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Top 30 Infrastructure Companies

Top 30 Infrastructure Companies

CW India Staff , March 26th, 2012 Indias infrastructure sector continues to be a key driver of the nations economic progress. Despite battering through an ever growing gauntlet of challenges like rising interest rates, inflation, sluggish order inflows and squeezed profitability, the infrastructure sector continues to perform convincingly better, thanks to a number of companies who stood up the test of time and are creating a legacy for others to emulate. Construction Week India takes this opportunity to acknowledge the top 30 performing companies in the infrastructure sector shaping the India of tomorrow, today. This story presents a bright constellation of some of the top performing companies, analysing their growth story on how they have managed to ride out of the sunset and are at the top, by a mile. It zooms in on companies which are ahead of the lot, with impressive market capitalisation, order book standing and diversity of projects on about a years horizon (April 2010 to June 2011). Primarily, our quest was to delve into the performance of the infrastructure industry and hunt for Indias most admired companies in this space and highlight the critical role played by these true nation builders. The rationale behind the selection of companies was simple, but with a mix of evaluative methodologies. Construction Week India editorial team relied on the prowess of equity research reports, corporate filings, market perceptions, to name a few to decide on the cream of the crop companies. Initially, 50 companies were picked out. Subsequently, we had to count out some of the companies as they did not match up with our performance-based prerequisites. How did we do it? We collated information on the 50 shortlisted companies. To this illustrious list, a filter was applied on the statistics, which was culled out through in depth research and examination of company filings. The process threw light on the strong point as well as the Achilles heel of every company. Subsequently, the information was analysed and subjected to a formula in order to figure out which 30 infra companies were best performing. The final ranking of the Top 30 infrastructure companies was based on a comprehensive quantitative and qualitative analysis of the overall business performance of every company. It comprised peer comparison, order book analysis, assessment of the diversity of projects as well as execution capabilities of these companies. So join us in this endeavour and see how these companies are contributing to Indias growth story.
No 1: Larsen & Toubro

With well-capitalised balance sheet coupled with robust execution mechanism, a wide array of capabilities, integrated operations, strong portfolio of assets and a colossal order book of over Rs1,30,000 crore makes Larsen & Toubro a proxy to India's infrastructure story and Construction Weeks top pick in the sector. The group continues to hold a unique place in the Indian E&C space as a diversified and leading engineering player, with exposure in the areas of power, defense, nuclear and equipment. During 1QFY2012, it posted decent numbers and stands tall on an order backlog of Rs1,36,172 crore. Its order inflow for 1QFY2012 stood at Rs16,190 crore, up 3.6% year-on-year. Similarly, over 90% of its order book came from the domestic sector, while Middle East barely accounted for 6%. The share of the public sector orders in Q1FY12 order book compared to Q1FY11 declined from 47% to 38%, while the private order backlog rose from 40% to 45%. The recent order wins (excluded in the order book) by the group are from different sectors, such as oil & gas, power, roads, etc. Some of the key orders won by the group include Rs3,500 crore gas-based power plant EPC order from PPN Power, Rs1,400.5 crore GSPC contract for offshore process platform in the KG Basin and Rs4,100 crore for buildings and factories IC. During FY11, the group had registered an impressive performance on all important parameters. Its order
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inflow witnessed a growth of 15%, and the order Book position stood at Rs 130,217 crore, which was in excess of two years of backlog. According to reports, its order inflows were also marginally affected due to holdups in the tendering process, which included environmental approvals, land acquisition and political issues. The company is also witnessing good traction on the international front and sees a huge pipeline. The group expects to clock 25% revenue growth for FY2012 despite several headwinds which are plaguing the sector. On the order inflow front, the company expects 1520% growth which appears to be achievable in view of its leadership position and project diversification.
No 2: Jaiprakash Associates

Jaiprakash Associates (JAL) reported a muted set of numbers for 1QFY2012. The companys top line was 0.8% year-on-year to Rs3,097 crore, thanks to the high interest cost, tax rate and persistent pessimism surrounding the sector. Its order book stands at Rs55,000 crore, including Rs30,000 crore of real estate, Rs25,000 billion of Arunachal Pradesh hydro power projects. Its volumes would be well diversified as its operations in new regions scale-up. Currently, its market mix is concentrated in North and Central India. The companys top line revenue declined by 1.1% year-on-year to Rs3,178 crore due to the decline in construction and real estate revenue by 11.3% and 5.2%, respectively. Its bottom line came in at Rs107 crore. According to reports, its cement division reported revenue growth of 6.0% to Rs1,527 crore. Further, the increase in coal prices at the domestic and international level adversely affected the companys margin. Similarly, its construction division registered an 11.3% year-on-year decline in revenue to Rs1,275 crore. The decline was due to problems faced by the Yamuna Expressway project and the current slowdown in the real estate segment. After a stunning performance since the last few quarters, its real estate division reported a 5.2% year-on-year and 41.8% quarter-on-quarter decline to Rs347 crore. The company has a plethora of big ticket projects in its kitty. It has two contracts worth Rs2,079 crore to construct the 990MW Punatsangchhu II Hydro- Electric Project, Bhutan. This hydro-electric project will be jointly implemented by the Royal Government of Bhutan and the Government of India. Its first contract pertains to construction of diversion tunnel, dam intake and delisting arrangement including hydro-mechanical works and highway tunnel for a contract value of Rs1,224 crore. The second project involves construction of head race tunnel from surge shaft end, surge shaft, butterfly valve, chamber, pressure shafts, power house and tailrace tunnel including hydro-mechanical works for a contract value of Rs855 crore.
No 3: Lanco Infratech

