Slide 1: Dilip Buildcon Limited - Infrastructure & Beyond
DILIP BUILDCON LIMITED INFRASTRUCTURE & BEYOND Drte: - May 10,2019 To To BSE Linired National Stock Exchange oflndia Ltd Listing Department Exchange Plaza. C-1. Block c P.J Tower, Dalal St.eet BandraKurla Complex, Mumbai -400001 Bandm (E), Mumbai - 400051 Stock Symbol -540047 Stock Symbol -DBL Subi
Slide 2: Q4 2018-19 Earnings Presentation
Q4 2018-19 EARNINGS P R E S E N TAT I O N Dilip Buildcon Limited
Slide 3: Content
Dilip Buildcon Limited Standalone Financial Highlights Page: 03 CONTENT Consolidated Financial Highlights Page: 24 Order Book and Project Status Page: 28 Strategy & Business Model Page: 47 Company Overview Page: 53 Earnings Presentation | May 2019 2
Slide 4: Standalone Financial Highlights
Dilip Buildcon Limited Standalone Financial Highlights Earnings Presentation | May 2019 3
Slide 5: Results Summary – FY19 (Standalone)
Dilip Buildcon Limited Results Summary – FY19 (Standalone ) Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) 18% 16% 23% 91,646 16,508 7,638 77,614 14,183 6,206 FY18 FY19 FY18 FY19 FY18 FY19 Contract Revenue Breakup (₹ mn) Roads & Bridge Irrigation Urban Development Mining 20% 253% 12% -76% -55%
Slide 6: Results Summary – Q4FY19 (Standalone)
Dilip Buildcon Limited Results Summary – Q4FY19 (Standalone ) Revenue (₹ mn) EBITDA (₹ mn) Profit after Tax (₹ mn) 1.09% 25,620 25,900 -1.69% 4,766 4,686 0.89% 2,177 2,196 Q4FY18 Q4FY19 Q4FY18 Q4FY19 Q4FY18 Q4FY19 Contract Revenue Breakup (₹ mn) Roads & Bridge Irrigation Urban Development Mining 0.2
Slide 7: Key Highlights
Dilip Buildcon Limited Key Highlights • Won EPC project worth Rs. 4,286 Mn in Q4 2018-19 for road construction of Saoner-Dhapewada- Kalmeshwar-GondKhairi from NHAI in the state of Maharashtra • Completed Ghagra Bridge to Varanasi project worth Rs. 6,743 Mn on 04.02.2019, 177 days prior from the sche
Slide 8: Result Update - Standalone
Dilip Buildcon Limited Result Update - Standalone (₹ mn) Particulars Q4FY19 Q3FY19 Q4FY18 Y-o-Y (%) FY19 FY18 Y-o-Y (%) Revenue 25,900 24,926 25,620 1.09% 91,646 77,614 18.08% Operating expenses 21,214 20,465 20,853 1.73% 75,138 63,431 18.46% EBITDA 4,686 4,461 4,766 -1.69% 16,508 14,183 16.39% EBIT
Slide 9: Standalone Profit & Loss - Annual
Dilip Buildcon Limited Standalone Profit & Loss - Annual (₹ mn) Standalone Particulars Highlights FY19 FY18 Revenue from Operations 91,182 77,459 • Revenue increased by 18% on Y-o-Y basis Other income 464 155 Total Income 91,646 77,614 • Reduction in Finance cost from 5.98% to Expenses 5.78% in prop
Slide 10: Standalone Profit & Loss - Quarterly
Dilip Buildcon Limited Standalone Profit & Loss - Quarterly (₹ mn) Standalone Particulars Highlights Q4FY19 Q4FY18 Revenue from Operations 25,710 25,579 • Revenue increased by 1.09% on Y-o-Y basis Other income 191 41 Total Income 25,900 25,620 • PAT increased by 0.89% on Y-o-Y basis Expenses Cost of
Slide 11: Standalone Balance Sheet - Annual
Dilip Buildcon Limited Standalone Balance Sheet - Annual (₹ mn) Standalone Particulars FY19 FY18 ASSETS Non-current assets (a) Property, plant and equipment 20,482 18,290 (b) Other Intangible assets 341 29 (c) Financial assets - - (i) Investments 5,238 2,415 (ii) Other 2,917 2,982 (d) Other non-curr
Slide 12: Standalone Balance Sheet - Annual
Dilip Buildcon Limited Standalone Balance Sheet - Annual (₹ mn) Standalone Particulars FY19 FY18 EQUITY AND LIABILITIES Equity (a) Equity share capital 1,368 1,368 (b) Other equity 30,676 23,203 Total equity 32,044 24,571 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 1
Slide 13: Working Capital
