November 2018

Sadbhav Engineering Limited

Corporate Presentation

Disclaimer

This presentation and the accompanying slides (the “Presentation”),which have been prepared by Sadbhav Engineering

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 Company’s 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, the performance of the infrastructure industry in India and world - wide, competition, the

company’s ability to successfully implement its strategy, the Company’s future level so growth and expansion,

technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company’s

market preferences and its exposure to market risks, as well as other risks. The Company’s factual results, level so

activity, performance or achievements could differ materially and adversely from results expressed in or implied by this

Presentation.

Agenda

3

1. Snapshot 4

2. Business Overview 10

3. Financials 26

4. Annexures 28

Snapshot

Corporate Structure

Sadbhav Engineering Limited

EPC Business Sadbhav Infrastructure Project Limited (SIPL)

69.04%

5

Transport Irrigation Mining

Rs. 111,242 mn Rs. 3,519 mn Rs. 22,670 mn

BOT HAMAnnuity

Order book as on 30th Sept, 2018

BOT Project Portfolio SIPL SEL J.V

1 Ahmedabad Ring Road Infrastructure Limited (ARRIL) 100.0% 0.0% 0.0%

2 Aurangabad Jalna Tollway Limited (AJTL) 100.0% 0.0% 0.0%

3 Nagpur Seoni Expressway Limited (NSEL) 100.0% 0.0% 0.0%

4 Hyderabad Yadgiri Tollway Private Limited (HYTPL) 100.0% 0.0% 0.0%

5 Bijapur-Hungund Tollway Private Limited (BHTPL) 77.0% 0.0% 23.0%

6 Rohtak Panipat Tollway Private Limited (RPTPL) 100.0% 0.0% 0.0%

7Maharashtra Border Check Post Network Limited (MBCPNL) 1 77.5% 6.1% 16.4%

8 Dhule Palesner Tollway Limited (DPTL) 99.9% 0.1% 0.0%

9 Shreenathji-Udaipur Tollway Private Limited (SUTPL) 100.0% 0.0% 0.0%

10 Bhilwara Rajsamanad Tollway Private Limited (BRTPL) 100.0% 0.0% 0.0%

11 Rohtak Hisar Tollway Private Limited (RHTPL) 100.0% 0.0% 0.0%

12 Mysore Bellary Highway Private Limited(MBHPL) 2 0.0% 74.0% 26.0%

HAM Project Portfolio SIPL SEL J.V

1 Sadbhav Rudrapur Highway Private Limited (SRHPL) 100.0% 0.0% 0.0%

2 Sadbhav Nainital Highway Private Limited (SNHPL) 100.0% 0.0% 0.0%

3 Sadbhav Bhavnagar Highway Private Limited (SBHPL) 100.0% 0.0% 0.0%

4 Sadbhav Una Highway Private Limited (SUHPL) 100.0% 0.0% 0.0%

5 Sadbhav Bangalore Highway Private Limited (SBGHPL) 100.0% 0.0% 0.0%

6 Sadbhav Udaipur Highway Private Limited (SUDHPL) 100.0% 0.0% 0.0%

7 Sadbhav Vidarbha Highway Private Limited (SVDHPL) 100.0% 0.0% 0.0%

8 Sadbhav Jodhpur Ring Road Private Ltd (SJRRPL) 100.0% 0.0% 0.0%

9 Sadbhav Vizag Port Road Private Ltd (SVPRPL) 100.0% 0.0% 0.0%

10 Sadbhav Bhimasar Bhuj Highway Private Ltd (SBBHPL) 100.0% 0.0% 0.0%

11 Sadbhav Tumkur Highway Private Ltd (STHPL) 100.0% 0.0% 0.0%

12 Sadbhav Kim Expressway Private Ltd (SKEPL) 100.0% 0.0% 0.0%

Under ConstructionOperational Under Development

Note:

1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake

from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to

D.Thakkar Construction Private Ltd or its associates

2. SPA has been signed for stake transfer of 74% stake from SEL to SIPL and 26% stake

from GKC Projects to SIPL. MBHPL is the subsidiary of Sadbhav Engineering

Limited Under the HAM portfolio.

