May 2014
Safe Harbor
This presentation and the accompanying slides (the Presentation), which have been prepared by Ashoka Buildcon 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 Companys 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 and of the economies of various
international markets, the performance of the industry in India and world-wide, competition, the companys ability to successfully
implement its strategy, the Companys future levels of growth and expansion, technological implementation, changes and
advancements, changes in revenue, income or cash flows, the Companys market preferences and its exposure to market risks, as
well as other risks. The Companys actual results, levels of activity, performance or achievements could differ materially and
adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forwardlooking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in
this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and
projections.
Presentation Flow
Financial Highlights
Corporate Structure
Corporate Structure
Ashoka Buildcon Limited (ABL Listed Entity)
EPC & RMC Business
SBI Macquarie to Invest
Rs. 700 Cr + Rs. 100 Cr
in ACL
ACL Stake
BOT Projects
ABL Stake
100.0%
100.0%
100.0%
Pune-Shirur Road
100.0%
100.0%
100.0%
Dewas Bypass
100.0%
100.0%
100.0%
Bhandara Road
51.0%
100.0%
51.0%
Katni Bypass
99.9%
Jaora-Nayagaon Road
37.7%
Dhule Bypass
99.9%
Pimpalgaon-Nasik-Gonde Road
26.0%
99.7%
Wainganga Bridge
50.0%
Anawali Kasegaon
5.0%
51.0%
ACL Stake
50.0%
Ashoka Buildcon
Limited (ABL) :
EPC Arm
Ashoka Concessions
Limited (ACL) :
Asset Owner
Bid for EPC contracts for other developers & NHAI projects
BOT Projects
Exclusive BOT Project Developer for both ABL and SBI Macquarie
PE Transaction Highlights
Rs. 800 Crs Private Equity Investment by SBI Macquarie in Ashoka Concessions Limited
(ACL)
7 BOT projects transferred to ACL of which 3 are operational, 3 are under construction with on-going toll
collection and 1 is under construction
Fund to meet balance equity requirements of the BOT projects under construction
SBI Macquarie will have Equity Stake between 34% to 39% depends on the performance of one BOT project
Rs. 100 Crs will be invested towards any contingent requirements of 7 BOT Project portfolio
Roopnarayan bridge
10
Exclusivity for existing as well as for New BOT projects bagged by ACL
207
1,508
995
FY 2010
1,059
185
1,432
146
1,162
127
108
FY 2011
FY 2012
FY 2013
FY 2014
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
11
Project
Costs
Debt
Outstanding 1
FY14
Toll Collection
Residual
Tenure (years)
99.74
165
14.75
78.97
3.06
Wainganga Bridge
50.00
41
18.47
23.38
3.88
Pune-Shirur Road
100.00
161
--
22.59
1.53
Dewas Bypass
100.00
61
2.13
20.19
1.38
Katni Bypass
99.89
71
--
16.61
0.46
Dhule Bypass
99.99
--
5.74
0.4
100.00
14
--
3.76
1.23
100.00
103
13.82
18.36
2.44
100.00
15
--
4.90
0.55
100.00
50
--
--
1.60
1,687
49.17
194.50
Rs. Crs
Total
12
In-House EPC
Re-leveraging
Toll Collection
14
Toll Projects
Portfolio of 9 projects
