,000 3,773 2000 3,585 - 0 Q1FY13 Q4FY13 Q1FY14 Q1FY13 Q4FY13 Q1FY14 Constr Income Fee Income O&M
Slide 17: Consolidated Revenue & Expenses
Consolidated Revenue & Expenses Revenue Expenses (in INR million) (in INR million) 12% 20,000.00 20,000 2,297 3,276 17% 13% 15,000.00 15,000 2,052 17% 2,059 13% 2,488 12% 1,836 10,000.00 10,000 70% 66% 13,876 61% 10,721 10,055 5,000 9,094 5,000.00 8,061 6,221 - - Q1FY13 Q4FY13 Q1FY14 Q1FY13 Q4FY13 Q
Slide 18: Debt Equity Analysis
Debt Equity Analysis Standalone Consolidated (in INR million) (in INR million) 160,000 5.00 160,000 5.00 140,000 4.50 143,591 156,182 140,000 4.50 120,000 4.00 3.95 3.99 120,000 4.00 3.50 100,000 100,000 3.50 3.00 80,000 80,000 3.00 2.50 60,000 1.81 40,330 60,000 2.50 37,384 2.00 39,157 1.76 36,398
Slide 19: In the Works…
In the Works… Capital Works remaining to be executed (ITNL proportionate share) (In INR million as on 30-June-2013) Of current projects 138,557 Of projects during last quarter - Total of Capital Works remaining to be executed 138,557 Uttar Pradesh Andhra Pradesh Jharkhand & W 1.35% 1.21% Himachal Pr
Slide 20: Revenue Collection on Operational Road Projects
Revenue Collection on Operational Road Projects Not adjusted for ITNL’s stake (All figures in INR million) Average Daily Toll Collection Toll Projects under Operation In Q2 FY 13 In Q3 FY 13 In Q4 FY 13 In Q1 FY 14 Ahmedabad Mehsana Road (Gujarat) 1.70 1.70 1.70 1.75 Vadodra Halol Road (Gujarat) 1.2
Slide 21: BOT Toll Revenue Growth
BOT Toll Revenue Growth INR in million Toll Revenue Sr.No Name of the Project 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 start date Ahmedabad Mehsana Road 1 Feb-03 (Gujarat) 614 660 747 850 1,037 1,067 2 Vadodra Halol Road (Gujarat) Oct-00 3 Noida Toll Bridge (UP) Feb-01 547 659 706 696 774 888
Slide 22: IL&FS - Strong Parentage
IL&FS - Strong Parentage IL&FS Overview Incorporated in 1987 as a JV between the Central Bank of India (CBI), Our Parent Shareholding IL&FS Shareholding Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI) to commercialize infrastructure projects and work with public
Slide 23: Value for Shareholders
Value for Shareholders Have consistently created wealth for our shareholders…. Public Issue INR 5012 Cr* Bessemer (Mar, 2010) Stanchart INR 4184 Cr* IL&FS Fund (Oct, 2009) INR 2280 Cr* Goldman (Mar, 2008) Sachs INR 1624 Cr* Trinity (Mar, 2007) Capital INR 1542 Cr* (Dec, 2006) * Post money valuation
Slide 24: Experienced Board of Directors
Experienced Board of Directors Independent Directors Non-Independent Directors Name Designation Name Designation Mr Deepak Mr Ravi Chairman, IL&FS Chairman; Former Chairman, NHAI Parthasarthy Dasgupta Mr Hari Sankaran Vice Chairman and MD, IL&FS Mr RC Sinha Former Vice Chairman & MD, Maharashtra Air
Slide 25: Key Managerial Personnel
Key Managerial Personnel K. Ramchand • He has over 31 years of experience in urban and transport infrastructure development sector Managing Director Mukund Sapre • He has over 28 years of experience in the industry. Executive Director Harish Mathur • Has over 34 years of experience in various road c
Slide 26: Road Projects
Road Projects
Slide 27: Operational Projects
Operational Projects North Karnataka West Gujarat Expressway Vadodara Halol Toll Road Ahmedabad - Mehsana Name of Project Noida Toll Bridge (NTBCL) Expressway Limited (NKEL) Limited (WGEL) (GRICL) Road (GRICL) Authority NHAI NHAI NOIDA Govt. of Gujarat Govt. of Gujarat State Karnataka Gujarat Delhi
Slide 28: Operational Projects
Operational Projects Andhra Pradesh Expressway Thiruvananthapuram City Roads Mega Highways Project Name of Project Beawar Gomti Road (IRIDCL) (APEL) (Phase I) (TRDCL) Rajasthan (RIDCOR) Phase I Authority NHAI KRFB Govt. of Rajasthan MORTH State Andhra Pradesh Kerala Rajasthan Rajasthan BOT Type Annu
Slide 29: Operational Projects
Operational Projects Jharkhand Accelerated Road Development Hazaribagh Ranchi Expressway Name of Project East Hyderabad Expressway Ltd (EHEL) Programme (JRPICL) Limited (HREL) Authority HUDA GOJ NHAI State Andhra Pradesh Jharkhand Jharkhand BOT Type Annuity Annuity Annuity Project (Lane Km) 173 418
Slide 30: Status – Project under Construction
Status – Project under Construction Indicates Physical Progress 27
Slide 31: Project Under Implementation
Project Under Implementation Thiruvananthapuram City Pune Sholapur Road Mega Highways Project, Chandrapur Warora Moradabad to Bareilly Name of Project Roads (Phase II & III) Development Company Rajasthan (RIDCOR) Phase II (WCBTRL) (MBEL) (TRDCL) Limited (PSRDCL) Authority KRFB NHAI Govt. of Rajastha
Slide 32: Project Under Implementation
Project Under Implementation Jharkhand Accelerated Road Chennani - Nashri Jorabat Shillong Narketpally - Addanki M P Border Check Kiratpur Ner Chowk Name of Project Development Programme (CNTL) (JSEL) (NAMEL) Post (MPBCDCL) (KNEL) (JRPICL) Authority NHAI NHAI Govt. of Andhra Pradesh MPRDC Govt of Jh
Slide 33: Project Under Implementation
Project Under Implementation Kharagpur Baleshwar Beawer Gomti Mega Highways Project, Name of Project Sikar Bikaner Barwa Adda Panagarh Khed Sinnar Road (BKEL) (Additional) Rajasthan (RIDCOR) III Authority NHAI MoRTH MoRTH NHAI NHAI Govt. of Rajasthan State West Bengal & Rajasthan Rajasthan Jharkhand
Slide 34: Glossary
Glossary Acronym Full Form IL&FS Infrastructure Leasing and Financial Services ITNL IL&FS Transportation Networks Limited SPV Special Purpose Vehicle BOT Build OperateTransfer HUDA Haryana Urban Development Authority COD Commercial Operation Date NHDP National Highway Development Plan SARDP Special
Slide 35: Glossary
Glossary Acronym Full Form JARDP/JRPICL Jharkhand Accelerated Road Development Programme / Jharkhand Road Projects Implementation Company Limited RPR II (Part of JRPICL I) Patratu Dam – Ramgarh Road CKC (Part of JRPICL II) Chaibasa Kandra Chowka Road CNTL Chenani Nashri Tunnelway Limited WCBTRL Waro
Slide 36: Thank You
Thank You IL&FS Transportation Networks Limited The IL&FS Financial Centre C-22, G Block, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 Board: +91 22 2653 3333 Fax: +91 22 2652 3979 Email: itnlinvestor@ilfsindia.com
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