The group has been on a growth trajectory having a total order book value of Rs 31,016 crore, of which about 85-90% of its revenues sprouting from the captive business--thermal and solar power. In Q1FY12, it won the EPC orders worth Rs365.3 crore from Akaz Power to develop 2 x 125 MW gas based power plant in Al-Anbar province, Iraq. Currently, its power portfolio consists of an installed capacity of 3,292 MW. The construction and EPC division of the group has several orders in its kitty like the development of around 440 km of National Highway on BOT basis and the recent mandate to be a mine developer and operator (MDO) of Gare Pelma-II coal block of Maha Tamil Collieries Ltd (MTCL). The groups construction vertical bagged the first metro project for engineering, procurement and construction from Chennai Metro Rail Limited. Its solar vertical achieved the financial closures of the 30 MW PV project in Gujarat, the 5 MW PV and the 100 MW Solar Thermal projects in Rajasthan. An 80 KW grid-connected solar photovoltaic power plant built by Lanco Solar at the Indian parliament complex was recently inaugurated.
No 4: Reliance Infrastructure Limited

Reliance Infrastructure is one of Indias largest private sector infrastructure developers and part of the Reliance Group with revenues of overall assets of Rs 26,050 crore As of 1QFY2012, the group holds a consolidated net worth of Rs 24,000 crore and an EPC order book of RS
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28,000 crore. It has in its kitty about 27 infrastructure projects with an overall investment outlay of Rs 45,000 crore. The major projects are: The Reliance Delhi Airport Line, which is a 23 km line with six stations connecting New Delhi Railway station via Connaught Place to Airport (T3) & extends to Dwarka; Mumbai Metro I ---a Mass Rapid Transit System(MRTS) project, which connects Versova-Andheri-Ghatkopar corridor and expected to be completed in 2012; four road projects at Hosur-Krishnagiri, Pune-Satara, Namakkal- Karur and DindigulSamynallore toll roads and distribute 5,000 MW power which will cover 5.4 million customers in Mumbai & Delhi. The projects are expected to be executed over the next 2-3 years. Its power generation units at Dahanu, Samalkot, Goa and Kochi continue to demonstrate significant improvements across major operational, environmental and safety performance parameters. The group is developing five transmission projects worth about Rs 7,000 crore, making it the largest private player in the transmission sector. It has completed two transmission lines of 440 ckt kms associated with the Western Region System Strengthening Scheme-II with line length of 116 km. These are the first set of 100 per cent privately owned extra high voltage transmission line in India to achieve commercial operation. The group also made substantial progress in the remaining transmission projects including the Parbati Koldam 40 kV transmission line currently being executed by our joint venture company with Power Grid Corporation of India Limited and in which it holds 74% equity stake. Reliance Energy Trading Limited (RETL), the trading arm of the group has emerged as a favoured trader for trading of power from captive/ independent power plants and has been ranked among the top five trading licensees in terms of volume.
No 5: GMR Infrastructure

For 1QFY2012, the group posted net revenue growth of 51% to Rs2,082 crore with a total order book size of Rs24,000 crore. Its EPC revenues stood at Rs168 crore, up 415%. Similarly, its net revenue of Male International Airport, which was taken over in November2010 stood at Rs 225 crore. It earned higher revenues from the energy sector, which stood at Rs103 crore, up 18%. The quarter started on a strong note as its airport assets experienced a robust traffic growth and the energy assets turned out quite healthy. The second tranche of USD 131 million was concluded in the airports sector, thus concluding a total private equity investment of USD $331 million in the Airports Holding Company. It also embarked on a wide range of projects during the quarter--achieved financial closure of 800 MW Island Power at Singapore and 25 MW solar project at Gujarat, started construction for the 1370 MW Chhattisgarh thermal power project and 25 MW solar power project, commissioned 2.1 MW Gujarat wind power project, achieved higher PLF than planned in the 388 MW Vemagiri plant and the 220 MW barge-mounted Kakinada plants due to enhanced gas availability.
No 6: Punj Lloyd

For 1QFY2012, the group posted 30.5% year-on-year top-line growth to Rs2,263 crore. The group received orders worth Rs5,627 crore as against Rs9,978 crore in FY2011 and its current order backlog stood at Rs23,938 crore. According to reports, the groups order book is mainly dominated by the infrastructure (37.8%) and pipeline (25.6%) segments. Geographically, South Asia contributes 49.7% to the companys order book, followed by Asia Pacific and Africa, which contributes 23.6% and 16.6%, respectively. However, on the earnings front, it reported loss of Rs12.7 crore compared to the loss of Rs30.6 crore in 1QFY2011 due to high interest cost and tax. Further, PL Engineering entered into an asset purchase agreement through its UK subsidiary, Simon Carves Engineering Ltd. (SCEL), for the transfer of certain assets, contracts and employees of Simon Carves to SCEL. On the pending arbitrations and auditor qualification on various projects, there was no progress during the quarter. Punj Lloyd inked pact with Qatar Solar Technologies to set up first Polysilicon plant worth US$1 billion in the Ras Laffan Industrial city of Qatar. The project is expected to be commissioned by mid 2013.The project involves manufacturing 8,000 MTPY of high purity of solar grade Polysilicon. Punj Lloyd Group also won the thermal power contract worth Rs1,195 crore from the Haldia Energy Limited, West Bengal. The project involves building the 2X300 MW capacity power plant.
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Top 30 Infrastructure Companies

