Ashoka Buildcon Limited · NSE:ASHOKA
Ashoka Buildcon — Q4 FY19 Earnings Presentation
30 slides from Ashoka Buildcon's earnings presentation, May 28, 2019
Slide 1: Exchange filing cover letter: Investor Presentation May 2019
ASH KA Ashoka Buildcon Limited 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 Complex, Dalal Street, Mumbai — 400 001 Bandra (East), Mumbai —400 05
Slide 2: Investor Presentation Q3FY19 Result Update
Developing Infrastructure for Better Developing Infrastructure for Better Tomorrow Tomorrow RESULT UPDATE INVESTOR P RESENTATION PRESENTATION | Q3FY19 MAY 2019
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ashoka Buildcon 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: Company Overview
ASHOKA COMPANY OVERVIEW
Slide 5: Company Overview
Company Overview 4+ decades 10,000+ Presence In-house capabilities Equipment bank of 2,500 Construction experience Lane kms constructed Working in 18 States Nos. 23 15 INR 83,940 Mn 4,000+ Operational + Under PPP projects Completed & Order Book (as on 31st March 2019) Employed in Ashoka Family const
Slide 6: Our Journey
Our Journey 5 Successful QIP – Rs 5,000 mn Won 8 Road HAM projects 5 Completed Hulhumale city road project in Republic of Maldives 2015 & 4 Investment Commitment of Rs 1,500 mn by Morgan Stanley India 4 Beyond Well Established & Integrated Infrastructure Infrastructure in City Gas Distribution Busin
Slide 7: Management Team
Management Team Ashok Katariya Satish Parakh Sanjay Londhe Ashish Katariya Paresh Mehta Chairman Managing Director CEO (Projects) MD of ACL CFO Responsible for the Responsible for the Heads Execution of Heads Ashoka Heads Finance, strategic direction of overall management Highway Projects
Slide 8: EPC Business Highlights
ASHOKA EPC BUSINESS HIGHLIGHTS
Slide 9: EPC: Road
EPC: Road Overview Roads Order Book (Rs Mn) 67,440 Involved in rehabilitation, upgradation, widening and 51,140 strengthening of roads and highways 42,558 32,905 Constructed 10,000+ lane kms of roads & highways Current Order book of Rs 67,440 mn; Captive – Rs Mar'16 Mar'17 Mar'18 Mar'19 46,200
Slide 10: EPC: Power Distribution & Railways
EPC: Power Distribution & Railways Overview Power Distribution, CGD & Railways EPC order book (Rs Mn) Power: 18,908 15,930 16,500 Involved in modernizing and setting up new power 8,202 distribution lines Started with projects in Maharashtra, expanded into states of Bihar, Tamil Nadu & Chattisg
Slide 11: EPC order backlog, 2.2x FY19 Revenue
EPC order backlog, 2.2x FY19 Revenue Order backlog of Rs 84 bn as on 31st March, 2019 Segment Rs. Mn Segment Rs. Mn Roads 67,440 Others 16,500 BOT 46,200 HAM: Khrar - Ludhiana, Punjab 5,130 Power T&D 9,139 HAM: Anandpuram 5,274 Maharashtra 139 HAM: Vadodara Kim, Gujarat 8,173 Bihar 4,631 HAM: Tumkur
Slide 12: Order Book - Break-up (As on March 31, 2019)
Order Book- Break-up (As on March 31, 2019) Robust Order Book Order Book Break-up (%) 0.2% 8.6% 83,940* 10.9% 58,487 55.0% 25.3% Mar'18 Mar'19 Road BOT Road EPC Power T&D EPC Railways CGD * Excludes Rs.1,264 Cr of LOI received for RVNL Punjab and HAM for Tumkur IV package 11
Slide 13: EPC business financial performance
EPC business financial performance Figures in Rs Mn Revenue# EBITDA and EBITDA Margin 14% 17% 15% 15% 16% 39,363 6,309 25,461 19,667 20,852 3,912 19,037 3,383 3,146 2,638 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 PAT and PAT Margin Order Book 8% 5% 8% 9% 7% 83,940 70,047 2,862 58,487 2,370 1
Slide 14: Development Business
ASHOKA DEVELOPMENT BUSINESS
Slide 15: BOT Portfolio Overview
BOT Portfolio Overview ABL Owned BOT Ashoka Concessions Limited (ACL) BOT Projects ABL Stake BOT Projects ACL Stake 1 Belgaum Dharwad Road 100.0% 1 Ahmednagar Aurangabad Road 100.0% 2 Dhankuni Kharagpur Road 100.0% 2 Katni Bypass 99.9% 3 Sambalpur Baragarh Road 100.0% 4 Bhandara Maharashtra Road 51.
