May 2018

Sadbhav group

Corporate Presentation

Disclaimer

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

“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or

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statutory offering document containing detailed information about the Company.

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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. Sadbhav group Snapshot 4

2. Business Overview – Sadbhav Engineering Limited (SEL) 12

3. BOT Holding Co.- Sadbhav Infrastructure Project Limited (SIPL) 20

4. Financials 31

5. Annexures 35

Sadbhav group Snapshot

Corporate Structure

Sadbhav Engineering Limited

EPC Business Sadbhav Infrastructure Project Limited (SIPL)

68.82%

5

Transport Irrigation Mining

Rs. 107,751 mn Rs. 4,538 mn Rs. 20,203.5 mn

BOT HAM Annuity

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%

7 Maharashtra 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%

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 Highway Private Ltd (SJRRHPL)

100.0% 0.0% 0.0%

9 Sadbhav Vishkapatnam Road Private Ltd (SVRPL) 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%

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

Under Construction Operational 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

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 132,493 mn as on 31st March, 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 28th May, 2018 the market cap stands at ~Rs

65,045 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 ~ 15.54% and 22.34% respectively as on 31st March 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 1,32,493 mn – March, 2018 Projects Completed Till Date

Segment Size

Transport – Roads Over 7,551 lane kms

Irrigation – Canal work

Over 656 kms

Mining Over 501 mn cubic mt Order book (incl L1) to sales ratio stands at 3.7 x

FY18 revenue providing good revenue visibility

Key Clients

81%

3% 15%

Transport Irrigation Mining

Only listed Road & Highways BOT company in India with a portfolio of 11 BOT projects and 12 Hybrid Annuity projects

Promoted by Sadbhav Engineering Limited (SEL) in 2007 to operate Road BOT projects for Sadbhav Group

Owns a project portfolio consisting of ten operational BOT projects, one partially operational BOT project and twelve Hybrid Annuity (HAM) projects under development. Besides this, acquisition of stake in Mysore Bellary Highway Project Limited (MBHPL) from SEL & JV partner is under process. Financial closure have been achieved for 7 HAM projects and construction has begun for all 7 HAM projects

Track record of completing nine out of ten operational projects on time or before scheduled date

Total project costs for eleven BOT projects is INR 102,144 mn and equity invested (including subdebt) as on March 2018 is INR 21,543 mn. Total project costs for twelve HAM projects is INR 110,810 mn and equity invested (including subdebt) as on March 2018 is INR 2,689 mn. Eight out of eleven operational BOT projects and Seven out of twelve HAM projects have credit rating of A- or above.

Enjoys benefit of an integrated structure with presence across the entire road sector value chain with strong finance, execution and toll collection and O&M capabilities.

Successfully raised INR 4,916 mn through listing at BSE & NSE in September 2015 of which fresh issue consisted of INR 4,250 mn. As on 28th May, 2018 the market capitalization of SIPL stood at INR 45,824 mn. Long-term facilities & NCDs are rated A+ (SO) by CARE

Consolidated total income stood at INR 23,224 mn for the financial year ending 2018

Average residual life for the entire portfolio (including HAM projects) is 16 yrs and 4 months providing stability of revenue

Geographically diversified portfolio1

SIPL - Snapshot

Rs mn

Project Costs based on 23 projects

Toll Annuity Hybrid Annuity Total

Operational 83,597 3,748 - 87,344

Partly Operational 14,800 - - 14,800

Construction - - 110,810 110,810

Total 98,397 3,748 110,810 212,955

1 Based on Total Project Costs of 23 projects 8

22%

11%

16% 18%

21%

2% 4% 3% 3%

Maharashtra

Haryana

Karnataka

Rajasthan

Gujarat

Telangana

Strong Institutional Presence over the years..

