Gayatri Projects Limited · NSE:GAYAPROJ
Gayatri Projects — Q1 FY2022 Earnings Presentation
26 slides from Gayatri Projects's earnings presentation, Aug 17, 2021
Slide 1: Submission letter to stock exchanges
(ù G^y^TRr August L7,2O2I To To The Secretary, Listing Department The Manager, Listing Depaftment BSE Limited National Stock Exchange of India Limited Phi roze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai
Slide 2: Gayatri Projects Limited Q1 FY22 Earnings
Gayatri Projects Limited Q1 FY22 Earnings 1
Slide 3: Disclaimer
Disclaimer The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accura
Slide 4: Strategic Updates
Strategic Updates Investment by Strategic Investors o Board approves Preferential allotment of 75,000,000 equity shares at a price of INR 45 per equity share, aggregating to an inflow of INR 337 crores o Preferential allotment to 2 Strategic Investors – Taaza International Pte and Interups Inc. o Bo
Slide 5: Q1FY22: Operational and Financial Update
Q1FY22: Operational and Financial Update Project Execution Maintained o Purvanchal Expressway rapidly nearing completion o Execution past paced at the Odissa projects cluster; Angul - Sambalpur Road project progressing well o NHAI road project at Andhra Pradesh – Tamil Nadu border progressing well o
Slide 6: Q1FY22 (YoY) Financial Performance
Q1FY22 (YoY)– Financial Performance Revenue (INR Mn) EBITDA (INR Mn) 8,971 Key Highlights 6,679 1,094 860 o Strong revenue growth on account of solid execution at Purvanchal expressway and Orissa projects o EBITDA growth driven by strong gross margin improvement – Gross margin Q1FY21 Q1FY22 Q1FY21 Q
Slide 7: Income Statement - Snapshot
Q4FY21 Income Statement - Snapshot INR Mn Q1FY22 Q1FY21 YoY(%) FY21 FY20 YoY(%) Revenue 8,971 6,679 34% 39,005 34,273 14% Expenses -7,877 -5,819 35% -34,514 -30,007 15% EBITDA 1,094 860 27% 4,491 4,266 5% EBITDA Margin 12.2% 12.9% -5% 11.5% 12.4% -7% Depreciation -189 -217 -13% -845 -909 -7% Finance
Slide 8: Top Work Orders – Status Update – Q1FY22
Top Work Orders – Status Update – Q1FY22 Project Name Location Contract Value (INR Cr) Balance work as on 01.07.2021 (INR Cr) Mobilized on Site Revenue Booking Start Expected Completion of Project Purvanchal Expressway Package 1 Eastern UP 1,483 267 Yes Q3 19 Q2 22 Purvanchal Expressway Package 2 Ea
Slide 9: Top Work Orders – Status Update – Q1FY22
Top Work Orders – Status Update – Q1FY22 Project Name Location Contract Value (INR Cr) Balance work as on 01.07.2021 (INR Cr) Mobilized on Site Revenue Booking Start Expected Completion of Project Hyderabad Elevated Corridor Hyderabad 425 288 Yes Q1 20 Q2 23 Vadodara - Iqubalgarh to Vadodara : 4744
Slide 10: GPL: Amongst India's leading Asset-Light EPC Companies
GPL: Amongst India’s leading Asset – Light EPC Companies One of India’s leading EPC focused construction and infrastructure companies Business Segments Re-focused business on “Asset-Light” Model over last 6 years Reduced, restructured, monetized exposure to Asset Development Business Significant
Slide 11: Notes to Account - Snapshot
Notes to Account - Snapshot Note 5 6 Description Gayatri Hi-Tech Hotels: Legacy issue. Investment in Gayatri Highways Limited: Road Significantly delayed EPC cost receivable BOT assets owned by GPL were spun off into from a related party. It was subsequently separate listed company (GHL) and 74% of
Slide 12: Notes to Account - Snapshot
Notes to Account - Snapshot Note 7 8 Description Contract Advances (loan): Exposure to Sai Maatarani Tollways Ltd: SMTL Road Project was terminated by the NHAI on 28th January, 2020 and toll collection rights In the ordinary course of were handed over to the NHAI from 30th January, 2020. The busines
Slide 13: Notes to Account - Snapshot
Notes to Account - Snapshot Note 9 10 Description Receivables from Western UP Tollways Advance to Suppliers, Sub (WUTPL)(erstwhile associate company). EPC Cost – 36.2 Contractors given in the cr. This amount is receivable from the erstwhile associate normal course of business company against the EPC