No 7: IVRCL

IVRCL Infrastructure reported 6% year-on-year top-line growth to Rs1,124.3 crore, which is considered quite disappointing its 1QFY2012 performance. On the operating margin front, the company also posted a cheerless margin of 7.6% owing to commodity price pressures, high labour charges and ineligibility to pass on escalations in water projects primarily in Tamil Nadu region. Further, IVRCL reported a shocking 85.0% year-on-year decline on the earnings front to Rs4.2 crore primarily on account of low margin and higher interest cost. What is heartening is that the companys order book stands at Rs21,550 crore including L1 projects worth Rs3,300 crore. The projects are diversified across six segments. Additionally, the company has not included Rs1,900 crore project from Saudi Arabia in its order book during the quarter as it was not yielding results from some time. After adjusting for projects of Rs3,300 crore and Goa-Maharashtra road project, the order book stands at Rs15,150 crore. On the execution front, the growth seems to be marred by headwinds due to the slowdown in the execution. This is because both IVRCLs suppliers and the sub-contractors are facing funding issues. As far as the top line growth is concerned, the company reported 1.6% growth year-on-year to Rs1,124.3 crore.
No 8: Hindustan Construction Company

Although HCCs Q1FY12 net profit declined 89.87% in the quarter ended June 2011 on the back of the higher debt level and increased interest rates, it has its in kitty order inflows worth Rs17,007 crore excluding two L1 contracts worth Rs. 2,077 crore. The order book consists of an assortment of projects, such as hydro (42%), transport (22%), water (20%), nuclear and others (16%). Although, higher interest cost has made a dent into its bottom line, the group registered top line of Rs1,0579 crore. On the project front, HCC Infrastructure Company---a 100% subsidiary of the group planned to raise Rs2.40 crore by diluting a 14.5% stake in its wholly owned subsidiary, HCC Concessions. The transaction value of HCC Concessions Ltd stands at Rs1,650 crore and has Rs5,500 crore portfolio, which includes six NHAI concessions comprising an annuity project and five toll roads. The group in a joint venture with Alstom was awarded a contract worth Rs 18.43 billion from THDC India (THDCIL) to construct Tehri Pumped Storage Plant in Tehri, Uttarakhand. It also received a letter of acceptance- cum-work order from Sardar Sarovar Narmada Nigam, Gandhinagar, for construction of canal earthwork, lining, structures and service roads of the distributaries and minors of Limbdi Branch Canal at Limbdi, Gujarat.
No 9: NCC

The group posted a decent turnover of Rs1,612 crore during the 1st quarter of 2011-12 as against Rs1,404.8 crore in the corresponding quarter of the previous year, registering a growth of 15% over the previous period. Despite reeling under pressures like increasing debt levels and delays in financial closure for its power plant, its current orders aggregate at Rs1,359 crore and the overall order book stands at Rs16,189 crore. The projects are spread across nine verticals and the major contributors include building, water and power segments. During the last fiscal, its order book stood at Rs17,000 crore. The group won awards aggregating to Rs629 crore in various segments. The first order worth Rs399 crore was from the Water Resources Division Raigarh, Chhattisgarh for the construction of Saradih Barrage with vertical lift gates. The second order worth Rs159 crore came from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), Mumbai, which involved turnkey contracts for single phasing scheme. The last order valued at Rs71 crore was from the Bharat Coking Coal Ltd, Dhanbad for removal of over burden, extraction and transportation of coal. According to reports, the group is also in the process of wining EPC orders worth Rs5,000 crore in FY12 from the Nelcast power project. Through its subsidiary, NCC Power Projects, it picked up a 55% equity stake in the Nelcast Energy Corporation Ltd (NECL), which is developing a 1,320 MW thermal power project at Krishnapatnam worth Rs7,000 crore.
No 10:Gammon India
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The company which posted an impressive profit of 69.21% in the quarter ended March 2011 now seems to be buffeted with some headwinds as its net profit declined 4.21% in the quarter ended June 2011. Surprisingly, the company is reported to be weighed down with quite a few woeslow-margin legacy orders, working capital needs which increased debt, depressed FY11 order intake and earnings. However, the company seems to be confident to face all challenges, thanks its strong order book position of around Rs 15,100 crore as on June 2011. The company also has a stimulating basket of ongoing infrastructure projects worth Rs 95,369 crore in the road, port and the energy sectors. Out of the eight projects in the road sector, three are toll based projects including new Mattancherry bridge, which has been in operation since September 2001; Vadape-Gonde project under development; Mumbai Nasik Expressway in operation partly since end May 2010 and has completed the entire highway stretch from Vadape to Gonde by end May 2011 and Godavari Bridge project, which is currently in the construction stage. The three projects in the port sector are Visakhapatnam port projectdevelopment of two berths at Visakhapatnam Port; Mumbai offshore container terminal, which is under development and Paradip iron ore berth project which is development. The three projects in the energy sector are 66 MW Rangit II hydroelectric power project, which is now in the process of finalizing the construction contractor; 30 MW Pravara cogeneration power project and 261 MW Youngthangkhab hydroelectric project.
No 11:Simplex Infrastructures Limited

