July, 2013

Sadbhav Engineering Ltd

Corporate Presentation

Disclaimer This presentation and the accompanying slides (the “Presentation”),which have been prepared by Sadbhav Engineering Ltd, (the “Company”), have been prepared solely for information purposes only, without regard to specific objectives, suitability, financial situations and needs of any particular person and do not constitute or form part of any offer, recommendation or invitation or inducement to sell or purchase, or subscribe for any securities of the Company, nor shall it form part of the basis of, or be relied on in connection with any contract or binding commitment whatsoever. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Company to be construed as legal, accounting or tax advice. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. 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The information contained in this presentation is current, and if not stated otherwise, made as of the date of this presentation. The Company undertake no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person/ party intending to provide finance/ invest in the shares/ businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. By attending this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future business of the Company. Sadbhav Engineering Limited (“the Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make a rights issue of equity shares alongwith detachable warrants convertible into equity shares, in the near future and is in the process of filing a draft offer document with the Securities and Exchange Board of India (SEBI).

Agenda

3

Sr No

1 Company Snapshot

2 Business Overview

Sadbhav Engineering Ltd (SEL)

Sadbhav Infrastructure Project Ltd (SIPL)

3 Financials

4 Road Ahead

Company Snapshot

5

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 Ltd

SIPL has a BOT portfolio with an asset size of Rs. 120.3 bn of 7 operational projects, 1 partially operational and 5 are under various stages of construction

Well diversified order book of Rs 101,426.9 mn as on March 2013 with presence in 12 different states

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

Equity shares were listed in 2006 on BSE & NSE with a market cap of Rs 2,016 mn, as on July 8, 2013 the market cap stands at Rs 13,130 mn

Awarded with ‘Most Admired Developer – Transport Sector Award’ at Infrastructure Today Awards 2011

Diversified shareholding with FIIs and DIIs holding at approx 19% and 21% respectively in the company

During FY13, SEL achieved a standalone & consolidated turnover of Rs 18,109.9 mn & Rs 21,533.4 mn respectively

Company has been making profits since inception and has paid regular dividend over the last 15 years

Order Book Rs 101,426.9 mn – March 2013 Projects Completed Till Date

Segment Size

Transport – Roads Over 4,200 lane kms

Irrigation – Canal work Over 260 kms

Mining Over 250 mn cubic mt

Operational BOT Projects 1,969 lane kms

65% 15%

20% Transport

Irrigation

Mining

Order book to sales ratio stands at 5.6x FY13 revenue providing good revenue visibility

Mr. Nitin R Patel (Executive Director)

Experienced Key Management Personnel

Mr. Vishnubhai M Patel (Chairman & MD)

Mr. Shashin V Patel (Jt. Managing Director)

Mr. S V Kamath (CEO - Operations)

Mr. P K Doshi (Sr. VP - Roads & Highway)

Mr. Narendra Patel (Internal Auditor)

Mr. Vikram R Patel (Executive Director)

Mr. R Viswanathan (Sr. VP - Finance)

Mr. Satish Verma (VP - Mining)

Mr. Vasishtha C Patel (Executive Director)

Mr. K.V. Doshi (VP - HR)

Mr. Charanjit Kumar (Sr. VP - BD)

Mr. Vijay Kalyani (Company Secretary)

Board of Directors

Mr. Amarsinh Vaghela, Mr. Sandip V Patel, Mr. Atul N Ruparel, Mr. Arun S. Patel, Mr. Hemendra C Shah acts as Independent

Directors

Key Management Personnel

6

Order book crossed Rs 100,000 mn Awarded 9 Irrigation, 3 Mining and 2 EPC Transport sector projects in FY13 Net Bonus of Rs 609.4 mn received for early completion of BHTPL & DPTL Awarded Multai - Chindwara - Seoni & Narsinghpur – Saoner cash contract of Rs 14,113 mn Awarded 4 new road BOT projects – SBTPL, SUTPL, BRTPL, RHTPL PE of Rs 4,000 mn by Norwest Venture Partners & Xander in SIPL Raised Rs 1,250 mn via Right issue in 2011

Secured first contracts o Mining project from GIPCL o Irrigation project from SSNNL of