Slide 14: Building an Asset Light Business Model
Building an Asset Light Business Model Growing Revenue Base (INR MN) Working Capital Days 78 78 64 62 67 FY17 FY18 FY19# FY20 FY21 Receivable Days Inventory Days Payable Days Net Working Capital * Due to lockdown, work at major sites came to standstill during Q1FY20 and the revenue during trailing 1
Slide 15: Pure Play EPC Order Book Getting Stronger
Pure Play EPC Order Book Getting Stronger Geographical Diversification Segmental Diversification 54% Others Hyderabad Jharkhand Karnataka 3% 3% 2% Andhra Pradesh 3% 15% 23% 20% Bihar 6% 2% 1% Jammu ROAD IRRIGATION JAL JEEVAN MINING INDUSTRIAL 7% Odisha 13% De-Risked EPC Order Book (INR Bn) Telangana
Slide 16: FY22: Guidance
FY22: Guidance FY22 Guidance (INR Mn) Order Inflow INR 30 - 40 billion Revenues 0% - 5% Growth EBITDA Margin 13% - 14% 15
Slide 17: Key Investment Highlights
Key Investment Highlights Strong presence in high growth construction sector Healthy and diversified pure EPC un-executed order book with good revenue growth visibility Highly efficient operations with strong execution capabilities Balance-sheet improvement on track for industry leading metrics in n
Slide 18: Appendix
Appendix 17
Slide 19: Awards & Claims
Awards & Claims Different arbitration tribunals/courts have awarded GPL, a total of INR 5 Bn+, AWARDS INR 5 Bn+ towards disputed receivables from its EPC clients. In addition, GPL has a net exposure to CLAIMS INR 3.5 Bn+ outstanding claims of INR 3.5 Bn+ in different arbitral tribunals/courts. 18
Slide 20: Monetisation of stake in power asset
• The company concluded the sale of its 5.95% stake in power assets of Sembcorp Energy India Ltd (“SEIL”) for cash proceeds of INR 4,068 Mn + upside option in Dec 2019. • The proceeds from the above sale, INR 2,068 Mn has been used towards repayment of long-term debt and the balance amount is utiliz
Slide 21: Profit & Loss
Profit & Loss All figures in INR Million INR Mn FY21 FY20 FY19 FY18 FY17 Revenue 39,005 34,273 34,631 29,123 21,154 Expenses 34,514 30,007 29,182 24,446 17,919 EBITDA 4491 4266 5,449 4,677 3,234 EBITDA Margin 11.5% 12.4% 15.7% 16.1% 15.3% Depreciation 845 909 659 547 432 Finance Cost 3,207 2,857 2,5
Slide 22: Balance Sheet
Balance Sheet All figures in INR Million ASSETS (INR Mn) FY21 FY20 FY19 EQUITY AND LIABILITIES (INR Mn) FY21 FY20 FY19 EQUITY NON-CURRENT ASSETS (a) Equity Share capital 374 374 374 (a) Property Plant & Equipment 3,301 3,942 3,763 (b) Other Equity 963 9,049 12,922 (b) Capital Work in Progress 226 10
Slide 23: Board of Directors
Board of Directors T. Indira Reddy Promoter and Non-Executive Chairperson, over 25 years of experience in the construction industry T. V. Sandeep Kumar Reddy Promoter and Managing Director, 20+ years of construction experience Executive Vice Chairman, Over 49 years of experience in Heavy Engineering
Slide 24: Management Team - HQ
Management Team - HQ T Sandeep Reddy D Sitaram Managing Director President, Business Development Masters in Construction Engineering & In-charge of evaluating new business units, Management from University of Michigan, USA identifying suitable Joint-Venture partners, and 20+ years of const
Slide 25: Management Team - Projects
Management Team - Projects K Sesha Reddy CH Ramakrishna Rao Senior Vice President, Transportation Senior Vice President, Roads In-charge of project monitoring and controls Oversees road construction projects Previously a Project Head at L&T Masters in Construction management from Birla
Slide 26: Thank You
Thank You Contact Details – Go India Advisors Chetan Sharma Gayatri Projects Limited Sheetal Khanduja Tel: +91 40 23310330 +91 9769364166 cs@gayatri.co.in sheetal@goindiaadvisors.com Surabhi Sutaria R.Balasubramanian +91 95940 63493 Gayatri Projects Limited surabhi@goindiaadvisors.com Tel: +91 40 23