Dilip Buildcon Ltd. · NSE:DBL
Dilip Buildcon — Q4 FY2018 Earnings Presentation
49 slides from Dilip Buildcon's earnings presentation, March 2018
Slide 1: Q4 & FY18 Earnings Presentation
Q4 & FY18 Earnings Presentation Dilip Buildcon Limited
Slide 2: Safe Harbour
Dilip Buildcon Limited All statements included or incorporated by reference in this presentation, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our
Slide 3: Table of Content
Dilip Buildcon Limited Table of Content 01 Financial 02 Strategy & 03 Company Highlights Business Model Overview Page : 04 Page : 18 Page : 24 Earnings Presentation | March 2018 3
Slide 4: Financial Highlights
Dilip Buildcon Limited Financial Highlights Earnings Presentation | March 2018 4
Slide 5: Results Summary – Q4FY18
Dilip Buildcon Limited Results Summary – Q4FY18 Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) 2,177 46.11% 33.17% 11.01% 25,620 4,766 17,535 3,579 1,961 Q4FY17 Q4FY18 Q4FY17 Q4FY18 Q4FY17 Q4FY18 Contract Revenue Breakup (₹ mn) Roads & Bridge Irrigation Urban Development Mining 41% -53% 8% -55
Slide 6: Results Summary - FY18
Dilip Buildcon Limited Results Summary - FY18 Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) 51.95% 77,614 41.31% 14,183 71.86% 6,206 51,091 10,037 3,611 FY17 FY18 FY17 FY18 FY17 FY18 Contract Revenue Breakup (₹ mn) Roads & Bridge Irrigation Urban Development Mining 46% -42% -65% 501% FY18 66,
Slide 7: Key Highlights for the quarter
Dilip Buildcon Limited Key Highlights for the quarter • Upgradation of Credit rating to BWR A1+ for Short term & BWR AA- of Long term facilities & Proposed CP rating of BWR A1+ • Bonus Earned 63.63 Cr from 3 Karnataka Projects . Average 222 days Early Completion. • Rs. 602 Cr received so far from SH
Slide 8: Result Update - Standalone
Dilip Buildcon Limited Result Update - Standalone (₹ mn) Particulars Q4FY18 Q3FY18 Q4FY17 YoY (%) FY18 FY17 YoY (%) Revenue 25,620 19,478 17,535 46.11% 77,614 51,091 51.91% Operating expenses 20,853 15,974 13,955 49.43% 63,431 41,054 54.51% EBITDA 4,766 3,503 3,579 33.17% 14,183 10,037 41.31% EBITDA
Slide 9: Net Working Capital Days - Quarterly
Dilip Buildcon Limited Net Working Capital Days - Quarterly 180 161 156 160 155 145 139 132 132 136 140 120 120 102 103 97 100 95 97 86 80 78 80 73 74 69 67 60 47 41 95 40 34 37 76 74 20 0 30.09.2016 31.12.2016 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.3.2018 Debtor Days Inventory days Creditor
Slide 10: Net Working Capital Days - Yearly
Dilip Buildcon Limited Net Working Capital Days - Yearly 250 200 193 176 167 176 150 136 132 129 115 141 120 97 100 86 91 73 73 76 95 74 82 64 50 0 2014 2015 2016 2017 2018 Debtor Days Inventory days Creditor Days Working Capital Days Earnings Presentation | March 2018 10
Slide 11: Order Book
Dilip Buildcon Limited Order Book Order Book Order Book – By Sector (₹ mn) 92% 238,881 * 175,683 107,787 74,747 51,609 7% 1% 0.18% Roads, Highways & Mining Urban Development Irrigation FY 14 FY 15 FY 16 FY 17 FY18 Bridges *Excluding GST 99.28% of the Order Book – By Client order book from Order Book
Slide 12: Projects won in Q4 (1/2)
Dilip Buildcon Limited Projects won in Q4 (1/2) EPC Value Project Name Type State Name of Employer LOA Date (₹ mn) Davanagere - Haveri Pkg.1B ROAD Karnataka IRCON International (Govt. Undertaking) 1,403.84 2/21/2018 Davanagere - Haveri Pkg.2 ROAD Karnataka IRCON International (Govt. Undertaking) 3,2
Slide 13: Projects won in Q4 (2/2)
Dilip Buildcon Limited Projects won in Q4 (2/2) EPC Value Project Name Type State Name of Employer LOA Date (₹ mn) Mangloor to Telangana/ Maharastra Border ROAD Telangana NHAI 5,991.07 3/26/2018 Byrapura to Challakere section of NH-150 A, ROAD MH NHAI 5,446.43 3/26/2018 Sangli-Solaopur (Package-I )S
