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IL&FS TRANSPORTATION NETWORKS LIMITED CHALLENGES AHEAD 2017-18 ANNUAL REPORT CONTENTS 2 Corporate 30 Statutory 92 Financial Overview Reports Statements 2 Introducing ITNL 30 Management Discussion and 92 Standalone Financial Analysis Statements 4 Geographical Presence 40 Business Responsibility Report 187 Consolidated Financial 5 Operational Highlights Statements 46 Directors’ Report 6 Financial Highlights 78 Report on Corporate 8 Chairman’s Message 321 Notice Governance 10 Building the EPC Portfolio 12 Infrastructure Compendium 14 Operating Environment 15 Project Details 24 Corporate Social Responsibility 26 Board of Directors 28 Corporate Information 2017-18 Highlights REVENUE FROM OPERATIONS PROFIT AFTER TAX EBITDA MARGIN H 8,717 Cr H 176 Cr 44% CORPORATE OVERVIEW 2-28 Moradabad Bareilly Road As India moves towards a major infrastructure revival, IL&FS Transportation Networks Limited (ITNL) is suitably positioned to play a defining role in shaping the country’s transportation canvas. With inherent and well-established strengths in project execution and our engineering proficiencies, we have a positive and sustained commitment to build value for the nation through our contribution to infrastructure creation This determination withstood the tide of the We are cognisant of the opportunities on the challenges that arose in 2017-18, making us horizon and are steering our strategy to make stronger and wiser. Delays in project execution, the business stronger. We plan to churn our coupled with reluctance from the financial asset portfolio to free-up locked-in equity to fund institutions to fund infrastructure projects, posed ongoing projects and focus on Engineering, a major hurdle in the development of the road Procurement & Construction (EPC) and Hybrid sector. These delays led to cost overruns, which Annuity Model (HAM) contracts lowered returns for developers and adversely affected their debt-servicing ability With enhanced Government impetus on road infrastructure, we are leveraging our experience ITNL prides itself on thinking through ways and expertise to be in step with a nation on the of overcoming these obstacles. We operate move, while resolutely facing challenges on the philosophy that difficult situations are opportunities to emerge tougher than before. The manner in which we have been responding to the prevalent challenges in the industry, as well as our approach to balancing financial concerns, are testimony of our resilience CHALLENGES AHEAD INTRODUCING ITNL Barwa Adda Panagarh Road With a vast portfolio of roads, bridges, tunnels and highways, IL&FS Transportation Networks Limited (ITNL) has been partnering India’s growth through infrastructure development Established in 2000 as a wholly-owned Key strengths subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS), the Company has Strong parentage from being part of the IL&FS Group grown to become a leader in the surface transportation infrastructure sector in India. The Well-diversified portfolio with a mix of toll/user-fee and Company’s road asset portfolio, comprising a mix annuity projects of toll and annuity-based projects, aggregates to 13,493 lane-km Experienced management team at the helm and strong project implementation skills Through our wholly-owned international subsidiaries, including Elsamex SA and ITNL Strong financial track record and relationship with International Pte. Ltd. (IIPL), we provide leading financial institutions maintenance services, primarily for highways, roads and gas stations across Asia, Europe, Africa Integrated and efficient project execution capabilities and the Americas 2 CORPORATE OVERVIEW 2-28 INTRODUCING ITNL BOT PROJECTS NON-ROAD BOT PROJECTS EPC PROJECTS 28 5 4 TOTAL OPERATIONAL (BOT) TOTAL PORTFOLIO (BOT) EPC ORDER BOOK 10,326 lane-km 13,493 lane-km H 5,424 Cr Business segments We cater to three broad business segments including BOT (Build Operate Transfer), EPC (Engineering, Procurement & Construction) and O&M (Operations & Maintenance) BUILD, OPERATE, TRANSFER ENGINEERING, PROCUREMENT OPERATIONS & MAINTENANCE (BOT) & CONSTRUCTION (EPC) (O&M) Concession from a Government Design and construction of Operations and maintenance authority to finance, design, projects with no balance sheet services for infrastructure construct and operate an or operational risk projects infrastructure facility for a defined period Milestone-based payments Providing O&M services for for work executed, helping both internal as well as external Core business at present, with 28 maintain healthy cash flow agencies road projects and five non-road projects Growing portfolio of four EPC Proficient in state-of-the-art projects cold/hot in-place pavement Prudent mix of toll and annuity recycling technology projects to balance stable cash flows along with upside from increased traffic ANNUAL REPORT 2017-18 3 CHALLENGES AHEAD GEOGRAPHICAL PRESENCE 1 PAN-INDIA PRESENCE 2 3 4 5 1. Jammu & Kashmir 11. Jharkhand 