Il&fs Transportation Networks Limited · NSE:IL&FSTRANS
Il&fs Transportation Networks — FY2018 Earnings Presentation
39 slides from Il&fs Transportation Networks's earnings presentation, May 29, 2018
Slide 1: Cover letter to stock exchanges: Presentation – Conference Call
AS ILSES | Transportation iL&FS Transportation Networks Limited IL@FS Financial Centre, | T +94 22 2653 3333 mes a a co iarcome - Laorecoropils Mumbai 400 054 GIN L45203MH2000PLC129790 INDIA General Manager, Vice President, Listing Department, Listing Department, BSE Limited, National Stock Exchange
Slide 2: Analyst Presentation – May 2018
IL&FS Transportation Networks Limited Analyst Presentation – May 2018 May 29, 2018 CIN - L45203MH2000PLC129790
Slide 3: Disclaimer
Disclaimer This presentation has been prepared solely by IL&FS Transportation Networks Limited (“ITNL”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or s
Slide 4: In this presentation…
In this presentation… Company Overview Consolidated Revenue & Expense International Presence Revenue Collection On Operational Road Projects Key Updates BOT Toll Revenue Growth Portfolio – BoT Road Projects Road Sector Opportunity Key business segments Transportation Sector Outlo
Slide 5: Company Overview
Company Overview Leading surface transportation infrastructure company and the largest private sector BoT road operator (in terms of lane kilometer) in India* Pan India presence with projects across several states in India Jammu & Kashmir Promoted by Infrastructure Leasing and Financial Servic
Slide 6: International Presence
International Presence China IIPL acquired 49% stake in Yuhe Expressway (235 lane km), in 2011 for USD 160 mn Elsamex Spain Undertaking Operation and Maintenance contracts Laos Contract for Lao PDR’s Vietnam IIPL USA LLC National road 1F (165 Contract for application To undertake projects in km) for
Slide 7: Key Updates
Key Updates BUSINESS Project portfolio: Total Projects – 33 (BOT - 28 and Non Road projects – 5); EPC Projects - 4 Total BOT road portfolio: 13,493 lane km Appointed Date declared as on May 19, 2018 for Zojila Tunnel on EPC basis. The seven year construction period commences from this date D
Slide 8: Portfolio: BoT Road Projects
Portfolio: BoT Road Projects • Diverse BOT portfolio of 28 road projects covering 13,493 lane km spread across several states in India • Diverse mix of “Annuity / assured payments” and “Toll” based projects in various stages of development GRBDCL FSEL@ IRIDCL II JIICL SSTL Commissioned KNCEL ACEL@ K
Slide 9: Key business segments
Key business segments • Concession from a government authority to finance, design, construct and operate an infrastructure facility (primarily road) for limited period of time • Core business at present with 28 1road projects and 5 non-road projects • Prudent mix of toll and annuity projects to bala
Slide 10: Marquee projects
Marquee projects • The longest road tunnel in Southeast Asia - Chenani Nashri Tunnel • The prestigious tunnel in Jammu & Kashmir was inaugurated by the Honorable Prime Minister of India, Shri Narendra Modi on March 8, 2017 • The tunnel’s construction was a highly challenging endeavor, which was deve
Slide 11: Major milestones
Major milestones 2017 2013 2010 • Commissioned milestone 2014 Tunnel Project – CNTL 1st Preference shares • 1st Toll project issued - securitization – • Ventured into EPC mode of 2006 • Successful launch of ITNL IPO delivery Raised: • 1st Rights Issue Issue Price: Raised: • 1st Annuity project Issue
Slide 12: Project Pipeline
Project Pipeline As on 28 May 2018 BID PIPELINE RFP Stage (Post Qualification) RFQ Stage (Pre Qualification)** Projects Length (km) Cost (INR Cr) Projects Length (km) Cost (INR Cr) NHAI 3 126 2993 - - - STATE / OTHERS* - - - 16 9690 815 RAILWAYS/ 4 133 18504 - - - METRO*** Total 7 259 21498 16 9690
Slide 13: Order Book: Composition & Spread
Order Book: Composition & Spread BOT Order book – Project Type BOT Order book – Geographic Spread Jammu & Kashmir 22.27% 24% Road- Annuity Himachal Pradesh 17.68% 76% Rajasthan Road- Toll 11.41% West Bengal & Jharkhand Gujarat 6.89% BOT Order book – Sourcing 2.17% Jharkhand 2.07% Maharashtra 37.42%
