Pnc Infratech Ltd · NSE:PNCINFRA
Pnc Infratech — H1 FY20 Earnings Presentation
44 slides from Pnc Infratech's earnings presentation, Nov 15, 2019
Slide 1: Cover letter to stock exchanges
PNC Infratech Limited An ISO 9001 :2015 Certified Company Ref No: PNC/SE/68 / 19-20 Date: 15.11.2019 To, To, The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25,P.J. Towers, Exchange Plaza, Bandra Kurla Com
Slide 2: Result Update Presentation – Q2 & H1 FY20
PNC Infratech Limited Result Update Presentation – Q2 & H1 FY20
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by PNC Infratech 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 securi
Slide 4: Key Highlights & Financials
1 Key Highlights & Financials PNC infratech 3
Slide 5: Key Highlights for Q2 FY20
Key Highlights for Q2 FY20 Revenue EBITDA PAT +111% +245% +489% Revenue of Rs. 1,180 EBITDA of Rs. 257 crores PAT of Rs. 207 crores in crores in Q2 FY20 as in Q2 FY20 compared to Q2 FY20 compared to Rs. compared to Rs. 559 Rs. 75 Crores in Q2 FY19 35 Crores in Q2 FY19 crores in Q2 FY19 EBITDA Margin
Slide 6: Key Highlights for H1 FY20
Key Highlights for H1 FY20 Revenue EBITDA PAT +114% +123% +93% +55% Revenue of Rs. 2,502 crores EBITDA of Rs. 437 crores PAT of Rs. 307 crores in H1 FY20 in H1 FY20 as compared to PAT* to in H1 FY20 compared compared to Rs. 138 Crores in Rs. 1,294 crores in H1 FY19 Rs. 204 Crores in H1 FY19 H1 FY19
Slide 7: Key Highlights: Early Completion Bonus
Key Highlights: Early Completion Bonus Raebareli - Jaunpur BOT (Annuity) Project Aligarh - Moradabad Highway Project ✓ Received Rs. 33.73 crore towards the ✓ Received ‘Provisional Completion 'Bonus Annuity' by one of its subsidiary Certificate’ (PCC) for Aligarh - Moradabad company namely PNC Raebar
Slide 8: Financial Closure Achieved for all HAM Projects
Financial Closure Achieved for all HAM Projects Financial Closure Achieved for All 7 Projects of which 6 Project are Under Construction Jul-16 Mar-17 Mar-17 Mar-17 BPC - BPC - BPC – BPC - Rs. 881 Crores Rs. 1,434 Crores Rs. 1,310 Crores Rs. 1,410 Crores 4 laning Jhansi -Khajuraho 2 laning with paved
Slide 9: Order-book Details
2 Order-book Details PNC infratech 8
Slide 10: Robust Order-book of over Rs. 9,800 crores
Robust Order-book of over Rs. 9,800 crores Remaining Key EPC Projects Under Awarding Value Construction Authority (Rs. Crores) ◼ Remaining value of contracts under execution of Nagpur-Mumbai MSRDC 1,743 Rs. 9,877 crores as on September 30, 2019. The Expressway below order is not included in orderboo
Slide 11: Execution Status of Key Project
Execution Status of Key Project Project Project Type Execution Status Nagina-Kashipur EPC Appointed Date received and project is under-construction Koliwar-Bhojpur EPC Appointed Date received and project is under-construction Bhojpur-Buxar EPC Appointed Date received and project is under-constructio
Slide 12: Portfolio of Development Projects on PPP Mode
3 PORTFOLIO OF DEVELOPMENT PROJECTS ON PPP MODE PNC infratech 11
Slide 13: Sizeable Project Portfolio: Operational Projects
Sizeable Project Portfolio: Operational Projects PNC Share of Invested Total Debt as on % State / JV Kms / TPC Invested Grant Project Authority Type Equity Debt 30th Sept ’19 Stake Stretch Partners Lanes (Rs. Crs) Amount (Rs. Crs) (Rs. Crs) (Rs. Crs) (Rs. Crs) (Rs. Crs) Ghaziabad UP / SREI, 67.9 / 3
Slide 14: Asset Monetization Plan
Asset Monetization Plan ◼ Execution of Share Purchase Agreement (SPA) for Divestment of Stake in “Ghaziabad Aligarh Road Project” ✓ Signed SPA for sale of 35% stake (includes 19.88% holding with wholly owned subsidiary of PNC Infratech Ltd.) with Cube Highways and Infrastructure Pte. Ltd. on May 04,
Slide 15: Arbitration Award Received