Sadbhav Group- List of BOT/HAM Projects

6

7

SEL - Snapshot

Sadbhav Engineering Limited (SEL), incorporated in 1988, is engaged in

o Engineering, Procurement and Construction (EPC) business for Transport, Mining and Irrigation sector

o Development of roads & highways on Build, Operate and Transfer (BOT) through Sadbhav Infrastructure Project Limited (SIPL)

Well diversified order book of Rs 137,432 (excluding GST) mn as on 30th September, 2018 with presence in 15 different states

Company has strong in-house integrated execution capabilities with highly qualified human resources and state of the art equipments.

Gross block of fixed assets as on 31st March 2018 stands at Rs. 7,305 mn

Equity shares were listed in 2006 on BSE & NSE with a market cap of Rs 2,016 mn. As on 16th November, 2018 the market cap stands at

~Rs 37,179 mn. Long-term facilities & NCDs are rated A+ by CARE and short-term facilities/CP are rated A1 by CARE

Diversified shareholding with FIIs and DIIs holding at ~ 16.48% and 31.63% respectively as on 30th September, 2018

During FY18, SEL achieved a standalone & consolidated turnover of Rs 35,050 mn & Rs 49,747 mn respectively

Company has been making profits since inception in its standalone business and has paid regular dividend over the last 16 years

Completed the construction of prestigious Eastern Peripheral Expressway (EPE) within 20 months as compared to scheduled timeline of

30 months

Order Book Rs 137,432 mn – Sept, 2018 Projects Completed Till Date

Segment Size

Transport – Roads Over 8,000 lane kms

Irrigation – Canal work

Over 700 kms

Mining Over 550 mn cubic mtOrder book to sales ratio stands at 3.9x FY18

revenue providing good revenue visibility

Key Clients

81%

3%

16% Transport

Irrigation

Mining

Strong Institutional Presence over the years..

SEL - Shareholding Pattern

Strong Institutional Presence

8

Shareholding Pattern as on 30th September 2018

Category No. of shares %

Promoter Group 79,818,723 46.52%

Public Shareholding 91,752,077 53.48%

Institutions 82,533,321 48.10%

- Mutual Funds/AIF/FIs/Banks 35,930,533 20.94%

- Life insurance companies 17,317,602 10.68%

- FPIs 28,275,957 16.48%

Non-Institutions 9,218,756 5.37%

Total Shareholding 171,570,800 100.00%

47.43% 47.25% 48.68% 47.11% 47.17% 46.76% 46.47%

41.05% 44.72% 45.98% 45.13% 46.53% 48.48% 46.96%

11.52% 8.03% 5.34% 7.76% 6.30% 4.76% 6.57%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 2017 2018

Promoter Institution Non-Institution

At the time of IPO - Mar 2006

Net Revenue Rs 2,913 mn

Net Profit Rs 139 mn

Net worth Rs 1,254 mn

Gross Block Rs 1,038 mn

Order Book Rs 13,300 mn

BOT Projects1 1

Under Construction 1

Total Project Cost Rs 8,060 mn

Mkt Cap2 Rs 2,016 mn

Mar 2010

Net Revenue

Net Profit

Net worth

Gross Block

Rs 12,569 mn

Rs 538 mn

Rs 3,915 mn

Rs 3,322 mn

Order Book Rs 67,686 mn

BOT Projects

Fully Operational

Under Construction

Total Project Cost Rs 48,430 mn

633

Mkt Cap Rs 15,850 mn

SEL - Growth Story

9

Note –Financials are on standalone basis1.LoA date2.On listing date3.Including stake in MBHPL held by SEL.4.As on 16th September, 2018