Dilip Buildcon Limited Working Capital (₹ mn) Standalone Particulars Q4FY19 Q4FY18 Debtors Days 56 65 Inventories Days 100 95 Total 156 160 Less: Creditors Days 69 71 Working Capital Days 87 89 Inventory Stock 23,351 18,894 WIP 1,687 1,368 Total 25,038 20,262 Earnings Presentation | May 2019 12
Slide 14: Net Working Capital Days – Quarterly
Dilip Buildcon Limited Net Working Capital Days – Quarterly 160 137 140 127 127 119 120 131 103 119 103 96 100 83 87 113 89 102 85 80 73 72 79 63 77 71 61 60 61 62 65 59 100 95 37 86 53 91 89 40 49 71 69 60 55 56 48 20 0 31.12.2016 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018 30
Slide 15: Net Working Capital Days – Yearly
Dilip Buildcon Limited Net Working Capital Days – Yearly 250 193 200 176 150 131 127 132 141 119 87 100 115 89 91 95 81 100 71 71 69 63 50 65 56 0 2015 2016 2017 2018 2019 Debtor Days Inventory days Creditor Days Working Capital Days Working Capital Days computed based on regrouped numbers from 31.0
Slide 16: Net Debt to Equity Ratio – Quarterly
Dilip Buildcon Limited Net Debt to Equity Ratio – Quarterly 1.35 1.35 1.32 1.30 1.24 1.14 1.16 1.13 1.06 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018 31.03.2019 Rs. Mn 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018 30.09.2018 31.12.2018 3
Slide 17: Net Debt to Equity Ratio – Quarterly (Working Capital & Equipment Debt)
Dilip Buildcon Limited Net Debt to Equity Ratio – Quarterly (Working Capital & Equipment Debt) 0.87 0.81 0.79 0.80 0.77 0.69 0.70 0.63 0.58 0.53 0.48 0.53 0.50 0.47 0.50 0.45 0.46 0.48 1.32 1.30 1.35 1.35 1.24 1.13 1.14 1.16 1.06 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.03.2018 30.06.2018 30.0
Slide 18: Net Debt to Equity Ratio – Annually
Dilip Buildcon Limited Net Debt to Equity Ratio – Annually 2.27 1.32 1.13 1.06 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Rs. Mn 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Net Debt 24,068 24,497 27,800 33,876 Equity 10,621 18,529 24,571 32,044 Earnings Presentation | May 2019 17
Slide 19: Net Debt to Equity Ratio – Annually (Working Capital & Equipment Debt)
Dilip Buildcon Limited Net Debt to Equity Ratio – Annually (Working Capital & Equipment Debt) 1.31 0.96 0.79 2.27 0.63 0.58 0.53 0.50 0.48 1.32 1.13 1.06 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Net Debt/Equity Equipment Debt/Equity Working Capital Debt/Equity Rs. Mn 31.03.2016 31.03.2017 31.03.2
Slide 20: Revenue vis-à-vis Net Debt
Dilip Buildcon Limited Revenue vis-à-vis Net Debt (₹ mn) 91,646 77,614 51,091 41,011 26,301 33,876 27,800 24,068 24,497 19,528 31.03.2015 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Revenue Net Debt Revenue grown by 3.5 times in last five years whereas Net Debt increased only by 1.7 times, which sho
Slide 21: Mobilisation Advance Status of HAM and EPC Road Projects
Dilip Buildcon Limited Mobilisation Advance Status of 12 HAM and 7 EPC Road Projects • Mobilisation advance status of 12 HAM and 7 EPC Road Projects are as under: Expected based on Expected based on Actual Received Period scheduled appointed actual/expected (₹ mn) date (₹ mn) appointed date (₹ mn) Q
Slide 22: Asset Utilisation
Dilip Buildcon Limited Asset Utilisation 4.40 4.24 3.04 Asset Utilisation 2.89 increased due to superior execution and 2.21 operational excellence 31.03.2015 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Rs. Mn 31.03.2015 31.03.2016 31.03.2017 31.03.2018 31.03.2019 Revenue 26,301 41,011 51,091 77,614
Slide 23: Capital Expenditure
