40 slides from Irb Infrastructure Developers's investor presentation, December 2019
Slide 1: Investor Presentation Dec 2019 (Updated)
Investor Presentation Dec 2019 (Updated)
Slide 2: Safe Harbour
Safe Harbour 2 This presentation has been prepared by IRB Infrastructure Developers Limited (the “Company”) solely for your information and for your use and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or
Slide 3: Contents
3 Contents Key Developments 4 Q3FY20 Results 5 IRB Construction Vertical 11 IRB Toll Road Performance 17 IRB – GIC deal 24 Corporate Overview 28
Slide 4: Key Developments
4 Key Developments Goa-Kundapur project pictures • All regulatory and other • Emerged single bidder • Achieved PCOD and Authority approvals for Mum-Pune TOT started tolling from 11th received – including project Feb 2020 Lenders NOC, NHAI • Decision on awarding to • Project is a part of approval and
Slide 5: Q3FY20 Results
5 Q3FY20 Results
Slide 6: Consolidated Financial Results
6 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY20* Q3FY19* %YoY Q3FY20 Q3FY19 %YoY Q3FY20* Q3FY19* %YoY Total Income 17,901.75 18,350.24 -2.4% 14,068.47 12,756.17 10.3% 3,833.28 5,594.08 -31.5% Earnings before interest, ta
Slide 7: Consolidated Financial Results
7 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars 9MFY20* 9MFY19* %YoY 9MFY20 9MFY19 %YoY 9MFY20* 9MFY19* %YoY Total Income 54,123.74 49,037.00 10.4% 39,587.59 32,752.85 20.9% 14,536.15 16,284.15 -10.7% Earnings before interest,
Slide 8: Consolidated Financial Results
8 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY20* Q2FY20* %QoQ Q3FY20 Q2FY20 %QoQ Q3FY20* Q2FY20* %QoQ Total Income 17,901.75 18,010.74 -0.6% 14,068.47 13,580.50 3.6% 3,833.28 4,430.24 -13.5% Earnings before interest, tax
Slide 9: Strong Financial Track Record Consolidated Financials
9 Strong Financial Track Record Consolidated Financials REVENUE (INR IN MN) EBITDA (INR IN MN) 69,026 70,400 31,715 31,329 31,600 59,691 58,628 28,480 49,037 54,124 23,222 24,611 FY 2017 FY 2018 FY 2019 FY 2020 9MFY19* 9MFY20* FY 2017 FY 2018 FY 2019 FY 2020 9MFY19* 9MFY20* (ESTD) (ESTD) PAT (INR IN
Slide 10: Strong Financial Track Record Consolidated Financials
10 Strong Financial Track Record Consolidated Financials NETWORTH & ROE NET DEBT & NET DEBT TO EQUITY 14% 14% 2.87 2.27 2.11 2.08 1.87 13% 52,716 56,925 63,151 61,270 67,921 1,51,498 1,06,711 1,32,999 1,27,310 1,54,095 FY 2017 FY 2018 FY 2019 9MFY19 9MFY20 FY 2017 FY 2018 FY 2019 9MFY19 9MFY20 Netwo
Slide 11: IRB Construction Vertical
11 IRB Construction Vertical
Slide 12: Construction Major
12 Construction Major Strong Construction Efficient Project Large Equipment Bank Ability to Independently Credentials Track Record Execution Capabilities with Cutting Edge Bid for large third party ➢ Country’s first ever BOT ➢ One of the largest BOT ➢ Projects executed Pan- Technologies contracts pr
Slide 13: Strong EPC Execution Capabilities Across Entire Value Chain
13 Strong EPC Execution Capabilities Across Entire Value Chain IRB’s experienced team leverages the latest IT IRB has implemented advanced integrated tools that facilitates in robust project planning project management solutions across the project and effective deployment of resources that life cycl
Slide 14: Infrastructure and Experience in Place to Qualify for Large Bids on a Standalone Basis
Infrastructure and Experience in Place to Qualify 14 for Large Bids on a Standalone Basis ▪ SAP ERP system in place to facilitate quicker response to external challenges ▪ Control Command Center facilities to monitor operations ▪ An asset block of over INR 5 bn of Plant and across all toll plazas ma
Slide 15: Overview of EPC Order Book