Mar 2018

Net Revenue

Net Profit

Net worth

Gross Block

Rs 35,050 mnRs 2,206 mnRs 18,667 mnRs 7,305 mn

Order Book Rs 1,32,493mn

Mkt Cap4 Rs 37,179 mn

BOT/HAM Projects3

Fully Operational

Partially Operational

Under Construction

Total Project Cost Rs 220,791 mn

2411

112

CAGR 2006-18

Net Revenue ~ 23%

Net Profit ~ 26%

Order book ~ 21%

Business Overview

EPC Business - Transport

11

Transport

Rehabilitation, upgradation,

widening & strengthening of

roads & highways

Constructed more than 7,551

lane kms of roads & highways

Major projects completed -

o Widening & strengthening of

NH 15 (ADB funded) - 106

kms

o Eastern Peripheral

Expressway – 47 kms

o Early completion of ARRIL

(76 kms), BHTPL (97 kms),

DPTL (89 kms)

Order book

Transport projects with a balance work order of Rs 111,242 mn as on September 30, 2018

which translates to 3.81x of FY18 Transport revenue

Captive order book of Rs 74,525 mn & non captive order book of Rs 36,717 mn as on

September 30, 2018

Major Projects Ongoing

• Six lanining of Ahmedabad - Rajkot highway (Package III & V)

• Four laning of Bhavnagar - Talaja section and Una - Kodinar section, Gujarat

• Four laning of Rampur – Kathgodam, Uttar Pradesh (Package I & II)

• Six laning of greendfield Udaipur Bypass

• Four laning of Waranga - Mahagaon section

• Two/Four Laning of BRT Tiger Reserve Boundary to Bangalore Section

Rs mn

Transport Order book over the years Key Clients

FY12 FY13 FY14 FY15 FY16 FY17 FY18

53,990

66,201

45,961 37,929 40,706

49,968

107,751

EPC Business - Irrigation

Construction of earthen dams,

canals, syphon, remodeling &

improvement of canals

Constructed over 656 kms of

canals

Major projects completed -

o Construction of NMC from

108 to 127 km for SSNNL

o Canal syphon across river

Watrak for SSNNL

o Construction canal

earthwork, structures, lining

and service road to Kachchh

Branch Canal

12

Irrigation Order book

Irrigation projects with a balance work order of Rs 3,519 mn as on September 30, 2018

which translates to 1.09x of FY18 Irrigation revenue

Major Projects Ongoing

• Bahuti high level canal, M.P

• Omkareshwar right bank lift canal, M.P

• Bhanpura canal, M.P.

• Baitarani Left Bank Canal, Orissa

• Halon Sardar Sarovar Narmada, Madhya Pradesh

Rs mn

Irrigation Order book over the years Key Clients

FY12 FY13 FY14 FY15 FY16 FY17 FY18

11594

15004

19397 20146

14419

9899

4538

EPC Business - Mining

Excavation of overburden &

mining of minerals

Excavated more than 350 mn

cubic meters

Major projects completed -

o Removal of Overburden at

Khadia OCP

o Removal of all types of

material at Junad OCM of

Wani area

o 7 year repeat contract from

GIPCL for excavation of

overburden at Mangrol

mines

MiningOrder book

Mining projects with a balance work order of Rs 22,670 mn as on September 30, 2018

which translates to 8.83x of FY18 Mining revenue

Major Projects Ongoing

• Removal of all types of material at Western Coal Field, Wani, Maharashtra

• Removal of over burden at Bharat Coking Coal , Dhansar

• Basantimata - Dahibari patch of Dahibari colliery of C.V. area, Jharkhand

• Overburden & extraction of Uranium Ore Banduhurang mine, Jharkhand

• Excavation work at Jalipa Lignite Mine, Barmar, Rajasthan

Rs mn

13

Mining Order book over the years Key Clients

FY12 FY13 FY14 FY15 FY16 FY17 FY18

9958

20222

24049 23925

19748

16966

20203

Order book to sales ratio stands at 3.92x FY18 revenue providing good revenue visibility

14

(Rs mn)

Order Book

Due to lack of orders in road segment, SEL had increased

its presence in Irrigation & Mining segment from 27% of

total order book as on FY11 to 54% as on FY15. With

increase in bidding in road segment, SEL has once again

increased the road segment contribution to 81% as on

September 30, 2018 and which is expected to touch 85%

by March 31, 2019.