Rs 1,906 mn

Received four work orders worth Rs 1,510 mn from SSNNL

Completed rehab of Kakrapar canal in record 75 days

Completed first Canal Syphon across river Wartak

Completed East - West corridor project of Rs 1,630 mn Awarded first Road BOT project - MNEL Appreciation letter from world bank for quality of

work Listing with an IPO of Rs 540 mn in 2006 Awarded ARRIL – One of its kind Awarded MBCPNL – First of its kind Awarded 6 other road BOT projects – AJTL, NSEL,

BHTPL, DPTL, HYTPL and RPTPL Raised Rs 920 mn via QIP in 2007

1988 – Business Commenced

Consolidated Revenue (FY 13) – Rs 21,533 mn

Executing 50 EPC works and a portfolio of 13 Road BOT Assets as on Mar 2013

Milestones

2011-2013

1988-1996

2004-2010

1997-2003

7

Project Type Projects

Road EPC 10

Road BOT 9

Mining 11

Irrigation 20

Total Order Book breakup 50

Road BOT - SIPL 13

National Footprint

State Order Value (Rs mn) Projects

A.P 4,250.7 10

Gujarat 10,862.3 12

Jharkhand 8,576.2 6

Maharashtra 20,473.0 6

Bihar 1,007.5 1

Delhi 221.8 1

Haryana 11,182.0 2

Rajasthan 15,900.8 2

Karnataka 16,086.6 2

M.P 9,692.5 4

U.P 1,330.3 2

Orissa 1,843.1 2

Total 101,426.9 50

8

47.6% 47.5% 47.5% 47.6% 47.6% 47.6% 47.5% 47.4% 47.4% 47.4% 47.3% 47.3% 48.9%

42.1% 41.5% 41.0% 40.7% 41.1% 40.7% 39.0% 39.6% 39.7% 40.9% 42.7% 43.2% 40.7%

10.4% 11.0% 11.5% 11.7% 11.3% 11.7% 13.6% 13.0% 12.9% 11.7% 10.0% 9.6% 10.4%

0%

20%

40%

60%

80%

100%

Jun 10 Sep10 Dec 10 Mar 11 Jun 11 Sep11 Dec 11 Mar 12 Jun 12 Sep12 Dec 12 Mar 13 June 13

Promoter Institutions Non Institutions

Strong Institutional Presence over the years..

Shareholding Pattern Shareholding Pattern as on June 30, 2013

Category No. of shares %

Promoter Group 73,835,880 48.9%

Public Shareholding 77,109,920 51.1%

Institutions

- Mutual Funds / UTI 31,980,021 21.2%

- Financial Inst. / Banks 190 0.0%

- FIIs 29,443,051 19.5%

Non-Institutions 15,686,658 10.4%

Total Shareholding 150,945,800 100.0%

Institutional Investors

9

At the time of IPO - Mar 2006

Revenue EBITDA Networth Gross Block

Rs 2,913 mn Rs 350 mn Rs 1,254 mn Rs 1,038 mn

Order Book Rs 13,300 mn

BOT Projects Under Construction

1 1

Market Cap* Rs 2,016 mn

Mar 2013

Revenue EBITDA Networth Gross Block

Rs 18,110 mn Rs 1,557 mn Rs 8,325 mn Rs. 5,148 mn

Order Book Rs 101,427 mn

Market Cap

BOT Projects Operational Partial Operational Under Construction

13 7 1 5

Rs 18, 018 mn

Mar 2009

Revenue EBITDA Networth Gross Block

Rs 10,625 mn Rs 1,083 mn Rs 3,435 mn Rs 2,606 mn

Order Book Rs 45,915 mn

Market Cap

BOT Projects Operational Under Construction

4 1 3

Rs 3,881 mn

Growth Story

10 * On listing date

Standalone figures

Business Overview - Sadbhav Engineering Ltd (SEL)

Corporate Structure

Sadbhav Engineering Ltd

EPC Business Sadbhav Infrastructure Project Ltd (SIPL)