SEL - Shareholding Pattern

Strong Institutional Presence

9

Shareholding Pattern as on 31st March 2018

Category No. of shares %

Promoter Group 79,734,880 46.47%

Public Shareholding 91,835,920 53.53%

Institutions 80,576,260 46.96%

- Mutual Funds / UTI/FIs/Banks 38,340,230 22.35%

- Life insurance companies 15,569,200 9.07%

- FPIs 26,666,830 15.54%

Non-Institutions 11,259,660 6.56%

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

10

Shareholding Pattern as on 31st March, 2018

Category No. of shares % holding

Promoter Group 244,250,911 69.35%

Public Shareholding 107,974,305 30.65%

Institutions 60,473,628 17.17%

DIIs 21,853,240 6.20%

FIIs 38,620,388 10.96%

Non-Institutions 47,500,677 13.49%

Total 352,225,216 100.00%

Strong Institutional Presence

Top public shareholders as on 31st March, 2018 No. of shares % holding

Nomura Asset Management – Various schemes 29,955,228 8.50%

Norwest Venture Partners 29,121,860 8.27%

Reliance Capital Trustee – Various schemes 11,796,031 3.35%

HDFC Trustee Company – Various schemes 7,810,326 2.22%

HSBC Funds – Various schemes 4,976,083 1.41%

TATA Mutual Fund – Various schemes 2,126,425 0.60%

ICICI Prudential Life Insurance Company Ltd 1,619,801 0.46%

SIPL - Shareholding Pattern

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

6 3 3

Mkt Cap Rs 15,850 mn

Sadbhav group - Growth Story

11

Note – Financials are on standalone basis 1.LoA date 2.On listing date 3.Including stake in MBHPL held by SEL. 4.As on 28th May, 2018

Mar 2018

Net Revenue

Net Profit

Net worth

Gross Block

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

Order Book Rs 1,32,493mn

Mkt Cap4 Rs 65,045 mn

BOT/HAM Projects3

Fully Operational

Partially Operational

Under Construction

Total Project Cost Rs 220,791 mn

24 11

1 12

CAGR 2006-18

Net Revenue ~ 23%

Net Profit ~ 26%

Order book ~ 21%

Business Overview - Sadbhav Engineering Limited (SEL)

EPC Business - Transport

13

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 Lalsotto Kota road project in

Rajasthan – 183 kms

o Early completion of ARRIL

(76 kms), BHTPL (97 kms),

DPTL (89 kms), EPE (46 kms)

Order book

Transport projects with a balance work order of Rs 107,751mn as on March 31, 2018 which

translates to 3.69x of FY18 Transport revenue

Captive order book of Rs 81,380 mn & non captive order book of Rs 26,370 mn as on March

31, 2018

Major Projects Ongoing

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

• Four laning of Ambala – Kaithal section of NH-65, Haryana

• 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

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

14

Irrigation Order book

Irrigation projects with a balance work order of Rs 4,538 mn as on March 31, 2018 which

translates to 1.40x 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

Mining Order book

Mining projects with a balance work order of Rs 20,203 mn as on March 31, 2018 which

translates to 7.87x 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

• Excavation of overburden at specified places of Amlohri OCP of NCL, M.P

• Overburden & extraction of Uranium Ore Banduhurang mine, Jharkhand

• Excavation work at Jalipa Lignite Mine, Barmar, Rajasthan

Rs mn

15

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 3.78x FY18 revenue providing good revenue visibility

16

(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

March31, 2018 and which is expected to touch 90% by

March 31, 2019.