Slide 14: Projects won after Q4
Dilip Buildcon Limited Projects won after Q4 Contract Value L-1 Project Name Type State Name of Employer LOA Date (₹ mn) Bellary to Byrapura Section of NH-150A HYBRID Karnataka NHAI 1,201.71 AWAITED Earnings Presentation | March 2018 14
Slide 15: Projects Completed in Q4
Dilip Buildcon Limited Projects Completed in Q4 Scheduled Early Actual Early Type of Cost of work Date of Completion Name of the Employer Project Name State Length Completion Completion work (₹ mn) Completion Bonus Date Days with EOD (₹ mn) MOHANPURA MAJOR WRD M.P. MP DAM 4,158.70 - 3/3/2018 2/20/20
Slide 16: Projects Completed in 9MFY18
Dilip Buildcon Limited Projects Completed in 9MFY18 Scheduled Date Actual Early Cost of work Name of the Employer Project Name State Type of work Length of Completion Completion Completion (₹ mn) with EOD Date Days NHAI CHAS-RAMGARH JHARKHAND ROAD 3,330.00 78.19 9/6/2017 7/12/2017 56.00 MORTH SANGRU
Slide 17: Standalone Financial Highlights
Dilip Buildcon Limited Standalone Financial Highlights Earnings Presentation | March 2018 17
Slide 18: Standalone Profit & Loss - Quarterly
Dilip Buildcon Limited Standalone Profit & Loss - Quarterly (₹ mn) Standalone Particulars Highlights Q4FY18 Q4FY17 Revenue from Operations 25,579 17,502 • Revenue increased by 46% on YoY basis Other income 41 32 Total Income 25,620 17,535 • Reduction in Finance cost from 6.01% to Expenses 4.92% in p
Slide 19: Standalone Profit & Loss - Annual
Dilip Buildcon Limited Standalone Profit & Loss - Annual (₹ mn) Standalone Particulars Highlights FY18 FY17 Revenue from Operations 77,459 50,976 • Revenue increased by 52% on YoY basis Other income 155 114 Total Income 77,614 51,091 • Reduction in Finance cost from 8.17% to Expenses 6.00% in propor
Slide 20: Standalone Balance Sheet - Annual
Dilip Buildcon Limited Standalone Balance Sheet - Annual (₹ mn) Standalone Particulars FY18 FY17 ASSETS Non-current assets (a) Property, plant and equipment 18,290 16,785 (b) Other Intangible assets 29 40 (c) Financial assets - - (i) Investments 2,415 4,695 (ii) Other 2,982 1,369 (d) Other non-curre
Slide 21: Standalone Balance Sheet - Annual
Dilip Buildcon Limited Standalone Balance Sheet - Annual (₹ mn) Standalone Particulars FY18 FY17 EQUITY AND LIABILITIES - - Equity - - (a) Equity share capital 1,368 1,368 (b) Other equity 23,203 17,161 Total equity 24,571 18,529 Liabilities - - Non-current liabilities - - (a) Financial liabilities
Slide 22: Working Capital
Dilip Buildcon Limited Working Capital (₹ mn) Standalone Particulars Q4FY18 Q3FY18 Q4FY17 Debtors Days 76 74 73 Inventories Days 95 103 120 Total 171 177 193 Less: Creditors Days 74 41 64 Working Capital Days 97 136 129 Inventory Stock 18,894 15,326 14,117 WIP 1,368 4,172 2,522 Total 20,262 19,498 1
Slide 23: Consolidated Financial Highlights
Dilip Buildcon Limited Consolidated Financial Highlights Earnings Presentation | March 2018 23
Slide 24: Consolidated Profit & Loss - Annual
Dilip Buildcon Limited Consolidated Profit & Loss - Annual (₹ mn) Particulars FY18 FY17 Revenue from Operations 79,375 53,192 Other income 172 122 Total Income 79,547 53,314 Expenses Cost of materials consumed 59,851 23,749 Changes in inventories of finished goods, Stock-in -Trade and work-in-progre
Slide 25: Consolidated Balance Sheet - Annual
Dilip Buildcon Limited Consolidated Balance Sheet - Annual (₹ mn) Standalone Particulars FY18 FY17 ASSETS Non-current assets (a) Property, plant and equipment 18,424 16,794 (b) Capital Work in progress 8,483 1,061 (c) Other Intangible assets 2,017 2,874 (d) Intangible assets under development 7,744