During the quarter, the groups revenue grew 7% to Rs1,260 core, from Rs1,174 crore in the same quarter last year. Interestingly, its order book stood at Rs1,4348 crore, which is marginally lower than its March 2011 position. Similarly, its consolidated net sales were at Rs1,130.9 crore and its consolidated operating profit was Rs1,16.1 crore, while the net profit stood at Rs28.4 crore. Its order inflow during the quarter stood at Rs873 crore. Additionally, there is L1 position of Rs1,898 crore as of June, out of which, Rs936 crore was converted into orders during July 2001, which recorded inflow of Rs1,269 crore. The largest pure play civil construction and engineering contractor successfully completed over 2,400 projects in India and abroad. It also has presence across various construction verticals, including piling, industrial plants, power plants --- thermal, nuclear, hydel, power transmission, urban infrastructures and utilities ---metro rails, airports, urban sewerage and water systems, buildings and housing, marine ports, roads, railways, bridges, elevated road and rail corridors. It recently completed the 11.5 KM longest elevated expressway road corridor at Hyderabad. It also won several prestigious contracts comprising construction of 12 KM long flyover from Prince of Wales Museum to Anik Panjarapole, Wadala and Lalbaug, in Mumbai, the 12.5 KM long largest flyover of India in Chennai, Jatrabari -Gulsitan flyover in Bangladesh and similar projects in the Middle East countries like Oman, Qatar and Dubai.
No 12: GVK Power & Infrastructure Limited

The group posted a net loss of Rs34 crore for the quarter ended June 30, 2011, as compared to net profit of Rs9.73 crore for the quarter ended June 30, 2010. Interestingly, the company which builds roads, airports and power plants has an order book of around Rs 12,000 crore. Last fiscal, its total income increased by 7% to Rs1,943.19 crore from Rs1,815.82 crore in the previous year. Its power assets contributed an income of Rs1,712.93 crore (88.15% of the total income), compared to Rs1,603.28 crore in the previous year. This was mainly attributable to the full year operation of Jegurupadu Phase II and Gautami Power Plants in the current year. Its transportation asset contributed an income of Rs189.16 crore (9.73% of total income) compared to Rs170.75 crore in the previous year. Other segments contributed Rs41.10 crore (2.12% of the total income), compared to Rs.41.79 crore in the previous year. the airport assets (Mumbai and Bangalore airports) contributed to its net profit of Rs110.93 crore as compared to Rs51.68 crore in the previous year.
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Top 30 Infrastructure Companies

No 13: IRB Infrastructure

On a consolidated basis, IRB Infrastructure reported a stellar performance on all fronts. Its top line growth was led by a whopping 80.9% year-on-year jump, and the bottom line also reported an impressive performance on account of the robust top-line growth, and other higher income. Further, the company has a robust order book excluding O&M orders to the tune of Rs11,171 crore, which lends a high revenue visibility in the next two to three years. It has also reported a robust top line growth of 56.5% to Rs801.3 crore. This performance was led by a stupendous 80.9% year-on-year growth to Rs597.2 crore. In the construction segment, the company posted robust numbers due to significant contribution (5060%) from the SuratDahisar project, which is nearing completion, and pick up in execution of other under-construction projects, such as the Amritsar-Pathankot, Talegaon-Amravati and Jaipur-Deoli projects. During the current fiscal, IRB bagged the first mega project floated by NHAI--- six laning of Ahmedabad to Vadodara section of NH-8, and improvements of NE-1 Ahmedabad to Vadodara expressway. The approximate cost of the project is to the tune of Rs3,500 crore. With an order backlog of Rs11,500 crore, IRB is well placed to lead the infrastructure sector. The Surat-Dahisar project which involves 240 km of six laning is one of the most complex highway projects, which involves task of development of different structures, including 26 flyovers, two RoBs, 39 pedestrian under-passes and 15 vehicular under passes, and is expected to be completed in 30 months. Being one of the leading players, the company is expected to gain from the highway projects of the NHAI. The company also expects a little over 15-20% growth in FY2012, in spite of 1QFY2012s robust performance, and indicated that it may improve its performance in 3QFY2012. This is as a sequel to the completion of Surat-Dahisar and Kolhapur project.
No 14: Afcons Infrastructure Ltd