15 Overview of EPC Order Book INR 68,013 Mn O&M in BOT 16,740 Projects EPC/ 51,273 Construction in Ongoing BOT/ HAM Projects Order book Composition as on December 31, 2020 Order Book as of a particular date consists of unbilled revenue from the uncompleted portions of the company’s “existing contrac
Slide 16: EPC Performance
16 EPC Performance REVENUE & GROWTH PAT & RETURN RATIO 20.3 43% 15% % 37% 34% 19% YoY 24% 11% 27% 32% 29% 26% 29% 26% 35,912 39,734 47,098 32,753 39,418 4,601 6,933 5,214 3,888 6,140 FY 2017 FY 2018 FY 2019 9MFY19 9MFY20 FY 2017 FY 2018 FY 2019 9MFY19 9MFY20 Revenue (Rs mn) Growth (%) PAT (Rs mn) RO
Slide 17: IRB Toll Road Portfolio
IRB Toll Road Portfolio © la 17
Slide 18: IRB's Portfolio of Road Assets
IRB’s Portfolio of Road 18 Assets Amount in Rs Mn Adaptability to Changing Market Portfolio Highlights Competitive Advantage Conditions ▪ Fully owned 3 BOT & 1 HAM ▪ Processes in place to estimate ▪ Started off as an EPC Contractor assets aggregating to around the traffic gained from deep and was on
Slide 19: IRB's Portfolio of Road Assets
19 IRB’s Portfolio of Road Assets BOT / HAM PORTFOLIO – KM & LANE KM AXIS TITLE Lane KM under development 4,266 Lane Kms Lanes KM operational 2,982 Lane Kms Lane under O &M ( InvIT 4,055 Lane Kms 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Assets) Km 236 315 114 196 258 99 385 331 -7
Slide 20: BOT / HAM Portfolio Summary
20 BOT / HAM Portfolio Summary All 12 BOT projects are now generating revenues Toll Project Cost Concession Expected PCOD / Sr. No. Name of BOT Project Client State Start/Appointed ( Rs. In Mn) Period SSLD* Date 1. Ahmadabad Vadodara NHAI Gujarat 48,800 25 Years January 1, 2013 - 2. Agra Etawah NHAI
Slide 21: BOT Toll Revenue Comparative
21 BOT Toll Revenue Comparative Amount in INR Mn Sr. Q3FY Q3FY 9MFY 9MFY Name of the Project FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 No. 2019 2020 2019 2020 1 Ahmedabad – Vadodara 1,566 2,187 3,309 3,808 4,293 1,126 1,260 3,150 3,492 2 Chittorgarh – Gulabpura BOT - - - 917 1,970 473 399 1,509 1,213
Slide 22: Toll Performance
22 Toll Performance AHMEDABAD - VADODARA AGRA - ETAWAH THANE - GHODBUNDER 2015-16 2016-17 2017-18 2018-19 2019-20 2016-17 2017-18 2018-19 2019-20 2015-16 2016-17 2017-18 2018-19 2019-20 1,260 321 1,144 1,135 1,126 286 1,098 TOLL COLLECTION IN RS. MN TOLL COLLECTION IN RS. MN TOLL COLLECTION IN RS. M
Slide 23: Toll Performance
23 Toll Performance PUNE - NASHIK KAITHAL RJ BORDER SOLAPUR - YEDESHI 2015-16 2016-17 2017-18 2018-19 2019-20 2017-18 2018-19 2019-20 2017-18 2018-19 2019-20 181 179 91 91 91 90 90 174 89 169 168 248 84 83 240 160 82 TOLL COLLECTION IN RS. MN TOLL COLLECTION IN RS. MN TOLL COLLECTION IN RS. MN 80 79
Slide 24: IRB-GIC Deal
24 IRB-GIC Deal
Slide 25: IRB Structure – Pre and Post GIC Deal
25 IRB Structure – Pre and Post GIC Deal IRB will create a cash generating portfolio of assets by partnering with GIC Pre-Deal Post-Deal Post Transaction Debt at IRB IRB IRB GIC Name of the Company INR in Mn 51% IRB Standalone 27,900 49% 100% InvIT MIPL 7,000 Asset 1 100% EPC MRMPL 7,000 100% 100% 1
Slide 26: Project considered for IRB – GIC Proposed Structure
26 Project considered for IRB – GIC Proposed Structure Project Length Current Status and No. Name of the Project (in Lane Kms) Highlights Karnataka 758 1 Goa Kundapur 758 PCOD achieved Maharashtra 1,151 2 Solapur Yedeshi 395 PCOD achieved Haryana 3 Yedeshi Aurangabad 756 PCOD achieved Rajasthan Utta
Slide 27: Transaction Benefits
27 Transaction Benefits IRB and GIC have in principal agreed to explore future opportunities in the Roads & Highways sector together Future Projects Orderbook visibility ➢ IRB and GIC have agreed to explore future ➢ Enhanced ability to take on more and INCREASED ABILITY opportunities in the roads an
