Pnc Infratech Ltd · NSE:PNCINFRA
Pnc Infratech — Q4 FY2018 Earnings Presentation
37 slides from Pnc Infratech's earnings presentation, 2018
Slide 1: PNC Infratech Limited Result Update Presentation Q4 & FY 2017-18
PNC Infratech Limited Result Update Presentation Q4 & FY 2017-18
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by PNC Infratech 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 3: Key Highlights & Financials
1 Key Highlights & Financials PNC infratech 3
Slide 4: Key Highlights for Q4 FY18
Key Highlights for Q4 FY18 227% 239% 116% PAT of Rs. 111 crores as compared to Rs. 34 crores in Q4FY17 PAT Margin of 14.7% as compared to 9.6% in Q4FY17, an improvement of 510 basis points EBITDA of Rs. 161 crores as compared to Rs. 47 crores in Q4 FY17 EBITDA Margin of 21.2% as compared to 13.5% in
Slide 5: Key Standalone Highlights for FY18
Key Standalone Highlights for FY18 Revenue of Rs. 1,857 Crores in FY18 compared to Rs. 1,689 Crores in FY17; Revenue YoY growth of 10% EBITDA of Rs. 319 Crores in FY18 compared to Rs. 221 Crores in FY17; EBITDA YoY growth of 44% EBITDA Margin of 17.2% as compared to 13.1% in FY17, improvement of 410
Slide 6: Key Highlights: Early Completion Bonus
Key Highlights: Early Completion Bonus Agra - Lucknow Raebareli - Jaunpur BOT Expressway (Annuity) Project ✓ Receipt of Rs. 58.23 crore towards bonus for the early completion on 3rd ✓ Receipt of Rs. 33.73 crore towards the February 2018, has been accounted in 'Bonus Annuity' by one of its subsidiary
Slide 7: Status of HAM Projects
Status of HAM Projects Bid Project Cost – 2 laning with paved shoulders of Dausa- Lalsot- July 2016 Rs. 881 Crs Kauthun section of NH-11 A (Extension) in the state of Rajasthan under NHDP IV Bid Project Cost – 6 laning Chitradurga - Davanagere including Project currently March 2017 Rs. 1,434 Crs Chi
Slide 8: Order-book Details
2 Order-book Details PNC infratech 8
Slide 9: Robust Order-book of over Rs. 7,300 crores
Robust Order-book of over Rs. 7,300 crores Remaining Key EPC Projects Under Awarding Value Construction Authority (Rs. Crores) ◼ Remaining value of contracts under execution Rs. Jhansi –Khajuraho NHAI 1,162 (Package I) 7,318 crores as on March 31, 2018. Chitradurga – Davanagere NHAI 1,157 ✓ In addit
Slide 10: Execution Status of Key Project
Execution Status of Key Project Project Project Type Execution Status Nagina-Kashipur EPC Appointed Date received and project is under-construction Koliwar-Bhojpur EPC Appointed Date received and project is under-construction Bhojpur-Buxar EPC Appointed Date received and project is under-constructio
Slide 11: Portfolio of Development Projects on PPP Mode
3 PORTFOLIO OF DEVELOPMENT PROJECTS ON PPP MODE PNC infratech 11
Slide 12: Sizeable Project Portfolio: Operational Projects
Sizeable Project Portfolio: Operational Projects PNC Share of Debt as on Invested Total % State / JV Kms / TPC Invested Grant 31st Mar. Project Authority Type Equity Debt Stake Stretch Partners Lanes (Rs. Crs) Amount (Rs. Crs) ’18 (Rs. Crs) (Rs. Crs) (Rs. Crs) (Rs. Crs) Ghaziabad UP / SREI, 67.9*/ 3
Slide 13: Sizeable Project Portfolio: HAM Projects
Sizeable Project Portfolio: HAM Projects PNC Share of Debt as on Invested Total % State / JV Kms / TPC Invested 31st Mar. Project Authority Type Equity Debt Stake Stretch Partners Lanes (Rs. Crs) Amount ’18 (Rs. Crs) (Rs. Crs) (Rs. Crs) (Rs. Crs) Raj/ 83.45/ Dausa-Lalsot 100% NHAI Hybrid - 820 46 46
Slide 14: Equity Requirement for Project Portfolio