2. Himachal Pradesh 12. West Bengal 7 8 6 9 3. Punjab 13. Gujarat 4. Haryana 14. Odisha 11 13 10 12 5. Delhi 15. Maharashtra 6. Uttar Pradesh 16. Telangana 14 15 7. Rajasthan 17. Andhra Pradesh 8. Assam 18. Karnataka 16 9. Meghalaya 19. Kerala 18 17 10. Madhya Pradesh 20. Tamil Nadu 19 20 13 9 14 1 8 2 17 3 15 18 4 19 12 16 5 10 6 7 ADVANCING GLOBAL FOOTPRINT 11 1. US 11. Botswana 2. Mexico 12. Ethiopia 3. Haiti 13. Kosovo 4. The Dominican Republic 14. Kazakhstan 5. Columbia 15. UAE 6. Ecuador 16. India 7. Bolivia 17. China 8. Portugal 18. Laos 9. Spain 19. Vietnam 10. Nigeria 4 CORPORATE OVERVIEW 2-28 GEOGRAPHICAL PRESENCE | OPERATIONAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS Madhya Pradesh Major Zojila Tunnel Chenani Nashri Tunnel District Roads Upgradation The Company was awarded the The Company received final Project project for the construction, operation completion certificate for the The Company, in Joint Venture and maintenance of the 14-km-long Chenani-Nashri Tunnel Project in (JV) with IL&FS Engineering and two-lane bi-directional Zojila Tunnel Jammu & Kashmir Construction Company Ltd. (IECCL), with parallel escape (egress) tunnel, was awarded the contract for excluding approaches on the Srinagar- Refinancing Debt widening and reconstruction of major Leh section connecting NH-1 at 95 KM The Company refinanced the debt district roads, in Madhya Pradesh, and at 118 KM in Jammu & Kashmir, in in Jorabat-Shillong Expressway aggregating to 160 lane-km, under the EPC mode Limited and Jharkhand Road projects Madhya Pradesh Major District Roads Implementation Company Limited, Upgradation Project (MPMDRUP Claims Settlement aggregating to H2,613 Crore, which Package 2) by Madhya Pradesh Road During the period under review, has in turn led to lowering of interest Development Corporation Limited claims amounting to H547 Crore were rate by 2-3% and consequent savings (MPRDC) on June 16, 2017 awarded by the Arbitration Tribunal in interest cost in favour of Pune Sholapur Road Barwa Adda Road Project Development Company Limited, while The Company commenced toll claim conciliation is in the final stages collection at the second toll plaza on in the Moradabad Barielly Expressway the Barwa Adda Road project in the Limited, the outcome of which is states of Jharkhand and West Bengal, expected during the current financial bolstering the toll revenue stream of year the Company AWARDS & ACCOLADES The Chenani-Nashri Tunnel Project was conferred the The Company was felicitated in the 7th EPC World SKOCH Order-of-Merit Award during the 48th SKOCH Awards under two categories – Outstanding Summit. The project was rated on three parameters, Contribution in Roads and Highways and Infra Company namely Early Bird, Jury Evaluation and Popular Vote in of the Year Skoch BSE Corporate Excellence Award Jharkhand Accelerated Road Development Programme The Company received an award for effective Project has been listed among 60 United Nation Sustainable Financing & Economics by the International Road Development’s ‘People-First Public-Private Partnerships’ Federation for the Jharkhand Accelerated Road at an international forum hosted by the United Nations Development Programme Economic Commission for Europe (UNECE) in Geneva, Switzerland ANNUAL REPORT 2017-18 5 CHALLENGES AHEAD FINANCIAL HIGHLIGHTS Revenue EBITDA (H in Crore) (H in Crore) 2017-18 9,779 2017-18 4,324 2016-17 8,402 2016-17 3,577 2015-16 8,356 2015-16 2,843 2014-15 6,828 2014-15 2,466 2013-14 6,803 2013-14 2,105 Operating Margins Profit After Tax (%) (H in Crore) 2017-18 44.22 2017-18 65 2016-17 42.60 2016-17 146 2015-16 34.00 2015-16 87 2014-15 36.10 2014-15 444 2013-14 30.90 2013-14 463 6 CORPORATE OVERVIEW 2-28 FINANCIAL HIGHLIGHTS Net Fixed Assets Net Worth (H in Crore) (H in Crore) 2017-18 33,070 2017-18 4,361 2016-17 30,660 2016-17 4,185 2015-16 27,007 2015-16 4,302 2014-15 25,418 2014-15 5,719 2013-14 21,603 2013-14 5,004 Investments Net Debt (H in Crore) (H in Crore) 2017-18 5,377 2017-18 32,811 2016-17 5,304 2016-17 29,961 2015-16 4,895 2015-16 25,863 2014-15 4,901 2014-15 22,575 2013-14 4,148 2013-14 18,145 Ranchi Ring Road ANNUAL REPORT 2017-18 7 CHALLENGES AHEAD CHAIRMAN’S MESSAGE INFRASTRUCTURE OPPORTUNITY DELIVERING The development of a country’s infrastructure is vital to the growth of its sectors and the overall economy. The THROUGH increased spending in this sector has a multiplier effect on the overall economic growth as it necessitates industrial growth and manufacturing. This in turn boosts aggregate CHALLENGES demand by improving living conditions In the fiscal year ending March 2018, the National Highways Authority of India (NHAI) and Ministry of Road Transport and Highways (MoRTH) awarded contracts for a record ~17,000 km of roads and constructed ~10,000 km. During the current fiscal, the Government has set a target to increase road award and construction to about 20,000 km and 16,000 km, respectively.
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