Sadbhav Engineering Limited · NSE:SADBHAV
Sadbhav Engineering — Investor Presentation (May 2018)
37 slides from Sadbhav Engineering's investor presentation, May 2018
Slide 1: Sadbhav group Corporate Presentation
Sadbhav group Corporate Presentation May 2018
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”),which have been prepared by Sadbhav Group (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and s
Slide 3: Agenda
Agenda 1. Sadbhav group Snapshot 4 2. Business Overview – Sadbhav Engineering Limited (SEL) 12 3. BOT Holding Co.- Sadbhav Infrastructure Project Limited (SIPL) 20 4. Financials 31 5. Annexures 35 3
Slide 4: Sadbhav group Snapshot
Sadbhav group Snapshot
Slide 5: Corporate Structure
Corporate Structure Sadbhav Engineering Limited 68.82% EPC Business Sadbhav Infrastructure Project Limited (SIPL) Transport Irrigation Mining BOT Annuity HAM Rs. 107,751 mn Rs. 4,538 mn Rs. 20,203.5 mn 5
Slide 6: Sadbhav Group - List of BOT/HAM Projects
Sadbhav Group- List of BOT/HAM Projects HAM Project Portfolio SIPL SEL J.V BOT Project Portfolio SIPL SEL J.V 1 Sadbhav Rudrapur Highway Private Limited (SRHPL) 100.0% 0.0% 0.0% 1 Ahmedabad Ring Road Infrastructure Limited (ARRIL) 100.0% 0.0% 0.0% 2 Sadbhav Nainital Highway Private Limited (SNHPL) 1
Slide 7: SEL - Snapshot
SEL - Snapshot Sadbhav Engineering Limited (SEL), incorporated in 1988, is engaged in o Engineering, Procurement and Construction (EPC) business for Transport, Mining and Irrigation sector o Development of roads & highways on Build, Operate and Transfer (BOT) through Sadbhav Infrastructure Project
Slide 8: SIPL - Snapshot
SIPL - Snapshot Only listed Road & Highways BOT company in India with a portfolio of 11 BOT projects and 12 Hybrid Annuity projects Promoted by Sadbhav Engineering Limited (SEL) in 2007 to operate Road BOT projects for Sadbhav Group Owns a project portfolio consisting of ten operational BOT proj
Slide 9: SEL - Shareholding Pattern
SEL - Shareholding Pattern Shareholding Pattern as on 31st March 2018 Strong Institutional Presence Category No. of shares % Promoter Group 79,734,880 46.47% Public Shareholding 91,835,920 53.53% Institutions 80,576,260 46.96% - Mutual Funds / UTI/FIs/Banks 38,340,230 22.35% - Life insurance compani
Slide 10: SIPL - Shareholding Pattern
SIPL - Shareholding Pattern Shareholding Pattern as on 31st March, 2018 Strong Institutional Presence Category No. of shares % holding Promoter Group 244,250,911 69.35% Public Shareholding 107,974,305 30.65% Institutions 60,473,628 17.17% DIIs 21,853,240 6.20% FIIs 38,620,388 10.96% Non-Institutions
Slide 11: Sadbhav group - Growth Story
Sadbhav group - Growth Story CAGR 2006-18 Net Revenue ~ 23% Net Profit ~ 26% Mar 2018 Order book ~ 21% Net Revenue Rs 35,050 mn Net Profit Rs 2,206 mn Net worth Rs 18,667 mn Mar 2010 Gross Block Rs 7,305 mn Net Revenue Rs 12,569 mn Order Book Rs 1,32,493mn Net Profit Rs 538 mn At the time of IPO - M
Slide 12: Business Overview - Sadbhav Engineering Limited (SEL)
Business Overview - Sadbhav Engineering Limited (SEL)
Slide 13: EPC Business - Transport
EPC Business - Transport Order book Transport Transport projects with a balance work order of Rs 107,751mn as on March 31, 2018 which translates to 3.69x of FY18 Transport revenue Captive order book of Rs 81,380 mn & non captive order book of Rs 26,370 mn as on March 31, 2018 Major Projects Ongo
Slide 14: EPC Business - Irrigation
EPC Business - Irrigation Order book Irrigation Irrigation projects with a balance work order of Rs 4,538 mn as on March 31, 2018 which translates to 1.40x of FY18 Irrigation revenue Major Projects Ongoing • Bahuti high level canal, M.P • Omkareshwar right bank lift canal, M.P • Bhanpura canal, M.