Slide 28: Corporate Overview
28 Corporate Overview
Slide 29: Credentials of IRB
29 Credentials of IRB DEMONSTRATED TRACK RECORD LARGE ASSET BASE ▪ Incorporated in 1998 and now has Pan-India ▪ IRB has a large asset base of INR 432 presence spread across 9 states bn as on December 31, 2019 ▪ Strong Construction Track record spanning over ▪ Fully owned 3 BOT, 1 HAM assets and 2 de
Slide 30: Key Competitive Advantage
30 Key Competitive Advantage One of the largest BOT Project Portfolio in the Roads and Highways Sector 13 BOT/HAM projects comprising 12 tolled (including 5 under tolling and construction) and 1 under construction project Strong financial track record and relationship with Key Competitive leading fi
Slide 31: Roadmap so far
31 Roadmap so far Awarded 3 projects for Six Laning of Upfront payment of Kishangarh – Udaipur INR 9.18 bn to – Ahmedabad MSRDC for Mumbai – section of NH-8/ 79/ Pune Project 79A Successful launch of IRB First venture in Infrastructure Significant order BOT (Thane – Developers Limited IPO Acquired M
Slide 32: The "IRB" Group
32 The “IRB” Group IRB’s BOT Road Projects 100% Length in Sr. No. Company Road Name 12 BOT Projects Km Roads 100% 1 ATR Infrastructure Pvt. Ltd. Pune – Nashik BOT NH 50 29.81 1 HAM Project 2 Thane Ghodbunder Toll Road Pvt. Ltd. Thane Ghodbunder Toll Road BOT 14.90 IRB Ahmedabad Vadodara Super Expres
Slide 33: Growth Strategy
Growth Strategy 33 Bharatmala Pariyojana: Strong ▪ ~INR 5 Tn of total investment for developing 34,800km of roads lined up over the next 4-5 years growth envisaged till ▪ Of this INR 1.2 Tn would come from PPP, INR 2 Tn from market borrowings and balance FY 2022 INR ~2 Tn from Budgetary allocation/T
Slide 34: Shareholding Pattern
34 Shareholding Pattern Shareholding Pattern as on December 31, 2019 Top 10 Shareholders as on December 31, 2019 Sr. No. Name % 1 LIFE INSURANCE CORPORATION OF INDIA 3.81 2 SBI MAGNUM TAXGAIN SCHEME 3.46 FII/EPI 19.58% 3 GOVERNMENT OF SINGAPORE 3.35 Promoter & Floating 4 ADITYA BIRLA SUN LIFE TRUSTE
Slide 35: Organization Structure
35 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Mukesh Gupta Mr. Sudhir Hoshing Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Heena Raja Mhaiskar Joint Managing Joint Managing S. Kaptan Independent Independent I
Slide 36: Corporate Information
36 Corporate Finance Internal Auditors Statutory Auditors Mr. Rajkamal R. Bajaj Suresh Surana & Associates LLP BSR & Co LLP Advisor to the Board Chartered Accountants Chartered Accountants Joint Statutory Auditors Bankers / Lenders of IRB Group Gokhale & Sathe Andhra Bank Canara Bank Chartered Accou
Slide 37: Recognition
Recognition 37 EPC Company of the Year 2018 Award conferred on by the EPC World ET Edge Maharashtra Achievers’ Award 2018 was conferred on to Shri Virendra D. Mhaiskar. Chairman & Managing Director, IRB Infrastructure Developers Ltd., as ‘The Best Infra Person of the Year’ for his visionary leadersh
Slide 38: Recognition
Recognition 38 ‘Construction Times Award’ by Construction Times & Equipment Times, for our Solapur Yedeshi Project under category – Best BOT (Road Project of the Year) 2018 ‘FinanceAsia Achievement Award 2017 – Best India Deal’ Award by Hong Kong based FinanceAsia, on successfully launching and list
Slide 39: Our CSR Initiative
39 Our CSR Initiative We have replicated same model and have started a school in the We also generously Pathankot district of Punjab, near the Amritsar- Pathankot BOT project. contributed to the Chief Minister’s The School building was inaugurated on 27 March 2017.The school drought relief fund in M
Slide 40: Thank You
Thank You