Sadbhav Engineering Limited

Corporate Presentation

November 2018 Disclaimer

This presentation and the accompanying slides (the “Presentation”),which have been prepared by Sadbhav Engineering 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 securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward – looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy, the performance of the infrastructure industry in and world - wide, competition, the company’s ability to successfully implement its strategy, the Company’s future level so growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s factual results, level so activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. Agenda

1. Snapshot 4

2. Business Overview 10

3. Financials 26

4. Annexures 28

3 Snapshot Corporate Structure

Sadbhav Engineering Limited

69.04%

EPC Business Sadbhav Infrastructure Project Limited (SIPL)

Transport Irrigation Mining BOT Annuity HAM

Rs. 111,242 mn Rs. 3,519 mn Rs. 22,670 mn

Order book as on 30th Sept, 2018

5 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 Ring Road Infrastructure Limited (ARRIL) 100.0% 0.0% 0.0% 2 Sadbhav Nainital Highway Private Limited (SNHPL) 100.0% 0.0% 0.0% 2 Aurangabad Jalna Tollway Limited (AJTL) 100.0% 0.0% 0.0% 3 Sadbhav Bhavnagar Highway Private Limited (SBHPL) 100.0% 0.0% 0.0%

3 Nagpur Seoni Expressway Limited (NSEL) 100.0% 0.0% 0.0% 4 Sadbhav Una Highway Private Limited (SUHPL) 100.0% 0.0% 0.0%

4 Hyderabad Yadgiri Tollway Private Limited (HYTPL) 100.0% 0.0% 0.0% 5 Sadbhav Bangalore Highway Private Limited (SBGHPL) 100.0% 0.0% 0.0%

5 Bijapur-Hungund Tollway Private Limited (BHTPL) 77.0% 0.0% 23.0% 6 Sadbhav Udaipur Highway Private Limited (SUDHPL) 100.0% 0.0% 0.0%

6 Rohtak Panipat Tollway Private Limited (RPTPL) 100.0% 0.0% 0.0% 7 Sadbhav Vidarbha Highway Private Limited (SVDHPL) 100.0% 0.0% 0.0%

Maharashtra Border Check Post Network Limited 8 Sadbhav Jodhpur Ring Road Private Ltd (SJRRPL) 100.0% 0.0% 0.0% 7 77.5% 6.1% 16.4% (MBCPNL) 1 9 Sadbhav Vizag Port Road Private Ltd (SVPRPL) 100.0% 0.0% 0.0% 8 Dhule Palesner Tollway Limited (DPTL) 99.9% 0.1% 0.0% 10 Sadbhav Bhimasar Bhuj Highway Private Ltd (SBBHPL) 100.0% 0.0% 0.0% 9 Shreenathji-Udaipur Tollway Private Limited (SUTPL) 100.0% 0.0% 0.0% 11 Sadbhav Tumkur Highway Private Ltd (STHPL) 100.0% 0.0% 0.0% 10 Bhilwara Rajsamanad Tollway Private Limited (BRTPL) 100.0% 0.0% 0.0% 12 Sadbhav Kim Expressway Private Ltd (SKEPL) 100.0% 0.0% 0.0%

11 Rohtak Hisar Tollway Private Limited (RHTPL) 100.0% 0.0% 0.0%

12 Mysore Bellary Highway Private Limited(MBHPL) 2 0.0% 74.0% 26.0%

Note: 1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to D.Thakkar Construction Private Ltd or its associates 2. SPA has been signed for stake transfer of 74% stake from SEL to SIPL and 26% stake from GKC Projects to SIPL. MBHPL is the subsidiary of Sadbhav Engineering Limited Under the HAM portfolio.