Slide 14: Profit & Loss Accounts Highlights
Profit & Loss Accounts Highlights (All figures in INR Crore) Consolidated Standalone Key Parameters FY18 FY17 % Change FY18 FY17 % Change Revenue from Operations 8,717 8,072 8% 3537 3676 -4% Other Income 1,062 329 223% 1173 843 39% EBITDA 4,324 3,577 21% 1996 1588 26% EBITDA Margin 44% 43% 42% 35% I
Slide 15: Standalone Revenue & Expenses
Standalone Revenue & Expenses Revenue Expenses (in INR Crore) (in INR Crore) 6,000 6000 444 276 4,000 4000 1173 843 1642 1378 2,000 2000 2,668 2,991 2467 2133 0 0 FY18 FY17 FY18 FY17 Construction Cost Finance Cost Other Operating Expenses Constr Income Fee Income O&M Income Employees cost Admin & Ge
Slide 16: Consolidated Revenue & Expenses
Consolidated Revenue & Expenses Revenue Expenses (in INR Crore) (in INR Crore) 10,000 10000 8,000 8000 1,701 6,000 1,377 1,324 6000 1,079 3749 3086 4,000 4000 2,000 4,901 4,661 2000 3586 3105 0 0 FY18 FY17 FY18 FY17 Constr Income Elsamex Toll/Annuity Other Construction Cost Finance Cost Other Operat
Slide 17: Revenue Collection on Operational Road Projects
Revenue Collection on Operational Road Projects Not adjusted for ITNL’s stake Average Daily Toll Collection (All figures in INR Cr) Toll Projects under Operation In Q4 FY 18 In Q3 FY 18 In Q2 FY 18 In Q1 FY 18 Mega Highways – Rajasthan* 0.82 0.82 0.83 0.90 Mega Highways – Rajasthan II & III* 0.27 0.
Slide 18: BOT Toll Revenue Growth
BOT Toll Revenue Growth (INR in Crore) Toll Revenue Sr.No Name of the Project 2013-14 2014-15 2015-16 2016-17 2017-18 start date 1 Mega Highways - Rajasthan (Ph - I) Mar-08 237 249 289 381 406 Mega Highways - Rajasthan (Ph – II & 2 Oct-11 III) 3 Rajkot to Jetpur - Gondal (Gujarat) May-08 48 53 54 55
Slide 19: Road Sector Opportunity
Road Sector Opportunity Low penetration of state / national highways Union Budget FY19 for Road Sector 79 131 • Railways & Highways were the biggest beneficiaries with an outlay of ₹2.7tn 467 • Road sector outlay has been estimated at ₹ 1.2 tn, was up 10% over the FY18 revised figure of ₹ 1.1 tn Upd
Slide 20: Road Sector Opportunity
Road Sector Opportunity Share of Total Development Expenditure Budgetary Allocation to Roads USD Mn 8.4 Power 8.0 7.8 1.5% 7.1 6.6 6.5 Urban Dev. 3.5% Road 9.2% Agr 3.5 4.7% 3.2 2.8 Railways 8.6% Health 5.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY 17 Budget FY17 - H
Slide 21: Favourable outlook for the transportation sector
Favourable outlook for the transportation sector India’s position as the fastest growing economy in the world to further strengthen with expected pick up in economic activity… Real GDP growth 5 year CAGR (2016-2021)1 7.7% 5.9% 4.5% 3.5% 2.5% 2.6% 2.1% 1.9% 1.9% 1.4% India China ASEAN Ireland Korea M
Slide 22: IL&FS - Strong Parentage
IL&FS - Strong Parentage INFRASTRUCTURE A leading infrastructure development conglomerate established in Transportation | Energy | Maritime Education & Social Infrastructure | 1987 Environment & Waste Management| Information Technology | Water| Urban Infrastructure Development| Engineering & Constru
Slide 23: Experienced Board of Directors
Experienced Board of Directors Independent Directors Non-Independent Directors Name Designation / Background Name Designation Mr Deepak Mr Ravi Chairman; Former Chairman, NHAI Chairman, IL&FS Dasgupta Parthasarthy Mr Hari Sankaran Vice Chairman and MD, IL&FS Mr RC Sinha Former Vice Chairman & MD, Ma
Slide 24: Key Managerial Personnel
Key Managerial Personnel K. Ramchand • He has over 32 years of experience in urban and transport infrastructure development sector Managing Director Mukund Sapre • He has over 28 years of experience in the industry Executive Director Harish Mathur Technical Director • Has over 33 years of experience
Slide 25: Road Projects
Road Projects
Slide 26: Projects Under Operation
Projects Under Operation North Karnataka Expressway Limited Name of Project West Gujarat Expressway Limited (WGEL) Noida Toll Bridge (NTBCL) (NKEL) Authority NHAI NHAI NOIDA State Karnataka Gujarat Delhi & Noida Concession Type Annuity Toll Toll Project (Lane Km) 472 389 60 Project Cost (Rs Cr) 600
