32 slides from Mep Infrastructure Developers's earnings presentation, August 2015
Slide 1: Q1 FY16 & FY15 Results Update
ME P INF R A ST RUC TURE D E V E LOP ERS L IMIT E D Q1 FY16 & FY15 Results Update August 2015
Slide 2: Disclaimer
Disclaimer This presentation and the following discussion may contain “forward looking statements” by MEP Infrastructure Developers Limited (“MEPIDL” or the “Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future results of oper
Slide 3: Table Of Contents
Table Of Contents Company Overview Sustainable Competitive Advantages Understanding Our Business Model Q1 FY16 & FY15 Results Update 3
Slide 4: Company Overview
Company Overview
Slide 5: Company Overview: Brief Profile
Company Overview: Brief Profile Leading Player In Toll Collection & OMT Projects MEPIDL is the leading player in OMT and Toll Collection in India (1). Commenced operations in 2002 - toll collection at the five Mumbai Entry Points for 8 years. Progressed into winning one of the largest OMT cont
Slide 6: Company Overview: Key Milestones
Company Overview: Key Milestones Awa rded a 3-year OMT Cros s ed Rs 10,000 mn of revenue i n a s ingle fi nancial year contra ct by MSRDC for Rajiv (FY12) for the fi rst time. Awa rded the Phalodi Ramji toll Ga ndhi Sea Link i n Mumbai. col l ection contract in Rajasthan Awa rded Hyderabad-B
Slide 7: Diversified Project Portfolio With Pan India Presence
Company Overview: Diversified Project Portfolio With Pan India Presence Current Portfolio Across Ten States In India Project Mix as on 30th June 2015 Long Short Location OMT Term Term BOT Total Toll Toll Maharashtra 2 3 - 1 6 Tamil Nadu 2 1 1 - 4 Telangana - - 1 - 1 Karnataka - - 1 - 1 Rajasthan - 1
Slide 8: Long Term OMT Projects
Company Overview: Long Term OMT Projects Madurai – Kanyakumari Hyderabad - Bangalore Chennai Bypass Rajiv Gandhi Sea link Mumbai Entry Points Four lane carriage way Four lane carriage way Six lane carriageway that Links Bandra in the Five entry points located on located on NH-7, which is located on
Slide 9: Long Term Toll Collection Projects
Company Overview: Long Term Toll Collection Projects Rajiv Gandhi Phalodi Ramji IRDP Solapur Vidyasagar Setu Kini Tasawade Kalyan Shilphata(1) Delhi Entry Points Salai(1) Project is a 229 Located in Solapur 18 lane toll plaza at Located on Previously known Connecting km long corridor district Vidyas
Slide 10: Short Term Toll Collection Projects
Company Overview: Short Term Toll Collection Projects Sr. Toll Plaza State Client COD Tenor Payment to Authority No 1 Gurau Uttar Pradesh NHAI 22 nd July 2015 (1) 1 year Rs 594 mn 2 Paduna Rajasthan NHAI 12 th May 2015 1 year Rs 1,000.8 mn 3 Palsit West Bengal NHAI 26 th March 2015 1 year Rs 950.4 m
Slide 11: Company Overview: Corporate Structure
Company Overview: Corporate Structure MEP Infrastructure Developers Limited OMT Projects Long Term Toll Collection Projects BOT Projects Other Subsidiaries / Associate MEP HS - MEP Highway Solutions Private RTPL - Rideema Toll MIPL - MEP Infrastructure Private Limited RVPL - Raima Ventures Private L
Slide 12: Company Overview: Shareholding Structure
Company Overview: Shareholding Structure Share Price Performance Share Price Market Data As on 30.06.2015 (BSE) Rs 61.60 Listing Price As on Rs 63.0 30.06.2015 Market Capitalization (Rs Mn) 10,016.2 70 ( BSE ) 60 50 No. of shares outstanding (Mn) 162.6 40 30 Face Value (Rs.) 10.0 20 10 52 week High-
Slide 13: Promoters And Management Team – Board Of Directors
Company Overview: Experienced Promoters And Management Team – Board Of Directors Name & Designation Experience Dattatray P. Mhaiskar Founding Director and Promoter of the Company Chairman, Non Holds a Diploma in Civil Engineering from Sir Cursow Wadia Institute of Electrical Technology, Pune Ind
Slide 14: Sustainable Competitive Advantages
Sustainable Competitive Advantages
Slide 15: Strong Execution Capabilities With Proven Track Record
Sustainable Competitive Advantage: Strong Execution Capabilities With Proven Track Record Expertise And Experience In Project Management One of the first few companies focusing to operate on pure toll collection business model. Successful operational experience of over 13 years with a pan India
Slide 16: Integrated Structure With In-house Capabilities
Sustainable Competitive Advantage: Integrated Structure With In-house Capabilities In-house business development team prepares tendering documents for all the bids. Tendering Company’s ability to tender appropriately depends significantly on the assessment of the future traffic patterns and the
Slide 17: Use Of Advanced Technology For Toll Collection
