Confidential Draft SPT Strategic Initiatives February 1, 2008.
Confidential 0 Corporate Presentation February 2011.
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Transcript of Confidential 0 Corporate Presentation February 2011.
Confidential 2
Table of Contents
Company Overview 02
Business Strategy 15
Order Book 16
Global Strategy 17
Industry Outlook 20
Key Highlights 21
Subsidiaries & Joint Ventures 22
Appendix
Financial Highlights 24
1
2
3
4
5
6
7
8
Confidential 3
Company Overview
Pratibha Industries was established as a proprietory firm by Mr. Ajit B. Kulkarni to capture a share in the upcoming Infrastructure Industry in India
Pratibha Industries Ltd. (PIL) was incorporated in 1995 and it took over Pratibha Industries the partnership firm in 1999
Today PIL is a well established, and the only listed infrastructure company with a backward integration into manufacturing of saw pipes and a proven track record of delivering complex infrastructure projects since 2 decades
PIL’s core expertise is in the areas of water supply and environmental engineering, urban infrastructure, tunnels, high rises, airports , surface transport, roads and manufacturing saw pipes. Our Company operates on various models such as BOT, PPP Projects, turnkey projects etc.
Proven track record of 20+ completed major projects and 40+ ongoing projects with an order book of INR 42000 mn in Infrastructure and approximately INR 1,000 mn in saw pipes division as on Dec 31, 2010.
Gross revenue of INR 10,134 mn (FY 2010) with a revenue CAGR of 50% (FY 2007 – 2010) with a PAT of INR 565 mn for the same period.
PIL is an ISO 9001:2000 certified by Moody’s and the quality management system of the saw pipe manufacturing facility is certified by the American Petroleum Institute
ISO-14001:2004 certification for Environment Management System and OHSAS 18001:2007 certification for Occupation Hazard and Safety Management Systems
Winner in the ‘Urban Infrastructure’ category for 24X7 water supply scheme for Navi Mumbai – Essar Steel Infrastructure Excellence Awards, 2010
Company Overview
Confidential
Company Structure
4
Business Units
BU1 – Water, Waste Water, Environmental Engineering and
Special Projects
Integrated Water Projects
Reservoirs
Sewerage Plants
Water Treatment
Saw PipesBU2 – Urban Infra and
Surface Transport
Railway Stations
High Rises
Airport Terminals
Malls
Water Projects
Oil & Gas
Recyclenation Plants
Water Management
Distribution Systems
Shareholding Pattern
Major Foreign Institutional Investors No. of Shares
Merrill Lynch Capital Markets Espana S.A. S.V. 3731029
India Investment Partners Limited A/c. ICG Q Limited 1055108
Warhol Limited (Chrys Capital) 6097561
Cresta Fund Ltd 3753512
Van Dyck (Chrys Capital) 3804348
Surface Transport
Confidential 5
Milestones
Entered construction business of public
commercial utilities - Railway Stations. Entered
Road Construction Business
Took over the running business of
partnership firm – Pratibha Industries
Awarded a contract by MJP in Water Supply
Management
Revenues crossed INR 8000 Mn
Set up (PPP) Public-Private Partnership
Division
QIP of INR 607 MnCommissioning of
Saw Pipe Division
Listed on BSE and NSE (IPO subscribed 26 times)
Enter in the Construction of Modern Buildings (i.e.Malls, Offices,
Residential Towers)
1995
2004
2001
1999 2007
2006 2009
Incorporation of our Company
Took over Teknoworks India – a mechanical engineering firm – to
provide backward integration
ISO 9001: 2000 certification
2010
QIP/Placement of Rs.150 crs and in Dec’10 secured maiden
international order worth Rs. 352 crs from
Dubai.