Operational Under Construction Under Development

6 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 Limited (SIPL)

. Well diversified order book of Rs 137,432 (excluding GST) mn as on 30th September, 2018 with presence in 15 different states

. Company has strong in-house integrated execution capabilities with highly qualified human resources and state of the art equipments. Gross block of fixed assets as on 31st March 2018 stands at Rs. 7,305 mn

. Equity shares were listed in 2006 on BSE & NSE with a market cap of Rs 2,016 mn. As on 16th November, 2018 the market cap stands at ~Rs 37,179 mn. Long-term facilities & NCDs are rated A+ by CARE and short-term facilities/CP are rated A1 by CARE

. Diversified shareholding with FIIs and DIIs holding at ~ 16.48% and 31.63% respectively as on 30th September, 2018

. During FY18, SEL achieved a standalone & consolidated turnover of Rs 35,050 mn & Rs 49,747 mn respectively

. Company has been making profits since inception in its standalone business and has paid regular dividend over the last 16 years

. Completed the construction of prestigious Eastern Peripheral Expressway (EPE) within 20 months as compared to scheduled timeline of 30 months Order Book Rs 137,432 mn – Sept, 2018 Projects Completed Till Date Key Clients

16% Transport Segment Size 3% Irrigation Transport – Roads Over 8,000 lane kms

Mining Irrigation – Canal 81% Over 700 kms work

Order book to sales ratio stands at 3.9x FY18 Mining Over 550 mn cubic mt revenue providing good revenue visibility 7 SEL - Shareholding Pattern

Shareholding Pattern as on 30th September 2018 Strong Institutional Presence

Category No. of shares %

Promoter Group 79,818,723 46.52%

Public Shareholding 91,752,077 53.48%

Institutions 82,533,321 48.10%

- Mutual Funds/AIF/FIs/Banks 35,930,533 20.94%

- Life insurance companies 17,317,602 10.68%

- FPIs 28,275,957 16.48%

Non-Institutions 9,218,756 5.37%

Total Shareholding 171,570,800 100.00%

Strong Institutional Presence over the years.. 100% 4.76% 11.52% 8.03% 5.34% 7.76% 6.30% 6.57% 90% 80% 45.98% 70% 41.05% 44.72% 45.13% 46.53% 48.48% 46.96% 60% 50% 40% 30% 47.43% 47.25% 48.68% 20% 47.11% 47.17% 46.76% 46.47% 10% 0% 2012 2013 2014 2015 2016 2017 2018

8 Promoter Institution Non-Institution SEL - 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 - Mar 2006 Net worth Rs 3,915 mn BOT/HAM Projects3 Gross Block Rs 3,322 mn 24 Fully Operational 11 Net Revenue Rs 2,913 mn Partially Operational 1 Net Profit Rs 139 mn Order Book Rs 67,686 mn Under Construction 12 Net worth Rs 1,254 mn Total Project Cost Rs 220,791 mn Gross Block Rs 1,038 mn BOT Projects 6 Fully Operational 3 Mkt Cap4 Rs 37,179 mn Order Book Rs 13,300 mn Under Construction 3 Total Project Cost Rs 48,430 mn BOT Projects1 1 Note – Financials are on standalone basis Under Construction 1 Mkt Cap Rs 15,850 mn 1.LoA date Total Project Cost Rs 8,060 mn 2.On listing date 3.Including stake in MBHPL held by SEL. 4.As on 16th September, 2018 Mkt Cap2 Rs 2,016 mn

9 Business Overview EPC Business - Transport

Order book Transport . Transport projects with a balance work order of Rs 111,242 mn as on September 30, 2018 which translates to 3.81x of FY18 Transport revenue . Captive order book of Rs 74,525 mn & non captive order book of Rs 36,717 mn as on September 30, 2018