Equity Requirement for Project Portfolio ◼ All BOT Projects Operational ✓ No further equity commitment for any Operational BOT project, self sustained ◼ HAM Projects ✓ Equity Requirement over the next 2-3 years of approx. Rs. 600 Crs for below 6 HAM projects Equity Requirement Projects (Rs. in Crore
Slide 15: Annexure I – Summary Financials
4 Annexure I – Summary Financials PNC infratech 15
Slide 16: Standalone Profitability Statement – Quarter & FY
Standalone Profitability Statement – Quarter & FY Rs. Crores Q4 FY18 Q4 FY17 YoY FY18 FY17 YoY REVENUE 758.88 350.56 116% 1,856.58 1,689.11 10% EBITDA 160.91 47.43 239% 318.83 221.02 44% EBITDA margin 21.2% 13.5% 770 bps 17.2% 13.1% 410 bps Other Income 6.64 10.60 23.02 46.55 Depreciation 21.68 14.0
Slide 17: Standalone Balance Sheet
Standalone Balance Sheet ASSETS (Rs. Crores) Mar-18 Mar-17 EQUITY AND LIABILITIES (Rs. Crores) Mar-18 Mar-17 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 404.81 345.90 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 11.14 7.82 (b) Other equity 1,755.39 1,520.86 (c)
Slide 18: Net Working Capital Days
Net Working Capital Days* 136 136 124 129 122 115 122 109 113 128 112 86 92 68 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Debtors Net Working Capital * - Standalone PNC infratech 18
Slide 19: Consolidated Profitability Statement – Full Year
Consolidated Profitability Statement – Full Year Rs. Crores FY18 FY17 YoY REVENUE 2,411.39 2,252.33 7% EBITDA 769.10 624.08 23% EBITDA margin 31.9% 27.7% 420 bps Other Income 24.35 40.60 Depreciation 261.81 241.57 Interest 309.31 310.19 Profit Before Tax 222.33 112.91 97% Total Tax Expenses -26.65 -
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet ASSETS (Rs. Crores) Mar-18 Mar-17 EQUITY AND LIABILITIES (Rs. Crores) Mar-18 Mar-17 (1) NON-CURRENT ASSETS EQUITY (a) Property, plant & equipment 409.23 351.21 (a) Equity Share capital 51.31 51.31 (b) Capital work-in-progress 11.14 7.82 (b) Other equity 1,637.40 1,409.72 (
Slide 21: Segmental Revenue Break-up – Full Year
Segmental Revenue Break-up – Full Year FY17 FY18 565 606 1,687 1,805 EPC Toll/Annuity EPC Toll/Annuity PNC infratech 21
Slide 22: Annexure II – Company Overview
5 Annexure II – Company Overview PNC infratech 22
Slide 23: Introduction
Introduction Infrastructure construction, development and management company; expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas and transmission lines Executed 60 major infrastructure projects spread across 13 states, of which 38 are road EPC
Slide 24: Business Overview
Business Overview Operating 6 BOT & 1 OMT Completed 38 infrastructure project, comprising of both toll & Roads & annuity assets; Total 6 HAM road projects on EPC basis Roads & Highways projects comprising - 3 HAM Highways BOT / OMT/ project under-construction, 1 EPC HAM project – Financial Closure H
Slide 25: Corporate Structure
Corporate Structure PNC Infra Holdings Limited (“PNCIHL”) BOT Holdco for road and other infra projects PNC Bareilly Nainital Highways Private Limited (“PNCBNHPL”) 4 laning of the Bareilly-Almora section of SH 37 Ferrovia Transrail Solutions Private Limited (“FTSPL”) MP Highways Private Limited (“M
Slide 26: Integrated Business Model
Integrated Business Model In-house Design & Engineering • Controls the entire process from conceptualization to commissioning of a given project which helps in providing customized solutions as per clients’ specific requirements Equipment Bank In-house Construction ◼ Ownership of a fleet of modern ◼
