Slide 1: PNC Infratech Limited Investor Presentation May 2016
PNC Infratech Limited Investor Presentation May 2016
Slide 2: 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 3: Key Highlights & Financials
1 Key Highlights & Financials PNC Infratech Limited 3
Slide 4: Key Financial Highlights – Q4 FY 2015-16
Key Financial Highlights – Q4 FY 2015-16 27% Standalone Revenue 26% Standalone EBITDA 369% Standalone PAT Rs. 589 crores Rs. 77 crores Rs. 154 crores Standalone EBITDA Margin Standalone PAT Margin at 13.05% at 26.11% 28% Consolidated Revenue 47% Consolidated EBITDA 428% Consolidated PAT* Rs. 694 cro
Slide 5: Key Financial Highlights – FY 2015-16
Key Financial Highlights – FY 2015-16 29% Standalone Revenue 23% Standalone EBITDA 142% Standalone PAT Rs. 2,014 crores Rs. 266 crores Rs. 243 crores Standalone EBITDA Margin Standalone PAT Margin at 13.20% at 12.05% 29% Consolidated Revenue 46% Consolidated EBITDA 137% Consolidated PAT* Rs. 2,395 c
Slide 6: Other Highlights – FY 2015-16
Other Highlights – FY 2015-16 MP Highways Private Limited - revised from Recommended dividend @ 25% CARE BBB To CARE BBB(+) i.e. Rs. 2.50 per equity share of Rs. 10/- each for the financial PNC Kanpur Highways Limited - revised from CARE BBB(-) To CARE BBB year ended March 31, 2016* compared t
Slide 7: Order Book & Project Highlights – FY 2015-16
Order Book & Project Highlights – FY 2015-16 Remaining value of contracts under Commenced operations on 4 BOT execution Rs. 5,537 crores as on March projects 31, 2016 Tolling commenced from May 7, 2015 at the Secured 7 new projects, for a total 100% owned Kanpur-Kabrai project - NHAI contrac
Slide 8: Standalone Financial Highlights – Q4 FY 2015-16
Standalone Financial Highlights – Q4 FY 2015-16 Revenue (Rs. Crs) EBITDA (Rs. Crs) +27% +26% 589 77 464 61 Q4 FY15 Q4 FY16 Q4 FY15 Q4 FY16 PAT (Rs. Crs) +369% 154 33 Q4 FY15 Q4 FY16 PNC Infratech Limited 8
Slide 9: Standalone Financial Highlights – FY 2015-16
Standalone Financial Highlights – FY 2015-16 Revenue (Rs. Crs) EBITDA (Rs. Crs) +29% +23% 2,014 266 1,561 217 FY15 FY16 FY15 FY16 PAT (Rs. Crs) +142% 243 100 FY15 FY16 PNC Infratech Limited 9
Slide 10: Consolidated Financial Highlights – Q4 FY 2015-16
Consolidated Financial Highlights – Q4 FY 2015-16 Revenue (Rs. Crs) EBITDA (Rs. Crs) +28% +47% 694 114 541 77 Q4 FY15 Q4 FY16 Q4 FY15 Q4 FY16 PAT after MI & Asso. Profit (Rs. Crs) +428% 148 28 Q4 FY15 Q4 FY16 PNC Infratech Limited 10
Slide 11: Consolidated Financial Highlights – FY 2015-16
Consolidated Financial Highlights – FY 2015-16 Revenue (Rs. Crs) EBITDA (Rs. Crs) +29% +46% 2,395 407 1,861 280 FY15 FY16 FY15 FY16 PAT after MI & Asso. Profit (Rs. Crs) +137% 216 91 FY15 FY16 PNC Infratech Limited 11
Slide 12: Segmental Revenue Break-up
Segmental Revenue Break-up Quarter (Rs. Crs) Q4 FY15 Q4 FY16 70 109 471 585 EPC BOT/Annuity/Others EPC BOT/Annuity/Others Full Year (Rs. Crs) FY15 FY16 261 381 1,600 2,014 EPC BOT/Annuity/Others EPC BOT/Annuity/Others PNC Infratech Limited 12
Slide 13: Quarter 4 Profitability Statement
Quarter 4 Profitability Statement Standalone Consolidated Rs. Crores Q4 FY16 Q4 FY15 YoY growth Q4 FY16 Q4 FY15 YoY growth REVENUE 588.74 464.30 27% 694.11 541.11 28% EBITDA 76.82 61.11 26% 113.51 77.12 47% EBITDA margin 13.05% 13.16% 16.35% 14.25% Other Income 11.45 7.57 10.76 4.68 Depreciation 14.