BOT Project Portfolio Stake*

1 Aurangabad Jalna Tollway Ltd (AJTL) 100%

2 Ahmedabad Ring Road Infrastructure Limited (ARRIL) 80%

3 Mumbai Nasik Expressway Limited( MNEL) 20%

4 Nagpur Seoni Expressway Ltd (NSEL) 100%

5 Maharashtra Border Checkpost Network Limited (MBCPNL) 90%

6 Bijapur-Hungund Tollway Private Limited (BHTPL) 77%

7 Hyderabad Yadgiri Tollway Private Limited(HYTPL) 60%

8 Dhule Palesner Tollway Limited (DPTL) 27%

9 Solapur Bijapur Tollway Private Limited (SBTPL) 100%

10 Rohtak Panipat Tollway Limited (RPTL) 100%

11 Shreenathji-Udaipur Tollway Private Limited (SUTPL) 100%

12 Bhilwara Rajsamanad Tollway Private Limited (BRTPL) 100%

13 Rohtak Hisar Tollway Private Limited (RHTPL) 100%

Transport Irrigation Mining

Xander & Norwest Venture Partners

80.0%

20.0%

• Operational 12 * Shareholding in SPVs represents SEL and SIPL

Rehabilitation, upgradation, widening & strengthening of roads & highways

Constructed more than 4,200 Lane kms of roads & highways

Currently, executing 19 EPC transport projects with a balance work order of Rs 66,200.9 mn

Major completed projects are: o Widening & strengthening of

NH 15(ADB funded) for NHAI - 106 kms

o Early completion of ARRIL - 76.2 kms

SEL has a proven reputation for completing projects ahead of schedule; has received appreciation and bonus for excellent quality & early completion of projects…

SEL - EPC Business

Construction of earthen dams, canals, syphon, remodeling & improvement of canals

Constructed more than 260 kms of canals

Currently, executing 20 irrigation projects with a balance work order of Rs 15,004.5 mn

Major completed projects are : 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

Excavation of overburden & mining of minerals

Excavated more than 250 mn cubic meters

Currently, executing 11 Mining projects with a balance work order of Rs 20,221.5 mn

Major projects are : o Removal of Overburden at

Khadia OCP o Removal of Overburden and

Coal at Gondudih, Dhanbad o 7 year repeat contract from

GIPCL for excavation of overburden & mining of lignite at Mangrol Mines

13

Transport Irrigation Mining

45,915

67,686 69,651 75,542

101,426

-

20,000

40,000

60,000

80,000

100,000

120,000

FY09 FY10 FY11 FY12 FY13

Company has a robust order book of Rs 1,01,426.9 mn providing revenue visibility through highly credible clients

14

(Rs mn)

54% 46%

Non Captive

Captive

Current Order book to sales ratio stands at 5.6x FY13 revenue providing good revenue visibility

Over past 4 years, SEL has improved its presence in Irrigation & Mining segment from 23% of total order book as on FY10 to 35% as on FY13

Highlights

Swelling Order Book

* Standalone Revenue

6,447 9,205

52,034

9,593 8,832

51,226

11,594 9,958

53,990

15,004 20,222

66,201

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Irrigation Mining Transport

FY10 FY11 FY12 FY13

Key Ratios FY13 FY12 FY11

ROE (%) 9.3% 20.3% 23.5%

Debt to Equity 0.7 0.6 0.8

Interest Coverage Ratio 1.5 4.0 3.9

ROCE(%) 10.1% 25.4% 25.5%

Balance Sheet (Rs mn) FY13 FY12 FY11

Share Capital 150.9 150.4 149.9

Reserves & Surplus 8,174.2 7,472.7 6,107.6

Net Worth 8,325.1 7,623.1 6,257.5

Long Term Borrowings 3,121.6 1,305.6 1,765.6

Short Term Borrowings 3,609.6 2,722.4 1,842.3

Total Debt 6.731.2 4,028.0 3,607.9

DTL 316.9 234.5 160.7

Other Long Term Liabilities 804.6 772.5 877.6

Total Liabilities 16,177.8 12,657.8 10,902.7

Gross Block 5,147.8 4,435.0 3,715.2

Less: Depreciation 1,845.1 1,554.3 1,417.7

Net Block 3,302.6 2,880.7 2,297.5

Non Current Investments 5,384.5 3,287.3 3,271.3

Net Current Assets 5,554.3 5,322.8 4,679.3

Other Long Term Assets 1,936.4 1,167.0 654.6

Total Assets 16,177.8 12,657.8 10,902.7

Income Statement (Rs mn) FY13 FY12 FY11

Income from Operations 18,109.9 26,755.5 22,094.0

Expenditure 16,552.5 23,852.7 19,716.8

EBIDTA 1,557.4 2,902.8 2,377.2

%margin 8.6% 10.8% 10.8%

Depreciation 318.2 274.4 268.6

Finance cost 843.6 651.1 541.5

Other Income 103.4 108.2 190.3

PBT 1,108.4* 2,085.5 1,757.4

Tax 367.7 679.9 561.5

PAT 740.7 1,405.6 1,195.9

%margin 4.1% 5.2% 5.4%

Standalone Financials - SEL

15

* Includes Exceptional Items of Rs 609.4mn as a bonus for early completion

Business Overview - Sadbhav Infrastructure Project Ltd (SIPL)