The group posted Rs2,893.02 crore for the year compared to the previous years Rs2,322.57 crore, thereby showing an increase of over 24.56% year-on-year. On the other hand, its order book stood at Rs8,174 crore, as compared to its previous year order book of Rs.5,753 crore. During last five years, the group executed projects in Abu Dhabi, Algeria, Dubai, Qatar, Mauritius, Madagascar, Oman and Yemen. Currently, it is working in Oman, Jordan and Liberia. In India, it carried out significant projects, including relocation of 220 MW floating power plant from Mangalore to Kakinada for GMR Energy, Bangalore; Bait Al BarakahMaritime facilities for guarding restricted area in Oman for the Royal Court Affairs, Oman; Site grading work at the Kochi LNG terminal, Kerala for Petronet LNG Limited and improvement for the outer ring road from IIT gate to NH-8 Intersection for the Public Works Department, New Delhi. During the same period, the group won several major contracts, such as rehabilitation, strengthening and four laning of JammuUdhampur section worth Rs1,598 crore; design and construction of container berth (625 m length) at Hazira for Adani Hazira Port Private Limited worth Rs97 crore; civil and erection work forming part of DSO phase of Iron Ore Mining in Liberia for SNC-Lavalin and Arcelor Mittal worth Rs250 crore; EPC Marine facilities for standby jetty at Dahej LNG terminal, Gujarat for LNG Petronet worth Rs533 crore; UG Package 1 design and construction of underground stations at Washermanpet, Mannadi, High court, Chennai central and Egmore and associated tunnels for Chennai Metro Rail Limited worth Rs.1566 crore in joint venture with Transtonnelstroy Ltd, Russia; UG Package 5design and construction of underground stations at Shenoy Nagar, Anna Nagar East, Anna Nagar Tower and Thiruman Galam and associated tunnels for Chennai Metro Rail Limited worth Rs.1,030 crore and drivage of two punch entries aligning from RG OC II high wall to No.1 seam of Adriyala Shaft block at Adriyala Shaft project for Singareni Collieries Limited worth Rs.21 crore.
No 15: Patel Engineering

For 1QFY2012, the group posted disappointing numbers and growth of 7.7% year-on-year primarily due to real estate revenue booking and good performance of its subsidiaries. Its order inflow for the quarter stood at meager Rs500 crore, thereby continuing the weak trend of order inflow in the earlier quarters which was majorly in the road segment. The overall order book stood at Rs9,500 crore
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including L1 orders of Rs1,500 crore Kotli-Behel project pending since the last few quarters. Its real estate segment and the E&EPC subsidiariesASI RCC and Michigan Engineers reported decent revenues for the quarter at Rs60 crore and Rs150 crore, respectively. On the other hand, its core C&EPC business is currently facing headwinds as large projects are facing delays due to disappointing order inflows. Further, the longer gestation nature of its order book, macro headwinds and increasing debt levels have put its growth visibility for the next few quarters little bewildered. Going ahead, the group is expected to reel under pressure given that major segments of PEL (power and irrigation) are facing major headwinds. On the project front, it has invested equity of Rs270 crore in its power ventures. The land for the first phase (1,050MW plant in Nagapatnam district, Tamil Nadu has been acquired and coal linkages have been put in place from the Mahanadi coal field. The work was likely to commence in 2QFY2012, however, due to the pending final clearance from the Tamil Nadu government, the project has witnessed delays and can only be expected to be completed in 2HFY2012. Its real estate is gaining sharper focus. The work is on a full swing with Smondoville-1 completely sold out (total 1,123 apartments). It booked Rs60 crore from real estate projects. Phase II and III of Smondoville and service apartments have been nearly sold out. Meanwhile, the company also forayed into transmission business. The first assignment received was from the Government of India to establish 765 KV transmission system in association with Krishnapattam UMPP through a tariff-based competitive bidding process. The project is being executed jointly with Simplex Infrastructure and BS Transcomm through a special purpose vehicle viz Raichur Sholapur Transmission Company.
No 16: Gayatri Projects Ltd

For the year ended March 31, 2011, the group logged a net profit of Rs 61.01 crore, up 14.38%. Interestingly, its order book stood at Rs11,850.68 crore. Recently, the group decided to invest Rs993.53 crore in the proposed 1,320 MW (2x660 MW) thermal power project being developed jointly with Nagarjuna Construction Company Ltd. It had taken up this project for execution from Nelcast. Its clientele includes NHAI, state governments, SPV constituted by the company for execution of BOT projects, public sector undertakings and private sector companies. Its currently executing projects worth nearly R 5,900 crore for NHAI, state governments and private sector companies, in which road works constitute Rs 6,852.80 crore worth project. Similarly, irrigation ( Rs 4,313.63 crore), transmission (Rs 273.30 crore) and other works (Rs410.95 crore). Some of its projects include, four laning from Bijni to WB Border Section of NH-31C in Assam worth Rs186.52; 4-laning from Bijni to WB Border Section of NH-31C in Assam worth Rs149.56 crore; rehabilitation and upgrading of NH-25 to 4 lane configuration in Uttar Pradesh worth Rs373.92 crore; MPRDC Program Phase II Road No.19, SH-26, Khargone - Barwani Project Road No.20, SH-31, Khargone Bistan worth Rs70 crore; upgradation of roads from Ramanathapuram to Tuticorin worth Rs82.13 crore and rehabilitation and upgrading of Ambikapur to Sernersot section in Chattisgarh worth Rs65.18 crore. In the road segment, it executed various projects, such as widening of 4-6-lanes and upgrading of the existing 2-lane road in Andhra Pradesh worth Rs 231.17 crore; widening and strengthening of TalladaDevarapalli road worth Rs 142.78 crore; Upgradation of road from Hungund to Belgaum worth Rs140.07 crore and widening and strengthening of WarangalKhammam road and KhammamTallada road worth Rs136.20 crore.
No 17: Ramky Infrastructure