Dilip Buildcon Limited Capital Expenditure • Asset utilization to revenue has increased from 2.21 as on 31.03.2015 to 4.40 as on 31.03.2019 which shows increase utilization of assets due to superior execution and operation excellence • Company has incurred capital expenditure of Rs. 4,667 Mn on equi
Slide 24: Income Tax
Dilip Buildcon Limited Income Tax • Effective tax rate for FY 2018-19 is 5% • MAT credit unutilized as on 31st March 2019 is Rs. 4,558 Mn • Effective tax rate for FY 2019-20 will be in the range of 30-32%. However, Company does not envisage additional payouts towards tax over and above available MAT
Slide 25: Consolidated Financial Highlights
Dilip Buildcon Limited Consolidated Financial Highlights Earnings Presentation | May 2019 24
Slide 26: Consolidated Profit & Loss - Annual
Dilip Buildcon Limited Consolidated Profit & Loss - Annual (₹ mn) Particulars FY19 FY18 Revenue from Operations 94,158 79,375 Other income 473 172 Total Income 94,632 79,547 Expenses Cost of materials consumed 72,326 59,851 Changes in inventories of finished goods, Stock-in -Trade and work-in-progre
Slide 27: Consolidated Balance Sheet - Annual
Dilip Buildcon Limited Consolidated Balance Sheet - Annual (₹ mn) Standalone Particulars FY19 FY18 ASSETS Non-current assets (a) Property, plant and equipment 20,614 18,424 (b) Capital Work in progress 27,358 8,483 (c) Other Intangible assets 9,695 2,017 (d) Intangible assets under development - 7,7
Slide 28: Consolidated Balance Sheet - Annual
Dilip Buildcon Limited Consolidated Balance Sheet - Annual (₹ mn) Standalone Particulars FY19 FY18 EQUITY AND LIABILITIES Equity (a) Equity share capital 1,368 1,368 (b) Other equity 26,692 21,393 (c) Non controlling interest 288 144 Total equity 28,348 22,905 Liabilities Non-current liabilities (a)
Slide 29: Order Book and Project Status
Dilip Buildcon Limited Order Book and Project Status 28 2 Earnings Presentation | May 2019 8
Slide 30: Total Order Book
Dilip Buildcon Limited Total Order Book (₹ mn) 238,881 * 211,718 * 175,683 107,787 74,747 51,609 FY 14 FY 15 FY 16 FY 17 FY18 FY19 *Excluding GST Earnings Presentation | May 2019 29
Slide 31: Order Book – Sector Wise
Dilip Buildcon Limited Order Book – Sector Wise 171,141 80.83% 30,482 14.40% 5,366 4,250 2.53% 2.01% 0.23% 479 Roads, Highways & Bridges Mining Irrigation Metro Urban Development Earnings Presentation | May 2019 30
Slide 32: Order Book – Client Wise
Dilip Buildcon Limited Order Book – Client Wise 66.75% 4.93% 12.35% 5.65% 2.00% 1.35% 2.76% 3.99% 0.23% NHAI MORTH NORTHERN COALFIELDS SINGARENI COLLIERIES MAHANADI GOVT(UNDERTAKING) AAI PUNJAB STATE STATE COMPANY COALFILEDS CORPORATION 85% of the order book from the 15% of the order book from Centr
Slide 33: Order Book – Geography Wise
Dilip Buildcon Limited Order Book – Geography Wise West Bengal Rajasthan Odisha 1% 3% 8% Maharashtra Jharkhand 26% 6% Telangana 4% Goa 4% Road (Central Govt.) – 4.6% Metro (State Govt.) – 2.0% Madhya Pradesh 12% Mining (Central Govt.) – 5.6% Karnataka Andhra Pradesh 21% 6% Uttar Pradesh 9% Earnings
Slide 34: Projects won during Q4-FY19
Dilip Buildcon Limited Projects won during Q4 -FY19 Contract Value Project Name Type State Name of Employer excluding GST LOA Date Quarter (₹ mn) Saoner-Dhapewada-Kalmeshwar-GondKhairi Road Maharashtra NHAI 4,286 09.03.2019 Q4 Earnings Presentation | May 2019 33
Slide 35: Projects won during FY19
Dilip Buildcon Limited Projects won during FY19 Contract Value Project Name Type State Name of Employer excluding GST LOA Date Quarter (₹ mn) Bellary to Byrapura Section of NH-150A HYBRID Karnataka NHAI 8,875 01.06.2018 Q1 Nagpur Mumbai Super Communication Expressway EPC Maharashtra MSRDC 16,980 30.