Company • Incorporated in 2007 , SIPL is a subsidiary of SEL • Under the leadership of Mr. Vasistha Patel, SIPL is an asset holding company for road BOT

projects with a net worth of Rs 9,694.8 mn as on 31.03.2013 • It has a portfolio of 13 road BOT assets

Shareholding SEL – 80.0% Norwest Venture Partners and Xander Group – 20.0%

Synopsis SIPL has a portfolio of 13 Road BOT projects. Of which, 7 projects are operational, 1 partially operational and remaining are under various stages of construction

Type Project Cost (Rs mn) Lane kms

Operational 65,390.4 1,969

Under Construction 54,944.2 1,827

Total 120,334.6 3,796

17

Snapshot

NSEL DPTL ARRIL BHTPL NSEL DPTL ARRIL BHTPL

Particulars (Rs mn) FY13 FY12 FY11

Total Revenue 3,154.5 1,987.5 672.3

EBITDA 2,068.3 1,279.1 488.6

%margin 65.6% 64.4% 72.7%

Depreciation 1,201.5 418.8 197.9

Finance cost 1,952.7 718.4 399.0

PAT after Minority Int. (784.0) (13.3) (146.5)

Networth 9,694.8 8,031.4 6,695.0

Debt 36,478.7 28,441.9 13,629.2

Particulars (Rs mn) FY13 FY12 FY11

Total Revenue 1,166.8 954.6 337.0

EBITDA 382.1 430.3 266.0

%margin 32.7% 45.1% 78.9%

Depreciation 1.3 0.5 -

Finance cost 214.2 42.4 34.9

PAT 117.1 259.2 154.4

Networth 9,062.5 6,946.5 6,687.5

Debt 1,800.0 650.0 -

Standalone Financials-SIPL Consolidated Financials-SIPL

18

SIPL – Business Overview

Current business : SIPL is engaged in

o EPC work for MBCPNL pertaining to IT & allied works, computer hardware, software, electronic equipment, electrification, canopy works, road signage & gantry works and furniture/accessory related works

o Advisory and Project Management Fees related to its SPVs

Future business : SIPL plans to foray into

o Operation & Maintenance service of its SPVs

o Major Maintenance services of its SPVs

o Capacity augmentation clauses in some of its SPVs provides potential for future EPC income

Particulars AJTL ARRIL MNEL NSEL MBCPL* BHTPL HYTPL DPTL

Stake 100%$ 80% 20% 100%^ 90% 77% 60% 27%

Project Type Toll Toll Toll Annuity Service Fee Toll Toll Toll

State Maharashtra Gujarat Maharashtra Maha/MP Maharashtra Karnataka A.P Maharashtra

JV Partner N.A Patel Infra Pvt Ltd

Gammon Infra SREI Infra SREI Infra Monte

Carlo Ltd GKC

Projects HCC Group

Client Govt of Maha AUDA NHAI NHAI Govt of

Maha NHAI NHAI NHAI

Length (km) 65.8 76.3 99.5 28.8 22 Border Checkpost 97.2 35.7 89.0

Concession Start 1-Feb-07 6-Dec-06 31-Mar-06 26-Nov-07 Different for all CPs 5-Sep-10 23-Aug-10 21-Dec-09

Concession Period (yrs) 23.5 20 22.4 20 24.5 20 23 18

COD 28-Jul-09 31-May-08 29-May-10 25-May-10 Different for all CPs 2-May-12 10-Dec-12 11-Feb-12

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

Project Cost 2,753.9 5,149.8 7,945.8 2,779.7 14,263.7 13,226.1 5,071.4 14,200.0

Equity @ (31.03.2013) 1,112.1 416.8 104.0 435.1 2,530.5 1,134.9 600.1 1,154.5

Debt (31.03.2013) 1,734.4 3,820.8 5,326.8 2,003.4 7,350.3 8,595.8 3,798.1 9,407.0