Slide 14: Annual Profitability Statement
Annual Profitability Statement Standalone Consolidated Rs. Crores FY16 FY15 YoY growth FY16 FY15 YoY growth REVENUE 2,014.16 1,560.99 29% 2,394.60 1,860.89 29% EBITDA 265.96 216.62 23% 407.35 279.87 46% EBITDA margin 13.20% 13.88% 17.01% 15.04% Other Income 20.16 13.82 16.65 12.14 Depreciation 52.46
Slide 15: Tax Benefit under Section 80 IA of Income Tax Act, 1961
Tax Benefit under Section 80 IA of Income Tax Act, 1961 Upon finalization of income tax assessment for the Assessment Year 2013-14 (FY 2012-13), the Company has written back the excess provision for tax amounting to Rs. 15.24 crores. Further, the MAT liability of Rs. 23.71 crores for the said year
Slide 16: Balance Sheet
Balance Sheet Standalone Consolidated Rs. Crores Mar-16 Mar-15 Mar-16 Mar-15 Shareholder’s Fund 1,362.26 718.44 1,309.74 871.08 Share capital 51.31 39.81 51.31 39.81 Reserves & Surplus 1,310.96 678.63 1,258.44 831.27 Minority Interest - - 0.05 0.05 Non-current liabilities 165.84 274.05 1,734.76 1,56
Slide 17: Introduction
2 Introduction PNC Infratech Limited 17
Slide 18: Introduction
Introduction Infrastructure construction, development and management company; expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas and transmission lines Executed 51 major infrastructure projects spread across 13 states , of which 31 are road EP
Slide 19: Business Overview
Business Overview Complete 31 infrastructure Developing/operating 6 road projects on EPC basis Roads & Roads & BOT projects and 1 OMT Highways Highways project, comprising of EPC BOT / OMT both toll & annuity assets Set up power transmission Executed 19 airport lines of approximately 350 Power Airpo
Slide 20: Corporate Structure
Corporate Structure PNC Infra Holdings Limited (“PNCIHL”) PNC Power Private Limited (“PNCPPL”) BOT Holdco for road and other infra projects Engaged in erection, installation, repair and re-modelling of power plants etc PNC Bareilly Nainital Highways Private Limited (“PNCBNHPL”) 4 laning of the
Slide 21: Evolution and Experience - Timeline
Evolution and Experience - Timeline 2015-16 Successful IPO and listing on NSE and BSE Achieved Highest Order Book over 5,500 crores 2015-16 2013-14 1st OMT project awarded – Kanpur Lucknow Ayodhya Road project 2013-14 Awarded Agra-Firozabad contract for Rs. 1,635.75 crs 2010-11 Awarded 1st independe
Slide 22: Key Strengths
3 Key Strengths PNC Infratech Limited 22
Slide 23: Integrated Business Model
Integrated Business Model In-house Design & Engineering Controls the entire process from conceptualization to commissioning of a given project which helps in providing customized solutions as per clients’ specific requirements Equipment Bank In-house Construction Ownership of a fleet of modern
Slide 24: Strong execution capabilities
Strong execution capabilities Established track record in executing large Infrastructure Projects Roads & Highways Airport runways Re-development of an Industrial Area Power Transmission Lines Double Track Electrified Railway Line Significant portion of Construction Equipment owned H
Slide 25: In-house Project Execution
In-house Project Execution In-house Equipment Bank* In-house Experienced Employee Base Name of Machinery OEM Quantity Heavy Duty Vehicles Ashok Leyland, Tata Motors 537 Cummins/Jackson, Sudhir, Kirloskar, Diesel Generators 212 A/L, Greaves, Prakash, Escorts Light Duty Vehicles and Attachments Mahind
Slide 26: Established relationships with public sector clientele and excellent pre-qualification credentials
Established relationships with public sector clientele and excellent pre-qualification credentials Completed 51 major infrastructure projects on EPC basis 47 infrastructure projects executed independently Projects executed across 13 states in India Focus on EPC projects from State, Central &
Slide 27: Pan India Presence with Regional Focus
Pan India Presence with Regional Focus PNC Presence Strength in radius of ~500 Kms of Delhi spreading over various States Upcoming elections in northern states will lead to increased spend on Infrastructure PNC Infratech Limited Map not to scale; Map for Illustration purpose only 27
Slide 28: Robust Order-book of over Rs. 5,500 crores
Robust Order-book of over Rs. 5,500 crores Order-book Highlights Remaining value of contracts under execution Rs. 5,537 Remaining crores as on March 31, 2016 in addition to the following: Key EPC Projects Under Construction Value (Rs. Crores) 1. L1 for project of extension and resurfacing of runaw
Slide 29: Experienced Promoters