The groups net profit registered an impressive rise of 61.5% to Rs 44.84 crore, thanks to the 64.4% increase in its net sales to Rs 732.12 crore in Q1 June 2011. Its order book of Rs11,477.1 crore also provides a high revenue growth. Surprisingly, its order inflow for the first quarter of FY12 stood about Rs1,600 crore. Its EPC business has six main areas of focus, which includes water and waste water, irrigation, roads and bridges, building construction, industrial, power transmission lines. In the developer business, it is focused on industrial parks, roads, transport terminal and building projects. It currently has 16 BOT projects including seven industrial parks, five road projects, one transport terminal and three building projects. On the EPC construction front, the group clocked about Rs12,000 crore of orders. Its revenue originated from
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various sectors. Roads and bridges constitute 35% of its revenue. Similarly, water and waste water 22%, building 16%, irrigation 13%, industrial construction 9%, power transmission and distribution 5%. Geographically, south zone constituted 37% of the revenue, north zone 25%, west and east zones 13% and central zone 12%. The group secured new orders aggregating to Rs1,006 crore across India, including Tamil Nadu, Madhya Pradesh, Maharashtra, Karnataka, Gujarat, Orissa, Haryana, Rajasthan, West Bengal and Andhra Pradesh covering industrial, water and waste water, power and buildings. It completed 112 water and waste water projects, 88 building construction projects, 15 irrigation projects, 30 transportation projects, 34 industrial projects and 1 electrical project. Further, round Rs34 crore of the international operation revenue came from Ramky Engineering & Consulting Services based in Sharjah.
No 18: IL&FS

For 1QFY2012, IL&FS posted strong numbers on the top-line and bottom line front. The growth was fuelled due to the spur in the execution of under construction projects, but its bottom line witnessed moderate 10.6% year-on-year growth to Rs1,15.7 crore. Its order book currently stands at Rs9,280 crore, which lends a decent revenue visibility for the company over the next few years. The Rs1,500 crore Udampur-Ramban project has been kept out of the order book as it reportedly went for rebidding. Further, its order book does not mention the Rs160 crore outdoor stadium project in Kerala. During 1QFY2012, the company surprisingly did not receive any orders primarily due to high intensity of competition in the road sector. However, due to the renewed activity in the road development space in the last couple of months, ITNL is all out to leverage on the opportunities and clock a decent order book portfolio. It reported top line of Rs1,093 crore, registering a 40.9% year-on-year growth, primarily due to the higher revenue from the C&EPC segment. The NHAIs move of awarding projects of 1,000kms in April and May 2011 has further added fillip to the companys top line growth. ITNLs standalone revenue clocked a decent growth of 122.4% year-on-year to Rs521.6 crore. This was owing to the rise in the execution of under construction projects and increased fee income from Jharkhand road project and other projects.
No 19 : Consolidated Construction Consortium Ltd

Consolidated Construction Consortium Limited (CCCL) has always commanded a premium over its peers for its superior return ratios; however its bottom line appears to be reeling under pressure. Its net profit declined 97.02% in the quarter ended June 2011, as against Rs18.78 crore during the previous quarter ended June 2010. The company provides integrated turn-key construction services in the industrial, commercial, infrastructure and residential sectors. Its turnkey construction services consists of a range of construction services including construction design, engineering, procurement, construction & project management, besides construction allied services such as mechanical & electrical, plumbing, fire fighting, heating, ventilation and air conditioning. Despite all odds, its order inflow seem to be showing signs of revival which stands at Rs6,171 crore, which is 2.89 times its net sales of Rs 2136.66 crore, for the year ended March 2011. CCCL is positive to clock a revenue growth of 12% for 2011-2012, however the critical execution leg may drag its overall growth. It had an order inflow of Rs1, 937 crore, during 1QFY2012, which was the only silver lining. During 1QFY2012, CCCL posted flat top line to Rs506.9 crore, registering a decline of 0.2% year-on-year, thanks to the overall slow-moving infrastructure orders in the sector (metro and power projects). So far, its top line growth has been not up to scratch during the last two quarters. The company is also battling a gloomy situation due to inflationary pressures, increased competition, weak industrial production, high commodity prices and shortage of labour. Further, of the total order book of Rs6, 171 crore, orders worth about Rs1, 500 crore (24%) are moving sluggishly. It might therefore barely factor a growth of 45% year-on-year. The company received orders aggregating Rs 1,938.76 crore in Q1 June 2011 and its executable orders till March 31, 2011 was Rs 4,967.54 crore. The company also received orders worth Rs1,160.43 crore in Q4 March 2011. In April 2011, the company booked additional orders worth Rs 1,445.06 crore, thereby providing a seemingly better revenue visibility.
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No 20: Madhucon Projects