ADTC# 0.95 2.12 4.14 1.05 N.A 2.60 1.10 2.94

EBIDTA (FY13) 236.6 653.9 1,117.6 600.4 N.A 830.1 62.6 610.3

BOT – Operational Projects Pr

ojec

t Det

ails

Te

rms

Fina

ncia

ls

(Rs m

n)

19 *Project is partially operational # ADTC – Average Daily Toll Collection (May’13) @ For Sadbhav Stake incl paid for acquisition $Raised stake in AJTL from 51% to 100% ^Raised stake in NSEL from 51% to 100%

Operational Projects - AJTL

Aurangabad

Jalna

Aurangabad Airport Beed Bypass

Shendra MIDC

Waluj

Location Sec-I starts from Aurangabad airport and ends at Jalna by-pass & Sec II starts from Zalta to Beed by-pass

Also connects major cities like Pune , Nagpur and Ahmednagar

Connectivity

The highway links various cities/villages of industrial, importance in Maharashtra namely Aurangabad City, Chikalthana, Shendra, Karmad, Badnapur, Selgaon, Silod, Waluj, Jalna, Ambad etc

Aurangabad is a part of Golden Quadrangle - Mumbai, Pune, Aurangabad & Nashik (industrial belt in Maharashtra)

Home to some of the major industrial parks namely Shendra Bidkin industrial park & Waluj industrial estate

Manufacturing base of major companies in various sectors viz. automotive and auto components, pharmaceuticals, aluminum processing, handicrafts, agriculture and biotech, etc

Major companies having presence are Skoda, Siemens, Wockhardt, Glenmark, Hindalco-Almex, Kingfisher ,etc.

Increase in Toll Rate Every 3 years

20

Location • Located around Ahmedabad city in circular pattern just 10 kms away from the state capital Gandhinagar

• It serves as a by-pass road and crosses 19 major radial roads of the city

Connectivity

• Provides interstate connectivity between Gujarat and Maharashtra, Rajasthan and Madhya Pradesh

• Connects five National Highway (NH) sections namely Ahmedabad-Vadodara (NH-1), Delhi-Mumbai (NH-8), Ahmedabad-Kandla (NH-8A), Sarkhej-Gandhinagar (NH-8C), Ahmedabad-Kapadvanj (NH-59)

• Connects fourteen State Highway/ Major District Roads: SH- 17/41/4/142/3/58/43

• Connecting highways to Kandla & Mundra ports in Gujarat

• Various Investment regions such as Viramgam, Changodar, Kheda, Dholera & DMIC are located in the proximity

Increase in Toll Rate • September month of every year

Operational Projects - ARRIL

21

NH-59Towards Madhya Pradesh

NH-8A Towards Rajkot

NH-8 Towards Mumbai

NH-947 Towards Kandla & Mundra Port

NE-1 Towards Vadodara

Western bypass

Science city

GIDC Vatwa

NH-8 Towards Delhi Dholera Inv. Region

Viramgam Inv. Region

Changodar Inv. Region

Operational Projects - MBCPNL

Location • MBCPNL, first of its kind project in India has 22 Border check post located around Maharashtra state with a

objective to facilitates RTO checks, sales tax and excise clearances, weighment of vehicles and IT support to ensure that there are no delays or tax leakages

Connectivity

• Connectivity with the adjoining states like Gujarat, Madhya Pradesh, Chhatisgarh, Andhra Pradesh, Karnataka and Goa which contribute to about 37% of India’s GDP

• Out of the 22 check posts, 11 are situated on National Highways (NH-8, NH-3, NH-6, NH-4, NH-6, NH-9, NH-13, NH-7, NH-17, NH-69) and 11 are situated on State Highways (attracting larger share of interstate movement

• Caters to traffic coming from & going towards 2 major ports JNPT & Mumbai port which accounts for 20% of total cargo traffic in India

• State contributes ~ 14.4 per cent of the country’s GDP, 21% of industrial output & around 25% FDI inflows in India

• Nagpur is India’s primary transport hub with all the nation’s main highways intersecting there

Increase in Toll Rate • Every 3 years

Sources of Revenue –

Processing Fee for weighment, scanning,

data entry, etc.