Confidential
Our Key Strengths
• Operational capability in different types of infrastructure projects
• Experienced management team with proven execution capabilities
• Increasing and diversified order book• Large fleet of owned machineries and equipments• Geographical benefits• Stellar financial performance over a period of time generating
value for shareholders
6
Confidential 7
Experienced Management Team with Proven Execution CapabilitiesEx
ecut
ive
Dire
ctor
sN
on-E
xecu
tive
Dire
ctor
s
Board of Directors
Mrs. Usha B. Kulkarni Chairperson
Mr. Ajit B. Kulkarni Managing Director
Mr. Vinayak B. Kulkarni Whole Time Director
Mr. Rohit Katyal Whole Time Director
Mr. Awinash M. Arondekar Independent Director
Mr. Shrikant T. Gadre Independent Director
Mr. V.B. Parulekar Independent Director
Dr. S.L. Dhingra Independent Director
Mr. V. Sivakumaran Independent Director
Confidential 8
Strong Financial Performance
CAGR FY07 – FY10: 40%
CAGR FY07 – FY10 : 50%
CAGR FY07 – FY10 : 57%
Revenue EBIDTA
Business Wise Break - upPAT
Confidential
Nine Months Financial Performance ending on 31.12.2010
Profit & Loss Amt. (Rs. In million)
Income From Operations 8836.88
Operating Expenses 7570.02
EBITDA 1266.86
Depreciation 126.50
Financial Charges 514.23
PBT 626.13
PAT 440.22
9
Confidential 10
MassHousing
Road Construction
Water Supply
Infrastructure SawPipes
Public PrivatePartnerships
Urban Infrastructure
& Surface Transport
Water Supply Management & Environmental
Engineering
Infrastructure
Business: 2002 Business: 2011
Business Matrix
PIL has grown from a water supply and construction company to an integrated infrastructure company
Confidential 11
BU1 – Water, Waste Water, Environmental Engineering and Special Projects
BU
1 –
Wat
er &
Env
ironm
enta
l En
gine
erin
g
Bus
ines
s Ve
rtic
als
PIL undertakes fully integrated water supply management and environmental engineering projects
Overview
Revenue – BU1
Our Company covers the entire gamut of the Water Supply system from Pipelines, Sewerage Plants, Reservoirs, Water Treatment, Recyclenation Plants, Water Management, Distribution Systems, Integrated Water Projects to Tunnels
Implement projects from designing to construction to maintenance
We execute these projects on Annuity/Deferred and on cash contract basis and BOT all over India
Some of the prominent projects executed in this segment are NMMC Pipeline, Sarita Vihar Water Supply, Barve Ambernath Pipeline, Indore Water Supply, Gujarat Water Supply
Gujarat Water Supply
BU
2- U
rban
Infr
astr
uctu
re &
Su
rfac
e Tr
ansp
ort
Saw
Pip
es
Confidential 12
BU2- Urban Infrastructure and Surface Transport
Executed prominent projects for government and private sector
Overview
Bandra Terminus
Revenue – Urban Infrastructure and Surface Transport
This business vertical includes constructing airport terminals, railway stations, high end residential and commercial high rises, malls, city roads, flyover and bridges for third parties
Tie-ups with vendors to provide complex custom built structures We cater to private as well as government entities Planning to bid for larger sized projects on stand alone or through JV’s
for NHAI and other authorized agencies Some of the prominent projects undertaken by us include Mumbai,
Delhi and Amritsar Airport, Airoli and Ghansoli Railway Stations, Nirmal Lifestyle Mall, Lanco Mall, Green Building Commercial, BKC, Imperial Height Building at Andheri, Pune Solapur Highway Road, Sangamwadi Bridge, Katraj Road and Bibewadi to Kondhwa Road etc
Mumbai Airport, Mumbai
Mumbai Airport, Arrival Terminal
Bus
ines
s Ve
rtic
als
BU
2- U
rban
Infr
astr
uctu
re &
Su
rfac
e Tr
ansp
ort
Saw
Pip
esB
U1
– W
ater
& E
nviro
nmen
tal
Engi
neer
ing
Confidential 13
Saw Pipes
Our Company started the saw pipes division in 2007 as a backward integration for water management projects
We have an installed pipe-forming capacity of 90,000 MTPA and a 3LP coating division with a capacity of 1.8 mn. sq. mtrs. per annum