For 1QFY2012, the group reported a subdued performance largely on account of lower revenue booking in the road segment. However, its order book stood at Rs6,100 crore, which was dominated by the roads (46.7%) and power (42.2%) projects. The balance was contributed by the irrigation, real estate and mining sectors. According to reports, about 50% of its orders seem to be moving sluggishly (irrigation projects) or awaiting financial closures like the Ranchi-Jamshedpur and Barsasat-Krishnagar projects. As a result, it is expected to take some time to start contributing to the groups revenue. Also, funding and the overall liquidity are likely to play a big role in the groups revenue growth, as about 90% of its orders are mainly in-house. The group has reported below expectation top line of Rs329.2 crore, down 19.2% year-on-year. It was mainly on account of lower revenue booking of Rs120 croreRs150 crore in its captive BOT projects. It is also surprisingly that the groups order book witnessed a slight traction in the road segment while winning the BOT projects. But with the renewed activity at the NHAI level, it is expected to further rope in fresh projects and add up to its already burgeoning order book. Currently, there are two contracts in its kitty---Sardar Sarovar Narmada Nigam, Gujarat for constructing distributaries and minors for the command area under Dhanrangadhra branch canal chainage. The orders are to be completed within 18 months. The group has also tied up the entire debt for the Barasat-Krishnagar NHAI BOT annuity road project costing Rs 980 crore and for Ranchi-Rargon-Jamshedpur NHAI BOT annuity project costing Rs1,655 crore. It has a decent portfolio of road BOT assets--four operational and three under development power projects, besides coal mining projects. On the BOT front, the four operational projects of the group witnessed a toll collection of Rs50 lakh per day, which is likely to improve further post monsoon. It has invested heavily (nearly 40%) over the years in its asset-owning arm, Madhucon Infra, which is all set to generate returns. Further, the company is expecting completion of its first power project (300 MW) by 2QFY2012 end. On the coal mining front too, the group expects an off take of nearly 0.5mn tonnes of coal production in FY2012.
No 21: Pratibha Industries

For the financial year ended June 30, 2011, the groups net profit stood at Rs18.6 crore, registering a rise of 14.7%. It also closed the quarter on a robust order book position of about Rs5224 crore. During the last quarter, the group was successful in closing a large order from DMRC worth Rs467 crore. Additionally, it won two orders from Delhi Jal Boards totaling Rs1249 crore. Having developed a formidable presence in the domestic market, the group is focusing to further expand its operations across India and in the Middle East where it is already executing a prestigious project for the Dubai Electricity and Water Authority worth Rs370 crore. According to reports, the group has participated in bids of over Rs2,500 crore, which are in the pipeline. Its average bidding per month stood in the range of Rs3,000 crore.
No 22: MARG Group

Despite the challenging times, the group posted quite impressive results for the quarter ended June 30, 2011. It registered a 76% increase in revenue, which stands at Rs 308 crore in addition to the current EPC order book of Rs3,000 crore. Its third party order comprises about 20% of the overall order book. On the project front, it won a work order valued at Rs237.85 crore from Bhavnagar Energy Company Limited (BECL), Gujarat in July. The project involves laying five kilometre long submarine pipeline in the roughest sea of Gulf of Khambhat, installing critical marine and civil structures, pumping stations, pipelines, substations and transmission lines. The groups marine infrastructure wing handled about 1.47 million tonnes of multi cargo during Q1 ending June 30, 2011, thereby earning revenue of Rs49.40 crore. One of the groups subsidiaries--Karaikal Port Private Limited has finalized its fund raising plans for its ports phase 2A expansion. Bangalore-based Ascent Capital, a leading private equity firm will be investing Rs 200 crore.
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No 23: Vascon Engineers

The engineering procurement and construction (EPC) services and realty company on a consolidated basis posted a revenue of Rs184 crore for QIFY12 as against Rs206 crore in the corresponding quarter last year. Interestingly, its total order book stands at R5,165 crore with order backlog of Rs3,847 crore, out of which the third party EPC order backlog stands at Rs2,824 crore. During Q1 FY2012, It won its largest third party EPC order worth Rs1,100 crore for construction of a logistic park with Renaissance Group in Mumbai. It also sold residential area totalling 91,635 sq ft during FY2012. The group also holds 27.5% equity stake in Holiday Inn, Pune. It also plans to expand its business in terms of territory and scope of activities in the EPC segment. For the real estate part, it plans to commence eight residential projects with developable area of around four million sq ft in FY2012.
No 24: ARSS Infrastructure Projects

With a unique business model, the group is one of the fastest growing construction companies in India. It is focussed on a three-pronged infrastructure construction segment, which includes railways, buildings and highways. With government and private bodies as its clients all over India the company has registered a commendable growth, with a 13.50% rise in profit at Rs38.65 crore. Interestingly, the groups order book stood at over Rs5,000 crore, which comprises a well diversified portfolio across various segments, such as railways, roads and highways and road over-bridges (ROB), irrigation and dams. During the last fiscal, the group had a Rs3,221 crore order book. Currently, the group is in a strong footing and has achieved new benchmarks in terms of revenue and asset base.
No 25: JMC Projects (India)