Slide 27: Enhanced Execution Capability
Enhanced Execution Capability Man and Machine added to execute more projects ◼ Strengthening of In-house execution team with induction of engineers with strong technical knowledge ◼ Investments in Machinery over the years to augment and upgrade the execution capabilities Strong Credit Rating Enhance
Slide 28: Enhanced to augment & upgrade the execution
Enhanced to augment & upgrade the execution Rs. Crores - Capex addition 725 600 125 429 380 171 49 FY15 FY16 FY17 FY18 Capex over last 3 years will enable us to achieve a Turnover of Rs. 3,500-4,000 crores PNC infratech 28
Slide 29: In-house Equipment Bank
In-house Equipment Bank Name of Machinery OEM Quantity Heavy Duty Vehicles Ashok Leyland, Tata Motors 832 Diesel Generators Cummins/Jackson, Sudhir, Kirloskar, A/L, Greaves, Prakash, Escorts 360 Light Duty Vehicles and Attachments Mahindra, Tata, Farm Trac, John Deere 293 Storage Tank -- 121 Passeng
Slide 30: Strengthening of In-house execution team
Strengthening of In-house execution team Current Total Employees: ~5,700 - Employee addition 5,775 1,491 4,284 3,947 3,776 337 171 FY15 FY16 FY17 FY18 Strengthening of In-house execution team with induction of engineers with strong technical knowledge PNC infratech 30
Slide 31: Enhanced Execution Capability
Enhanced Execution Capability ◼ Enhanced Working Capital Limits ✓ Enhanced Fund Based Limits from Rs. 650 crores to Rs. 750 crores which will enable us to execute projects without financial constraints ✓ Enhanced Non-Fund Based Limits from Rs. 2,650 crores to Rs. 3,350 crores will enable to Bid for
Slide 32: Strong Credit Rating
Strong Credit Rating Reaffirmed Assigned Upgraded ◼ PNC Infratech Ltd. ◼ PNC Khajuraho Highways Pvt. Ltd. ◼ MP Highways Pvt. Ltd.: CARE ✓ Long term bank facilities stands at ✓ Assigned CARE A-; Stable (Single A upgraded credit rating by 1 notch CARE AA- (Double A Minus) Minus; Outlook: Stable) on lo
Slide 33: Experienced Promoters
Experienced Promoters ➢ Mr. Pradeep Kumar Jain - Chairman & Managing Director ◼ Over 39 years of experience in the construction, infrastructure sector and allied areas ◼ Responsible for overall administration and supervision of projects and liaison with agencies ➢ Mr. Naveen Kumar Jain - Promoter ◼
Slide 34: Board of Directors
Board of Directors Mr. Pradeep Kumar Jain Mr. Chakresh Kumar Jain Mr. Yogesh Kumar Jain CMD Managing Director & CFO Managing Director Mr. Anil Kumar Rao Mr. Chhotu Ram Sharma Mr. Gauri Shankar Whole-time Director Independent Director Additional Non - Executive Independent Director Mr. Ashok Kumar Gu
Slide 35: Clientele
Clientele e MRITES THE INFRASTRUCTURE PEOPLE Delhi State Industrial and Infrastructure Development Opeid Corporation Ltd. pei Actmority
Slide 36: Growth Strategy
Growth Strategy Strong Relationships ◼ Maintaining Strategic Alliances with companies whose Resources, Skills & Strategies for synergy Competitiveness ◼ Enter into project-specific JVs or sub-contracting relationships ◼ Improve performance and competitiveness of existing business through investments
Slide 37: For further information, please contact:
For further information, please contact: Company : Investor Relations Advisors : PNC Infratech Ltd Strategic Growth Advisors Pvt. Ltd. CIN: L45201DL1999PLC195937 CIN: U74140MH2010PTC204285 Mr. D. K. Maheshwari Mr. Jigar Kavaiya Assistant Vice President - Finance Group Account Head +91-9920602034 dkm