2.8x 5.6x 3.8x 2.8x

Order Book to Sales Ratio

Gross Block

2.4x 2.3x 3.7x

75,542.00

101,426.00 89,407.00

82,000.00 74,873.00 76,834.00

134,293.00

-

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

120,000.00

140,000.00

160,000.00

FY12 FY13 FY14 FY15 FY16 FY17 FY18

74% 65% 46% 55%

65% 81%

13% 20%

29% 26%

22%

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

3%

FY11 FY13 FY15 FY16 FY17 FY18

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

61%

39%

Capitve Non captive

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

17

Mr. Amarsinh Vaghela

(Technical Director - Irrigation)

Mr. Vipul H Patel

(Whole time Director)

Mr. Amares Kumar

(CEO - Mining)

Order book breakup as on 31.03.18

18

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

Rajasthan - - 9,750.00 - 3,923.72 13,673.72

Gujarat - 10,541.76 34,656.31 - - 45,198.08

Maharashtra 540.18 - 7,798.99 - 8,012.51 16,351.70

Jharkhand - - - - 8,235.00 8,235.01

Karnataka - 533.27 15,386.60 - - 15,919.88

Uttar Pradesh - 9,810.00 8,921.99 - - 18,732.00

Madhya Pradesh - - - 3,399.84 32.30 3,432.14

Andhra Pradesh 14.32 95.36 4,210.00 771.90 - 5,091.60

Orrisa - 646.93 - 366.95 - 1,013.89

Haryana 102.43 3,242.45 - - - 3,344.89

Punjab - 850.69 - - - 850.70

Delhi - 638.90 - - - 638.90

Chattisgarh - 10.84 - - - 10.85

Total 656.94 26,370.24 80,723.92 4,538.70 20,203.55 132,493.35

SEL - Performance since listing

Financial year – Rs. crs.

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 5.56 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 16.74 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

19

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

Portfolio Snapshot

Synopsis

Portfolio of 18 Roads & Highways BOT projects of which 10 projects are fully operational and 12 HAM projects are

under development/under construction

As on March 31, 2018

No. of Projects No. of Projects

Toll Annuity HAM NHAI State

Operational 10 1 0 8 3

Partly Operational 0 0 0 0 0

Under construction/develop 0 0 12 8 0

Total 10 1 12 16 3

1 Weighted average w.r.t. total project cost 21

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 677.40 411.6 (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 11,408.9 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 March 31, 2018 Project Cost (Rs mn) Lane kms Residual life1 (Yrs/months)

Equity invested (incl acquisitions)

Toll 98,397 2,840 15 Y 8 M 21,108

Annuity 3,748 111 9 Y 5 M 435

Hybrid Annuity 110,810 2,553 17 Y 2 M 2,689

Total 212,955 5,504 16 Y 4 M 24,233

High Quality Operational Portfolio

22

Large operational assets

ARRIL Cargo originating from Kandla and Mundra, two of the largest Indian ports uses ARRIL to connect to central and western India

Crosses 19 major roads of Ahmedabad and connects 5 National Highways

Due to timing restrictions in Ahmedabad city, vehicles prefer to use ring road instead

AJTL This road provides connectivity for traffic plying between Mumbai and Nagpur

Aurangabad is a hub for Auto ancillary industries and is highly freight intensive due to which three-fourth of the traffic is owing to freight. MIDC is located in center of the project

Shendra region falls under DMIC Phase 1 which is in the center of the project

BRTPL Rajsamand district is one of the major Marble Clusters in India

Connects 2 major national highways i.e. NH-8 and NH-79

BHTPL Commercial traffic is generated due to automobile industry located near Chennai. More than 90% traffic is commercial in nature

Also, multiple steel manufacturing units are located nearby

Provides long distance north-south connectivity

Traffic flow to improve with nearby stretches to be upgraded in near future

DPTL Commercial traffic is generated due to automobile industry near Chakan / Pune

Dhule is a center for textile manufacturing in Maharashtra

Projects part of NH-3 which is one of the longest national highways in India provides connectivity between Mumbai to Delhi via Central India

HYTPL Carries majorly car traffic due to proximity to Hyderabad city

Also large number of tourist ply on this road due to proximity of Yadgirigutta temple called as Second Tirupathi

It provides connectivity between Hyderabad and Warangal

Project road has become critical post separation of A.P. and Telangana

MBCPNL Involves integrated checkpoints at 24 locations in Maharashtra

Facilitates RTO checks for checking of vehicles and checking of documents. Provides data of e-way bill to GSTN

Maharashtra state contributes c.15% to India’s GDP

Caters to commercial vehicles only and it’s a monopolistic project

RHTPL Project road passes thru many towns such as Rohtak, Hissar, Meham, Hansi, etc.