Slide 16: Financials Concession Terms
ABL Owned BOT Projects Ahmednagar- Particulars Wainganga ^ Katni Bypass * Aurangabad Ownership (%) 50% 99.89% 100% Project Details State Maharashtra Madhya Pradesh Maharashtra Client MORT&H PWD PWD Lanes / Lane kms 2 Lane / 26.00 2 Lane / 35.20 4 Lane / 168.00 Signing Date 16-Nov-98 19-Aug-02 18-Dec
Slide 17: Financials Concession Terms
ACL Projects Rs. Mn Bhandara Durg Jaora - Nayagaon Belgaum Dharwad Ownership (%) 51% 51% 37.74% 100% Project Details State Maharashtra Chhattisgarh Madhya Pradesh Karnataka Client NHAI NHAI MPRDC NHAI Lanes / Lane kms 4 Lane / 376.80 4 Lane / 368.20 4 Lane / 543.1 6 Lane / 454.05 Signing Date 18-Sep
Slide 18: Financials Concession Terms
ACL Projects Ranastalam Rs. Mn Chennai ORR Dhankuni- Kharagpur Sambalpur Baragarh Kharar Ludhiana Anandpuram Ownership (%) 50% 100% 100% 100% 100% Project Details State Tamil Nadu West Bengal Orissa Punjab Andhra Pradesh Client Govt. of Tamil Nadu NHAI NHAI NHAI NHAI Lanes / Lane kms 6 Lane/ 183.00
Slide 19: Financials Concession Terms
ACL Projects Ankleshwar Mallasandra Karadi Karadi Banwara Belgaum Khanapur Khairatunda Barwa Bettadahalli Rs. Mn Manubar Road Road Road Adda Road Shivamogga Road* Expressway Ownership (%) 100% 100% 100% 100% 100% 100% Project Details State Gujarat Karnataka Karnataka Karnataka Jharkhand Karnataka Cl
Slide 20: City Gas Distribution
ASHOKA CITY GAS DISTRIBUTION
Slide 21: City Gas Distribution – tapping the vast opportunity
City Gas Distribution – tapping the vast opportunity Large opportunity in the country as the segment is underpenetrated Diversification into asset class which has stable yields Successful precedent Enter new segment with a smaller pilot project set by building a Cost effectiveness of CNG as a fuel s
Slide 22: Financial Highlights
ASHOKA FINANCIAL HIGHLIGHTS
Slide 23: Gross toll collection
Gross toll collection (Rs. Mn) FY19 FY18 FY17 ACL Projects Belgaum Dharwad 915 878 699 Dhankuni – Kharagpur 3,510 3,176 2,557 Bhandara 682 648 570 Durg 801 785 700 Jaora – Nayagaon 2,020 2,029 1,638 Sambalpur 725 633 477 Sub-total 8,652 8,149 6,642 ABL Owned Projects Ahmednagar – Aurangabad 317 278
Slide 24: Adjusted Annual Gross toll collection
Adjusted Annual Gross toll collection (Rs. Mn) FY19 FY18 % Change FY17 * ACL Projects Belgaum Dharwad 915 878 4.2% 746 Dhankuni – Kharagpur 3,510 3,176 10.5% 2,729 Bhandara 682 648 5.1% 608 Durg 801 785 2.0% 747 Jaora – Nayagaon 2,020 2,029 -0.5% 1,748 Sambalpur 725 633 14.6% 509 Sub-total 8,652 8,1
Slide 25: Debt Profile as of March 2019
Debt Profile as of March 2019 Consolidated Debt (Rs. Mn) 54,792 56,790 Dec 2018' Mar 2019' Consolidated Debt Break-up (Rs. Mn) Standalone Debt Break-up (Rs. Mn) Standalone debt 7,199 - Equipment loan 2,445 - Working capital 3,254 Project debt 49,591 - NCDs 1,500 Total 56,790 Total 7,199 24
Slide 26: Standalone Profitability Highlights (as per IND-AS)
Standalone Profitability Highlights (as per IND-AS) Rs mn Q4 FY19 Q4FY18 Y-o-Y(%) Q3FY19 Q-o-Q(%) FY19 FY18 Y-o-Y(%) Total Income from Operations 13,074 7,023 10,651 38,206 24,483 Other Income 380 612 254 1,157 978 REVENUE 13,454 7,635 76.2% 10,905 23.4% 39,363 25,461 54.6% Operating Expenses 11,259
Slide 27: Standalone Balance Sheet (as per IND-AS)
Standalone Balance Sheet (as per IND-AS) Rs mn Mar-19 Mar-18 Rs mn Mar-19 Mar-18 Shareholder’s Fund 22,120 19,263 Non-current assets 29,665 21,162 Share capital 1,404 936 Fixed assets 3,855 2,324 Reserves & Surplus 20,716 18,327 Other Non-current assets 25,810 18,838 Non-current liabilities 7,770 3,
Slide 28: Consolidated Profitability Highlights (as per IND-AS)
Consolidated Profitability Highlights (as per IND-AS) Rs mn FY19 FY18 REVENUE 50,072 36,546 IND-AS accounting treatment for CCDs in Ashoka Operating Expenses 35,358 24,635 Concession EBITDA 14,714 11,911 CCDs issued to SBI Macquarie treated as Financial EBITDA margin 29.4% 32.6% Liability & Record
Slide 29: Consolidated Balance Sheet (as per IND-AS)
Consolidated Balance Sheet (as per IND-AS) Rs mn Mar-19 Mar-18 Rs mn Mar-19 Mar-18 Shareholder’s Fund 2,869 3,159 Non-current assets 96,849 91,686 Share capital 1,404 936 Fixed assets 79,319 79,212 Reserves & Surplus 1,465 2,223 Other Non-current assets 17,531 12,474 Non Controlling Interest 1,189 9
Slide 30: For further information, please contact
For further information, please contact: Company : Investor Relations Advisors : Ashoka Buildcon Ltd. Stellar IR Advisors Pvt. Ltd. Mr. Paresh Mehta Mr. Gaurang Vasani / Mr. Vikash Verma paresh.mehta@ashokabuildcon.com vgaurang@stellar-ir.com / vikash.verma@stellar-ir.com CIN : L45200MH1993PLC071970