2.8x

5.6x

3.8x2.8x

Order Book to Sales Ratio

Gross Block

2.4x 2.3x

3.7x

54%46%

Captive

Non Captive75,542

101,426 89,407

82,000 74,873 76,834

132,493 137,432

FY12 FY13 FY14 FY15 FY16 FY17 FY18 H1FY19

14% 15%25% 19% 13% 3% 3%

13% 20%

29%26%

22%

15% 17%

74% 65%46% 55% 65%

81% 81%

FY11 FY13 FY15 FY16 FY17 FY18 H1FY19

Segment wise Order book

Irrigation Mining Transport

3,715.2 5,173.8 8,511.9 6,731.5 6,758.5 7,305.5

Mr. Nitin R Patel

(CFO & Whole time Director)

Experienced Key Management Personnel

Mr. Vishnubhai M Patel

(Chairman Emeritus)

Mr. Shashin V Patel

(Chairman and Managing Director)

Mr. H.C. Shah

(President - Finance)

Mr. Vikram R Patel

(Whole time Director)

Mr. Vasistha C Patel

(Whole time Director)

Mr. Ashok Menon

(President - HR)

Mr. Parulkumar Shah

(GM - BD)

Mr. Tushar Shah

(Company Secretary)

Board of Directors

Mr. Sandip V Patel, Mr. Atul N Ruparel, Mr. Arun S Patel, Mr. Mirat N Bhadlawala, Ms. Purvi S Parikh acts as Independent Directors

Key Management Personnel

15

Mr. Amarsinh Vaghela

(Technical Director - Irrigation)

Mr. Vipul H Patel

(Whole time Director)

Mr. Amares Kumar

(CEO - Mining)

Order book breakup as on 30.09.18

16

States – Rs mn Transport – BOT Transport – EPC Transport – HAM Irrigation Mining Total

Gujarat - 9,537.78 23,775.75 - - 33,313.53

Maharashtra 482.30 15,798.88 6,164.19 - 7,742.54 30,187.91

Karnataka - 438.94 20,716.85 - - 21,155.79

Rajasthan - - 12,101.58 - 3,923.72 16,025.30

Uttar Pradesh - 8,382.88 3,078.90 - - 11,461.78

Jharkhand - 9.69 - - 7,833.55 7,843.24

Uttrakhand - - 4,210.72 - 3,171.11 7,381.83

Andhra Pradesh 12.79 85.15 3,890.47 688.59 - 4,677.00

Madhya Pradesh - - - 2,548.86 - 2,548.86

Haryana 91.46 945.88 - - - 1,037.34

Punjab - 679.61 - - - 679.61

Delhi - 570.45 - - - 570.45

Orrisa - 268.29 - 281.55 - 549.84

Total 586.55 36,717.55 73,938.47 3,519.00 22,670.92 137,432.49

SEL - Performance since listing

Financial year 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Total income 3,505 3,320 3,186 2,970 2,358 1,872 2,686 2,229 1,274 1,074 905 485 284