Our HSAW pipes can be used in the water supply management projects and oil and gas transmission
Our Company has obtained API 5L certification from ‘American Petroleum Institute and is an approved supplier of gas pipes to GAIL
We plan to tap export markets such as Turkey, Oman & Middle East
Saw Pipes are used in the water supply management segment as well as in oil and gas transmission
Overview
Hydraulic Piling Rig
Concrete Boom Placer and Piling Rig
Revenue – Saw Pipes
Saw Pipe Coating Division, Wada
Bus
ines
s Ve
rtic
als
BU
2- U
rban
Infr
astr
uctu
re &
Su
rfac
e Tr
ansp
ort
Saw
Pip
esB
U1
– W
ater
& E
nviro
nmen
tal
Engi
neer
ing
Confidential 14
Some of our Prestigious Completed Projects
Use of innovative technology to complete complex structures
Confidential 15
Projects Under Execution
Airports, Tunnels, Pipelines, High Rises Projects undertaken across the country
Confidential 16
Business Strategy
Emerge as a leader
Drive Revenues andMargin Expansion
Enter new niches in EPC Pursue overseas opportunities in existing niches
Develop diversified PPP portfolio in core niches of Water Supply & Urban Development
Develop Proprietary Skill Sets through R & D, Alliances and Continuous Human Resources Development - creating Sustainable Competitive Advantage
Leverage Leadership in Water and Urban Infrastructure Segments to maintain a robust, high margin core order book
Confidential 17
Strong Order Book of Infrastructure & Construction (As on Dec 31, 2010)
Business Verticals
Water and Environment
al Engineering
Urban Infra
Road Total
Outstanding Work (INR in Mn)
25767 16,255 360 42,382
Business Verticals Outstanding Work (INR in Mn)
Government Contracts 33,076
Private Contracts 9,304
Total 42,382
Business Verticals
Outstanding Work (INR. in Mn)
Maharashtra 15,531
Rest of India 19,929
Dubai 6,922
Total 42,382
Our Company has a strong order book, with an order book to revenue (FY10) ratio of 3.5xWe have diversified our order book globally with the maiden order from Dubai as well as have strong foothold in India
across 12 states with less than 50% in Maharashtra.
Growth in Order Book Business Wise Break – up
Client Wise Break - upGeographical Break – up
Confidential
Global Strategy
• Secured maiden overseas order of Rs. 352 crores from Dubai Electric & Water Authority for construction of Al-Ghafat water reservoir.
• Pratibha is planning to expand its global operations & hopes to secure more orders in middle east countries like Saudi Arabia, Oman, Qatar, etc.
• Capitalise on its strong track record in executing complex infrastructure projects on EPC basis in water supply and Urban infrastructure sectors
18
Confidential 19
Urban Infrastructure
Key Customers
Surface Transport
Saw Pipes
Water Supply Management
Prominent names in the industry choose to BUILD their growth with Pratibha
Indore Municipal Corporation
J & K Economic Reconstruction
Agency
Delhi Jal Board
Karnataka Urban Water Supply & Drainage Board
MMRDA MSRDCPune Municipal CorporationIndore Development Authority
Petron Civil EngineeringGAIL Kalpataru Power Transmission
National Buildings Construction Corporation
Delhi Metro Rail Corporation
Airport Authority of India
Public Health Engineering Department, Rajasthan
Gujarat Water Supply and
Sewerage Board
Jabalpur Municipal
Corporation
Navi Mumbai Municipal
Corporation
Municipal Corporation of
Greater Mumbai
Indian OilLarsen & Toubro
Confidential 20
Pan India Presence
1
35
6
7
8
9
11
1210
6) Gujarat● New International Terminal Building at SVPI Airport, Ahmedabad
10)Uttar Pradesh● Water Treatment Plant, Meerut
11) Bihar● Construction of ESIC Medical College, Patna
4) Delhi ● Expansion of Delhi International Airport● Laying of Pipeline for Delhi Jal Board●Muti Level Parking in New Friends Colony
and New Delhi Railway Station ●High end commercial complex and car park
on BOOT basis for DMRC’s City Airport Terminal at New Delhi Railway Station
5) Rajasthan● Water Supply Management project at Nagaur
