Dilip Buildcon Ltd. · NSE:DBL
Dilip Buildcon — Q1 FY21 Earnings Presentation
46 slides from Dilip Buildcon's earnings presentation, Aug 14, 2020
Slide 1: Dilip Buildcon Limited - Exchange intimation letter
DILIP BUILDCONLIMITED INFRASTRUCTURE & BEYOND Detc: Augurt ld 2020 To BSE Limited To Listing Department National Stock Exch,ange of India Ltd- P.J Tower, Dalal Sftet ExctaDge Plaz4 C- I , BIock c Muarbai - 400001 BaldraKu a CooDlerc Bandra (E), Mumid 40005 I - Stock SyEbot -540047 Stock Symbol -DBL
Slide 2: Q1FY21 Earnings Presentation
Q1FY21 EARNINGS PRESENTATION
Slide 3: Content
CONTENT Business Highlights Standalone Financial Consolidated Financial Page No: 03 Highlights Highlights Page No: 12 Page No: 21 Divestment Key Project Updates Company Overview Page No: 23 Page No: 28 Page No: 35 DILIP BUILDCON LIMITED 2
Slide 4: Business Highlights
Business Highlights 3
Slide 5: Highlights
Highlights Record orders secured amidst COVID-19 Two new states pandemic added Largest order Growing book size in the diversification, history of DBL >50% Orderbook from other than Road sector Revenue achieved amid lockdown challenge DILIP BUILDCON LIMITED 4
Slide 6: Record orders secured worth ₹1,07,032 Mn in FY21
Record orders secured worth ₹ 1,07,032 Mn* in FY21 across 4 sectors & 5 states including 2 new territory of Uttarakhand & Bihar Karnataka Tunnel 12% 12% Roads 31% Gujrat 47% Special Uttarakhand Bridge 12% 18% Telangana 11% Irrigation Jharkhand 39% 18% Roads Irrigation Special Bridge Tunnel Gujrat Jh
Slide 7: Projects won during FY21 till date
Projects won during FY21 till date (₹ mn) Contract Value Contract Value Project Name Type State Name of Employer LOA Date Quarter excluding GST including GST Bhadbhut Barrage Irrigation Gujarat Narmada, Water Resources, Water 37,212 41,677 22.07.2020 Q2 Supply and Kalpsar Department Dhrol - Bhadra P
Slide 8: Business Division
Business Division ROADS & URBAN SPECIAL HIGHWAYS IRRIGATION MINING METRO AIRPORT TUNNEL DEVELOPMENT BRIDGES ₹ 1,29,660 mn ₹ 50,438 mn ₹ 33,487 mn ₹ 3,878 mn ₹ 23,708 mn ₹ 5,618 mn ₹ 14,363 mn - 12.82% 5.50% 49.65% 19.31% 1.48% 9.08% 2.15% DILIP BUILDCON LIMITED 7 Total Order Book - ₹ 2,61,152 mn
Slide 9: Proven diversification – More than 50% of Order-book is from other than Road sector
Proven diversification – More than 50% of Order-book is from other than Road sector (₹ mn) Irrigation Special Bridge Irrigation Special 2.53% Metro 3.95% Urban Tunnel Bridge 0.18% Special Special Metro Tunnel Development 2.01% 1.45% Airport 9.08% Airport Bridge Bridge Airport 2.02% 5.50% 0.59% 3.02%
Slide 10: Total Order Book
Total Order Book (₹ mn) 261,152 * 238,881 211,718 190,816 175,683 107,787 74,747 51,609 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Q1FY21 *including orders worth INR 89,081 Mn received in the month of July & August’20 DILIP BUILDCON LIMITED 9
Slide 11: Order Book – Client Wise
Order Book – Client Wise (₹ mn) 43.00% 34.70% 10.58% 4.75% 2.58% 2.15% 2.24% NHAI MORTH COAL INDIA GOVT(UNDERTAKING) AAI PUNJAB STATE STATE CORPORATION 63% of the order book from the 37% of the order book from the Central Government state government DILIP BUILDCON LIMITED 10
Slide 12: Order Book Geography Wise
Rajasthan Chhattisgarh Uttarakhand Maharashtra Maharashtra 1.77% 2.04% 4.56% 9.32% Karnataka Odisha Karnataka Uttar Pradesh 5.01% 13.83% Andhra Pradesh Madhya Pradesh Gujarat 18.75% Goa Order Book Telangana Geography Wise Jharkhand Gujarat Uttar Pradesh Odisha Jharkhand 13.82% 13.04% Rajasthan Andhr