Slide 36: Projects Completed in Q4 FY19
Dilip Buildcon Limited Projects Completed in Q4 FY19 Scheduled Actual Early Cost of work Date of Name of the Employer Project Name State Type of work Length Completion Completion (₹ mn) Completion Date Days with EOD NHAI Ghagra Bridge to Varanasi Uttar Pradesh EPC 6743 58.62 31.07.2019 04.02.2019 17
Slide 37: Projects Completed in FY19 – Delivering on Promises
Dilip Buildcon Limited Projects Completed in FY19 – Delivering on Promises Scheduled Actual Early Cost of work Date of Name of the Employer Project Name State Type of work Length Completion Completion (₹ mn) Completion Date Days with EOD NHAI Sargaon-Bilaspur Chhattisgarh EPC 3,681 35.49 01.08.2018
Slide 38: Monetisation of Road Assets
Dilip Buildcon Limited Monetisation of Road Assets (₹ mn) FY17-18 FY 18-19 Q1 19-20 Q2 19-20 Particulars Total Actual Actual Projected Projected Money to be received by Dilip Buildcon Limited from Shrem 11,800 5,700 3,450 1,610 1,040 Group Direct Investment in SPV’s by Shrem Group 4,220 320 1,540 1,
Slide 39: Status of Under Construction Divested HAM Projects
Dilip Buildcon Limited Status of 6 under construction divested HAM projects Plan as per CA Milestone Achieved Early % of work Payment Milestone Appointed Sr.No Project Achieved done as on (Grant) Date Date Days Date Days (Days) 30.04.2019 5th PM, 90% Physical 1 Lucknow Sultanpur 08.05.2017 20.07.201
Slide 40: Key Outstanding Hybrid Projects
Dilip Buildcon Limited Key Outstanding Hybrid Projects – 12 Recently Won and Financially Closed (₹ mn) Expected Awarding Appointed Length Total Project Project name State Appointed Equity Authority Date (Kms) Cost Date DBL Rewa Sidhi Highways Pvt. Ltd. Madhya Pradesh NHAI 14.12.2018 - 15.35 906 8,15
Slide 41: Status of Recently Won and Financially Closed HAM Projects
Dilip Buildcon Limited Status of Recently Won and Financially Closed HAM Projects Plan as per CA Milestone Achieved Early % of work Payment Milestone Sr.No Project Appointed Date Achieved done as on (Grant) (Days) 30.04.2019 Date Days Date Days 1st PM, 10% Physical 1 DBL Anandpuram Anakapalli Highwa
Slide 42: Equity commitment for recently won HAM projects
Dilip Buildcon Limited Equity commitment for recently won HAM projects (₹ mn) FY 18-19 Q1 FY 19-20 Q2 FY 19-20 Q3 FY 19-20 Q4 FY 19-20 FY 19-20 FY 20-21 Particulars Requirement Actual Projected Projected Projected Projected Projected Projected Investment for 12 new HAM 15,520 3,890 2,410 990 2,690 1
Slide 43: Key Outstanding EPC Projects
Dilip Buildcon Limited Key Outstanding EPC Projects Outstanding Schedule Date of Project name Type Contract Value Order Book as on Length (Kms) LOA Date Date of Start Completion with 31.03.2019 EOD Seoni–MP/MH Border Road 6,518.57 4,759.79 29.29 17.01.2018 10.08.2018 08.08.2020 Karodi to Telwadi Roa
Slide 44: Urban Development and Mining Projects
Dilip Buildcon Limited Urban Development and Mining Projects Urban Development Outstanding Order Schedule date of Project name Type Contract Value Book as on LOA Date Date of Start Completion 31.03.2019 Parallel Taxi Track and associated civil & electrical Urban Dev 1,250.10 479.11 May-17 May-17 May
Slide 45: Irrigation and Metro Projects
Dilip Buildcon Limited Irrigation and Metro Projects Irrigation Outstanding Order Schedule date of Project name Type Contract Value Book as on LOA Date Date of Start Completion 31.03.2019 Navnera Barrage Irrigation 5,366.25 5,366.25 Oct-18 Oct-18 Oct-22 Metro Outstanding Order Schedule date of Proje
Slide 46: Mining Revenues – Growth Trajectory
Dilip Buildcon Limited Mining Revenues – Growth Trajectory CAGR 159% 9,396 8,411 1,399 2016-17 2017-18 2018-19 Earnings Presentation | May 2019 45
Slide 47: Special Projects
Dilip Buildcon Limited Won first Special Bridge Entered in Airports in Marked the footprint in Entered in Metros in project in 2016-17 2017-18 2018-19 in Tunnels 2018-19 SPECIAL BRIDGES AIRPORTS TUNNELS METROS Special Zuari Bridge Dabolim Airport Taxi Rewa-Sidhi Tunnel Bhopal & Indore Metro Projects