1) Jammu & Kashmir● Nisphat Doodhganga Water Supply Scheme
PIL has spread its wings across India and remains the preferred partner for urban areas
9) Madhya Pradesh● Urban Water Supply & Environmental Improvement Project● Construction of Link Road, Indore ● Clear water raising mains and feeder mains
8) Karnataka● Water Supply & Sewerage Project, Bangalore
7) Maharashtra ● Andheri-Kurla Link Road● Imperial Heights Building, Oshiwara● C- 70 Building, BKC● Tunnel from Malabar Hill to Cross Maidan● Irla Pumping Station● Water Pumping Station at Bhandup● High Rise Residential Tower, Borivali
12) Assam ● Construction of Administrative Block, Lepetkata, Assam
3) Haryana●Designing, Constructing, Testing, Commissioning of Water works at Chadu Budhera, Gurgaon,
4
2) Punjab●Expansion of Amritsar airport
2
Confidential 21
Industry Outlook - Infrastructure
Government of India has made a provision of Investment of USD 400-500 bn (2.3x the estimated expenditure in the 10th plan) in the infrastructure sector during the 11th Five Year Plan
This is to be achieved through a combination of public investment, public-private partnerships (PPP) and exclusive private investment, wherever feasible
USD bn @ Rs. 48/$ Sectoral share (%)
Sectors 11th plan 11th Plan
Roads and bridges 65.4 15.3%Railways (incl. MRTS) 54.5 12.7%Irrigation (incl. WD) 52.8 12.3%Water supply and sanitation 29.9 7.0%Airports 6.5 1.5%Total 428.4 100.0%
Mega Infrastructure Outlay - India Spending on Infrastructure in 11th Five Year Plan
Infrastructure is the backbone of a growing India
Water sector in India grew 18 - 20% in the past three years
There is need to create infrastructure to ensure sustainable water supply for the country’s agricultural, industrial and domestic use
The scope in the sector has extended to distribution systems, water treatment, waste water treatment, recycling plants, sewerage plants and water management
11th Five Year Plan estimates an investment of INR 1.4 trillion in the sector and aims to provide drinking water, sanitation and waste management to 100% of the urban population
Water Supply - Environment Engineering - India Urban Infrastructure
India has INR 300 mn urban residents comprising about 30% of the population and contributing over 60% to GDP
The JNNURM involves investment of INR 1.2 trillion over FY 05 -12 (Maharashtra’s share is 10%)
Opportunities in tier II category; Bangalore, Chennai, Hyderabad and Jaipur are expected to have PPP opportunities in the short term in a large way
The government plans to spend INR 300 bn on the airports sector during the 11th Five-Year-Plan. Of this, INR 140 Bn is slated for upgrading the 35 non-metro airports and modernizing aeronautical facilities
80% of demand in the real estate sector arises from the housing segment. The affordable housing sub-segments have been on an uptrend since May’ 09
Surface Transport
The NHAI plans to award orders for 36,500 km in the next three years amounting to INR 2.6 trillion
Most road projects to be developed would be through a public-private partnership (PPP) on the BOT – annuity or toll mode Source: 11th Five Year Plan, Planning Commission Report
Confidential 22
Key Highlights
Increasing and
diversified order book
Proven execution
capabilities since 2
decadesOperate with
margins better then the industry
Huge macro potential to ride upon
Large fleet of owned
machineries
Reputed client base -Government and Private
Experienced management
team
Confidential 23
Our Subsidiaries & Joint Ventures
Wholly Owned Subsidiaries Joint Ventures/SPVsPratibha Infrastructure Pvt. Ltd. Pratibha China State JV
Prime Infrapark Private Ltd. Pratibha Ostu Stettin JV
Patel Pratibha JV
Gammon Pratibha JV
Niraj Pratibha JV
ITD Pratibha Consortium
Pratibha SMS JV
Pratibha GINKJI Consortium
KBL PIL Consortium
Unity Pratibha Consortium
Unity Pratibha Multimedia JV
Pratibha Pipes & Structural Consortium
Pratibha JV
Pratibha Al – Ambia JVBhopal Sanchi Highways Pvt. Ltd.