Rohtak is a very industrialized town; there are many large and medium scale industries such as textiles, sugar among others

RPTPL Caters to long distance traffic, originating from Rajasthan, Maharashtra and Gujarat to the northern states

Panipat region is famous for textiles and IOC refinery

Caters to long distance traffic between NH-8 and towards Chandigarh; also acts as a bypass to Delhi city

SUTPL Caters to North-West traffic, originating from Delhi to Mumbai

It is part of one of the busiest highways, NH8

Region is mineral-rich and hence transportation of major and minor minerals is a key traffic growth driver

Many tourists ply on this road due to Nathdwara temple

Operating Assets – I P

roje

ct D

eta

ils

Term

s F

inan

cials

(I

NR

mn

)

23

Particulars ARRIL AJTL NSEL HYTPL

Current Stake 99.99% 99.99% 99.99% 99.99%

Project Type Toll Toll Annuity Toll

State Gujarat Maharashtra Maharashtra/M.P. 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 6 M 12 Y 1 M 9 Y 5 M 15 Y 1 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 521.4 830.0 598.3 1,470.9

Debt Outstanding (31.03.2018) 2,584.1 2,199.6 1,750.0 3,745.1

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

Operating Assets – II P

roje

ct D

eta

ils

Term

s F

inan

cia

ls

(IN

R m

n)

24

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.A SREI 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 3 M 17 Y 10 M 15 Y 8 M 9 Y 6 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 14,800.82 14,200.0

Total Equity + Subdebt of SIPL 1,621.3 2,426.8 4,136.3 3,955.0

Debt Outstanding (31.03.2018) 8,048.2 7,557.2+ USD 37.78 mn 10,205.4 10,599.0

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. As on 31.05.18. Service Fees is being collected from 18 Check Posts.

Operating Assets – III P

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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 10 M 25 Y 4 M 17 Y 6 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 (31.03.2018) 8,355.5 2,752.6 9,464.1

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

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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 31.03.2018

289.0 458.0 357.7 231.1 608.8

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

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Particulars SUDHPL SVHPL

Current Stake 99.99% 99.99%

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

State Rajasthan Maharashtra

Client NHAI NHAI

Lane kms 143.3 267.5

Concession Start Nov-17 May-18

Original Concession (yrs) 17 Y 17 Y 6 M

PCOD Nov-19 Nov-37

Total Project Cost 8,910.0 10,710.0

Total Equity + Subdebt of SIPL to be invested 1,076.0 1,290.0

Equity + Subdebt already infused upto 31.03.2018

430.4 314.0

Debt to be drawn down 4,270.0 5,140.0

Payment during construction from NHAI 3,564.0 4,280.0

SEL EPC value 7,450.0 8,300.0

SIPL EPC value 740.0 1,500.0

1st year O&M 30.0 66.6

Credit rating CARE A- CARE A

In addition to above, SJRRHPL, SVPRPL, SBBHPL, STHPL and SKEPL has signed the Concession Agreement and is in the process of achieving financial close

Mr. Nitin R Patel

(Non-Independent & Non-Executive Director)

Experienced Key Management Personnel

Mr. Vishnubhai M Patel

(Chairman Emeritus)

Mr. Shashin V Patel

(Chairman & Non-Executive Director)

Mr. Varun Mehta

(CFO)

Mr. R. Viswanathan

(President - Finance)

Mr. Hardik Modi

(CS & Compliance Officer)

Mr. Vasistha C Patel

(Managing Director)

Mr. Darshan Bhatt

(AGM - Accounts)

Mr. Mohit Aggarwal

(Manager - Information Technology)

