Académique Documents
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Disclaimer
This presentation has been prepared solely by IL&FS Transportation Networks Limited (ITNL) and does not constitute a prospectus or placement
memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or
supplied does not and should not be deemed to constitute an offer.
No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness
of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in
this presentation may not be based on actual historical information or facts, and may be forward looking statements, including without limitation those
relating to the general business plans and strategy of ITNL, its future financial condition and growth prospects, future developments in its industry and its
competitive and regulatory environment, and any other statements which contain words or phrases such as will, expected to, horizons of growth,
strong growth prospects, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but are not limited to risks with respect to ITNLs growth, business and the industry
that it operates within.
ITNL reserves the right to alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of
such revision or changes. This presentation cannot be copied and disseminated in any manner.
With references to projects and project companies, short names and brief descriptions are used which may not be representative of the actual
description of the project or the name of the project company. These are used for brevity in the presentation and any person accessing such information
may get further details of such project or project companies from other data available on the website of the company or other publicly available data
No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or
made, such information or representation must not be relied upon as having been authorized by or on behalf of ITNL
In this presentation
Company Overview
Key Updates
Board of Directors
Road Projects
Glossary
Project Pipeline
Order Book
Company Overview
IL&FS Transportation Networks Limited (ITNL) is a leading surface
transportation infrastructure company and the largest private sector BoT road
operator (in terms of lane kilometer) in India*
ITNL has a pan India presence with projects in several states in India
Punjab
Delhi
Rajasthan
Himachal Pradesh
Haryana
Uttar Pradesh
Assam
Meghalaya
Madhya Pradesh
West Bengal
Gujarat
Jharkhand
Odisha
Maharashtra
* ICRA Report
Shareholding
Pattern
Telangana
Foreign
Portfolio
Investors
(Corporate)
6%
Karnataka
Others
17%
Kerala
IL&FS Group
73%
Foreign Inst.
Investor &
Foreign
Company
4%
Andhra Pradesh
Key Updates
BUSINESS
Received Appointed Date for Amravati Chikli Expressway Limited and Fagne Songadh Expressway Limited as on November 9,
2016. We expect both these projects to be commissioned by May 2019
Our Order Book currently stands at 13,524 crores with an Incremental Equity Requirement of 926 crores to be infused
over the next 3-4 years
The Company was granted in-principle approval by SEBI for registration of IL&FS Transportation Investment Trust (Trust) as
Infrastructure Investment Trust on September 27, 2016. The Trust has been established and is pending registration
FINANCIALS
Standalone Income from Operations is 978 crores compared to 1,160 crores in Q1FY17
Standalone EBITDA has increased to 448 crores (EBITDA margin: 40%) in the current quarter from 374 crores (EBITDA
margin: 29%) in Q1FY17
Profit After Tax for the current quarter is 57 Crores
CONSTRUCTION
7 road projects are currently under construction. We have commenced construction in SSTL, ACEL and FSEL
2 road projects are currently under development
We expect to commission 2 projects (CNTL & KSEL) and an additional Toll Plaza in BAEL by March 2017 and 2 projects (BAEL &
KNCEL) by March 2018
3
Diversified and de-risked road project portfolio with projects in different stages of Development,
Construction, Operation & Maintenance
Pan India presence with a diverse mix of annuity and toll concessions
Presence in Europe, Latin America through Elsamex SA
Operational road project in China
4
Diverse BOT portfolio of 31 road projects covering 14,699 lane km spread across several states in India
Diverse mix of Annuity / assured payments and Toll based projects in various stages of development
Commissioned
Kiratpur
Ner
FGEL@@ GRBDC@
Chowk
(ROB)
Barwa Adda
ACEL@@
Chenani
RRR II
Panagarh
Nashri
SSTL
Shillong
Jorbat
Length in Lane km
12000
9000
Thiruvananthapuram
City Roads-I
6000
Ahmedabad
Mehsana Road
RIDCOR III
IRIDCL - II
Khed
Kharagpur
Moradabad Jharkhand Road
Sinnar
Bareilly Development-II # Baleshwar
Pune
Chandrapur
Sikar
Sholapur
Warora
Bikaner$
Hyderabad Outer
Narketpally
Jharkhand Road
Ring Road
Addanki**
Development-I#
YuHe expressway
Ramky Elsamex
China^
Ranchi
Hyderabad
A-4 Autovia,
# Hazaribagh
RIDCOR
II
Ring Road
Spain
RIDCOR- I
AP
Beawar
TRDCL - II#
Expressway Gomti
West Gujarat
Expressway
North
Karnataka
Halol
Noida Toll Expressway
Bridge
3000 Vadodara
Under Development/
Implementation
0
2001 2002 2004 2005 2007 2008 2009 2010
2011
2012
2013
2014
2015
Beyond 2017
ITNL is one of the largest* Private Sector BOT Road operator in India
As per ICRA Report Aug 2015; ** Received Provisional Completion Certificate as on January 02, 2014 @Appointed date / Financial closure yet to be finalised.