Confidential
Balance Sheet (INR in Mn.) FY 2007 FY 2008 FY 2009 FY 2010
Equity Share Capital 143 167 167 167
Reserves and Surplus 806 1,672 2,080 2,587
Loan Funds 1,363 1,328 2,484 4,347
Net Fixed Assets 214 921 1,455 2,890
Current Assets 2,673 4,378 5,618 8,279
Current Liabilities 878 3,283 2,977 4,103
Profit & Loss Account (INR in Mn.) FY 2007 FY 2008 FY 2009 FY 2010
Income from Operation 3,004 5,651 8,058 10,072
Growth 72.5% 88.1% 42.6% 25.0%
Operating Expenses 2,637 4,991 7,142 8,643
EBIDTA 367 660 916 1,429
Margin 12.2% 11.7% 11.4% 14.2%
Other Income 4 1 50 63
Depreciation 11 36 71 140
EBIT 359 624 895 851
Financial Charges 123 223 341 522
PBT 236 402 554 766
Margin 7.8% 7.1% 6.9% 7.6%
Tax 32 59 107 201
PAT 204 343 447 565
Margin 6.8% 6.1% 5.6% 5.6%
Financial Highlights (Consolidated)
Income from Operation
(FY 2007–10)CAGR of 50%
EBIDTA (FY 2007–10) CAGR of 57%
PAT (FY 2007–10) CAGR of 40%
25
Confidential 26
Disclaimer
This Information Package is distributed by Pratibha Industries Ltd. on a strictly confidential basis for information only. This Information Package and the information and projections contained herein may not be disclosed, reproduced or used in whole or in part for any purpose whatsoever or furnished to any other persons without the express prior written permission of Pratibha Industries Ltd. This Information Package is distributed by Pratibha Industries Ltd. upon the express understanding that no information herein contained has been independently verified. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information. Also, no representation or warranty, express or implied, is made that such information remains unchanged in any respect as of any date or dates after those stated herein with respect to matters concerning any statement made in this Information Package. This Information Package contains several forward looking statements and projections, and there is no express or implied warranty that such forward looking statements and /or projections would materialize or that Pratibha Industries Limited would achieve the same, wholly or in part or at all. All forward looking statements and projections are subject to changes and modifications (including the risk of discontinuation) based on several factors, both internal and external. No duty is owed to any person to update, from the date hereof, as regards any changes or modifications (including discontinuance) in projections and / or forward looking statements in this Information Package. Certain visual representations of properties under construction/ yet to be constructed herein are merely artists’ impressions. We cannot assure that the completed projects would resemble the artists’ impression. The charts and maps herein are merely indicative of what they depict, and may not necessarily be proportionate or to scale. Pratibha Industries Ltd and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied), projections and forward looking statements arising out of, contained in or derived from, or for any omissions from the Information Package. All recipients of the Information Package should make their own independent evaluations and should conduct their own investigation and analysis and should check the accuracy, reliability and completeness of the Information and obtain independent and specific advice from appropriate professional advisers, as they deem necessary. Where this Information Package summarizes the provisions of any other document, that summary should not be relied upon and the relevant documentation must be referred to for its full effect.
For any further information / queries regarding this document please contact:
Pratibha Industries Limited, Univeral Magistic, 13 th & 14th Floor, Off. Eastern Express Highway, P.L. Lokhande Marg, Govandi,Mumbai – 400071.