Slide 27: Projects Under Operation
Projects Under Operation Thiruvananthapuram City Roads (Phase I Mega Highways Project Rajasthan Name of Project Narketpally - Addanki (NAMEL) & II) (TRDCL) (RIDCOR) Phase I & II Authority KRFB Govt. of Andhra Pradesh Govt. of Rajasthan State Kerala Andhra Pradesh Rajasthan Concession Type Annuity To
Slide 28: Projects Under Operation
Projects Under Operation Pune Sholapur Road East Hyderabad Jharkhand Accelerated Road Development Hazaribagh Ranchi Name of Project Development Company Expressway Ltd (EHEL) Programme (JRPICL) Expressway Limited (HREL) Limited (PSRDCL) Authority HUDA GOJ NHAI NHAI State Andhra Pradesh Jharkhand Jhar
Slide 29: Projects Under Operation
Projects Under Operation Name of Project Beawar Gomti Road (IRIDCL) Moradabad to Bareilly (MBEL) Chandrapur Warora (WCBTRL) Sikar Bikaner Authority Department of Road NHAI PWD, Maharashtra PWD, Rajasthan Transportation and Highways, GOI State Rajasthan Uttar Pradesh Maharashtra Rajasthan Concession
Slide 30: Projects Under Operation
Projects Under Operation Thiruvananthapuram City Roads Jorabat Shillong Mega Highways Project, Name of Project Baleshwar Kharagpur Road (BKEL) (Phase II & III) (TRDCL) (JSEL) Rajasthan (RIDCOR) III Authority NHAI NHAI Govt. of Rajasthan KRFB State Assam & Meghalaya West Bengal & Orissa Rajasthan Ker
Slide 31: Projects Under Operation
Projects Under Operation Name of Project Chennani - Nashri (CNTL) Khed Sinnar Authority NHAI NHAI State Jammu & Kashmir Maharashtra Concession Type Annuity Toll Project (Lane Km) 38 557 Project Cost (Rs Cr) 5269 2015 Debt Outstanding as at March 31, 2018 (Rs. Cr) (Long 4309 1093 Term ) GRANT (Rs. Cr
Slide 32: Status – Project under Construction
Status – Project under Construction Indicates Physical Progress 30
Slide 33: Project Development / Construction
Project Development / Construction Name of Project Kiratpur Ner Chowk (KNCEL) Barwa Adda Panagarh Beawer Gomti (Additional) Authority NHAI NHAI MoRTH State Himachal Pradesh Jharkhand & Rajasthan West Bengal BOT Type Toll Toll Toll Project (Lane Km) 327 727 216 Project Cost (Rs Cr) 2291 2452 1387 Deb
Slide 34: Project Development / Construction
Project Development / Construction Name of Project Srinagar Sonmarg Tunnelway Limited Fagne – Gujarat / Maharashtra Border Amravati – Chikhli Authority BRO NHAI NHAI State Jammu & Kashmir Maharashtra Maharashtra BOT Type Annuity Toll Toll Project (Lane Km) 34 698 970 Project Cost (Rs Cr) 3289 1886 2
Slide 35: Project Development / Construction
Project Development / Construction Name of Project .GRICL Rail Bridge Development Company Ltd. (GRBDCL) RRR Section 2 Authority Government of Gujarat GoJ State Gujarat Jharkhand BOT Type Annuity Annuity Project (Lane Km) 34 160 Project Cost (Rs Cr) 251 640 Debt Outstanding as at March 31, 2018 (Rs.
Slide 36: Glossary
Glossary Acronym Full Form IL&FS Infrastructure Leasing and Financial Services ITNL IL&FS Transportation Networks Limited SPV Special Purpose Vehicle BOT Build OperateTransfer HUDA Haryana Urban Development Authority COD Commercial Operation Date NHDP National Highway Development Plan SARDP Special
Slide 37: Glossary
Glossary Acronym Full Form JARDP/JRPICL Jharkhand Accelerated Road Development Programme / Jharkhand Road Projects Implementation Company Limited RPR II (Part of JRPICL I) Patratu Dam – Ramgarh Road CKC (Part of JRPICL II) Chaibasa Kandra Chowka Road CNTL Chenani Nashri Tunnelway Limited WCBTRL Waro
Slide 38: Glossary
Glossary Acronym Full Form NKEL North Karnataka Expressway Limited APEL Andhra Pradesh Expressway Limited HREL Hazirabagh Ranchi Expressway Limited EHEL East Hyderabad Expressway Limited GRICL Gujarat Road and Infrastructure Company Limited WGEL West Gujarat Expressway Limited NTBCL NoidaToll Bridge
Slide 39: Thank You
Thank You IL&FS Transportation Networks Limited The IL&FS Financial Centre C-22, G Block, Bandra Kurla Complex Bandra (East), Mumbai – 400 051 Board: +91 22 2653 3333 Fax: +91 22 2652 3979 Email: itnlinvestor@ilfsindia.com
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