Slide 48: Strategy & Business Model
Dilip Buildcon Limited Strategy & Business Model Earnings Presentation | May 2019 47
Slide 49: 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 50: 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 51: Backward Integration
Dilip Buildcon Limited Pipe Rolling Electric Pole Bus Shelter Machine pto Foundry Ø200 X 8 Mm Pole blank cutting machine Metal Beam Metal Beam Bearing & 14MTR X 3 MTR Crash Barrier Crash Barrier Expansion Joint Gantry plazma Backward Integration Earnings Presentation | May 2019 50
Slide 52: Execution Strategy
Dilip Buildcon Limited Execution Strategy Differentiated business model with complete control over execution Earnings Presentation | May 2019 51
Slide 53: Investment Rationale
Dilip Buildcon Limited Investment Rationale Execution track record Sustainable growth Robust order book In-house No dependence on Experienced Process and system Capabilities sub-contractors leadership team driven company with High quality execution from Strong performance Diversification by supporte
Slide 54: Company Overview
Dilip Buildcon Limited Company Overview Earnings Presentation | May 2019 53
Slide 55: Overview
Dilip Buildcon Limited Diversified areas of expertise No subcontracting, Pan India presence Roads, bridges, vertically integrated and 17 states buildings, metros, dams, use of technology canals, water supply & mining Largest owner of Construction Largest employer in Best project executors constructi
Slide 56: 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 57: Execution Team
Dilip Buildcon Limited Execution Team Mr. R S Garg Mr. Abhishek Shrivastava Mr. Ajay Kumar Mishra Mr. R B Singh Mr. Arun Kumar K Chief Financial Officer Company Secretary President – Contract Management AVP – Mining (Coal) AVP – Design & Technical Audit Mr. Atul Joshi Mr. Nitin Shrivastava Mr. Raja
Slide 58: Milestones
Dilip Buildcon Limited DBL achieves a record topline of INR 77,614 mn in FY17-18, registering a growth Bought first of 52% from FY16-17 Entered in Tunnels & Metro 1996 stone crusher 2006 Incorporated 2019 Segment 2018 DBL achieves a record topline of INR 91,646 mn in FY18-19, registering a Business
Slide 59: Awards, Accreditation & Accolades
Dilip Buildcon Limited Awards, Accreditation & Accolades Highest Upliftment of Bitumen by Indian Oil in 2013 Fastest Growing Construction Company Single Largest Customer of BKT OTR (Large Category) by Construction World Tires in India in 2015 in 2016 Esteemed Customers of Metso NW Series Portable Pl
Slide 60: Awards, Accreditation & Accolades
Dilip Buildcon Limited Awards, Accreditation & Accolades Commitment for Products and Services Award for Outstanding Contribution in by Ashok Leyland Roads & Highways from 8th EPC World in 2018 LEED Certification by Indian Green Building Council in 2014 Purchase of Volvo Trucks and Construction Equip
Slide 61: 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 62: Business Division
Dilip Buildcon Limited Business Division ROADS & HIGHWAYS IRRIGATION URBAN DEVELOPMENT MINING METRO SPECIAL BRIDGES AIRPORT TUNNEL Earnings Presentation | May 2019 61
Slide 63: Pan India Project Execution Capability
(₹ mn) Dilip Buildcon Limited State Completed Ongoing Gross Ongoing Net Andhra Pradesh 10,596 32,200 12,559 Pan India Chhattisgarh 3,681 6,165 124 Project Execution Himachal Goa - 15,281 8,299 Pradesh Capability Punjab Gujarat 9,814 - - Haryana Haryana 60 4,577 113 Himachal Pradesh 1,187 Rajasthan -
Slide 64: Thank You
Thank You Dilip Buildcon Limited Plot No. 5, Inside Govind Narayan Singh Gate, Chuna Bhatti, Kolar Road, Bhopal Madhya Pradesh - 462 016 0755 - 4029999 0755 - 4029998 db@dilipbuildcon.co.in CIN U45201MP2006PLC018689 S-ANCIAL GLOBAL SOLUTIONS PVT. LTD. (Investor Relations) 215, Shivshakti Industrial