Major Projects Ongoing • Six lanining of Ahmedabad - Rajkot highway (Package III & V) • Four laning of Bhavnagar - Talaja section and Una - Kodinar section, • Four laning of Rampur – Kathgodam, Uttar Pradesh (Package I & II) • Six laning of greendfield Udaipur Bypass . Rehabilitation, upgradation, • Four laning of Waranga - Mahagaon section widening & strengthening of • Two/Four Laning of BRT Tiger Reserve Boundary to Bangalore Section roads & highways . Constructed more than 7,551 Transport Order book over the years Key Clients lane kms of roads & highways . Major projects completed - Rs mn 107,751 o Widening & strengthening of NH 15 (ADB funded) - 106 kms 66,201 53,990 49,968 o Eastern Peripheral 45,961 37,929 40,706 Expressway – 47 kms o Early completion of ARRIL (76 kms), BHTPL (97 kms), DPTL (89 kms) FY12 FY13 FY14 FY15 FY16 FY17 FY18 11 EPC Business - Irrigation

Irrigation Order book . Irrigation projects with a balance work order of Rs 3,519 mn as on September 30, 2018 which translates to 1.09x of FY18 Irrigation revenue

Major Projects Ongoing • Bahuti high level canal, M.P • Omkareshwar right bank lift canal, M.P • Bhanpura canal, M.P. • Baitarani Left Bank Canal, Orissa

. Construction of earthen dams, • Halon Sardar Sarovar Narmada, canals, syphon, remodeling & improvement of canals . Constructed over 656 kms of Irrigation Order book over the years Key Clients canals . Major projects completed - Rs mn o Construction of NMC from 20146 108 to 127 km for SSNNL 19397 o Canal syphon across river 15004 14419 Watrak for SSNNL 11594 o Construction canal 9899 earthwork, structures, lining and service road to Kachchh 4538 Branch Canal

FY12 FY13 FY14 FY15 FY16 FY17 FY18 12 EPC Business - Mining

Order book Mining . Mining projects with a balance work order of Rs 22,670 mn as on September 30, 2018 which translates to 8.83x of FY18 Mining revenue

Major Projects Ongoing • Removal of all types of material at Western Coal Field, Wani, Maharashtra • Removal of over burden at Bharat Coking Coal , Dhansar • Basantimata - Dahibari patch of Dahibari colliery of C.V. area, Jharkhand • Overburden & extraction of Uranium Ore Banduhurang mine, Jharkhand • Excavation work at Jalipa Lignite Mine, Barmar, Rajasthan . Excavation of overburden & mining of minerals . Excavated more than 350 mn cubic meters Mining Order book over the years Key Clients . Major projects completed -

o Removal of Overburden at Rs mn 24049 23925 Khadia OCP 20222 20203 o Removal of all types of 19748 material at Junad OCM of 16966 Wani area o 7 year repeat contract from 9958 GIPCL for excavation of overburden at Mangrol mines

13 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Order Book

Order book to sales ratio stands at 3.92x FY18 revenue providing good revenue visibility

(Rs mn)

3.7x 132,493 137,432 5.6x 3.8x 2.8x 2.8x 101,426 2.4x 2.3x Captive 89,407 82,000 76,834 75,542 74,873 46% Non Captive 54%

FY12 FY13 FY14 FY15 FY16 FY17 FY18 H1FY19

Order Book to Sales Ratio Segment wise Order book

3,715.2 5,173.8 8,511.9 6,731.5 6,758.5 7,305.5 Due to lack of orders in road segment, SEL had increased its presence in Irrigation & Mining segment from 27% of 46% 55% 65% 65% total order book as on FY11 to 54% as on FY15. With 74% 81% 81% increase in bidding in road segment, SEL has once again 29% 26% 13% 20% 22% increased the road segment contribution to 81% as on 25% 14% 15% 19% 13% 15% 17% September 30, 2018 and which is expected to touch 85% 3% 3% FY11 FY13 FY15 FY16 FY17 FY18 H1FY19 by March 31, 2019. Irrigation Mining Transport Gross Block 14 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 Director)

Mr. Sandip V Patel, Mr. Atul N Ruparel, Mr. Arun S Patel, Mr. Mirat N Bhadlawala, Ms. Purvi S Parikh acts as Independent Directors

Experienced Key Management Personnel

Mr. H.C. Shah Mr. Amares Kumar Mr. Amarsinh Vaghela (President - Finance) (CEO - Mining) (Technical Director - Irrigation)