% growth 5.6 4.2 7.3 26.0 26.0 (30.3) 20.5 75.0 18.6 18.7 86.6 70.8

EBITDA 415 356 315 300 249 217 290 226 138 108 102 59 35

% growth 16.7 13.0 5.0 20.5 14.7 (25.2) 28.3 63.8 27.8 5.9 72.9 68.6

EBITDA (%) 11.8 10.7 9.9 10.1 10.6 11.6 10.8 10.1 10.8 10.1 11.3 12.2 12.3

PBT 216 190 165 146 82 111 209 176 98 83 77 39 31

PAT 221 186 133 114 106 74 141 120 54 63 52 26 14

EPS 12.86 10.95 7.70 7.25 7.01 4.91 9.36 8.50 4.21 5.06 4.34 2.42 1.67

BPS 108.81 96.81 86.82 79.94 63.12 55.15 50.74 41.75 31.32 27.41 22.75 13.22 11.19

Networth 1,866 1,661 1,489 1,371 957 833 762 626 392 343 284 144 122

Equity in subs 571 565 559 527 443 460 325 324 144 110 110 46 10

Net networth 1,295 1,096 930 844 514 373 437 302 248 233 174 98 112

Total debt 1,499 1,780 1,228 1,114 1,028 765 460 396 424 211 150 73 52

Loan to subs 653 538 583 544 426 79 23 4 142 7 20 - -

Net debt 846 1,242 645 570 602 686 437 392 282 204 130 73 52

Debt/Equity 0.80 1.07 0.82 0.81 1.07 0.92 0.60 0.63 1.08 0.62 0.53 0.51 0.43

RoE (%) 18.48 18.36 14.99 16.79 23.90 18.27 38.16 43.64 22.45 30.96 38.24 24.76

17

Rs. crs.

BOT Holding Co. - Sadbhav Infrastructure Project Limited (SIPL)

Portfolio Snapshot

Synopsis

Portfolio of 23 Roads & Highways BOT projects of which 10 projects are fully operational, 1 project is partially

operational and 12 HAM projects are under development

As on September 30, 2018No. of Projects No. of Projects

Toll Annuity HAM NHAI State

Operational 9 1 0 8 2

Partly Operational 1 0 0 0 1

Under construction/develop 0 0 12 12 0

Total 10 1 12 20 3

1 Weighted average w.r.t. total project cost19

Standalone Financials - SIPL Consolidated Financials - SIPL

Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14

Revenue 3,377.9 2,854.4 858.0 701.1 911.8

Other income 469.6 282.6 405.6 372.0 246.6

Total Income 3,847.5 3,137.1 1,263.6 1,073.1 1,158.4

Interest 1,634.2 1,295.0 1,400.0 1,037.5 526.8

PAT 677.4 411.6 (50.35) (632.7) 6.1

Networth 14,019.5 13,427.3 12,963.6 8,435.9 8,318.6

Total Debt 12,376.5 12,654.4 10,826.7 12,579.1 6,713.1

Particulars (Rs mn) FY18 FY17 FY16 FY15 FY14

Revenue 22,760.6 13,480.1 19,709.7 5,003.0 3,744.0

Other Income 464.2 558.8 387.5 285.9 215.9

Total Income 23,224.8 14,038.9 20,097.2 5,288.9 3,959.9

Interest 11,408.8 10,561.7 9,773.0 5,259.2 3,556.4

PAT (3,379.7) (3,601.0) (3,525.2) (3,450.5) (800.7)

Networth (2,657.7) 716.5 4,554.4 7,809.1 8,548.5

Total Debt 84,073.6 80,938.1 78,679.1 62,038.8 49,017.3

As on September 30, 2018 Project Cost (Rs mn) Lane kmsResidual life1

(Yrs/months)Equity invested (incl

acquisitions)

Toll 97,860 2,840 15 Y 1 M 21,108

Annuity 3,748 111 8 Y 11 M 435

Hybrid Annuity 110,810 2,511 16 Y 2 M 3,262

Total 212,418 5,462 15 Y 4 M 24,805

Operating Assets – I P

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Particulars ARRIL AJTL NSEL HYTPL