@@ SPV formation / Appointed Date / Financial closure pending $ Have received PCC as on October 10, 2015
MP Border Check Post Project awarded by Madhya Pradesh Road Development Corporation Limited
n ITNL stake 74%, 24 border check-post in MP to be developed and 2 central control facilities
n
n
n
n
Revenue sources entry fee from commercial vehicles, parking fee, loading/unloading etc.
Similar to toll road concessions in the revenue collection format
Concession period of 4,566 days including initial construction period of 730 days
19 Check post & 2 central control facilities are currently operational.
6
NHDP-III
1,679
NHDP-IV
4,171
NHDP-V
3,043
Total
8,893
131
467
435
435
101
700
165
1000
3457
IV
9032
III
10018
II
6890
5846
PC*
VII
VI
2,650
National Highways
Rural and other roads
State Highways
Major and other district roads
2000
6500
13203
11809
7142
5846
4000
6000
8000
Project Pipeline
As on November 28, 2016
BID PIPELINE
RFP Stage (Post Qualification)
Projects
Length (km)
Projects
Length (km)
NHAI
22
1706
26412
233
9100
State
322
4512
2
37
8866#
270
17,966
MSRDC
Total
25
2028
30,924
5%
31%
Road- Annuity
Haryana
2.90%
Road- Toll
65%
Himachal
Pradesh
10.41%
Meghalaya
0.33%
Rajasthan
7.68%
Non Road
Gujarat
1.81%
Madhya Pradesh
1.30%
5%
NHAI
35%
Maharashtra
37.01%
60%
Non- NHAI
Non Road
Projects
Order book details as of September 30, 2016 :
Order Book includes recently awarded projects
Standalone
Key Parameters
Quarter
ended Sept
30, 2016
Quarter
ended June
30, 2016
Qoq
% Change
Quarter
ended Sept
30, 2015
Yoy
% Change
Revenue
703
937
1058
-25%
-34%
275
272
223
1%
23%
EBITDA *
448
374
462
20%
-3%
EBITDA Margin
40%
30%
35%
Interest
367
331
279
11%
31%
-1%
-5%
79
40
180
96%
-56%
Net Profit
57
18
106
219%
-46%
Depreciation
Results for the quarter ended June 30, 2016 are in compliance with Indian Accounting Standards ("Ind AS") notified by the Ministry of Corporate Affairs.
The results for the quarter ended June 30, 2015 have been regrouped / restated as per Ind AS and are comparable on like to like basis
* EBITDA includes other income
10
Expenses
1,600
1,400
1,200
1,000
800
600
400
200
-
1,600
272
43
220
866
223
41
884
1,400
1,200
275
42
649
Quarter Ended Sept 2015 Quarter Ended June 2016 Quarter Ended Sept 2016
1,000
800
600
400
200
-
36
112
37
683
794
585
Quarter Ended Sept 2016
Construction income
Construction Cost
O&M income
Employee Cost
Total Income from operations for current quarter is lower by 26% (yoy
basis) and 16% (qoq basis) on account of decreased construction
income due to seasonal factors and projects receiving completion
We have commissioned PSRDCL, SBHL, JSEL and BKEL
Other operating income represents interest, dividend earned from
group companies and reversal of credit loss on financial instruments
with group companies
For the quarter ended September 30, 2016, EBITDA margins increased
to 40% (vs 34% in Q2FY16 and 29% in Q1FY17).EBITDA includes profit
on sale of investments in a subsidiary company
11
Moradabad Bareilly
Warora Chandrapur
Sikar Bikaner
In Q2 FY 17
0.24
0.13
0.32
0.8
0.25
0.14
0.08
1.39
0.33
0.17
0.29
0.42
0.19
0.46
0.10
0.09
0.26
0.13
0.3
0.74
0.18
0.15
0.08
1.5
0.34
0.17
0.27
0.42
0.17
0.52
0.10
0.09
In Q2 FY 16
0.23
0.11
0.30
0.52
0.18
0.13
0.07
1.37
0.32
0.15
0.21
0.37
0.15
0.38***
0.11
0.23
0.11
0.31
0.66
0.18
0.16
0.08
1.26
0.31
0.15
0.22
0.38
0.16
0.52
0.10
0.08
Accrued in Q2FY17
25
8
29
17
32
87
36