Mr. Parulkumar Shah Mr. Tushar Shah Mr. Ashok Menon (GM - BD) (Company Secretary) (President - HR)

15 Order book breakup as on 30.09.18

States – Rs mn Transport – BOT Transport – EPC Transport – HAM Irrigation Mining Total Gujarat - 9,537.78 23,775.75 - - 33,313.53 Maharashtra 482.30 15,798.88 6,164.19 - 7,742.54 30,187.91 Karnataka - 438.94 20,716.85 - - 21,155.79 Rajasthan - - 12,101.58 - 3,923.72 16,025.30 Uttar Pradesh - 8,382.88 3,078.90 - - 11,461.78 Jharkhand - 9.69 - - 7,833.55 7,843.24 Uttrakhand - - 4,210.72 - 3,171.11 7,381.83 Andhra Pradesh 12.79 85.15 3,890.47 688.59 - 4,677.00 Madhya Pradesh - - - 2,548.86 - 2,548.86 91.46 945.88 - - - 1,037.34 Punjab - 679.61 - - - 679.61 Delhi - 570.45 - - - 570.45 Orrisa - 268.29 - 281.55 - 549.84 Total 586.55 36,717.55 73,938.47 3,519.00 22,670.92 137,432.49

16 SEL - Performance since listing Rs. crs. Financial year 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

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 5.6 4.2 7.3 26.0 26.0 (30.3) 20.5 75.0 18.6 18.7 86.6 70.8 EBITDA 415 356 315 300 249 217 290 226 138 108 102 59 35 % growth 16.7 13.0 5.0 20.5 14.7 (25.2) 28.3 63.8 27.8 5.9 72.9 68.6 EBITDA (%) 11.8 10.7 9.9 10.1 10.6 11.6 10.8 10.1 10.8 10.1 11.3 12.2 12.3 PBT 216 190 165 146 82 111 209 176 98 83 77 39 31 PAT 221 186 133 114 106 74 141 120 54 63 52 26 14 EPS 12.86 10.95 7.70 7.25 7.01 4.91 9.36 8.50 4.21 5.06 4.34 2.42 1.67 BPS 108.81 96.81 86.82 79.94 63.12 55.15 50.74 41.75 31.32 27.41 22.75 13.22 11.19 Networth 1,866 1,661 1,489 1,371 957 833 762 626 392 343 284 144 122 Equity in subs 571 565 559 527 443 460 325 324 144 110 110 46 10 Net networth 1,295 1,096 930 844 514 373 437 302 248 233 174 98 112 Total debt 1,499 1,780 1,228 1,114 1,028 765 460 396 424 211 150 73 52 Loan to subs 653 538 583 544 426 79 23 4 142 7 20 - - Net debt 846 1,242 645 570 602 686 437 392 282 204 130 73 52 Debt/Equity 0.80 1.07 0.82 0.81 1.07 0.92 0.60 0.63 1.08 0.62 0.53 0.51 0.43 RoE (%) 18.48 18.36 14.99 16.79 23.90 18.27 38.16 43.64 22.45 30.96 38.24 24.76

17 BOT Holding Co. - Sadbhav Infrastructure Project Limited (SIPL) Portfolio Snapshot

Portfolio of 23 Roads & Highways BOT projects of which 10 projects are fully operational, 1 project is partially operational and 12 HAM projects are under development No. of Projects No. of Projects As on September 30, 2018 Toll Annuity HAM NHAI State Operational 9 1 0 8 2 Partly Operational 1 0 0 0 1 Under construction/develop 0 0 12 12 0 Synopsis Total 10 1 12 20 3

Residual life1 Equity invested (incl As on September 30, 2018 Project Cost (Rs mn) Lane kms (Yrs/months) acquisitions)

Toll 97,860 2,840 15 Y 1 M 21,108 Annuity 3,748 111 8 Y 11 M 435 Hybrid Annuity 110,810 2,511 16 Y 2 M 3,262 Total 212,418 5,462 15 Y 4 M 24,805