Current Stake 99.99% 99.99% 99.99% 99.99%

Project Type Toll Toll Annuity Toll

State Gujarat Maharashtra Maha/MP Telangana

Client AUDA Govt. of Maharashtra NHAI NHAI

Lane kms 305.4 263.2 110.9 142.6

Concession Start Dec-06 Feb-07 Nov-07 July-10

Original Concession (yrs) 20 Y 23 Y 6 M 20 Y 23 Y

PCOD/COD May-08 Jul-09 May-10 Dec-12

Residual Life (Yrs/Months) 8 Y 3 M 11 Y 10 M 9 Y 2 M 14 Y 10 M

Revenue Sharing Grant N.A. N.A. Premium

Target Traffic (PCUs) N.A. N.A. N.A. 34,897

Target Date N.A. N.A. N.A. 01-Oct-19

Project Cost 5,435.1 2,724.0 3,747.9 4,947.1

Total Equity + Subdebt of SIPL 1,036.8 1,117.7 435.1 1,190.5

Debt Outstanding (30.09.2018) 2,320.4 2,188.3 1,676.5 3,726.3

Credit rating CARE A+ CARE A CARE AAA & IND AAA CARE A-

Operating Assets – II P

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Particulars BHTPL RPTPL MBCPNL DPTL

Current Stake 76.99% 99.99% 83.60%1 99.99%

Project Type Toll Toll Service Fee Toll

State Karnataka Haryana Maharashtra Maharashtra

JV Partner Monte Carlo Limited N.ASREI Infra, SREI Sahaj e-village Limited, DTCPL

N.A

Client NHAI NHAI Govt. of Maha. NHAI

Lane km 388.8 323.4 22 Border CPs 355.2

Concession Start Sep-10 April-11 Diff. for all CPs Dec-09

Original Concession (yrs) 20 Y 25 Y 24 Y 6 M 18 Y

PCOD/COD April-12 Jan-14 Diff. for all CPs Jan-12

Residual Life (Yrs/Months) 12 Y 0 M 17 Y 7 M 15 Y 6 M 9 Y 3 M

Revenue Sharing Grant Premium Upfront Premium Premium

Target Traffic (PCUs) 39,338 23,800 N.A 37,000

Target Date 01-Oct-20 01-Sep-19 N.A 01-Oct-20

Project Cost 13,688.7 11,610.2 14,263.52 14,200.0

Total Equity + Subdebt of SIPL 1,398.0 2,426.8 4,566.3 3,823.8

Debt Outstanding (30.09.2018) 7,983.3 10,028.3 11,552.5 10,987.1

Credit rating CRISIL A CARE BB+ CARE A- CARE A

1. Share purchase agreement (SPA) has been signed for stake transfer of 10.0% stake from Srei group to SIPL. SPA has been signed for stake sale of 2.6% stake to D.Thakkar Construction

Private Ltd (DTCPL)

2. Estimated. CoD has been received for 18 Check posts out of 24 Check posts. Service Fees is being collected from 18 Check Posts.

Operating Assets – IIIP

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Particulars SUTPL BRTPL RHTPL

Current Stake 99.99% 99.99% 99.99%

Project Type Toll Toll Toll

State Rajasthan Rajasthan Haryana

Client NHAI NHAI NHAI

Lane kms 317.2 349.0 395.2

Concession Start Apr-13 Oct-13 Dec-13

Original Concession (yrs) 27 Y 30 Y 22 Y

PCOD Oct-15 June-16 July-16

Residual Life (Yrs/Months) 21 Y 7 M 25 Y 1 M 17 Y 3 M

Revenue Sharing Premium Grant Grant

Target Traffic (PCUs) 24,281 16,209 27,726

Target Date 01-Apr-22 01-Oct-22 01-Oct-23

Project Cost 11,514.6 6,761.0 12,715.8

Total Equity + Subdebt of SIPL 3,114.6 1,333.0 1,100.8

Debt Outstanding (30.09.2018) 8,349.2 2,748.5 9,479.2

Credit rating CRISIL A (SO) CRISIL A- CARE BB+

12 HAM projectsP

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Particulars SRHPL SNHPL SBHPL SUHPL SBGHPL