Slide 13: Standalone Financial Highlights
Standalone Financial Highlights 1 2
Slide 14: Results Summary – Q1FY21 (Standalone)
Results Summary – Q1FY21 (Standalone) Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) -17% -27% 8,00 0 1,256 23,000 -70% 19,005 4,242 4,00 0 3,086 371 - Q1FY20 Q1FY21 Q1FY20 Q1FY21 Q1FY20 Q1FY21 Contract Revenue Breakup Roads Roads & & Bridge Bridge -15% Roads & Bridge Irrigation 100% Roads Urb
Slide 15: Result Update – Standalone
Result Update – Standalone (₹ mn) Particulars Q1FY21 Q4FY20 Q1FY20 Y-o-Y (%) Revenue 19,005 25,093 23,000 -17.37% Operating expenses 15,919 20,870 18,759 -15.14% EBITDA 3,086 4,222 4,242 -27.24% EBITDA Margin (%) 16.24% 16.83% 18.44% Other income 85 96 63 35.29% Depreciation 1,066 1,059 1,047 1.83%
Slide 16: Standalone Profit & Loss – Q1FY21
Standalone Profit & Loss – Q1FY21 (₹ mn) Standalone Particulars Highlights Q1FY21 Q1FY20 Revenue from Operations 18,920 22,938 o Revenue decreased by 17% on Y-o-Y Other income 85 63 basis due to limited availability of Total Income 19,005 23,000 workforce and disrupted supply chain on account of loc
Slide 17: Standalone Balance Sheet
Standalone Balance Sheet (₹ mn) Particulars June’20 Mar’20 June’19 Particulars June’20 Mar’20 June’19 ASSETS EQUITY AND LIABILITIES Non-current assets Equity (a) Property, plant and equipment 19,909 20,010 20,855 (a) Equity share capital 1,368 1,368 1,368 (b) Other equity 35,063 34,692 31,846 (b) Ca
Slide 18: Standalone Cash flow – Q1FY21
Standalone Cash flow– Q1FY21 (₹ mn) Particulars Q1FY21 Q1FY20 Particulars Q1FY21 Q1FY20 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTMENT ACTIVITIES Net profit before tax as per Statement of Profit and Loss 509 1,607 Purchase of Fixed Assets (947) (766) Adjustments for: Sale of Fixed Ass
Slide 19: Net Working Capital Days – Quarterly
Net Working Capital Days – Quarterly (₹ mn) 140 127 127 119 120 114 107 103 93 87 100 96 100 89 85 83 90 80 77 71 72 71 69 69 69 60 65 66 66 63 61 62 61 63 59 60 60 55 56 57 55 53 51 48 49 50 40 37 20 119 113 103 102 95 86 91 89 100 105 104 104 106 111 0 31.03.2017 30.06.2017 30.09.2017 31.12.2017 3
Slide 20: Net Debt to Equity Ratio – Quarterly
Net Debt to Equity Ratio – Quarterly (Working Capital & Equipment Debt) 0.79 0.87 0.81 0.80 0.77 0.63 0.69 0.70 0.58 0.55 0.53 0.48 0.53 0.51 0.50 0.48 0.47 0.57 0.50 0.45 0.46 0.45 0.47 0.46 0.44 0.39 0.36 0.35 1.32 1.30 1.35 1.35 1.24 1.13 1.14 1.16 1.06 1.01 0.95 0.81 0.92 0.87 31.03.2017 30.06.2
Slide 21: Income Tax
Effective tax rate for FY 2020-21 will be in the range of 32-35%. However, Company does not envisage additional payouts towards tax over and above available MAT credit and TDS MAT credit unutilized as on 30th June 2020 is Rs. 3,341 Mn Income Tax Effective tax rate for FY Q1 21 is 34% Company is not
Slide 22: Consolidated Financial Highlights
Consolidated Financial Highlights 2 1
Slide 23: Consolidated Profit & Loss – Q1FY21
Consolidated Profit & Loss – Q1FY21 (₹ mn) Particulars Q1FY21 Q4FY20 Q1FY20 Revenue from Operations 20,999 27,297 24,364 Other income 104 108 138 Total Income 21,104 27,405 24,503 Expenses Cost of materials consumed 15,329 20,747 17,692 Changes in inventories of finished goods, Stock-in -Trade and w
Slide 24: Divestment
Divestment 2 3
Slide 25: Commitment to Achievement – Shrem Deal