Board of Directors

Mr. Sandip V Patel, Mr. Mirat N Bhadlawala, Mr. Arunbhai S Patel, Mr. Atul N Ruparel & Mrs. Daksha N Shah act as Independent & Non

Executive Directors

Mrr. Rajkumar Dhoot

(Vice President - O&M)

Key Management Personnel

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Bidding Updates and Upcoming Project Pipeline

29

BOT (Toll) HAM

No. Length (in km) Rs mn No. of bidders No. Length (in km) Rs mn No. of bidders

Q4FY16 - - - - 8 343 57,571 4.00

H1FY17 2 239 24,839 4 14 926 119,874 7.29

H2FY17 1 90 10,319 3 19 1,275 185,825 5.10

H1FY18 - - - - 5 370 56,395 4.00

H2FY18 - - - - 22 1,177 245,117 6.32

Total 3 329 35,158 3.67 68 4,091 664,783 5.74

BOT (Toll) HAM

L1 L2 L3 >L4 L1 L2 L3 >L4

Q4FY16 - - - - 2 3 1 2

H1FY17 - 1 - 1 3 4 2 5

H2FY17 - 1 - - 2 9 2 6

H1FY18 - - - - - 2 1 2

H2FY18 - - - - 5 6 6 5

Total - - - - 12 24 12 20

BOT (Toll) HAM Total

No. Length (in km) Rs mn No. Length (in km) Rs mn No. Length (in km) Rs mn

Upto 31st July, 2018 2 102 10,940 47 2,183 44,6040 49 2,285 456,980

Details of bids submission by SIPL

Position of SIPL in above bids

Projects expected in near future as per NHAI Website

* 7 bids are yet to open

Details related to Cash profitability

30

• Average cost of debt in operational SPVs excluding RPTPL & RHTPL (debt of Rs. 50,239 mn) as on 31.03.18 stands at 9.27% p.a. Average cost of debt for RPTPL (debt of Rs. 10,003 mn) and RHTPL (debt of Rs. 9,464 mn) is 11.60% p.a.

Details related to cash profitability at SPVs (INR mn)

Quarter FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY18

Total Income from Operations + Other Income 10,128.60 2,619.44 2,561.97 2,768.30 2,776.74 10,726.45

Less: Recurring cash expenses (1,671.09) (400.10) (411.78) (421.79) (442.08) (1,675.75)

Total Cash EBITDA 8,457.51 2,219.34 2,150.22 2,346.51 2,334.66 9,050.73

Cash EBITDA margin (%) 83.50% 84.73% 83.93% 84.76% 84.08% 84.38%

Less: Recurring cash finance costs to lenders (7,359.31) (1,854.34) (1,750.16) (1,776.97) (1,701.67) (7,083.14)

Less : Taxes 38.27 8.62 9.03 9.48 9.58 36.71

Cash profits after taxes at SPVs 1,136.47 373.62 409.09 579.02 642.57 2,004.30

Cash profits after taxes at SIPL standalone 780.69 113.23 261.14 292.60 127.77 794.74

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 32077.0 31,890.2 25,552.5 23,484.7

Gross Block 7,305.5 9,913.2 9,889.8 8,511.9

Less: Depreciation 2,277.8 4,684.4 3,959.3 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

32

SIPL - Standalone Financials

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Balance Sheet (INR mn) FY18 FY17 FY16 FY15