Arbitration Award Received Narela Industrial Estate Project Garh Mukteshwar to Moradabad Project ❑ Realized Rs. 145.63 crore towards the final arbitration award ❑ Receipt of Rs. 145.27 crore towards an arbitration award on published in its favour of PNC Delhi Industrialinfra Private 3rd August 2019
Slide 16: Sizeable Project Portfolio: HAM Projects
Sizeable Project Portfolio: HAM Projects PNC Share of Invested Total Debt as on % State / JV Kms / TPC Invested Project Authority Type Equity Debt 30th Sept ’19 Stake Stretch Partners Lanes (Rs. Crs) Amount (Rs. Crs) (Rs. Crs) (Rs. Crs) (Rs. Crs) Raj/ 83.45/ Dausa-Lalsot 100% NHAI Hybrid - 820 65 65
Slide 17: Annexure I – Summary Financials
4 Annexure I – Summary Financials PNC infratech 16
Slide 18: Standalone Profitability Statement – Q2 & H1
Standalone Profitability Statement – Q2 & H1 YoY Growth YoY Growth Rs. Crores Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 (%) (%) REVENUE 1,180.22 558.64 111% 2,501.98 1,294.14 93% EBITDA 257.22 74.60 245% 436.79 204.03 114% EBITDA margin 21.8% 13.4% 844 17.46% 15.77% 169 Other Income 44.68 6.08 58.18 23.97 Dep
Slide 19: Standalone Balance Sheet
Standalone Balance Sheet ASSETS (Rs. Crores) Sep-19 Mar-19 EQUITY AND LIABILITIES (Rs. Crores) Sep-18 Mar-18 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 628.18 613.51 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 10.92 6.21 (b) Other equity 2,355.04 2,063.89 (c)
Slide 20: Consolidated Profitability Statement – Q2 & H1
Consolidated Profitability Statement – Q2 & H1 YoY Growth YoY Growth Particulars (Rs. Crores) Q2 FY20 Q2 FY19 H1 FY20 H1 FY19 (%) (%) REVENUE 1,340.95 725.07 85% 2,865.47 1,641.46 75% EBITDA 383.71 207.23 85% 734.73 488.40 50% EBITDA margin 28.6% 28.6% 3 25.64% 29.75% -411 Other Income 51.44 5.02 12
Slide 21: Segmental Revenue Break-up – Q2 & H1
Segmental Revenue Break-up – Q2 & H1 Q2 FY19 Q2 FY20 144.17 170.37 20% 13% 580.90 1,170.58 80% 87% EPC Toll/Annuity H1FY19 H1FY20 314.63 378.82 19% 13% 1,326.83 81% 2,486.64 87% EPC Toll/Annuity EPC Toll/Annuity PNC infratech 20
Slide 22: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (Rs. Crores) Sep-19 Mar-19 EQUITY AND LIABILITIES (Rs. Crores) Sep-19 Mar-19 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 631.13 616.70 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 10.92 6.21 (b) Other equity 2,349.81 1,973.08 (
Slide 23: Cashflow Statement – Standalone and Consolidated
Cashflow Statement – Standalone and Consolidated Standalone Consolidated Rs. Crores Half Year ended Half Year ended Half Year ended Half Year ended Sep-19 Sep-18 Sep-19 Sep-18 Profit before tax 390.97 162.14 485.99 179.29 Adjustments -60.24 -45.03 -248.27 -311.24 Operating Cash flow Before Working C
Slide 24: Net Working Capital Days
Net Working Capital Days* 136 136 124 129 122 122 109 113 112 92 97 86 68 73 57 59 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Sep/19 Debtors Net Working Capital * - Standalone PNC infratech 23
Slide 25: Standalone Profitability Statement – Full Year
Standalone Profitability Statement – Full Year Rs. Crores FY19 FY18 YoY REVENUE 3,096.87 1,856.58 67% EBITDA 457.34 318.83 43% EBITDA margin 14.8% 17.2% -241 Other Income 43.04 23.02 Depreciation 92.24 77.20 Interest 64.09 30.72 Profit Before Tax 344.04 233.93 47% Total Tax Expenses 19.13 -17.11 Cur
Slide 26: Standalone Balance Sheet
Standalone Balance Sheet ASSETS (Rs. Crores) Mar-19 Mar-18 EQUITY AND LIABILITIES (Rs. Crores) Mar-19 Mar-18 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 613.51 404.81 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 6.21 11.14 (b) Other equity 2,063.89 1,755.39 (c)
Slide 27: Consolidated Profitability Statement – Full Year
Consolidated Profitability Statement – Full Year Rs. Crores FY19 FY18 YoY REVENUE 3,774.4 2,411.39 57% EBITDA 1,006.81 769.10 31% EBITDA margin 26.7% 31.9% -522 Other Income 46.62 24.35 Depreciation 346.46 261.81 Interest 347.98 309.31 Profit Before Tax 358.98 222.33 61% Total Tax Expenses 8.31 -26.