Commitment to Achievement – Shrem Deal 14 Completed Projects 4 Nearing Completion 6 Under-construction HAM Projects Projects 12 SPVs Stake Transfer COD Achieved in all 4 COD Achieved in all 6 concluded before scheduled time before Schedule time 1 SPVs Stake Trf. in 1 SPV 49% Stake trf 4 SPVs 49% Sta
Slide 26: Projects Sold to Shrem Group
Projects Sold to Shrem Group Particulars Early Completion Days Bonus (₹ mn) Already Completed at 14 Completed Projects the time of deal - 4 Nearing Completion Projects - • Jalpa Devi Tollways Limited 260 Days 658* • DBL Mundargi Harapanahalli Tollways Limited 235 Days 177 • DBL Hassan Periyapatna To
Slide 27: Monetisation of Road Assets – Shrem
Monetisation of Road Assets – Shrem (₹ mn) Till FY 19-20 Q1 20-21 Q2 20-21 S. No. Particulars Total Savings Actual Actual Projected A Amount receivable by DBL (i) Consideration against 18 (14+4) completed assets 8,140 7,735 - 405 - DBL’s upfront equity investment in 6 under construction HAM (ii) 2,0
Slide 28: Monetisation of Road Assets – Cube Deal
Monetisation of Road Assets – Cube Deal (₹ mn) Entered into Agreement(s) with Cube Highways and Infrastructure III Pte Limited (“Cube”) Singapore for sale of five under construction Hybrid Annuity Model (“HAM”) projects on 31-Aug-2019 for valuation of 1.41x on investment Valuation against Balance 49
Slide 29: Key Project Updates
Key Project Updates 2 8
Slide 30: Equity Tracker for HAM projects
Equity Tracker for HAM projects (₹ mn) FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Particulars Requirement Actual Actual Projected Projected Projected Projected Investment for 12 HAM projects 15,996 3,893 6,945 3,958 1,200 - - Investment for 4 New HAM projects # 3,340 - - 310 1,670 1,360 -
Slide 31: Projects Completed in Q1FY21
Projects Completed in Q1FY21 (₹ mn) Actual Early Name of the Type of Cost of Length Scheduled Date of Project Name State Completion Completion Employer work work (Kms) Completion Date Days NHAI Mahagaon-Yavatmal Maharashtra HAM 8,578 80.20 26.08.2020 23.05.2020 95 DILIP BUILDCON LIMITED 30
Slide 32: Hybrid Road Projects – Progress
Hybrid Road Projects – Progress (₹ mn) Milestone Plan Milestone Achieved Early % of work Sr. Payment Milestone Project Name Appointed Date Achieved done as on No (Grant) Date Days Date Days (Days) 31.07.2020 1 DBL Anandpuram Anakapalli Highways Pvt. Ltd. 3rd PM, 50% Progress 04.01.2019 28.09.2020 63
Slide 33: Key Outstanding Road EPC Projects
Key Outstanding Road EPC Projects (₹ mn) Outstanding Order Book Schedule Date of Project name Type Contract Value Length (Kms) LOA Date Date of Start as on 30.06.2020 Completion with EOT Seoni–MP/MH Border Road 6,519 1,890 29.29 Jan-18 Aug-18 Nov-20 Karodi to Telwadi Road 5,045 256 55.61 Jan-18 Oct-
Slide 34: Airport, Mining and Irrigation Projects
Airport ,Mining and Irrigation Projects (₹ mn) Airport Outstanding Order Book as Schedule date of Project name Type Contract Value LOA Date Date of Start on 30.06.2020 Completion Construction of New Greenfield Airport at Hirasar, Rajkot Airport 5,701 5,618 Feb-20 Feb-20 Aug-22 Mining Contract Outsta
Slide 35: Special Bridges and Metro Projects
Special Bridges and Metro Projects (₹ mn) Special Bridge Contract Outstanding Order Book as Schedule date of Project name Type LOA Date Date of Start Value on 30.06.2020 Completion Zuari Bridge -(Package II ) Special Bridge 5,454 1,831 Feb-16 April-16 Sep-21 Zuari Bridge -(Package I ) Special Bridge