Current Stake 99.99% 99.99% 99.99% 99.99% 99.99%

Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible)

State Uttar Pradesh Uttrakhand Gujarat Gujarat Karnataka

Client NHAI NHAI NHAI NHAI NHAI

Lane kms 173.8 199.1 192.2 163.8 341.8

Concession Start Mar-17 Oct-17 Feb-17 Feb-17 Aug-17

Original Concession (yrs) 17 Y 17 Y 17 Y 6 M 17 Y 6 M 17 Y

PCOD Mar-19 Oct-19 Aug-19 Aug-19 Aug-19

Total Project Cost 7,380.0 6,570.0 8,190.0 6,230.0 10,080.0

Total Equity + Subdebt of SIPL to be invested

885.6 788.4 982.8 747.6 1,209.6

Equity + Subdebt already infused upto 30.09.2018

643.3 460.0 360.9 242.4 618.3

Debt to be drawn down 3,542.4 3,153.6 3,931.2 2,990.4 4,838.4

Payment during construction from NHAI

2,952.0 2,628.0 3,276.0 2,492.0 4,032.0

SEL EPC value 6,030.0 5,250.0 6,500.0 4,950.0 8,550.0

SIPL EPC value 690.0 730.0 820.0 590.0 700.0

1st year O&M 75.6 90.0 105.0 84.5 315.0

Credit rating CRISIL A CARE A CRISIL A CARE A CARE A

12 HAM projectsP

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Particulars SUDHPL SVHPL SJRRPL SBBHPL

Current Stake 99.99% 99.99% 99.99% 99.99%

Project Type (Pavement) HAM (Rigid) HAM (Rigid) HAM (Rigid) HAM (Flexible)

State Rajasthan Maharashtra Rajasthan Gujarat

Client NHAI NHAI NHAI NHAI

Lane kms 143.3 267.5 298.5 238.2

Concession Start Nov-17 May-18 Yet to start Yet to start

Original Concession (yrs) 17 Y 17 Y 6 M 17 Y 17 Y 6 M

PCOD Nov-19 Nov-20 Yet to finalise Yet to finalise

Total Project Cost 8,910.0 10,710.0 11,610.0 11,520.0

Total Equity + Subdebt of SIPL to be invested

1,076.0 1,290.0 1,327.2 1,466.0

Equity + Subdebt already infused upto30.09.2018

430.7 488.2 - -

Debt to be drawn down 4,270.0 5,140.0 5,308.8 4,846.0

Payment during construction from NHAI 3,564.0 4,280.0 4,424.0 4,608.0

SEL EPC value 7,450.0 8,300.0 9,750.0 8,500.0

SIPL EPC value 740.0 1,500.0 550.0 1,060.0

1st year O&M 30.0 66.6 35.1 45.0

Credit rating CARE A CARE A

In addition to above, SKEPL, SPRPL and STHPL has signed the Concession Agreement and is in the process of achieving financialclose

Details related to Cash profitability

25

Details related to cash profitability at SPVs (INR mn)

Quarter FY17 FY18 Q1FY19 Q2FY19

Total Income from Operations + Other Income 10,128.60 10,726.45 2,935.08 2,895.02

Less: Recurring cash expenses 1,671.09 1,675.75 432.73 385.40

Total Cash EBITDA 8,457.51 9,050.70 2,502.35 2,509.63

Cash EBITDA margin (%) 83.50% 84.38% 85.26% 86.69%

Less: Recurring cash finance costs to lenders 7,359.31 7,083.14 1,653.49 1,696.31

