Dilip Buildcon Ltd. · NSE:DBL
Dilip Buildcon — Q2 FY2021 Earnings Presentation
47 slides from Dilip Buildcon's earnings presentation, Nov 6, 2020
Slide 1: Infrastructure & Beyond
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Slide 2: Q2FY21 Earnings Presentation
Q2FY21 EARNINGS PRESENTATION
Slide 3: Content
CONTENT Business Highlights Standalone Financial Consolidated Financial Page No: 03 Highlights Highlights Page No: 12 Page No: 23 Divestment Key Project Updates Company Overview Page No: 25 Page No: 29 Page No: 36 DILIP BUILDCON LIMITED 2
Slide 4: Business Highlights
Business Highlights DILIP BUILDCON LIMITED 3
Slide 5: Creating Value
Highlights Revenue Growth Creating Value Healthy Orderbook Improving Working Capital Cycle DILIP BUILDCON LIMITED 4
Slide 6: Orders won worth ₹1,36,083 Mn in FY21 across sectors and states
Orders won worth ₹ 1,36,083 Mn* in FY21 across 4 sectors & 7 states including 2 new territory Uttarakhand & Bihar Tunnel Bihar Rajasthan HAM/BOT 10% 14% Special 7% 38% Bridge Roads Gujarat 14% 45% Karnataka 37% 10% ₹ 1,36,083 Mn ₹ 1,36,083 Mn ₹ 1,36,083 Mn Irrigation 31% EPC/BOQ Uttarakhand Jharkhan
Slide 7: Projects won during FY21 till date
Projects won during FY21 till date (₹ mn) Contract Value Contract Value Project Name Type State Name of Employer LOA Date Quarter excluding GST including GST Narmada, Water Resources, Bhadbhut Barrage Irrigation Gujarat Water Supply and Kalpsar 37,212 41,677 22.07.2020 Q2 Department Dhrol - Bhadra P
Slide 8: Business Division
Business Division ROADS & SPECIAL HIGHWAYS IRRIGATION MINING METRO AIRPORT TUNNEL BRIDGES ₹ 1,29,078 mn ₹ 50,210 mn ₹ 31,410 mn ₹ 3,727 mn ₹ 22,658 mn ₹ 5,273 mn ₹ 13,850 mn 50.38% 19.60% 12.26% 1.45% 8.84% 2.06% 5.41% Total Order Book - ₹ 2,56,206 mn* DILIP BUILDCON LIMITED * Excluding Delhi - Vado
Slide 9: Increasing diversification
Increasing diversification (₹ mn) Irrigation Special Bridge Special Irrigation 3.95% Urban 2.53% Metro Bridge 0.18% Special Metro Tunnel Tunnel Development Special 2.01% Airport 8.84% Airport Bridge Airport 2.02% 1.45% 5.41% 0.59% Bridge 3.02% 2.06% 4.69% 3.69% 0.23% Metro Mining Irrigation 7.45% 7.
Slide 10: Total Order Book
Total Order Book (₹ mn) * Excluding Delhi - Vadodara Greenfield Expressway project worth Rs. 8,929 Mn (Excl GST) which is received in Q3FY21 256,206 * 238,881 211,718 190,816 175,683 107,787 74,747 51,609 FY14 FY15 FY16 FY17 FY18 FY19 FY20 H1FY21 DILIP BUILDCON LIMITED 9
Slide 11: Order Book – Client Wise
Order Book – Client Wise 44.47% 34.19% 9.98% 4.65% 2.22% 2.06% 2.28% NHAI MORTH COAL INDIA AAI RVNL STATE PSCL 64% of the order book from the 36% of the order book from the Central Government state government DILIP BUILDCON LIMITED 10
Slide 12: Order Book Geography Wise and Contract Type Wise
Order Book Geography Wise Order Book Contract Type Wise Bihar HAM/BOT Karnataka Uttarakhand Odisha 5% 33% 13% 5% 5% ₹ 83,337 Mn Chhattisgarh 2% Gujarat 19% Uttar Pradesh 13% Rajasthan 2% Madhya Pradesh 9% Maharashtra 8% Telangana Andhra Pradesh 4% Goa 2% 1% Jharkhand EPC/BOQ 13% 67% ₹ 172,869 Mn DIL
Slide 13: Standalone Financial Highlights
Standalone Financial Highlights DILIP BUILDCON LIMITED 12
Slide 14: Results Summary – Q2FY21 (Standalone)
Results Summary – Q2FY21 (Standalone) Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) 6.5% 4,00 0 -4% 3,288 3,154 577 -24% 18,167 19,346 438 - Q2FY20 Q2FY21 Q2FY20 Q2FY21 Q2FY20 Q2FY21 Contract Revenue Breakup Roads, Special 1% >100% 53% 4% Roads & Bridge Roads & Bridge Irrigation >100% Roads &