Slide 36: Company Overview
Company Overview 3 5
Slide 37: Overview
Diversified areas of expertise No subcontracting, Largest owner of Pan India presence Roads, bridges, buildings, metros, vertically integrated and Construction equipment’s 19 states dams, canals, water supply & use of technology 12,901 mining Largest employer in Best project executors construction i
Slide 38: Our Journey
Dilip Buildcon Limited Our Journey After building an enviable reputation for ahead-of-time-execution in its home state, Enters into Tunnels and Metros the Company decides to foray outside for After building roads segments. Revenue grows to more The young firm witnesses a in multiple than 120%, since
Slide 39: Pan India Project Execution Capability
(₹ mn) State Completed Ongoing Gross Ongoing Net Andhra Pradesh 29,045 13,750 4,975 Chhattisgarh 7,038 8,127 5,319 Himachal Pradesh Goa - 15,281 3,873 Punjab Uttarakhand Gujarat 9,589 49,055 48,972 Haryana Haryana 4,637 - - Rajasthan Uttar Pradesh Himachal Pradesh 1,187 - - Bihar Jharkhand 10,071 37
Slide 40: Backward Integration
Octagonal Poles Pipe Rolling Metal Beam Crash Road Marking Bus Shelter Sign Boards Scaffolding Barrier Paint Bearing & Reinforced Earth Fabricated Casting Overhead Overhead Foundry Expansion Joint Walls Panels and Moulds Gantries Cantilevers To further support our in-house execution, we have setup o
Slide 41: Leadership Team
Leadership Team Mr. Dilip Suryavanshi Mrs. Seema Suryavanshi Mr. Devendra Jain Chairman and MD Executive Director Executive Director & CEO Dilip Suryavanshi is the Chairman and Managing Director of our Company. Seema Suryavanshi is an Executive Director of our Company. She holds a Devendra Jain is a
Slide 42: Execution Team
Mr. R S Garg Mr. Abhishek Shrivastava Mr. Ajay Kumar Mishra Mr. R B Singh Mr. Arun Kumar K Execution Chief Financial Officer Company Secretary President – Contract Management AVP – Mining (Coal) VP – Design & Technical Audit Team Mr. Mohan Tiwari Mr. Atul Joshi Mr. Nitin Shrivastava Mr. Raja Ghosh M
Slide 43: Awards, Accreditation & Accolades
National Highway Excellence Award CNBC Awaaz CEO awards 2019 for Dun & Bradstreet Construction- Construction World Global Award 2019 3rd 2019 for Excellence in Project(PPP) "Company of the Year" in the Infrastructure Development Awards Fastest Growing Construction Company Management Infrastructure s
Slide 44: Awards, Accreditation & Accolades
Largest Fleet Owner of EC210B Hydraulic Valued Customer of Bitumen Single Largest Customer of Caterpillar GCI Star Achiever by GK TMT in 2014 Excavators in India by Volvo in 2015 by BPCL in 2015 in India in 2014 Awards, Over 200 Great Alliances by Metso Purchase of Volvo Trucks and Commitment for Pr
Slide 45: Investment Rationale
High quality execution from pre-bidding to Execution track record actual construction Strong performance during last 5 years when the economy was bad, demonstrated ability to adapt to Sustainable growth changes in the market to sustain growth and profitability Experienced leadership team supported b
Slide 46: Thank You
Thank You Dilip Buildcon Limited S-Ancial Global Solutions Pvt. Ltd. (Investor Relations) Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, 215, Shivshakti Industrial Estate, J. R. Boricha Marg, Lower Kolar Road, Bhopal Madhya Pradesh - 462 016 Parel (E), Mumbai - 400 011 0755 - 4029999 07