Largest BOT Player on NH-6 with 1,739 Lane kms with over 24% PPP market share
15
Financial Highlights
16
Financial Highlights
Revenue
EBITDA
1,853
1,795
393
419
351
1,500
1,302
247
796
286
179
518
Net Profit
Toll Collections
743
125
101
121
652
113
80
38
398
158
189
209
* - Profit for FY 2011 adjusted for one time Exceptional Item of ~Rs. 107 Crs;
^ - Profit for FY 2013 includes ~Rs. 37 Crs (Equity Raising Expenses: Rs. 10.5 Crs, Additional Tax Expenses: 10.8 Crs & Nagar
Karmala project assets write-off : Rs. 15.7 Crs)
17
Financial Highlights
Gross Debt
Net Worth*
1,712
3,047
2,451
893
1,627
1,122
1,051
1,283
723
Rs. Crs
1,034
347
462
18
19
Operational Projects
Indore Edalabad
Nagar Aurangabad
Nagar Karmala 2
99.74%
100%
99.89%
100%
100%
State
Madhya Pradesh
Madhya Pradesh
Madhya Pradesh
Maharashtra
Maharashtra
Client
MPRDC
PWD
PWD
PWD
PWD
2 Lane / 406.60
2 Lane / 39.60
2 Lane / 35.20
4 Lane / 168
2 Lane / 160
22-Sep-01
31-Aug-01
19-Aug-02
18-Dec-06
19-Feb-99
15 yrs
10 .75 yrs
12 yrs
10 .75 yrs
16.75 yrs
45
Project Cost
165
61
71
103
50
14.75
2.13
Nil
13.82
Nil
3.06
1.38
0.46
2.44
1.60
2.16 Mn
0.55 Mn
0.46Mn
0.50 Mn
Rs. Crs
Project Details
Ownership
(%)
Financials
Concession
Terms
20
Operational Projects
Wainganga
Nashirabad
Sherinala
Pune Shirur
50%
99.99%
100%
100%
100%
State
Maharashtra
Maharashtra
Maharashtra
Maharashtra
Maharashtra
Client
MORT&H
PWD
MORT&H
PWD
PWD
2 Lane / 26
2 Lane / 11.80
2 Lane / 8
2 Lane / 7
4 Lane / 216.00
Signing Date
16-Nov-98
28-Aug-97
16-Nov-98
23-Mar-99
7-May-03
Concession Period
18 .75 yrs
8.75 yrs
10 .9 yrs
16.25 yrs
12 .17yrs
Project Cost
41
15
14
161
18.47
Nil
Nil
Nil
Nil
3.88
0.40
0.55
1.23
1.53
0.64 Mn
0.16 Mn
0.13 Mn
0.10 Mn
0.62 Mn
Rs. Crs
Financials
Concession
Terms
Project Details
Ownership
(%)
21
Special Purpose Vehicle (SPV) Ashoka GVR Mudhol Nipani Roads Limited has executed Concession
Agreement with The Chief Project Officer, Karnataka State Highways Improvement Project (KSHIP)
engaged by Government of Karnataka (Public Works Department)
Ashoka Buildcon Limited holds 51% and GVR Infra Projects Limited holds 49% equity share capital of SPV
The project has a grant of Rs. 136 Crores and Semi-annual Annuity of Rs. 39 Crores
Concession period is of 10 years incl. construction period of 30 months from the Appointed Date
22
23
Operational Projects
Bhandara
Durg
Jaora - Nayagaon
51%
51%
22.85%
State
Maharashtra
Chhattisgarh
Madhya Pradesh
Client
NHAI
NHAI
MPRDC
4 Lane / 376.80
4 Lane / 368.200
4 Lane / 340.240
18-Sep-07
23-Jan-08
20-Aug-07
20 yrs
20 yrs
25 yrs
10
535
587
835
335.23
386
534.65
13.93
14.31
18.89
1.31 Mn
1.65 Mn
3.47 Mn
Rs. Crs
Project Details
Ownership
(%)
Concession
Terms
Financials
Project Cost
th
st
1 yr : (15.30)
5% increment pa
24
Pimpalgaon Nasik
Gonde
Sambalpur Baragarh
Dhankuni- Kharagpur
100%
26%
100%
100%
State
Karnataka
Maharashtra
Orissa
West Bengal
Client
NHAI
NHAI
NHAI
NHAI
6 Lane / 454.050
6 Lane / 451.860
4 Lane / 407.600
6 Lane/ 840.500
29-Jun-10
08-Jul-09
29-Jun-10
20-Jun-11
30 yrs
20 yrs
30 yrs
25 yrs
1 yr : (31) ,
5% increment pa