Standalone Financials - SIPL Consolidated Financials - SIPL

Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14 Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14

Revenue 3,377.9 2,854.4 858.0 701.1 911.8 Revenue 22,760.6 13,480.1 19,709.7 5,003.0 3,744.0 Other income 469.6 282.6 405.6 372.0 246.6 Other Income 464.2 558.8 387.5 285.9 215.9 Total Income 3,847.5 3,137.1 1,263.6 1,073.1 1,158.4 Total Income 23,224.8 14,038.9 20,097.2 5,288.9 3,959.9 Interest 1,634.2 1,295.0 1,400.0 1,037.5 526.8 Interest 11,408.8 10,561.7 9,773.0 5,259.2 3,556.4 PAT 677.4 411.6 (50.35) (632.7) 6.1 PAT (3,379.7) (3,601.0) (3,525.2) (3,450.5) (800.7) Networth 14,019.5 13,427.3 12,963.6 8,435.9 8,318.6 Networth (2,657.7) 716.5 4,554.4 7,809.1 8,548.5

Total Debt 12,376.5 12,654.4 10,826.7 12,579.1 6,713.1 Total Debt 84,073.6 80,938.1 78,679.1 62,038.8 49,017.3 19 1 Weighted average w.r.t. total project cost Operating Assets – I

Particulars ARRIL AJTL NSEL HYTPL

Current Stake 99.99% 99.99% 99.99% 99.99%

Project Type Toll Toll Annuity Toll

State Gujarat Maharashtra Maha/MP Telangana

Client AUDA Govt. of Maharashtra NHAI NHAI Project Project Details Lane kms 305.4 263.2 110.9 142.6

Concession Start Dec-06 Feb-07 Nov-07 July-10

Original Concession (yrs) 20 Y 23 Y 6 M 20 Y 23 Y

PCOD/COD May-08 Jul-09 May-10 Dec-12

Residual Life (Yrs/Months) 8 Y 3 M 11 Y 10 M 9 Y 2 M 14 Y 10 M Terms Revenue Sharing Grant N.A. N.A. Premium

Target Traffic (PCUs) N.A. N.A. N.A. 34,897

Target Date N.A. N.A. N.A. 01-Oct-19

Project Cost 5,435.1 2,724.0 3,747.9 4,947.1 ) Total Equity + Subdebt of SIPL 1,036.8 1,117.7 435.1 1,190.5

Debt Outstanding (30.09.2018) 2,320.4 2,188.3 1,676.5 3,726.3

(INR mn (INR Financials Financials Credit rating CARE A+ CARE A CARE AAA & IND AAA CARE A-

20 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 State Karnataka Haryana Maharashtra Maharashtra SREI Infra, SREI Sahaj e- JV Partner Monte Carlo Limited N.A N.A village Limited, DTCPL

Client NHAI NHAI Govt. of Maha. NHAI Project Details

Lane km 388.8 323.4 22 Border CPs 355.2 Concession Start Sep-10 April-11 Diff. for all CPs Dec-09 Original Concession (yrs) 20 Y 25 Y 24 Y 6 M 18 Y PCOD/COD April-12 Jan-14 Diff. for all CPs Jan-12 Residual Life (Yrs/Months) 12 Y 0 M 17 Y 7 M 15 Y 6 M 9 Y 3 M

Terms Revenue Sharing Grant Premium Upfront Premium Premium

Target Traffic (PCUs) 39,338 23,800 N.A 37,000

Target Date 01-Oct-20 01-Sep-19 N.A 01-Oct-20

Project Cost 13,688.7 11,610.2 14,263.52 14,200.0

) Total Equity + Subdebt of SIPL 1,398.0 2,426.8 4,566.3 3,823.8

Debt Outstanding (30.09.2018) 7,983.3 10,028.3 11,552.5 10,987.1 (INR mn (INR Financials Financials Credit rating CRISIL A CARE BB+ CARE A- CARE A

1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to D.Thakkar Construction Private Ltd (DTCPL)