The group, a 67% subsidiary of Kalpataru Power Transmission Limited (KPTL) posted a decent turnover of Rs373.89 crore, up by 44%. It also clocked a net profit of Rs21crore, up by 9% from Rs19 crore in the last financial year. On the whole, the company has a consolidated order book of above Rs10,600 crore. It constitutes Rs5,900 crore worth of orders of KPTL on a standalone basis and Rs4,700 crore worth of orders of JMC Projects. Its revenue for the quarter increased to Rs584.58crore as compared to Rs546.00crore in the corresponding quarter of the previous year, registering an increase of 7%. During the quarter, its parent company won several projects including turnkey contract to construct 750 KV and 353 Km transmission line in Ukrain, Eastern Europe worth around Rs825 crore; turnkey contract to construct 132 KV and 41 Km transmission line in Tanzania, East Africa worth Rs42 crore; turnkey contract to construct 400 KV and 204 km transmission line for Maharashtra State Electricity Transmission Co. Ltd (MSETCL) worth Rs457 crore and turnkey contract from Kharaammato construct 132 KV and 90 Km transmission line in Qatar worth Rs85 crore.
No 26: Ashoka Buildcon

The groups consolidated income stood of Rs388 crore during Q1FY12 quarter and its net profit was Rs30.9 crore. Interestingly, its overall EPC order backlog stands at Rs4,367 crore, out of which Rs4,100 crore were from the highways and Rs267 crore from the power T&D segment. Its construction revenue for the quarter stood at Rs302 crore and toll revenues at Rs64 crore. It also has one of the largest numbers of toll BOT road projects. According to reports, around 20 projects are operational; six are under construction and has completed around 3,000 lane kilometers of roads till March 2011.
No 27: Unity Infraprojects

The group which is one of Indias major civil contracting firms registered an increase in its operational income
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by 10.66% to Rs376.03 crore, as compared to Rs339.79 crore. Interestingly, its total order book stands at Rs3,478 crore. During the current fiscal, it has won several big ticket orders, including construction of the main canal, its distribution network and service road in Madhya Pradesh worth Rs99.74 crore; concrete pavement of city roads in Nagpur by Nagpur Municipal Corporation worth Rs77.50 crore; two laning of road section from Chomu to Mahal via Renwal, Jobner from the Public Works Department, Jaipur worth Rs198 crore; construction of IRDA office complex from Andhra Pradesh Industrial Infrastructure Corporation worth Rs57.05 crore and construction of new buildings from the Ministry of Earth Sciences worth Rs32.24 crore.
No 28: SPML Infra

The group posted a turnover of Rs1,353.40 crore and its overall order book stood at Rs3,800 crore. Being a leader in the infrastructure space, it has implemented over 400 projects across 27 states. The key projects of the group include the integrated water supply project in Aurangabad providing integrated water supply to over 12 lakh residents. It is a joint venture project with Aqualynga global leader in the international desalination and is expected to be operational at the end of the year. The project will be executed by its consortium comprising VA Tech and National Water & Sewerage Corporation of Uganda; the Pokaran-Falsoond-Balotra-Siwana lift project comprises three water treatment plants which provides clear water to the downstream locations benefiting 580 villages and three towns of Pokaran, Balotra and Siwana of Rajasthan and the Mira Bhayandar underground sewerage system in Mumbai spread across 24 Sq Km area.
No 29: Ahluwalia Contracts (India)

The groups total income stood at Rs311 crore for the quarter ended June 30 2011 as compared to Rs394 crore in Q1 FY11. Its order book stands at Rs3700 crore, which is expected to be executed over the next 24 months. Similarly, during the year ended March 2011, its net profit declined 13.44% to Rs70.79 crore as against Rs81.78 crore during the previous year ended March 2010. Its core business is into residential, commercial, power, water supply and industrial construction projects. The business has been extended to offering complete EPC. It won new orders aggregating to Rs482 crore for construction of residential, institutional and hotel building including electrical plumbing & firefighting services. Also won orders aggregating to Rs306 crore for construction of residential building in major cities from leading developers. Orders worth Rs42 crore for construction of hotel and Rs10.27 crore for construction of institutional building were won recently. Orders in services segment (electromechanical, plumbing & firefighting) worth Rs123.95 crore were also won during the period.
No 30: Shriram EPC

The group registered a decent profit growth of Rs300.47 crore in Q1FY12 with an stimulating order book size of over Rs3,400 crore. Its overall revenues from turnkey contracts stood at Rs941.72 crore in FY2011. The order book for the turnkey contracts stood at Rs2,974.65 crore. Gas cleaning plant at the Konkola Copper mines in Zambia for the Vedanta Group, 3.2 million tonnes per annum cement plant for Sree Jayajothi Cement, Andhra Pradesh, 3. 60 MLD sewage treatment plant for Ahmedabad Municipal Corporation, 4. 80 MW thermal power plant for OPG Power in Chennai and 5.75 million litre diesel storage tank executed in the Port of Mackay, Queensland, Australia are the five key projects of the group. 2013 ITP Business Publishing Ltd. | Use of this site content constitutes acceptance of our User Policy, Privacy Policy and Terms & Conditions.

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