Sustainable Competitive Advantage: Use Of Advanced Technology For Toll Collection Use of Advanced Technology for Toll Collection leads to improved Operational Efficiency And Transparency ETC System: Electronic Toll Collection (ETC) systems are based on prepaid mode of toll collection either throug
Slide 18: Understanding Our Business Model
Understanding Our Business Model
Slide 19: Asset Light Business Model
Understanding Our Business Model: Asset Light Business Model Asset Light Business Model Focussing On Pure Toll Collection And OMT Projects Development / Traffic Business Capital Financing Concession Maintenance Political Construction Risk Revenues Model Employed Risk Period Responsibility Risk Risk
Slide 20: Balanced Mix Of OMT And Toll Collection Projects
Understanding Our Business Model: Balanced Mix Of OMT And Toll Collection Projects Well-balanced Mix Of Short Term & Long Term Projects Is Essential For Long Term Sustenance Lifecycle of Toll Collection Projects Short Term Projects Long Term Projects Pure toll collection project is awarded initial
Slide 21: Understanding Current Business Concerns
Understanding Our Business Model: Understanding Current Business Concerns Key Risks / Concerns Risk Mitigation As per Notification Dated 26th May 2015 by PWD – Total revenue contribution from these 3 projects was 0.33%, 0.46% and 1.66% Govt. of Maharashtra, LMVs and buses from MSRTC respectively i
Slide 22: Q1 FY16 & FY15 Results Update
Q1 FY16 & FY15 Results Update
Slide 23: Q1 FY16 & FY15 Results Highlights
Q1 FY16 & FY15 Results Highlights REVENUE FROM OPERATIONS EBITDA & EBITDA MARGIN 19,843 Strong Revenue 32.2% Strong 29.5% Growth 24.0% Operational Profitability 11,979 4,761 in Q1 FY16 3,538 66 % 4,834 35 % 1,555 FY14 FY15 Q1 FY16 FY14 FY15 Q1 FY16 EBITDA EBITDA Margin PAT & PAT MARGIN CASH PROFIT &
Slide 24: Consolidated P&L Statement
Consolidated P&L Statement Particulars in Rs. Mn FY12 FY13 FY14 FY15 Q1 FY16 Revenue from Operations 10,801 12,800 11,979 19,843 4,834 Other Income 565 220 433 570 117 Operating and Maintaining Expenses 6,679 8,332 8,015 14,570 3,137 Employee Expenses 413 525 499 716 171 Other Expenses 219 294 360 3
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars in Rs. Mn FY12 FY13 FY14 FY15 Equities & Liabilities Shareholder's Funds Share Capital 1,000 1,000 1,000 1,115 Reserves & Surplus -379 -1,308 -1,878 -3,379 Total Shareholder's Funds 621 -308 -878 -2,264 Share Application Money 453 453 - - Minority Interest 0 0
Slide 26: Revenue And EBITDA Analysis
Revenue And EBITDA Analysis REVENUE BREAKUP FY14 FY15 Q1 FY16 31.7% 38.7% 42.7% 42.0% 50.8% 50.7% 17.6% 10.5% 15.3% Long Term - OMT Short Term – Toll Collection Long Term – Toll Collection EBITDA MARGINS % FY14 FY15 Q1 FY16 5.0% 5.0% 13.2% 43.5% 40.7% 38.1% 52.0% 36.8% 41.7% Long Term - OMT Short Te
Slide 27: Long Term Projects Details
Long Term Projects Details Key Long Term Projects FY14 FY15 Q1 FY16 No. of No. of No. of Type Revenues Operational Revenues Operational Revenues Operational Months Months Months MEPIPL OMT 3,345 12 3,798 12 1,010 3 Chennai Bypass OMT 933 11 1,041 12 259 3 Hyderabad –Bangalore OMT 1,018 11 1,298 12 3
Slide 28: Q1 FY16 & FY15 Results Highlights
Q1 FY16 & FY15 Results Highlights FINANCIAL UPDATE: Q1 FY16: Q1 FY16 witnessed healthy operating performance. Q1 FY16 EBITDA margins improved to 32.2% driven by higher contribution from long term projects. MIPL project generated its first cash profit of Rs 53 mn in Q1 FY16. Significant impro
Slide 29: Key Projects Additions
Key Projects Additions Payment to Sr. Name of Name of Project State Type COD Tenor Authority No Authority ( Rs Mn) Short Term nd 1 Gurau Toll Plaza Uttar Pradesh NHAI 22 July 2015 1 year 594 Toll Collection South Delhi Municipal Corporation Long Term th 2 New Delhi SDMC 16 May 2015 3 years 16,534.8
Slide 30: New Projects Pipeline Q2 FY16
New Projects Pipeline Q2 FY16 Toll Collection Projects Annual Potential Toll Number of Projects Sr. No Name of Authority Type Collection (Rs Mn) Currently Available 1 NHAI Short Term 4,410.8 16 2 MSRDC Long Term 178 1 3 RIDCOR Short Term 433.4 1 4 RSRDC Short Term 71.8 1 Total 5,094 19 OMT Projects
Slide 31: Potential For Road Tolling Projects
Potential For Road Tolling Projects Monetisation of fresh / new road assets: The NHAI along with MORTH plans to award fresh projects of ~ 15,000 km worth Rs 3 trillion during FY16 and FY17 through the BOT, Hybrid Annuity and EPC routes. Over 80% of the future projects are proposed to be as per t
Slide 32: Thank You
For Further Queries: Thank You Murzash Manekshana Ammeet Sabarwal / Nilesh Dalvi Executive Director IR Consultant Email : mmanekshana@mepinfra.com Contact No : +91 9819576873 / +91 9819289131 Email : ammeet.sabarwal@dickensonir.com nilesh.dalvi@dickensonir.com 32