Slide 26: Consolidated Balance Sheet - Annual
Dilip Buildcon Limited Consolidated Balance Sheet - Annual (₹ mn) Standalone Particulars FY18 FY17 EQUITY AND LIABILITIES Equity (a) Equity share capital 1,368 1,368 (b) Other equity 21,393 15,822 (c) Non controlling interest 144 0.25 Total equity 22,905 17,190 Liabilities Non-current liabilities (a
Slide 27: Strategy & Business Model
Dilip Buildcon Limited Strategy & Business Model Earnings Presentation | March 2018 27
Slide 28: Strategy
Dilip Buildcon Limited Business Focus o Focus on road EPC for government clients. o Investment in equipment bank, process and control. o Attract and retain talented employees. o Opportunistically divest BOT assets De-Risk business through diversification o Geographical Diversification Strategy o Seg
Slide 29: Business Model
Dilip Buildcon Limited Business Model Project Selection and Management Project Selection and Management Cost-effective procurement Equipment Equipment tracking and tracking and management management for efficiency for efficiency Efficient Project tracking Robust Careful project Clustering for to min
Slide 30: Backward Integration
Dilip Buildcon Limited Pipe Rolling Machine Electric Pole Bus Shelter pto Ø200 X 8 Mm Pole blank cutting machine Metal Beam Crash Metal Beam Crash 14MTR X 3 MTR Gantry Barrier Barrier plazma Backward Integration Earnings Presentation | March 2018 30
Slide 31: Execution Strategy
Dilip Buildcon Limited Execution Strategy Differentiated business model with complete control over execution Earnings Presentation | March 2018 31
Slide 32: Investment Rationale
Dilip Buildcon Limited Investment Rationale Execution track Sustainable growth Robust order book In-house No dependence on Experienced Process and system record Capabilities sub-contractors leadership team driven company Strong performance Diversification by supported by with high reliance High qual
Slide 33: Company Overview
Dilip Buildcon Limited Company Overview Earnings Presentation | March 2018 33
Slide 34: Overview
Dilip Buildcon Limited Largest owner of Construction Pan India presence Revenue growth** equipment’s 17 states CAGR of 32.14% 9,998 Largest employer in Best project executors Early completion bonus* construction industry ~90% projects Overview 32,092 employees before time ₹ ₹4,047 mn Diversified are
Slide 35: Leadership Team
Dilip Buildcon Limited Leadership Team Bharat Singh President Bharat Singh joined Dilip Builders in 1988, prior to which he had a sole proprietorship concern. He has 32 years work of experience in the field of construction. At DBL he is responsible for administration and management of finance and ac
Slide 36: Execution Team
Dilip Buildcon Limited Mr. Atul Joshi Mr. Devesh Sharma Mr. Abhishek Shrivastav Associate Vice DGM – Legal Head – CS and Compliance President – Structure Officer Execution Team Mr. Pradeep Harel Mr. P. Marimuthu Mr. Raja Ghosh AGM – Mechanical GM – System Admin & Fuel Interim CFO Monitoring Earnings
Slide 37: Execution Team
Dilip Buildcon Limited Mr. Nitesh Kumar Sharma Mr. Badal Chandra Sardar Mr. Nitin Shrivastava AGM – Billing & Planning DGM – Survey & Design Associate Vice-President – Bidding & Contracts Execution Team Mr. B B Kameshwara Rao Mr. Kamalakanta Mahakul DGM/Head – QA&QC GM – HR Earnings Presentation | M
Slide 38: Milestones
Dilip Buildcon Limited Declared as ‘selected bidder’ for EPC Bought first projects in Andhra Pradesh 1996 stone crusher 2006 Incorporated amounting to ₹7,407 mn from NHAI 2017 2018 Goes public 2016 DBL achieves a milestone DBL achieves a record topline Business of M/s Dilip Builders with INR 51,091
Slide 39: Awards, Accreditation & Accolades