Experienced Promoters Mr. Pradeep Kumar Jain - Chairman & Managing Director Over 37 years of experience in the construction, infrastructure sector and allied areas Responsible for overall administration and supervision of projects and liaison with agencies Mr. Naveen Kumar Jain - Whole-time
Slide 30: Board of Directors
Board of Directors Mr. Pradeep Kumar Jain Mr. Naveen Kumar Jain Mr. Chakresh Kumar Jain Mr. Yogesh Kumar Jain CMD Whole-time Director Managing Director Managing Director Mr. Anil Kumar Rao Mr. Sunil Chawla Mr. Chhotu Ram Sharma Mr. Subhash Chander Kalia Whole-time Director Non-Executive Director Ind
Slide 31: Growth Strategy
4 Growth Strategy PNC Infratech Limited 31
Slide 32: Growth Strategy
Growth Strategy Strong Relationships Maintaining Strategic Alliances with companies whose Resources, Skills & Strategies for synergy Enter into project-specific JVs or sub-contracting relationships MoU with POSCO Engineering and Construction India Pvt. Ltd for infrastructure projects & Ligong
Slide 33: BOT Portfolio
5 BOT Portfolio PNC Infratech Limited 33
Slide 34: Sizeable BOT Portfolio
Sizeable BOT Portfolio PNC Infratech Limited (PNC) Invested PNC Share of % JV Equity Invested Authority State Stretch Type Kms / Lanes Stake Partners (Rs. Equity Crores) (Rs. Crores) SREI, Ghaziabad Aligarh 35.00% NHAI UP NH-91 Toll 125 / 4 194.0 67.9* Galfar Kanpur Kabrai 100.00% NHAI UP NH-86 Toll
Slide 35: BOT Projects – Key Highlights
BOT Projects – Key Highlights Ghaziabad - Aligarh Road Project Project Cost Rs. 2019 Crs Ghaziabad Aligarh Expressway Pvt Ltd, an SPV for execution of Total Project Equity Rs. 194 Crs Ghaziabad - Aligarh road project, is a joint venture between PNCIHL Total Equity* Rs. 68 Crs (a wholly owned subsi
Slide 36: BOT Projects – Key Highlights
BOT Projects – Key Highlights Gwalior - Bhind Road Project Project Cost Rs. 340 Crs MP Highways Private Limited (“MPHPL”) is a wholly owned subsidiary Total Equity Rs. 78 Crs of PNC (stake held through PNCIHL) Total Debt Rs. 235 Crs Total Grant Rs. 27 Crs Augmentation of the Gwalior–Bhind sectio
Slide 37: BOT Projects – Key Highlights
BOT Projects – Key Highlights Narela Industrial Area Project Cost Rs. 175 Crs PNC Delhi Industrialinfra Private Limited (“PNCDIPL”) is a wholly owned Total Equity Rs. 35 Crs subsidiary of PNC (stake held through PNCIHL) Total Debt Rs. 140 Crs Total Grant Nil Development, re-development, maintena
Slide 38: BOT Projects – Key Highlights
BOT Projects – Key Highlights Rae Bareli - Jaunpur Road Project Project Cost Rs. 837 Crs PNC Raebareli Highways Private Limited (PNCRHPL) is a wholly Total Equity Rs. 140 Crs owned subsidiary of PNC (stake held through PNCIHL) Total Debt Rs. 698 Crs Total Grant Nil Equity As on 31st Mar. ’16 Rs. 1
Slide 39: Financial Overview
6 Financial Overview PNC Infratech Limited 39
Slide 40: Financial Overview as on March 31, 2016
Financial Overview as on March 31, 2016 Standalone Consolidated Revenue Revenue 2,014 7 year Standalone CAGR 2,395 1,561 1,861 1,304 Revenue : ~ 18% 1,152 1,360 EBITDA : ~ 24% 1,306 PAT : ~ 32% Strong credit rating of CARE A+ for Long Term and CARE A1+ for Short Term Loans FY 13 FY 14 FY 1
Slide 41: Standalone Financial Highlights
Standalone Financial Highlights Rs. Crores Revenue EBITDA CAGR: +18% 2,014 266 CAGR: +19% 1,561 217 1,273 1,304 1,152 154 156 1,139 129 142 752 92 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY10 FY11 FY12 FY13 FY14 FY15 FY16 PAT Networth 243 1,362 CAGR: +32% CAGR: +38% 629 718 100 493 566 71 78 76 70 415 45
Slide 42: Consolidated Financial Highlights
Consolidated Financial Highlights Rs. Crores Revenue EBITDA CAGR: +22% 2,395 CAGR: +38% 407 1,861 280 1,306 1,360 156 175 FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16 PAT after MI & Asso. Profit Networth 216 CAGR: +31% 1,310 CAGR: +43% 871 710 91 588 75 55 FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16 PNC Infr
Slide 43: Net Working Capital Days
Net Working Capital Days* 128 124 122 122 115 109 112 97 92 86 65 68 57 59 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Debtors Net Working Capital PNC Infratech Limited * - Standalone 43
Slide 44: Utilization of IPO Proceeds
Utilization of IPO Proceeds Utilization of Net Proceeds as on March Offer Proceeds 31, 2016 Amount Utilization Amount Particulars (Rs. Crores) Pending Particulars Rs. Crores Planned Utilized Utilization Funding working capital 150.00 150.00 0.00 requirements A Fresh Issue 434.70 Investment in our su
Slide 45: 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 AVP - Finance Group Account Head +91-9920602034 dkm@pncinfratech.com kji