Slide 28: Segmental Revenue Break-up – Full Year
Segmental Revenue Break-up – Full Year FY18 FY19 606.21 716.57 1,805.18 3,057.79 EPC Toll/Annuity EPC Toll/Annuity PNC infratech 27
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (Rs. Crores) Mar-19 Mar-18 EQUITY AND LIABILITIES (Rs. Crores) Mar-19 Mar-18 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 616.70 409.23 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 6.21 11.14 (b) Other equity 1,973.08 1,637.40 (
Slide 30: Annexure II – Company Overview
5 Annexure II – Company Overview PNC infratech 29
Slide 31: Introduction
Introduction Established track record of timely/early completion of projects Infrastructure construction, Executed 66 major development and infrastructure projects management company; spread across 13 states, of expertise in execution of which 43 are road EPC projects including highways, projects; c
Slide 32: Business Overview
Business Overview Operating 6 BOT & 1 OMT Design, procurement and project, comprising of both construction of track and Set up power toll & annuity assets; Total 7 track related works on transmission lines of HAM projects comprising - 6 Mughalsarai - Sonnagar approximately 350 HAM project under- sec
Slide 33: Corporate Structure
Corporate Structure PNC Infra Holdings Limited (“PNCIHL”) BOT Holdco for road and other infra projects PNC Bareilly Nainital Highways Private Limited (“PNCBNHPL”) 4 laning of the Bareilly-Almora section of SH 37 Ferrovia Transrail Solutions Private Limited (“FTSPL”) MP Highways Private Limited (“M
Slide 34: Integrated Business Model
Integrated Business Model Equipment Bank In-house Design & Engineering ◼ Ownership of a fleet of modern ◼ Controls the entire process from equipment enables quick mobilization conceptualization to commissioning of besides ensuring continuous a given project which helps in availability of critical eq
Slide 35: Enhanced Execution Capability
Enhanced Execution Capability Man and Machine added to execute more projects ◼ Strengthening of In-house execution team with induction of engineers with strong technical knowledge ◼ Investments in Machinery over the years to augment and upgrade the execution capabilities Strong Credit Rating Enhance
Slide 36: Enhanced to augment & upgrade the execution
Enhanced to augment & upgrade the execution Rs. Crores - Capex addition 1,076 1,016 60 725 291 600 125 429 380 171 49 FY15 FY16 FY17 FY18 FY19 H1FY20 Present Capex will enable us to achieve a Turnover of Rs. 6,000-7,000 crores PNC infratech 35
Slide 37: In-house Equipment Bank
In-house Equipment Bank Name of Machinery OEM Quantity Heavy Duty Vehicles Ashok Leyland, Tata Motors 1,216 Diesel Generators Cummins/Jackson, Sudhir, Kirloskar, A/L, Greaves, Prakash, Escorts 469 Light Duty Vehicles and Attachments Mahindra, Tata, Farm Trac, John Deere 431 Passenger Vehicles Toyota
Slide 38: Strengthening of In-house execution team
Strengthening of In-house execution team Current Total Employees: Over 7,700 - Employee addition 7,710 7,415 295 5,775 1,640 4,284 3,776 3,947 1,491 337 171 FY15 FY16 FY17 FY18 FY19 H1FY20 Strengthening of In-house execution team with induction of engineers with strong technical knowledge PNC infrat
Slide 39: Strong Credit Rating
Strong Credit Rating Reaffirmed Assigned / Reaffirmed Upgraded ◼ PNC Infratech Ltd. ◼ PNC Khajuraho Highways Pvt. Ltd. ◼ PNC Triveni Sangam Highways Pvt. ✓ Long term bank facilities stands at ✓ Long term bank facilities at CARE A-; Ltd. CARE AA- (Double A Minus) Stable (Single A Minus; Outlook: ✓ As
Slide 40: Experienced Promoters
Experienced Promoters Mr. Pradeep Kumar Jain Mr. Naveen Kumar Jain Mr. Chakresh Kumar Jain Mr. Yogesh Kumar Jain Chairman & Managing Director Promoter Managing Director & CFO Managing Director ◼ Over 39 years of experience ◼ Over 30 years of experience in ◼ Over 29 years of experience ◼ Over 24 year
Slide 41: Board of Directors
Board of Directors Mr. Pradeep Kumar Jain Mr. Chakresh Kumar Jain Mr. Yogesh Kumar Jain Mr. Anil Kumar Rao CMD Managing Director & CFO Managing Director Whole-time Director Mr. Talluri Raghupati Rao Mr. Krishan Kumar Jalan (IAS) Mr. Gauri Shankar Wholetime Director Independent Director Independent D
Slide 42: Clientele
Clientele > psiIpc Jpeida Delhi Stat dystal and Tfastrucure Developmen Upei of) saRTsUAR TAT Aw f =. Uttar Prad@h State Highways-Authority AY
Slide 43: Growth Strategy
Growth Strategy Diversification: ◼ Leveraging Strong Project Execution track record to diversify into new functional areas of infrastructure Diversification development ◼ Expand presence in development of industrial areas and dedicated freight corridor projects ◼ Diversify into waste management, wat
Slide 44: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : PNC Infratech Ltd Strategic Growth Advisors Pvt. Ltd. CIN: L45201DL1999PLC195937 CIN: U74140MH2010PTC204285 Mr. D. K. Maheshwari Mr. Jigar Kavaiya Vice President - Finance Group Account Head +91-9920602034 dkm@pncinfrat