Slide 15: Results Summary – H1FY21 (Standalone)
Results Summary – H1FY21 (Standalone) Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) -7% -17% 1,833 7,530 -56% 41,168 38,351 6,240 809 H1FY20 H1FY21 H1FY20 H1FY21 H1FY20 H1FY21 Contract Revenue Breakup Roads, Special 8% >100% 53% 21% Roads & Bridge Roads & Bridge Irrigation >100% Roads & Airpo
Slide 16: Result Update – Standalone
Result Update – Standalone (₹ mn) Particulars Q2FY21 Q1FY21 Q2FY20 Y-o-Y (%) H1FY21 H1FY20 Y-o-Y (%) Revenue 19,346 19,005 18,167 6.49% 38,351 41,168 -6.84% Operating expenses 16,192 15,919 14,879 8.83% 32,111 33,638 -4.54% EBITDA 3,154 3,086 3,288 -4.07% 6,240 7,530 -17.12% EBITDA Margin (%) 16.30%
Slide 17: Standalone Profit & Loss – Q2FY21
Standalone Profit & Loss – Q2FY21 (₹ mn) Standalone Particulars Highlights Q2FY21 Q2FY20 Revenue from Operations 19,252 18,093 o Revenue increased by 6.5% on Y-o-Y Other income 94 74 basis Total Income 19,346 18,167 o PAT decreased by 24% Y-o-Y basis on Expenses account of reduction in EBITDA, Cost
Slide 18: Standalone Profit & Loss – H1FY21
Standalone Profit & Loss – H1FY21 (₹ mn) Standalone Particulars Highlights H1FY21 H1FY20 Revenue from Operations 38,172 41,031 o Revenue decreased by 7% on Y-o-Y Other income 179 137 basis due to limited availability of Total Income 38,351 41,168 workforce and disrupted supply chain on account of lo
Slide 19: Standalone Balance Sheet
Standalone Balance Sheet (₹ mn) Particulars Sep’20 June’20 Sep’19 Particulars Sep’20 June’20 Sep’19 ASSETS EQUITY AND LIABILITIES Non-current assets Equity (a) Property, plant and equipment 19,201 19,909 20,553 (a) Equity share capital 1,368 1,368 1,368 (b) Capital work in progress 1 7 1 (b) Other e
Slide 20: Standalone Cash flow – Q2FY21
Standalone Cash flow– Q2FY21 (₹ mn) Particulars Q1FY21 Q2FY21 H1FY21 Particulars Q1FY21 Q2FY21 H1FY21 CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTMENT ACTIVITIES Net profit before tax as per Statement of Profit and Purchase of Fixed Assets (947) (478) (1425) 509 709 1,218 Loss Sale of F
Slide 21: Net Working Capital Days – Quarterly
Net Working Capital Days – Quarterly (₹ mn) 140 127 127 119 120 114 101 107 103 93 90 87 100 96 100 89 85 83 80 77 71 72 71 71 69 69 69 60 65 66 66 63 61 62 61 63 59 60 57 60 59 55 56 55 53 51 48 49 50 40 37 20 119 113 103 102 95 86 91 89 100 105 104 104 106 111 113 0 31.03.2017 30.06.2017 30.09.201
Slide 22: Net Debt to Equity Ratio – Quarterly
Net Debt to Equity Ratio – Quarterly (Working Capital & Equipment Debt) 0.87 0.81 0.77 0.63 0.69 0.70 0.58 0.55 0.48 0.53 0.51 0.57 0.48 0.58 0.47 0.50 0.45 0.46 0.45 0.47 0.46 0.44 0.39 0.35 0.32 0.36 1.35 1.35 1.24 1.13 1.14 1.16 1.06 1.01 0.95 0.81 0.92 0.90 0.87 30.09.2017 31.12.2017 31.03.2018
Slide 23: Income Tax
Effective tax rate for FY 2020-21 will be in the range of 32-35%. However, Company does not envisage additional payouts towards tax over and above available MAT credit and TDS MAT credit unutilized as on 30th September 2020 is Rs. 3,116 Mn Income Tax Effective tax rate for H1FY 21 is 33% Company is
Slide 24: Consolidated Financial Highlights
Consolidated Financial Highlights DILIP BUILDCON LIMITED 23
Slide 25: Consolidated Profit & Loss – Q2/H1FY21