Share Capital 3,522.3 3,522.3 3,522.3 3,109.6

Reserves & Surplus 10,497.2 9,905.0 9,441.3 5,326.3

Net Worth 14,019.5 13,427.3 12,963.6 8,435.9

Long Term Borrowings 6,795.3 8,110.8 5,290.3 7,331.6

Short Term Borrowings 5,581.7 4,543.5 5,536.4 4,887.5

Total Debt 12,377.0 12,654.3 10,826.7 12,219.1

Other Long Term Liabilities 844.6 654.2 322.7 0.8

Total Liabilities 27,241.1 26,735.8 24,113.0 20,655.8

Fixed Assets 1.8 8.4 0.5 12.8

Loans & Advances - - - 13,528.4

Non Current Investments 24,232.7 22,565.2 21,336.6 4,143.6

Other Long Term Assets 50.3 147.4 129.0 482.4

Cash 13.6 35.7 46.0 36.1

Net Current Assets 2,942.7 3,979.1 2,600.9 2,452.5

Total Assets 27,241.1 26,735.8 24,113.0 20,655.8

Income Statement (INR mn) FY18 FY17 FY16 FY15

Income from Operations 3,377.92 2,854.4 858.0 701.1

Other Income 469.58 282.6 405.6 372.0

Total Income 3,847.50 3,137.1 1,263.6 1,073.1

Expenditure 2,801.4 2,611.2 1,928.0 1,684.2

Operating Expenses 1,063.64 1,185.1 326.5 493.6

Employee Benefit Expense 35.26 31.9 45.7 42.3

Other Expenses 64.17 92.3 94.5 109.5

Depreciation 4.12 6.9 0.7 1.3

Finance Cost 1,634.20 1,295.0 1,460.6 1,037.5

Exceptional Items - - 616.01 -

PBT 1,046.11 525.9 (48.5) (611.1)

Tax 368.71 114.3 1.9 21.5

PAT 677.40 411.6 (50.3) (632.7)

1 Profit on transfer of rights in equity shares of MNEL

SIPL - Consolidated Financials

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Balance Sheet (INR mn) FY18 FY17 FY16 FY15

Share Capital 3,522.3 3,522.3 3,522.3 3,109.6

Reserves & Surplus (6,179.9) (2,805.8) 1,032.1 4,699.5

Net Worth (2,657.7) 716.5 4,554.4 7,809.1

Minority Interest 106.1 262.3 (68.4) 569.6

Long Term Borrowings 78,379.7 76,359.8 73,039.7 57,061.8

Short Term Borrowings 5,693.9 4,578.2 5,639.4 4,977.0

Total Debt 84,433.6 80,938.0 78,679.1 62,038.8

Other Long Term Liabilities 17,980.7 16,403.5 14,064.7 23,326.4

Current Liabilities 16,156.3 6,101.3 5,142.7 5,136.2

Total Liabilities 115,658.9 104,421.6 102,372.5 98,880.3

Fixed Assets 206.31 223.0 235.3 219.7

Loans & Advances - - - 3,631.8

Intangible assets 93,560.1 94,971.4 94,897.3 89,685.7

Non-current investments - - - 34.4

Other Long Term Assets 4,346.9 5,107.8 4,790.3 1,868.1

Cash 558.4 503.9 871.7 1,695.6

Current Assets 16,987.14 3,615.4 1,577.8 1,745.0

Total Assets 115,658.9 104,421.6 102,372.5 98,880.3

Income Statement (INR mn) FY18 FY17 FY16 FY15

Income from Operations 22,760.6 13,480.1 19,709.7 5,003.0

Other Income 464.2 558.8 387.5 285.9

Total Revenue 23,224.8 14,038.9 20,097.2 5,288.9

Expenditure 26,197.2 17,563.8 24,345.1 8,834.6

Construction cost 8,920.3 1,596.3 10,749.6 -

Operating Expenses 2,389.4 2,270.6 1,643.7 1,635.5

Employee Expenses 483.3 414.8 308.8 243.0

Other Expenses 390.1 509.5 514.5 283.9

Depreciation 2,605.1 2,210.9 1,355.5 1,417.8

Finance Cost 11,408.9 10,561.7 9,773.0 5,259.2

Exceptional Items - - 616.0 116.5

PBT (2,972.2) (3,524.9) (3,631.9) (3,433.9)

Tax 407.5 76.0 (106.7) 21.6

PAT (3,379.7) (3,601.0) (3,525.2) (3,455.5)

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

Thank You