2. Estimated. CoD has been received for 18 Check posts out of 24 Check posts. Service Fees is being collected from 18 Check Posts. 21 Operating Assets – III

Particulars SUTPL BRTPL RHTPL

Current Stake 99.99% 99.99% 99.99%

Project Type Toll Toll Toll

State Rajasthan Rajasthan Haryana

Client NHAI NHAI NHAI

Project Details 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 Oct-15 June-16 July-16

Residual Life (Yrs/Months) 21 Y 7 M 25 Y 1 M 17 Y 3 M

Revenue Sharing Premium Grant Grant Terms Target Traffic (PCUs) 24,281 16,209 27,726

Target Date 01-Apr-22 01-Oct-22 01-Oct-23

Project Cost 11,514.6 6,761.0 12,715.8

Total Equity + Subdebt of SIPL 3,114.6 1,333.0 1,100.8 )

Debt Outstanding (30.09.2018) 8,349.2 2,748.5 9,479.2

Credit rating CRISIL A (SO) CRISIL A- CARE BB+

(INR mn (INR Financials Financials

22 12 HAM projects

Particulars SRHPL SNHPL SBHPL SUHPL SBGHPL

Current Stake 99.99% 99.99% 99.99% 99.99% 99.99%

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 Project Project Details Lane kms 173.8 199.1 192.2 163.8 341.8

Concession Start Mar-17 Oct-17 Feb-17 Feb-17 Aug-17

Original Concession (yrs) 17 Y 17 Y 17 Y 6 M 17 Y 6 M 17 Y Terms PCOD Mar-19 Oct-19 Aug-19 Aug-19 Aug-19

Total Project Cost 7,380.0 6,570.0 8,190.0 6,230.0 10,080.0

Total Equity + Subdebt of 885.6 788.4 982.8 747.6 1,209.6 SIPL to be invested Equity + Subdebt already 643.3 460.0 360.9 242.4 618.3 infused upto 30.09.2018

) Debt to be drawn down 3,542.4 3,153.6 3,931.2 2,990.4 4,838.4

Payment during 2,952.0 2,628.0 3,276.0 2,492.0 4,032.0

construction from NHAI

(INR mn (INR Financials Financials SEL EPC value 6,030.0 5,250.0 6,500.0 4,950.0 8,550.0

SIPL EPC value 690.0 730.0 820.0 590.0 700.0

1st year O&M 75.6 90.0 105.0 84.5 315.0

Credit rating CRISIL A CARE A CRISIL A CARE A CARE A

23 12 HAM projects

Particulars SUDHPL SVHPL SJRRPL SBBHPL

Current Stake 99.99% 99.99% 99.99% 99.99%

Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible)

State Rajasthan Maharashtra Rajasthan Gujarat

Client NHAI NHAI NHAI NHAI

Project Project Details Lane kms 143.3 267.5 298.5 238.2

Concession Start Nov-17 May-18 Yet to start Yet to start

Original Concession (yrs) 17 Y 17 Y 6 M 17 Y 17 Y 6 M

Terms PCOD Nov-19 Nov-20 Yet to finalise Yet to finalise

Total Project Cost 8,910.0 10,710.0 11,610.0 11,520.0

Total Equity + Subdebt of SIPL to be 1,076.0 1,290.0 1,327.2 1,466.0 invested Equity + Subdebt already infused upto 430.7 488.2 - -

30.09.2018 ) Debt to be drawn down 4,270.0 5,140.0 5,308.8 4,846.0

Payment during construction from NHAI 3,564.0 4,280.0 4,424.0 4,608.0 (INR mn (INR Financials Financials SEL EPC value 7,450.0 8,300.0 9,750.0 8,500.0

SIPL EPC value 740.0 1,500.0 550.0 1,060.0

1st year O&M 30.0 66.6 35.1 45.0

Credit rating CARE A CARE A

In addition to above, SKEPL, SPRPL and STHPL has signed the Concession Agreement and is in the process of achieving financial close 24 Details related to Cash profitability