Parking Charges

Charges for loading and unloading of

goods in motor vehicles

Rentals from leasing of commercial space

Advertisement revenue

22

Each check post would have facilities for RTO checks including weighing, sales tax & excise clearances

Entire process will be computerized & the data will be transmitted to the central monitoring station in Mumbai on a real time basis

Process of inspection is mechanized by deployment of online electronic weighbridges, video cameras, scanners, RFID readers & computers

Services

Road works

Design & development of entry and exit points

& lanes Development of parking area and

detention area

Service roads

Signages

Electrical & Electronic equipment

Development of lighting systems

Development of power systems & backup

power systems Installation and maintenance of

electronic weighbridges Installation & maint. of

various traffic monitoring equipment

Computer works

Installation and maintenance of various

computer hardware Installation and maintenance of

software Installation and maintenance of

networking equipments Development, install. & maint. of CP software &

waybill application

Support infrastructure

Development of necessary infra. for the

administration

Development of water supply systems

Development of facility center

Development of central control room at

Mumbai

Miscellaneous works

Landscaping and beautification

Development of various activity at the

facility centers Setting up of

signboards for advertisement

Other works Installation & maint. Scanning devices

Integration of systems with existing application

Development of residence, dormitories,

hostels etc. at CP

23

Operational Projects – MBCPNL: Services Offered

Facilities

Mining Cluster – Bellary, Hospet & Sandur

NTPC plant – Kudgi (Bijapur)

Red Granite Quarries - Hungund

NH-13

JSW Steel,Kalyani Steels, Mukund Steels and BMM Ispat

Location

• The project highway connects Chitradurga the industrial area of Karnataka to Solapur in Maharashtra

• Immediate project influence area – Bijapur, Hungund & Hospet – Bellary – Sandhur Iron Mining Area

• The project caters to long distance traffic, originating from Bengaluru to Solapur and Pune. This section of NH-13 is an important inter state link between Maharashtra and Karnataka

Connectivity

• Significant traffic especially commercial, comes from various industrial active areas viz. Bellary, Hospet and Sandur (BHS) mines that are located in close proximity of the project road

• JSW Steel Ltd is the largest steel maker in Bellary district with an annual capacity of 10 mn tonnes, followed by Kalyani Steels, Mukund Steels and BMM Ispat, all with two million tonnes each

• A large number of red granite quarries are located near Hungund

Increase in Toll Rate • April month of every year

Operational Projects - BHTPL

24

Bijapur Hungund Dhule Solapur

Bellary Hospet

Godavari bridge

HITEC City

Fab City

Kothagudem - Coal mining area

Singareni Collieries

Rajiv Gandhi Airport

Towards Vishakapatn

am

Towards Chennai

Towards Mumbai/Pune

Hyderabad

Yadagirigutta

Eturnagaram

Bhopalapattanam

Khammam

Location • Starts at Hyderabad and ends near Raigiri at the junction of Yadagirigutta Road

• It is on of the busiest sections of NH-202, carries both local and inter-state traffic

Connectivity

• Joins fourteen State Highways/ Major District Roads: SH-17/41/4/142/3/58/43

• Other important highways in the project influence area - Hyderabad and Sangareddy (NH-9), Hyderabad and Nagpur

(NH-7), Hyderabad and Karimnagar (SH-1)

• An important link connecting highly industrialised cities Hyderabad & Warangal which attracted most of the traffic, other potential zones in the project area are Yadgirigutta and Bhongir

Increase in Toll Rate • April month of every year

Operational Projects - HYTPL

25

Operational Projects - DPTL Location • The project road starts from MP/MH Border & ends at Dhule. It is a part of NH-3 (AB Road) which connects Agra to

Mumbai. Major towns/cities enroute in DPTL area are Palasner, Sangvi, Shirpur, Varshi, Nardana, Songir and Dhule

Connectivity

• AB Road runs through the states of Uttar Pradesh, Rajasthan, Madhya Pradesh and Maharashtra. DPTL caters to the traffic originating from these states

• Major Development in the project influence area o Nashik - Third most industrialized city in Maharashtra, home for many domestic & global manufactures. It is

also a home for textile industries & world class wineries o India Bulls is setting up a Multipurpose SEZ at Sinnar, first and largest multipurpose SEZ in Maharashtra o Mumbai – Economic hub of India, served by 2 major ports, which handles 55-60% country's containerized cargo