Slide 15: EPC Business - Mining
EPC Business - Mining Order book Mining Mining projects with a balance work order of Rs 20,203 mn as on March 31, 2018 which translates to 7.87x of FY18 Mining revenue Major Projects Ongoing • Removal of all types of material at Western Coal Field, Wani, Maharashtra • Removal of over burden at Bha
Slide 16: Order Book
Order Book Order book to sales ratio stands at 3.78x FY18 revenue providing good revenue visibility (Rs mn) 160,000.00 2.8x 5.6x 3.8x 2.8x 2.4x 2.3x 3.7x 140,000.00 134,293.00 120,000.00 101,426.00 100,000.00 89,407.00 82,000.00 75,542.00 74,873.00 76,834.00 39% 80,000.00 60,000.00 61% 40,000.00 20,
Slide 17: Key Management Personnel
Key Management Personnel Board of Directors Mr. Vishnubhai M Patel Mr. Shashin V Patel Mr. Nitin R Patel (Chairman Emeritus) (Chairman and Managing (CFO & Whole time Director) Director) Mr. Vasistha C Patel Mr. Vipul H Patel Mr. Vikram R Patel (Whole time Director) (Whole time Director) (Whole time
Slide 18: Order book breakup as on 31.03.18
Order book breakup as on 31.03.18 States – Rs mn Transport – BOT Transport – EPC Transport – HAM Irrigation Mining Total Rajasthan - - 9,750.00 - 3,923.72 13,673.72 Gujarat - 10,541.76 34,656.31 - - 45,198.08 Maharashtra 540.18 - 7,798.99 - 8,012.51 16,351.70 Jharkhand - - - - 8,235.00 8,235.01 Karn
Slide 19: SEL - Performance since listing
SEL - Performance since listing Financial year 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 – Rs. crs. Total income 3,505 3,320 3,186 2,970 2,358 1,872 2,686 2,229 1,274 1,074 905 485 284 % growth 5.56 4.2 7.3 26.0 26.0 (30.3) 20.5 75.0 18.6 18.7 86.6 70.8 EBITDA 415 356 315 300
Slide 20: BOT Holding Co. - Sadbhav Infrastructure Project Limited (SIPL)
BOT Holding Co. - Sadbhav Infrastructure Project Limited (SIPL)
Slide 21: Portfolio Snapshot
Portfolio Snapshot Portfolio of 18 Roads & Highways BOT projects of which 10 projects are fully operational and 12 HAM projects are under development/under construction No. of Projects No. of Projects As on March 31, 2018 Toll Annuity HAM NHAI State Operational 10 1 0 8 3 Partly Operational 0 0 0 0
Slide 22: High Quality Operational Portfolio
High Quality Operational Portfolio Large operational assets ARRIL Cargo originating from Kandla and Mundra, two of the largest HYTPL Carries majorly car traffic due to proximity to Hyderabad city Indian ports uses ARRIL to connect to central and western India Also large number of tourist ply o
Slide 23: Operating Assets – I
Operating Assets – I Particulars ARRIL AJTL NSEL HYTPL Current Stake 99.99% 99.99% 99.99% 99.99% Project Details Project Type Toll Toll Annuity Toll State Gujarat Maharashtra Maharashtra/M.P. Telangana Client AUDA Govt. of Maharashtra NHAI NHAI Lane kms 305.4 263.2 110.9 142.6 Concession Start Dec-0
Slide 24: Operating Assets – II
Operating Assets – II Particulars BHTPL RPTPL MBCPNL DPTL Current Stake 76.99% 99.99% 83.60%1 99.99% Project Type Toll Toll Service Fee Toll Project Details State Karnataka Haryana Maharashtra Maharashtra SREI Infra, SREI Sahaj e- JV Partner Monte Carlo Limited N.A N.A village Limited, DTCPL Client
Slide 25: Operating Assets – III
Operating Assets – III Particulars SUTPL BRTPL RHTPL Current Stake 99.99% 99.99% 99.99% Project Details Project Type Toll Toll Toll State Rajasthan Rajasthan Haryana Client NHAI NHAI NHAI Lane kms 317.2 349.0 395.2 Concession Start Apr-13 Oct-13 Dec-13 Original Concession (yrs) 27 Y 30 Y 22 Y PCOD O