Total Gross Average Daily Collection from toll and annuity in Q2FY17 has been around INR 8 Crore
Qoq Collection has been lower on account of heavy monsoon ** Projects are under Construction ***Diversion of Traffic due to Kawad Yatra
12
Toll Revenue
2009-10
start date
(INR in Crore)
2014-15 2015-16
2010-11
2011-12
2012-13
2013-14
75
85
104
107
108
120
129
Feb-03
Oct-00
Feb-01
71
70
77
89
99
104
112
Mar-08
83
106
155
166
184
189
223
Oct-11
NA
NA
41
53
60
66
May-08
31
34
38
46
48
53
54
Aug-10
NA
17
18
21
23
27
Baleshwar Kharagpur
43
47
57
Pune Solapur
37
71
84
10
NAMEL
145
142
11
Barwa Adda
45
59
12
Moradabad Bareilly
38
170
13
Warora Chandrapur
10
37
14
Sikar Bikaner
4
5
6
Total
16
260
304
400
467
602
905
1176
13
Strategic relations with Governments of 17 states across India and ongoing relationships with various departments of the Central Government
State Bank of
India
6%
Central Bank
of India
8%
Others
3%
Life Insurance
Corporation
of India
25%
HDFC
9%
Abu Dhabi
Investment
Authority
13%
ORIX
Corporation,
Japan
23%
IL&FS
Employees
Welfare Trust
12%
14
Name
Mr Deepak
Dasgupta
Mr RC Sinha
Non-Independent Directors
Designation / Background
Name
Designation
Mr Ravi
Parthasarthy
Chairman, IL&FS
Mr Hari Sankaran
Mr Arun K Saha
Mr Pradeep Puri
Government of Gujarat
Mr K Ramchand
Managing Director
Mr Mukund Sapre
Executive Director
Mr HP Jamdar
Ms Neeru Singh
Officer
15
K. Ramchand
Managing Director
Mukund Sapre
Executive Director
Harish Mathur
Technical Director
Dilip Bhatia
Chief Financial Officer
S C Mittal
Chief Executive
Krishna Ghag
VP & Company Secretary
He has over 32 years of experience in urban and transport infrastructure development sector
He has over 24 years of experience in Finance, Operations, investor relations and Business development.
He has over 30 years of experience in the industry. He is the compliance officer, legal adviser, Company
Secretary and Head Investor Relations
16
Road Projects
North Karnataka
West Gujarat Expressway
Expressway Limited (NKEL)
Limited (WGEL)
Ahmedabad - Mehsana
Road (GRICL)
NHAI
NHAI
NOIDA
Govt. of Gujarat
Govt. of Gujarat
Karnataka
Gujarat
Gujarat
Gujarat
Concession Type
Annuity
Toll
Toll
Toll
Toll
472
389
60
523
600
276
589
466
Debt Outstanding as at
Sept 30, 2016 (Rs. Cr)
(Long Term )
117
214
60
290
18 (Premium)
17.5 years
20 Years
30 years (extendable)
30 years (extendable)
30 years (extendable)
Widening / Improvement
of the Rajkot Jeptur Gondal Section from 2 lane
to 4 lane; on National
Highway No. 8 B in state of
Gujarat
Development of a toll
bridge and approach roads
connecting Delhi to NOIDA
on BOT basis
Development of Vadodara
Halol road SH 87 with
service road in the state of
Gujarat on BOOT Basis
Development of
Ahmedabad Mehsana Road
(SH-41 and 133) in the
state of Gujarat on BOOT
Basis
State
Description
17
NHAI
KRFB
Govt. of Rajasthan
Andhra Pradesh
Kerala
Andhra Pradesh
Rajasthan
Concession Type
Annuity
Annuity
Toll
Toll
328
119.47
888
2705
863
1910
2255
469
114
(Total TRDCL Debt)
1018
2212
467
Provisional Completion
Certificate 2 Jan 2014
24 years
Various Dates
4-Laning of Narketpally
Addanki Medarametla Road
(SH-2) in Andhra Pradesh on
DBFOT (Toll) basis
State
20 years
360
(Total TRDCL Cost)
32 Years
18
Hazaribagh Ranchi
Expressway Limited (HREL)
HUDA
GOJ
NHAI
NHAI
Andhra Pradesh
Jharkhand
Jharkhand
Maharashtra
Concession Type
Annuity
Annuity
Annuity
Toll
173
664
319
571
472
2553
1132
1963
193
2285
596
1402
78
285
March-2011
