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Sadbhav Engineering Limited Corporate Presentation

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Sadbhav Engineering Limited Corporate Presentation 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 India 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 Ahmedabad 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, Gujarat • 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 .
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