Bharat Road Network Limited

Transcription

1 Bharat Road Network Limited Result Presentation Q2 & H1 FY19 India s Unique Pure Play Road Concession Player

2 Safe Harbour This presentation and the accompanying slides (the Presentation ), which have been prepared by Bharat Road Network Limited (the Company ) 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 what so ever. 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 and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company s ability to successfully implement its strategy, the Company s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company s market preferences and its exposure to market risks, as well as other risks. The Company s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. 2

3 H1 FY19 Financial Performance (Standalone) BRNL Total Income EBITDA SPV Toll Revenue ,076 2, H1FY18 H1FY19 H1FY18 H1FY19 H1FY18 H1FY19 During the quarter under review KEPL has received final COD on 13 th Aug Interest saving on 5 operating assets has been Rs. 205 mn. (as compare to corresponding period) Toll revenue in MTPL has increased by 32% in H1 FY19 as compare to H1 FY18. 3

4 Q2 FY19 Financial Performance (Standalone) BRNL Total Income EBITDA SPV Toll Revenue , ,411 Q2FY18 Q2FY19 Q2FY18 Q2FY19 Q2FY18 Q2FY19 4

5 Agenda BRNL Company Overview Q2 & H1 FY19 Quarter Highlights 5

6 Company Overview 6

7 BRNL - India s Unique Pure Play Road Concession Platform SREI - India s leading holistic infrastructure institution Spread across Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha Existing Portfolio of 6 BOT projects having 17.5 years balance Concession period Annual Toll Collection Rs. 5,979 mn. 7

8 Diversified Project Portfolio 6 PROJECTS OF INR 68 bn AGGREGATING TO TOTAL 2,095 LANE KM Existing BOT Projects (As on Sept 18) State NH/SH Lane (Km) Project Cost BRNL stake (%) BRNL Investment Partners Investment# Shree Jagannath Expressways (SJEPL) Odisha NH ,959 40% 592 1,919 Ghaziabad Aligarh Expressway (GAEPL) U.P NH ,314 39% 1,992 5,021 Guruvayoor Infrastructure (GIPL) Kerala NH , % $ 2,261 - Kurukshetra Expressway (KEPL) Haryana NH ,447 49% 2,381 2,480 Mahakaleshwar Tollways (MTPL) M.P SH ,304 48% 1,120 1,068 Solapur Tollways (STPL)* Maharashtra NH-9 400* 8,826* 100% 3,193-2,095 68,062 11,539 10,488 *under completion $ Acquisition of Balance 26.01% is under progress 8

9 Q2 & H1 FY19 Quarter Highlights 9

10 Q2FY19 & H1FY19 Result Highlights (Standalone) Rs. Mn Particulars Q2 FY19 Q2 FY18 YoY Q1 FY19 Q o Q H1FY19 H1FY18 YoY FY18 Revenue from operations Other Income * Total Income % % % Operating Expenses EBITDA % % % EBITDA margin 86% 85% 90% 87% 76% 77% Interest Depreciation PBT (35%) (30%) % Tax Profit After Tax (44%) 72.7 (39%) % PAT Margin 21% 54% 38% 29% 45% 45% Note:* Other Income includes Fair Valuation gain of Rs mn arising on account of Investments mandatorily measured at Fair Value Through Profit and Loss (FVTPL) 10

11 Profitability Trend (Standalone) Rs. Mn Particulars H1FY19 FY18 FY17 FY16 FY15 As per IND AS As per IGAAP Total Income from Operations Other Income REVENUE Operating Expenses EBITDA EBITDA margin 87% 77% 68% 51% 11% Interest Depreciation Profit/ (Loss) before share of Associates Share of Profit & (Loss) of Associates NA NA NA NA NA Profit/ (Loss) before tax Tax (including Deferred Tax) Profit/ (Loss) After Tax

12 Balance Sheet Highlights (Standalone-IND AS) Rs. Mn Particulars Sep 30, 2018 Mar 31, 2018 Shareholder s Fund 11, ,695.8 Total Borrowings 3, ,330.0 Particulars Sep 30, 2018 Mar 31, 2018 Non-current assets 12, ,141.8 Current assets Current Investment 3, ,983.3 Inventories Other non-current liabilities Trade receivables Cash and bank balances Other current liabilities TOTAL LIABILITIES 15, ,871.2 Other current assets TOTAL ASSETS 15, ,

13 Toll collection Trend Project SJEPL - Shree Jagannath Expressways Pvt. Limited Period FY16 FY17 FY18 FY19 YoY Growth Q % Q % Q * 354 Q * Total , Project GIPL - Guruvayoor Infrastructure Pvt. Limited Period FY16 FY17 FY18 FY19 YoY Growth Q % Q (9%) ** Q Q * Total 1,157 1,154 1, GAEPL - Ghaziabad Aligarh Expressways Pvt. Limited FY16 FY17 FY18 FY19 YoY Growth % % * ,010 1,480 1, KEPL - Kurukshetra Expressway Private Limited FY16 FY17 FY18 FY19 YoY Growth % * 228 5% * Project MTPL - Mahakaleshwar Tollways Private Limited Period FY16 FY17 FY18 FY19 YoY Growth Q % Q % Q Q Total * Includes Demonitisation claims from NHAI, ** There is revenue loss of 15 days of Rs cr. in GIPL due to flood in Aug 18 * Includes Demonetization claims from NHAI 13

14 Operating Assets Performance- SPV at100% Particulars Q2 FY19 H1 FY19 FY18 GAEPL GIPL KEPL MTPL SJEPL TOTAL GAEPL GIPL KEPL MTPL SJEPL TOTAL GAEPL GIPL KEPL MTPL SJEPL TOTAL Total Revenue ,633 1, ,355 2,177 1,444 1, ,071 7,054 Toll Revenue ,476 1, ,076 1,934 1, ,496 5,979 EBITDA 493 (168) ,394 1, ,539 5,157 EBITDA % 86% (55)%* 88% 82% 83% 85% 19%* 81% 81% 86% 85% 56% 68% 77% 74% Finance Cost , ,280 1,606 1,024 1, ,368 5,277 * Negative /Lower EBITDA in GIPL due to provision of Negative grant of Rs. 400 mn. 14

15 Operating Assets Performance -SPV Proportionate Q2 FY19 H1 FY19 FY18 Particulars GAEPL 39% GIPL KEPL 100% # 49% MTPL 48% SJEPL 40% TOTAL GAEPL 39% GIPL KEPL 100% # 49% MTPL 48% SJEPL 40% TOTAL GAEPL 39% GIPL KEPL 100% # 49% MTPL 48% SJEPL 40% TOTAL Total Revenue , , ,786 Toll Revenue , , ,284 EBITDA 192 (168) , ,616 $ Current holding at 73.99%, Acquisition of Balance 26.01% is under progress 15

16 Let s Connect Company : Investor Relations Advisors : Bharat Road Network Limited Mr. Sanjay Mittal sanjay.mittal@brnl.in 5B, North East Block, Vishwakarma, 86 C Topsia Road (S), Kolkata, West Bengal Tel No Stellar IR Advisors Pvt. Ltd. Mr. Vikash Verma / Mr. Abhishek Bhatt Vikash.verma@stellar-ir.com / abhishek@stellar-ir.com B-707, Kanakia Wall Street, Andheri (East), Mumbai Tel. No