Ashoka Buildcon Limited · NSE:ASHOKA
Ashoka Buildcon — Q3 FY19 Earnings Presentation
29 slides from Ashoka Buildcon's earnings presentation, Feb 13, 2019
Slide 1: Filing cover letter to BSE and NSE
ASHOKA 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 Kuria Complex, Dalai Street, Mumbai — 400 001 Bandra (East), Mumbai — 400 0
Slide 2: Investor Presentation Q3FY19 February 2019
Developing Infrastructure for Better Developing Infrastructure for Better Tomorrow Tomorrow RESULT UPDATE INVESTOR P RESENTATION PRESENTATION | Q3FY19 FEBRUARY 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 2500 Construction experience Lane kms constructed Working in 18 States Nos. 23 15 INR 95,373 Mn 4,000+ Operational + Under PPP projects Completed & Order Book (as on 31st December Employed in Ashoka Family construct
Slide 6: Our Journey
Our Journey 5 Successful QIP – Rs 5,000 mn Won 7 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) 74,354 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 74,354 mn; Captive – Rs Mar'16 Mar'17 Mar'18 Dec'18 48,934
Slide 10: EPC: Power Distribution & Railways
EPC: Power Distribution & Railways Overview Power Distribution & Railways EPC order book (Rs Mn) Power: 18,908 21,019 15,930 Involved in modernizing and setting up new power 8,202 distribution lines Started with projects in Maharashtra, expanded into Mar'16 Mar'17 Mar'18 Dec'18 states of Bihar
Slide 11: EPC order backlog, 3.7x FY18 Revenue
EPC order backlog, 3.7x FY18 Revenue Order backlog of Rs 95 bn as on 31st December, 2018 Roads Rs. Mn Power T&D Rs. Mn BOT 48,934 21,019 Hybrid Annuity : Khrar - Ludhiana, Punjab 6,432 Hybrid Annuity : Anandpuram 6,396 Maharashtra 470 Hybrid Annuity : Vadodara Kim, Gujarat 10,160 Bihar 6,499 Hybrid
Slide 12: EPC business financial performance
EPC business financial performance Figures in Rs Mn Revenue# EBITDA and EBITDA Margin 14% 17% 15% 15% 16% 25,461 25,910 3,912 4,114 19,667 20,852 3,383 19,037 3,146 2,638 FY15 FY16 FY17 FY18 9MFY19 FY15 FY16 FY17 FY18 9MFY19 PAT and PAT Margin Order Book 8% 5% 8% 9% 7% 2,370 95,373 1,761 1,882 70,04
Slide 13: Development Business
ASHOKA DEVELOPMENT BUSINESS
Slide 14: 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 15: Financials Concession Terms
ABL Owned BOT Projects Ahmednagar- Particulars Indore Edalabad Wainganga Katni Bypass * Aurangabad Ownership (%) 100% 50% 99.89% 100% Project Details State Madhya Pradesh Maharashtra Madhya Pradesh Maharashtra Client MPRDC MORT&H PWD PWD Lanes / Lane kms 2 Lane / 406.60 2 Lane / 26.00 2 Lane / 35.20
Slide 16: 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 17: 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 18: Financials Concession Terms
ACL Projects Ankleshwar Manubar Mallasandra Karadi Belgaum Khanapur Khairatunda Barwa Rs. Mn Karadi Banwara Road Expressway Road Road Adda Road Ownership (%) 100% 100% 100% 100% 100% Project Details State Gujarat Karnataka Karnataka Karnataka Jharkhand Client NHAI NHAI NHAI NHAI NHAI Lanes / Lane km
Slide 19: City Gas Distribution
ASHOKA CITY GAS DISTRIBUTION
Slide 20: 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 21: Financial Highlights
ASHOKA FINANCIAL HIGHLIGHTS
Slide 22: Gross toll collection
Gross toll collection Rs mn 9M FY19 FY18 FY17 FY16 ACL Projects Belgaum Dharwad 681 878 699 696 Dhankuni – Kharagpur 2,647 3,176 2,557 2,413 Bhandara 496 648 570 592 Durg 587 785 700 734 Jaora – Nayagaon 1,530 2,029 1,638 1,638 Sambalpur 534 633 477 431 Sub-total 6,475 8,148 6,642 6,504 ABL Owned Pr
Slide 23: Debt Profile as of December 2018
Debt Profile as of December 2018 Consolidated Debt (Rs. Mn) 50,905 54,792 Sep 2018' Dec 2018' Consolidated Debt Break-up (Rs. Mn) Standalone Debt Break-up (Rs. Mn) Standalone debt 5,928 - Equipment loan 2,370 - Working capital 2,058 Project debt 48,864 - NCDs 1,500 Total 54,792 Total 5,928 22
Slide 24: Standalone Profitability Highlights (as per IND-AS)
Standalone Profitability Highlights (as per IND-AS) Rs mn Q3 FY19 Q3FY18 Y-o-Y(%) Q2FY19 Q-o-Q(%) 9MFY19 9MFY18 Y-o-Y(%) Total Income from Operations 10,651.2 6,589.2 7,644.2 25,132.7 17,459.4 Other Income 254.2 165.8 157.4 777.1 365.7 REVENUE 10,905.3 6,754.9 61.4% 7,801.6 39.8% 25,909.8 17,825.1 4
Slide 25: Standalone Profitability Highlights (as per IND-AS)
Standalone Profitability Highlights (as per IND-AS) Rs mn FY18 FY17 Y-o-Y(%) IND-AS accounting treatment for Total Income from Operations 24,483 20,133 Investment in Ashoka Concessions Ltd Other Income 978 719 REVENUE 25,461 20,852 22.1% Investment in Ashoka Concessions Ltd through Operating Expen
Slide 26: Standalone Balance Sheet (as per IND-AS)
Standalone Balance Sheet (as per IND-AS) Rs mn Sep-18 Mar-18 Rs mn Sep-18 Mar-18 Shareholder’s Fund 20,520 19,263 Non-current assets 25,371 21,162 Share capital 1,404 936 Fixed assets 2,628 2,324 Reserves & Surplus 19,117 18,327 Other Non-current assets 22,743 18,838 Non-current liabilities 4,172 3,
Slide 27: Consolidated Profitability Highlights (as per IND-AS)
Consolidated Profitability Highlights (as per IND-AS) Rs mn FY18 FY17 IND-AS accounting treatment for CCDs in REVENUE 36,546 30,612 Ashoka Concessions Ltd Operating Expenses 24,635 20,291 CCDs issued to SBI Macquarie treated as Financial EBITDA 11,911 10,321 Liability & Recorded as Fair Value in F
Slide 28: Consolidated Balance Sheet (as per IND-AS)
Consolidated Balance Sheet (as per IND-AS) Rs mn Mar - 18 Mar - 17 Rs mn Mar - 18 Mar - 17 Shareholder’s Fund 3,159 4,695 Non-current assets 91,686 87,603 Share capital 936 936 Fixed assets 79,212 80,527 Reserves & Surplus 2,223 3,759 Other Non-current assets 12,474 7,076 Minority Interest 937 1,169
Slide 29: 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