Details related to cash profitability at SPVs (INR mn) Quarter FY17 FY18 Q1FY19 Q2FY19 Total Income from Operations + Other Income 10,128.60 10,726.45 2,935.08 2,895.02 Less: Recurring cash expenses 1,671.09 1,675.75 432.73 385.40 Total Cash EBITDA 8,457.51 9,050.70 2,502.35 2,509.63 Cash EBITDA margin (%) 83.50% 84.38% 85.26% 86.69% Less: Recurring cash finance costs to lenders 7,359.31 7,083.14 1,653.49 1,696.31 Cash profits after taxes at SPVs 1,136.47 2,004.42 858.35 768.09 Cash profits after taxes at SIPL standalone 780.69 794.74 118.26 273.30

25 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 28,514.7 26,696.1 Net Worth 18,667.9 16,608.9 14,892.0 13,520.6 EBIDTA 4,151.5 3,556.1 3,347.9 3,002.4 Long Term Borrowings 2,862.8 3,062.3 4,932.1 5,582.9 %margin 11.84% 10.71% 10.51% 10.10% Short Term Borrowings 10,463.2 12,121.0 5,696.5 3,799.9 Depreciation 979.03 1,000.4 970.7 817.1 Total Debt 13,326.0 15,183.3 10,628.6 9,382.8

DTL - - - 244.1 Finance Cost 1,167.2 992.0 855.0 890.9 Other Long Term Other Income 157.4 333.0 317.9 164.2 Liabilities 83.1 98.0 31.9 337.1 Exceptional items - - (194.5) - Total Liabilities 32,077.0 31,890.2 25,552.5 23,484.7 PBT Gross Block 7,305.5 6,758.5 6,735.1 8,511.9 2,162.6 1,896.8 1,645.6 1,458.5

Less: Depreciation 2,277.8 1,529.7 804.6 3,154.7 Tax (51.1) 18.3 325.5 321.2 Net Block 5,027.7 5,228.8 5,930.5 5,357.2 PAT 2,206.6 1,878.4 1,320.2 1,137.4 Non Current %margin 6.30% 5.66% 4.14% 3.80% Investments 5,774.6 5,694.1 5,629.2 5,312.6

Net Current Assets 19,240.4 19,314.5 12,760.1 6,582.7

Cash and bank balances 126.5 229.6 165.5 351.1

Other Long Term Assets 1,907.8 1,423.3 1,067.2 5,881.1

Total Assets 32,077.0 31,890.2 25,552.5 23,484.7

27 Annexures IN HOUSE -FLEET

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 plantsSchwing Stetter, Greaves 49 Canal Paver Diamond Equipment 6 Pick & Carry Crane, Tower Crane ACE, Escorts, CAT 6 Cement Silo Schwing stetter 59 Transit Mixer Schwing stetter 31 DLC PLANT Plus Equipment 7 Dumper TATA, Scania, AMW, Bharatbenz,Ashok Leyland 590 Drill Rig Mining Leeboy 18 Diesel Browser TATA 26 Dozer Mining JCB, CAT 33 Excavator JCB ,CAT, VOLVO, KOMATSU, HYUNDAI 76 Grader CAT, VOLVO ,Greaves 44 Hot Mix Batch Plant Schwing stetter 10 Loader JCB, CAT 24 Crusher Plant Terex, Metso,Local 11 WMM Plant Apollo, Maxmech ,Macoons 8 Paver Fin./DBM Paver Volvo, Writgen 16 Kerb Paving Machine Apollo 15 WMM Paver Volvo, Writgen 13 SoiL Compactor greaves, volvo, Writgen 56 Tandem Roller Volvo, Writgen 28 Slipform Paver Wtrigen 8 Water Chilling Plant Schwing stetter 5 Water Tanker Tata, volvo, L&T 47 Passenger Vehicle Toyota, Volvo, BMW, Balero, TATA 66 Other Supporting machinery CAT, Kirloskar, Cummins Etc 542

29 Thank You