6.19% of revenue,
1% increment pa
694
1,691
1,142
2,200
458.57
1,261.81
668.69
979.25
~99% completed
~99% completed
~79% completed
~56% completed
04-May-2011
02-Oct-2012
~Q2 FY15
01-Apr-2012
1.62 Mn
1.10 Mn*
Rs. Crores
Project Details
Ownership (%)
Concession
Terms
st
Financials
Project Cost
Secured Debt o/s Mar. 14
Toll
Collection
Status
Toll Collection Start
Toll Collection (Rs. per day)#
st
1 yr : (1.33) ,
5% increment pa
2.39 Mn
st
1 yr : (126.06)
5% increment pa
5.55 Mn
25
Special Purpose Vehicle (SPV) GVR-Ashoka Chennai ORR Limited has executed Concession Agreement
with Government of Tamil Nadu, Highways and Minor Ports Department
Ashoka Buildcon Limited & GVR Infra Projects Limited each holds 50% equity share capital of the SPV
The project has a grant of Rs. 197 Crores and 35 Semi-annual Annuity of Rs. 119.97 Crores
Concession period is of 20 years incl. construction period of 30 months from the Appointed Date
26
27
FY 14
FY 13
EPC
BOT
Consol
EPC
BOT
Consol
15,021
2,928
17,949
15,662
2,865
18,527
232
14
246
187
28
215
REVENUE
15,252
2,942
18,194
15,848
2,893
18,742
EBITDA
2,274
1,917
4,191
1,933
2,000
3,934
14.9%
65.2%
23.0%
12.2%
69.1%
21.0%
Interest
312
1,023
1,335
354
1,041
1,395
Depreciation
272
1,117
1,389
291
1,033
1,324
157
157
157
157
PBT
1,690
-380
1,310
1,288
-230
1,058
Tax
534
154
688
535
150
685
1,156
-534
622
753
-380
373
PAT Margin
7.6%
-18.2%
3.4%
4.8%
-13.1%
2.0%
-425
-425
-389
-389
-72
-72
79
79
1,156
-181
974
753
89
842
Cash Profit *
1,428
583
2,011
1,044
653
1,697
EBITDA margin
Exceptional Item *
28
Current liabilities
Short term borrowings
Other current liabilities
TOTAL EQUITIES & LIABILITIES
Non-current assets
2
Fixed assets
Other Non-current assets
Current assets
Current Investment
Inventories
Trade receivables
Cash and bank balances
Other current assets
TOTAL ASSETS
March-14
12,479
790
11,690
149
4,645
107,947
29,621
78,326
9,962
1,411
8,551
135,183
March-13
10,358
527
9,832
149
2,787
101,151
21,735
79,416
9,942
1,734
8,208
124,387
124,878
119,871
5,007
10,305
896
6,272
1,305
945
888
135,183
115,647
111,100
4,547
8,741
1,158
5,399
862
517
805
124,387
29
30
(Rs. Mn)
Q4 FY14
Q4 FY13
Y-o-Y (%)
Q3 FY14
Q-o-Q (%)
ACL Projects
1
Belgaum Dharwad #
151.3
143.4
5%
146.7
3%
Dhankuni Kharagpur@
523.4
400.0
31%
489.5
7%
Bhandara
130.5
121.3
8%
121.4
8%
Durg
164.1
151.6
8%
151.8
8%
Jaora - Nayagaon
324.5
270.6
20%
325.2
0%
104.7
108.9
-4%
97.9
7%
1,398.6
1,195.9
17%
1,332.5
5%
46.0
39.9
15%
48.0
-4%
Sub-total
ABL Projects
1
Ahmednagar - Aurangabad
Nagar - Karmala ^
--
--
--
--
--
Indore -Edalabad
212.7
179.9
18%
186.4
14%
Wainganga Bridge
64.4
59.7
8%
59.3
9%
Dewas Bypass
47.5
58.1
-18%
47.5
0%
Katni Bypass
42.4
46.7
-9%
39.5
7%
Pune Shirur
65.7
51.7
27%
56.4
16%
Others *
106.4
47.3
125%
62.7
70%
Sub-total
585.0
483.3
21%
499.9
17%
1,983.6
1,679.2
18%
1,832.3
8%
Grand Total
# - Toll Collection from May 2011 till February 2014 adjusted in Capital WIP
@ - Commenced Toll collection w.e.f. April 1, 2012. Toll adjusted in Capital WIP,
31
www.ashokabuildcon.com
www.sgapl.net
32