Slide 26: HAM projects
12 HAM projects Particulars SRHPL SNHPL SBHPL SUHPL SBGHPL Current Stake 99.99% 99.99% 99.99% 99.99% 99.99% Project Details Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible) State Uttar Pradesh Uttrakhand Gujarat Gujarat Karnataka Client NHAI NHAI NHAI NHAI NHAI
Slide 27: HAM projects
12 HAM projects Particulars SUDHPL SVHPL Current Stake 99.99% 99.99% Project Details Project Type (Pavement) HAM (Rigid) HAM (Rigid) State Rajasthan Maharashtra Client NHAI NHAI Lane kms 143.3 267.5 Concession Start Nov-17 May-18 Terms Original Concession (yrs) 17 Y 17 Y 6 M PCOD Nov-19 Nov-37 Total
Slide 28: Key Management Personnel
Key Management Personnel Board of Directors Mr. Vishnubhai M Patel Mr. Shashin V Patel (Chairman Emeritus) (Chairman & Non-Executive Director) Mr. Vasistha C Patel Mr. Nitin R Patel (Managing Director) (Non-Independent & Non-Executive Director) Mr. Sandip V Patel, Mr. Mirat N Bhadlawala, Mr. Arunbha
Slide 29: Bidding Updates and Upcoming Project Pipeline
Bidding Updates and Upcoming Project Pipeline Details of bids submission by SIPL BOT (Toll) HAM No. Length (in km) Rs mn No. of bidders No. Length (in km) Rs mn No. of bidders Q4FY16 - - - - 8 343 57,571 4.00 H1FY17 2 239 24,839 4 14 926 119,874 7.29 H2FY17 1 90 10,319 3 19 1,275 185,825 5.10 H1FY18
Slide 30: Details related to Cash profitability
Details related to Cash profitability Details related to cash profitability at SPVs (INR mn) Quarter FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY18 Total Income from Operations + Other Income 10,128.60 2,619.44 2,561.97 2,768.30 2,776.74 10,726.45 Less: Recurring cash expenses (1,671.09) (400.10) (411.78) (4
Slide 31: Financials
Financials
Slide 32: SEL - Standalone Financials
SEL - Standalone Financials Balance Sheet (Rs mn) FY18 FY17 FY16 FY15 Income Statement (Rs mn) FY18 FY17 FY16 FY15 Share Capital 171.5 171.5 171.5 171.5 Income from Operations 35,050.5 33,203.1 31,862.5 29,698.5 Reserves & Surplus 18,496.3 16,437.3 14,720.5 13,349.1 Expenditure 30,899.0 29,647.0 28,
Slide 33: SIPL - Standalone Financials
SIPL - Standalone Financials Balance Sheet (INR mn) FY18 FY17 FY16 FY15 Income Statement (INR mn) FY18 FY17 FY16 FY15 Share Capital 3,522.3 3,522.3 3,522.3 3,109.6 Income from Operations 3,377.92 2,854.4 858.0 701.1 Reserves & Surplus 10,497.2 9,905.0 9,441.3 5,326.3 Other Income 469.58 282.6 405.6
Slide 34: SIPL - Consolidated Financials
SIPL - Consolidated Financials Balance Sheet (INR mn) FY18 FY17 FY16 FY15 Income Statement (INR mn) FY18 FY17 FY16 FY15 Share Capital 3,522.3 3,522.3 3,522.3 3,109.6 Income from Operations 22,760.6 13,480.1 19,709.7 5,003.0 Reserves & Surplus (6,179.9) (2,805.8) 1,032.1 4,699.5 Other Income 464.2 55
Slide 35: Annexures
Annexures
Slide 36: In House Fleet
I N HOUSE -F LEET NAME OF MACHINERY OEM Quantity Bachoe Loader CAT, JCB 9 Batching Plant(H,L,M) SCHWING STETTER 45 Bitumen Sprayer Apollo 17 Cement Feed Blower, Concerte Pumps, MIX plants Schwing Stetter, Greaves 49 Canal Paver Diamond Equipment 6 Pick & Carry Crane, Tower Crane ACE, Escorts, CAT 6
Slide 37: Thank You
Thank You
Sadbhav Engineering — Investor Presentation (May 2018) on 6ix