Cash profits after taxes at SPVs 1,136.47 2,004.42 858.35 768.09

Cash profits after taxes at SIPL standalone 780.69 794.74 118.26 273.30

Financials

Balance Sheet (Rs mn) FY18 FY17 FY16 FY15

Share Capital 171.5 171.5 171.5 171.5

Reserves & Surplus 18,496.3 16,437.3 14,720.5 13,349.1

Net Worth 18,667.9 16,608.9 14,892.0 13,520.6

Long Term Borrowings 2,862.8 3,062.3 4,932.1 5,582.9

Short Term Borrowings 10,463.2 12,121.0 5,696.5 3,799.9

Total Debt 13,326.0 15,183.3 10,628.6 9,382.8

DTL - - - 244.1

Other Long Term Liabilities 83.1 98.0 31.9 337.1

Total Liabilities 32,077.0 31,890.2 25,552.5 23,484.7

Gross Block 7,305.5 6,758.5 6,735.1 8,511.9

Less: Depreciation 2,277.8 1,529.7 804.6 3,154.7

Net Block 5,027.7 5,228.8 5,930.5 5,357.2

Non Current Investments 5,774.6 5,694.1 5,629.2 5,312.6

Net Current Assets 19,240.4 19,314.5 12,760.1 6,582.7

Cash and bank balances 126.5 229.6 165.5 351.1

Other Long Term Assets 1,907.8 1,423.3 1,067.2 5,881.1

Total Assets 32,077.0 31,890.2 25,552.5 23,484.7

Income Statement (Rs mn) FY18 FY17 FY16 FY15

Income from Operations 35,050.5 33,203.1 31,862.5 29,698.5

Expenditure 30,899.0 29,647.0 28,514.7 26,696.1

EBIDTA 4,151.5 3,556.1 3,347.9 3,002.4

%margin 11.84% 10.71% 10.51% 10.10%

Depreciation 979.03 1,000.4 970.7 817.1

Finance Cost 1,167.2 992.0 855.0 890.9

Other Income 157.4 333.0 317.9 164.2

Exceptional items - - (194.5) -

PBT 2,162.6 1,896.8 1,645.6 1,458.5

Tax (51.1) 18.3 325.5 321.2

PAT 2,206.6 1,878.4 1,320.2 1,137.4

%margin 6.30% 5.66% 4.14% 3.80%

SEL - Standalone Financials

27

Annexures

IN HOUSE -FLEET

NAME OF MACHINERY OEM Quantity

Bachoe Loader CAT, JCB 9

Batching Plant(H,L,M) SCHWING STETTER 45

Bitumen Sprayer Apollo 17

Cement Feed Blower, Concerte Pumps, MIX plantsSchwing Stetter, Greaves 49

Canal Paver Diamond Equipment 6

Pick & Carry Crane, Tower Crane ACE, Escorts, CAT 6

Cement Silo Schwing stetter 59

Transit Mixer Schwing stetter 31

DLC PLANT Plus Equipment 7

Dumper TATA, Scania, AMW, Bharatbenz,Ashok Leyland 590

Drill Rig Mining Leeboy 18

Diesel Browser TATA 26

Dozer Mining JCB, CAT 33

Excavator JCB ,CAT, VOLVO, KOMATSU, HYUNDAI 76

Grader CAT, VOLVO ,Greaves 44

Hot Mix Batch Plant Schwing stetter 10

Loader JCB, CAT 24

Crusher Plant Terex, Metso,Local 11

WMM Plant Apollo, Maxmech ,Macoons 8

Paver Fin./DBM Paver Volvo, Writgen 16

Kerb Paving Machine Apollo 15

WMM Paver Volvo, Writgen 13

SoiL Compactor greaves, volvo, Writgen 56

Tandem Roller Volvo, Writgen 28

Slipform Paver Wtrigen 8

Water Chilling Plant Schwing stetter 5

Water Tanker Tata, volvo, L&T 47

Passenger Vehicle Toyota, Volvo, BMW, Balero, TATA 66

Other Supporting machinery CAT, Kirloskar, Cummins Etc 542

29

Thank You