Increase in Toll Rate • April month of every year

26

Dhule

Palasner

Nashik

Sinnar

Particulars RPTPL SBTPL SUTPL BRTPL RHTPL

Stake 100% 100% 100% 100% 100%

Client NHAI NHAI NHAI NHAI NHAI

State Haryana Maha/Karnataka Rajasthan Rajasthan Haryana

Project Type Toll Toll Toll Toll Toll

Length (km) 80.9 110.5 79.3 87.3 98.8

Concession Start 5-Sep-10 1-Sept-13 (E) 18-Apr-13 4-Oct-13 (E) 4-Oct-13 (E)

Concession Period (yrs) 25 20 27 30 22

COD^ 1-Oct-13 1-March-16 15-Oct-15 1-Apr-16 1-Apr-16

Revenue Sharing Premium Premium Premium Grant Grant

Project Cost 12,134.0 11,836.0 11,514.6 6,761.0* 12,715.8*

Equity (Estimated) 2,426.8 3,077.4 3,114.6 1,333.0 1,076.8

Debt (Estimated) 8,194.8@ 8,758.6 8,400.0 2,764.0 9,524.0

Equity Already Infused 1,976.8 NIL 1,037.2 NIL NIL

Current Status 95% Completed FC achieved Construction Started FC achieved

Sanction Received,

documentation in process

BOT – Under Construction

^ Expected COD * BRTPL - Project cost inclusive of Grant Rs 2,664 mn *RHTPL - Project cost inclusive of Grant Rs 2,115mn @Actual as on 31 March 2013

Proj

ect D

etai

ls

Term

s Fi

nanc

ials

(Rs m

n)

27

Aurangabad Jalna Tollways Ltd (AJTL) COD July’09 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June - - 57.8 64.5 72.0 11.6%

Sept - 28.7 53.0 61.4 63.6 3.6%

Dec - 46.2 63.3 71.4 70.3 -1.5%

Mar - 46.5 63.0 72.2 71.2 -1.3%

Total - 121.4 237.1 269.5 277.1 2.8%

Toll Collection

0

20

40

60

80

June Sept Dec Mar

Ahmedabad Ring Road Infrastructure Ltd (ARRIL) – COD May’08 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June 67.2 113.7 147.1 173.3 186.1 7.4%

Sept 86.4 115.1 139.7 165.5 165.5 0.0%

Dec 98.8 143.5 169.9 197.0 179.4 -9.0%

Mar 106.9 149.2 177.6 202.3 192.2 -5.0%

Total 359.3 521.6 634.3 738.2 723.2 -2.0%

Mumbai Nashik Expressway Ltd (MNEL) COD May’10 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June - - 49.2 159.1* 312.6 96.5%*

Sept - - 136.5 187.6* 307.5 63.9%*

Dec - - 162.4 310.7 334.6 7.7%

Mar - - 164.6 320.6 351.4 9.6%

Total - - 512.7 977.9 1,306.1 33.6%

0

50

100

150

200

250

June Sept Dec Mar

0

100

200

300

400

June Sept Dec Mar

Rs

mn

Rs

mn

Rs

mn

28 * Arjunali toll plaza was operational from 2nd September 2011

Bijapur Hungund Tollway Pvt Ltd (BHTPL) - COD May’12 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June - - - - 164.6 -

Sept - - - - 232.7 -

Dec - - - - 227.6 -

Mar - - - - 237.6 -

Total - - - - 862.6 -

Toll Collection

Hyderabad Yadgiri Tollway Pvt Ltd (HYTPL) – COD Dec’12 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June - - - - - -

Sept - - - - - -

Dec - - - - 24.6 -

Mar - - - - 87.4 -

Total - - - - 112.1 -

Dhule Palesnar Tollway Ltd (DPTL) – COD Feb’12 (Rs mn)