Consolidated Profit & Loss – Q2/H1FY21 (₹ mn) Particulars Q2FY21 Q1FY21 Q2FY20 Y-o-Y (%) H1FY21 H1FY20 Y-o-Y (%) Revenue from Operations 21,867 20,999 19,944 9.64% 42,866 44,308 -3.26% Other income 111 104 31 >100% 215 169 26.99% Total Income 21,977 21,104 19,975 10.03% 43,081 44,478 -3.14% Expenses
Slide 26: Divestment
Divestment DILIP BUILDCON LIMITED 25
Slide 27: Commitment to Achievement – Shrem Deal
Commitment to Achievement – Shrem Deal 14 Completed Projects 4 Nearing Completion 6 Under-construction HAM Projects Projects COD Achieved in all 4 COD Achieved in all 6 13 SPVs Stake before scheduled time before Schedule time Transfer concluded 1 SPV 49% Stake trf 4 SPVs 49% Stake Trf done as per CA
Slide 28: Monetisation of Road Assets – Shrem
Monetisation of Road Assets – Shrem (₹ mn) Till FY 19-20 H1 20-21 Q3 20-21 S. No. Particulars Total Savings Actual Actual Projected A Amount receivable by DBL (i) Consideration against 18 (14+4) completed assets 8,140 7,735 - 405 - DBL’s upfront equity investment in 6 under construction HAM (ii) 2,0
Slide 29: Monetisation of Road Assets – Cube Deal
Monetisation of Road Assets – Cube Deal (₹ mn) Entered into Agreement(s) with Cube Highways and Infrastructure III Pte Limited (“Cube”) Singapore for sale of five under construction Hybrid Annuity Model (“HAM”) projects on 31-Aug-2019 for valuation of 1.41x on investment Valuation against Balance 49
Slide 30: Key Project Updates
Key Project Updates DILIP BUILDCON LIMITED 29
Slide 31: Equity Tracker for HAM projects
Equity Tracker for HAM projects (₹ mn) FY 18-19 FY 19-20 H1 FY 20-21 H2 FY 20-21 FY 21-22 FY 22-23 FY 23-24 Particulars Requirement Actual Actual Actual Projected Projected Projected Projected Investment for 12 HAM projects 15,996 3,893 6,945 1,627 2,331 1,199 - - Investment for 5 New HAM projects #
Slide 32: Projects Completed in H1FY21
Projects Completed in H1FY21 (₹ mn) Actual Early Name of the Type of Cost of Length Scheduled Date of Project Name State Completion Completion Employer work work (Kms) Completion Date Days NHAI Mahagaon-Yavatmal Maharashtra HAM 8,578 80.20 26.08.2020 23.05.2020 95 DILIP BUILDCON LIMITED 31
Slide 33: Hybrid Road Projects – Progress
Hybrid Road Projects – Progress (₹ mn) Milestone Plan Milestone Achieved Early % of work Sr. Payment Milestone Project Name Appointed Date Achieved done as on No (Grant) Date Days Date Days (Days) 31.10.2020 1 DBL Anandpuram Anakapalli Highways Pvt. Ltd. 3rd PM, 50% Progress 04.01.2019 28.09.2020 63
Slide 34: Key Outstanding Road EPC Projects
Key Outstanding Road EPC Projects (₹ mn) Outstanding Order Book Schedule Date of Project name Type Contract Value Length (Kms) LOA Date Date of Start as on 30.09.2020 Completion with EOT Seoni–MP/MH Border Road 6,519 1,013 29.29 Jan-18 Aug-18 Jun-21 Karodi to Telwadi Road 5,045 490 55.61 Jan-18 Oct-
Slide 35: Airport, Mining and Irrigation Projects
Airport ,Mining and Irrigation Projects (₹ mn) Airport Outstanding Order Book as Schedule date of Project name Type Contract Value LOA Date Date of Start on 30.09.2020 Completion Construction of New Greenfield Airport at Hirasar, Rajkot Airport 5,701 5,273 Feb-20 Feb-20 Aug-22 Mining Contract Outsta
Slide 36: Special Bridges, Tunnel and Metro Projects
Special Bridges, Tunnel and Metro Projects (₹ mn) Special Bridge Contract Outstanding Order Book as Schedule date of Project name Type LOA Date Date of Start Value on 30.09.2020 Completion Zuari Bridge -(Package II ) Special Bridge 5,454 1,484 Feb-16 April-16 Sep-21 Zuari Bridge -(Package I ) Specia