Sept 2012
18 Years
20 Years
4 laning of Hazaribagh
Ranchi Section Of NH-33 in
State Of Jharkhand On BOT
(Annuity) Basis
Name of Project
Authority
State
Date of Commencement of
Commercial Operation
Concession Period
Description
15 Years
19
Sikar Bikaner
Department of Road
Transportation and Highways,
GOI
NHAI
PWD, Maharashtra
PWD, Rajasthan
Rajasthan
Uttar Pradesh
Maharashtra
Rajasthan
Concession Type
Toll
Toll
Toll
Toll
248
522
275
540
351
3066
689
901
480
(For IRIDCL I & II)
1746
323
570
39
443
176
247
Date of Commencement of
Commercial Operation
Oct-2009
Jan - 2015
Dec - 2014
Oct 2015
Concession Period
30 Years
25 years
30 years
25 years
Authority
State
Description
20
Jorabat Shillong
(JSEL)
NHAI
NHAI
Govt. of Rajasthan
KRFB
Rajasthan
Kerala
Concession Type
Annuity
Toll
Toll
Annuity
262
477
366
39
824
660
449
1138
486
360
35 (Premium)
119 (Award)
June 2016
May 2016
32 years
15 years
Name of Project
Authority
State
Jan 2016
Concession Period
20 years
24 years
4 Laning of Jorabat-Shillong
(Barapani) section of NH-40 in
Assam & Meghalaya on a DBFOT
(Annuity) basis
Description
Improvement of following
Thiruvananthapuram City Roads
project road stretches
Improvement Project
aggregating 182.82 km - Mathura
(UP border) to Bhadoti and
Rawatsar to Bhadra on BOT (Toll)
Basis
21
22
MoRTH
NHAI
Rajasthan
BOT Type
Toll
Annuity
216
38
1387
3720
3532
39
May - 11
December 2016
30 Years
20 years
Authority
State
Concession Period
Description
23
Khed Sinnar
NHAI
NHAI
NHAI
Himachal Pradesh
Maharashtra
BOT Type
Toll
Jharkhand &
West Bengal
Toll
327
727
557
2291
2452
2015
1132
643
1017
135
42 (Premium)
297
Appointed Date
Nov-2013
April-2014
Feb-2014
Concession Period
Description
Feb-2018
October-2016
IE Recommended Extension of Time by 15 IE Recommended revised completion time
Months
to December 2017
28 years
20 years
Four laning of Kiratpur-Ner
Chowk section of NH 21 in Himachal
Pradesh on BOT (Toll)
Six-Laning of Barwa-Adda-Panagarh
Section of NH-2 including Panagarh
Bypass in the States of Jharkhand and
West Bengal.
Toll
October 2016
Received Extension of Time from
Government for 365 days
20 Years
Four-Laning of Khed -Sinnar Section of
NH-50 from 42.000 km to 177.000 km in
the State of Maharashtra under NHDP
Phase IV B on DBFOT Basis
24
Amravati Chikhli
BRO
NHAI
NHAI
Maharashtra
Maharashtra
Annuity
Toll
Toll
34
698
970
3289
1886
2288
166
245
183
Appointed Date
May 2015
Nov 2016
Nov 2016
April 2020
May 2019
May 2019
20 years
19 years
19 years
Authority
State
BOT Type
Description
25
Project Development
.GRICL Rail Bridge Development Company Ltd. (GRBDCL)
RRR Section 2
Government of Gujarat
GoJ
State
Gujarat
Jharkhand
BOT Type
Annuity
Annuity
34
160
251
640
Nil
Nil
Appointed Date
Feb 2016
August 2018
17.5 years
17.5 years
Name of Project
Authority
Concession Period
Description
26
Glossary
Acronym
Full Form
IL&FS
ITNL
SPV
BOT
HUDA
COD
NHDP
SARDP
RFP
RFQ
NHAI
MoRTH
PSRDCL
MBEL
NAMEL
JSEL
RMGL
RMGSL
27
Glossary
Acronym
Full Form
JARDP/JRPICL
Jharkhand Accelerated Road Development Programme / Jharkhand Road Projects Implementation Company
Limited
CNTL
WCBTRL
TRDCL
MPBCDCL
RIDCOR
Jhalawar to Ujjain
BKEL
SBHL
KNC
BAEL
KSEL
K-SHIP
EBITDA
Glossary
Acronym
Full Form
NKEL
APEL
HREL
EHEL
GRICL
WGEL
NTBCL
IRIDCL
VNIL
IRL
SSTL
IRIT
IOPL
ROE
ROCE
EBITDA
Capital Employed
Networth + long term borrowings + Current Maturities of long term debt + short term borrowings
Networth
29
Thank You