Quarter 2008-09 2009-10 2010-11 2011-12 2012-13 % rise

June - - - - 192.0 -

Sept - - - - 179.9 -

Dec - - - - 186.0 -

Mar - - - 118.2 205.1 -

Total - - - 118.2 763.0 -

29

Financials

Key Ratios FY13 FY12 FY11

ROE (%) 0.6% 12.0% 15.1%

Debt to Equity 3.3 2.6 2.8

Interest Coverage Ratio 0.7 2.1 1.8

ROCE(%) 5.1% 9.6% 12.3%

Book Value (Rs.) 80.2 78.0 58.2

Balance Sheet (Rs mn) FY13 FY12 FY11

Share Capital 150.9 150.4 149.9

Reserves & Surplus 11,951.0 11,582.5 8,572.5

Net Worth 12,101.9 11,732.9 8,722.4

Minority Interest 1,556.7 1,745.6 2,017.3

Long Term Borrowings 39,941.2 31,121.3 17,228.9

Short Term Borrowings 4,331.9 3,034.5 2,372.1

Total Debt 44,273.1 34,155.8 19,601.0

DTL 316.8 234.4 160.7

Other Long Term Liab. 136.5 148.6 231.6

Total Liabilities 58,385.0 48,017.1 30,733.0

Gross Block 50,099.7 39,489.2 19,075.4

Less: Depreciation 1,706.9 860.4 788.6

Net Block 48,392.8 38,628.8 18,286.8

Non Current Investments 245.4 249.0 200.4

Net Current Assets 6,924.7 6,854.9 7,508.7

Other Long Term Assets 2,822.1 2,284.4 4,736.8

Total Assets 58,385.0 48,017.1 30,733.0

Income Statement (Rs mn) FY13 FY12 FY11

Income from Operations 21,533.0 28,663.3 23,296.5

- EPC 18,929.0 27,215.5 22,102.8

- BOT & Advisory 2,604.4 1,447.8 1,193.7

Expenditure 17,655.3 24,519.2 19,961.7

EBIDTA 3,878.1 4,144.0 3,334.8

% margin 18.1% 14.5% 14.3%

Depreciation 1,706.9 860.4 788.6

Finance cost 3,042.0 1,559.0 1,398.9

Other Income 444.6 272.9 261.9

PBT 183.2* 1,997.5 1,409.1

Tax 434.5 808.0 638.5

PAT (251.3) 1,189.6 770.5

Minority Int & Share of Assc. 326.1 33.3 157.2

PAT After Minority Int 74.8 1,222.9 927.8

% margin 0.3% 4.2% 3.9%

Consolidated Financials - SEL

31 * Includes Exceptional Items of Rs 609.4mn as a bonus for early completion

Road Ahead

RFQ Stage Rs mn No. of Projects

Roads (To be Submitted) 16,930.7 7

Roads (Submitted) 47,620.4 9

Mining 7,330.2 4

Mining MDO 28,122.5 2

Irrigation 4,351.6 4

Total 104,335.4 26

Road Map

EPC

Roads - BOT

RFP Stage Rs mn No. of Projects

Roads (To be Submitted) 24,000 2

Roads (Submitted) 14,958.0 8

Mining 1,146.5 1

Irrigation - -

Total 40,104.5 11

RFP Stage Rs mn No. of Projects

To be Submitted 107,293.3 9

Submitted - -

Total 107,293.3 9

RFQ Stage Rs mn No. of Projects

To be Submitted 841.2 1

Submitted 3,64,244.0 43

Total 3,65,085.2 44

33

Key Competitive Strengths

Impeccable Execution Track

Record

Robust Order Book

Sound Financials

Marquee BOT Projects

Robust order book of Rs 101,426.9 mn which stands at 5.6x of FY13 revenue Order book has been growing at a healthy CAGR of 22% during last 5 years During FY13, the company has forayed into major EPC works of diverse segments - 9 in

Irrigation, 3 in Mining and 2 in EPC Transport

One of the largest domestic BOT project portfolio in roads and highways 8 BOT projects out of 13 BOT projects are operational which provides strong internal source of

funding for next level of growth During FY13, the company has secured 4 large road BOT assets of Rs 42,810 mn with 100% stake

Proven track record of timely completion & excellent quality of projects Established strong relationship with corporates & government bodies Received bonus for early completion of few projects

Standalone revenue has grown at a healthy CAGR of 14.3% over the last 5 years & it is expected to continue this momentum considering its healthy order book

SEL has a net worth in excess of Rs 8,000 mn with a debt to equity ratio of 0.7

Strong In-House Capabilities

Integrated player with strong in-house execution capabilities for EPC and O&M Company has a pool of highly qualified human resources and state of the art equipments All the leading financial institution in India such as ICICI Bank, IIFCL, BOI, PNB, Canara Bank,

OBC, HDFC Bank are associated with the company in various roles and projects

34

Thank You