Dilip Buildcon Limited Awards, Accreditation & Accolades Highest Upliftment of Bitumen by Indian Oil in 2013 Single Largest Customer of BKT OTR Tires in India in 2015 Esteemed Customers of Metso NW Series Portable Plants Best Institution Account in India by CEAT Ltd. in H1 2015-2016 Most Valued Cust
Slide 40: Awards, Accreditation & Accolades
Dilip Buildcon Limited Awards, Accreditation & Accolades Commitment for Products and Services by Ashok Leyland LEED Certification by Indian Green Building Council in 2014 Purchase of Volvo Trucks and Construction Equipment in 2016 Fastest Growing Construction Company Infrastructure Person of the Yea
Slide 41: Sustainability
Dilip Buildcon Limited Animal Welfare & Wild life sanctuary Ensuring environmental sustainability, conservation of natural resources, ecological balances, prevention and taken care of Animals Orphanage Promoting healthcare including preventive health care for orphans Sustainability Cultural and soci
Slide 42: Business Division
Dilip Buildcon Limited Business Division Roads & Highways Irrigation Urban Development Mining o State & National Highway o Dams o Water supply projects o Coal Mining o City Roads o Canals & Tunnels o Buildings o Bridges & Culverts o Other Residential o Operation & Maintenance o Operation & Mainten
Slide 43: Pan India Project Execution Capability
Dilip Buildcon Limited State Completed Ongoing Gross Ongoing Net AP 8,616 43,295 25,192 Pan India CG - 9,846 1,558 GOA - 15,281 12,251 Project Execution Punjab Himachal Pradesh GUJ 9,814 9,814 - Capability Haryana Haryana 60 4,637 772 HP 1,187 1,187 - Rajasthan Uttar Pradesh JHARKHAND 3,330 16,321 8
Slide 44: Key Outstanding EPC Projects
Dilip Buildcon Limited Key Outstanding EPC Projects Schedule Date of Outstanding Order Project name Type Contract Value Length (Kms) LOA Date Date of Start Completion with Book EOD NIGAHI OCP of NCL Excavation 16,735.77 11,361.08 - 1/20/2017 1/24/2017 1/23/2020 Overburden Khairagura OCP, BPA area Ex
Slide 45: BOT Project Portfolio Update
Dilip Buildcon Limited BOT Project Portfolio Update The company has signed a Term Sheet with Chhatwal Group Trust on 24th August, 2017 in respect of divestment of its entire stake in the 24 of its subsidiary companies (SPVs) The sale is for 14 operational projects, and 4 under construction projects
Slide 46: BOT Project Portfolio (1/2)
Dilip Buildcon Limited BOT Project Portfolio (1/2) Total Project Awarding Equity Annuity Project name Type State COD Length (Kms) Cost Authority (Amt. In Mn) (Amt. In Mn) (Amt. In Mn) Suryavanshi Infrastructure Pvt Ltd Toll M.P MPRDC 5-Feb-09 44.0 137 - 290 DBL Betul Sarni Tollways Ltd Annuity + Tol
Slide 47: BOT Project Portfolio (2/2)
Dilip Buildcon Limited BOT Project Portfolio (2/2) Awarding Total Project Project name Type State COD Length (Kms) Equity Annuity Authority Cost DBL Mahagaon Yavatmal Highways Private Annuity linked Hybrid Maharashtra NHAI 26-Aug-20 64.93 1,163 9,638 Limited with PI DBL Yavatmal Wardha Highways Priv
Slide 48: Irrigation, Urban Development and Mining Projects
Dilip Buildcon Limited Irrigation, Urban Development and Mining Projects Irrigation Outstanding Order Schedule date of Project name Type Contract Value LOA Date Date of Start Book Completion Kundalia Major Multipurpose Irrigation 2 ,700.0 425.88 Apr-15 May-15 May-19 Urban Development Outstanding Ord
Slide 49: Thank You
Dilip Buildcon Limited Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, S-ANCIAL GLOBAL SOLUTIONS PVT. LTD. (Investor Relations) Kolar Road, Bhopal Madhya Pradesh - 462 016 215, Shivshakti Industrial Estate, J. R. Boricha Marg, Lower Thank You 0755 - 4029999 Parel (E), Mumbai - 400 011 07