Slide 37: Company Overview
Company Overview DILIP BUILDCON LIMITED 36
Slide 38: Overview
Diversified areas of expertise No subcontracting, Largest owner of Pan India presence Roads, bridges, buildings, metros, vertically integrated and Construction equipment’s 19 states dams, canals, water supply & use of technology 13,030 mining Largest employer in Best project executors construction i
Slide 39: Our Journey
Our Journey After building an enviable reputation for ahead-of-time-execution in its home state, Enters into Tunnels and Metros the Company decides to foray outside for After building roads segments. Revenue grows to more The young firm witnesses a in multiple than 120%, since the Company the first
Slide 40: Pan India Project Execution Capability
(₹ mn) State Completed Ongoing Gross Ongoing Net Andhra Pradesh 29,045 13,750 3,939 Himachal Chhattisgarh 7,038 8,127 5,319 Pradesh Punjab Goa 1,254 15,281 3,154 Uttarakhand Haryana Gujarat 9,589 49,055 48,628 Haryana 4,637 - - Rajasthan Uttar Pradesh Himachal Pradesh 1,187 - - Bihar Jharkhand 10,07
Slide 41: Backward Integration
Octagonal Poles Pipe Rolling Metal Beam Crash Road Marking Bus Shelter Sign Boards Scaffolding Barrier Paint Bearing & Reinforced Earth Fabricated Casting Overhead Overhead Foundry Expansion Joint Walls Panels and Moulds Gantries Cantilevers To further support our in-house execution, we have setup o
Slide 42: Leadership Team
Leadership Team Mr. Dilip Suryavanshi Mrs. Seema Suryavanshi Mr. Devendra Jain Chairman and MD Executive Director Executive Director & CEO Dilip Suryavanshi is the Chairman and Managing Director of our Company. Seema Suryavanshi is an Executive Director of our Company. She holds a Devendra Jain is a
Slide 43: Execution Team
Mr. R S Garg Mr. Abhishek Shrivastava Mr. Ajay Kumar Mishra Mr. R B Singh Mr. Arun Kumar K Execution Chief Financial Officer Company Secretary President – Contract Management AVP – Mining (Coal) VP – Design & Technical Audit Team Mr. Mohan Tiwari Mr. Atul Joshi Mr. Nitin Shrivastava Mr. Raja Ghosh M
Slide 44: Awards, Accreditation & Accolades
National Highway Excellence Award CNBC Awaaz CEO awards 2019 for Dun & Bradstreet Construction- Construction World Global Award 2019 3rd 2019 for Excellence in Project(PPP) "Company of the Year" in the Infrastructure Development Awards Fastest Growing Construction Company Management Infrastructure s
Slide 45: Awards, Accreditation & Accolades
Largest Fleet Owner of EC210B Hydraulic Valued Customer of Bitumen Single Largest Customer of Caterpillar GCI Star Achiever by GK TMT in 2014 Excavators in India by Volvo in 2015 by BPCL in 2015 in India in 2014 Awards, Over 200 Great Alliances by Metso Purchase of Volvo Trucks and Commitment for Pr
Slide 46: Investment Rationale
High quality execution from pre-bidding to Execution track record actual construction Strong performance during last 5 years when the economy was bad, demonstrated ability to adapt to Sustainable growth changes in the market to sustain growth and profitability Experienced leadership team supported b
Slide 47: Thank You
Thank You Dilip Buildcon Limited S-Ancial Global Solutions Pvt. Ltd. (Investor Relations) Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, 215, Shivshakti Industrial Estate, J. R. Boricha Marg, Lower Kolar Road, Bhopal Madhya Pradesh - 462 016 Parel (E), Mumbai - 400 011 0755 - 4029999 07