CMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7

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1 2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18. Its consolidated revenue rose by 6.3% YoY to Rs3.5bn (vs. our estimate of Rs3.6bn) owing to strong growth in Civil & Other Works and O&M businesses. However, ETC revenue dipped by 15.5% YoY to Rs1.4bn owing to GST-led execution delay and lower domestic thermal power capacity addition. Looking ahead, we believe dominant position in power EPC business, impressive order book and superior execution capabilities will drive PMPL s profitability. Assigning higher multiple (11x P/E of FY19E from 9x earlier) owing to strong traction in order book and improving margin profile, we maintain our recommendation on the stock with a revised Target Price of Rs764 (from Rs578 earlier). Civil & Other Works Biz Aids 6.2% YoY Growth in Consolidated Revenue PMPL s consolidated revenue grew by 6.2% YoY to Rs3.4bn on the back strong 85.9% YoY and 9.6% YoY growth in Civil & Other Works and O&M business to Rs766mn and Rs1.2bn, respectively. Led by GST-led execution delay and slowdown in domestic thermal power capacity addition, its ETC revenue declined by 15.5% YoY to Rs1.4bn. Margin Improves; PAT Records a Decent Growth EBITDA margin expanded by 45bps YoY to 13.1% owing to higher contribution from high-margin Civil & Other Works and O&M business. PMPL expects margins continue to improve with the shifting of revenue-mix shift towards high-margin O&M services segment. Led by better execution and improved margin, PMPL s PAT grew by 22.0% YoY to Rs192mn. The Management expects that the working capital cycle which elongated in 1HFY18 due to GST-led delay and receivables to normalise in next 1-2 quarters. Order Book Continues to Remain Robust PMPL secured orders worth Rs7.5bn and Rs1.1bn in ETC segment and O&M segment, respectively in 1HFY18. ETC orders include: orders worth Rs6.24bn from international market (Rs4.91bn in Nigeria and Rs1.33bn in Bahrain). Its order book stands at Rs41.6bn (3xFY17 sales) as of Nov 17, which provides a healthy revenue visibility for next 2-3 years. Further, while its ETC order book stands at Rs21.4bn (3.5xFY17 revenues), O&M segment s order book remains strong at Rs11.4bn (2xFY17 revenues) accounting for 27% contribution to total order book. In Civil & Other Works segment, its order book stands at Rs8.8bn (4.5xFY17 sales). The Management expects order backlog of Rs50bn by Mar 18 compared to Rs37bn in Mar 17. Outlook & Valuation Looking ahead, we believe that PMPL will deliver higher profitability on the back of dominant position in power EPC business, impressive order book and superior execution capabilities. Notably, the stock has witnessed a sharp rally since our initiation report with BUY recommendation in Feb 17. We maintain our recommendation on the stock with an upwardly revised Target Price of Rs764 (11x P/E of FY19E). Key Financials (Rs mn) FY16 FY17 FY18E FY19E Net sales 13,782 13,382 15,166 17,158 PAT ,022 EPS (Rs) PE (x) EV/EBITDA (x) Book value (Rs/share) P/BV (x) ROCE Source: Company, RSec Research Share Price (%) 1 mth 3 mth 12 mth Absolute Performance Relative to Nifty Shareholding Pattern (%) Jun 17 Sept'17 Promoter Others Year Stock Price Performance Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Aug-17 Sep-17 Oct-17 Nov-17 Research Analyst : Rupesh Sankhe Contact : (022) rupesh.sankhe@relianceada.com 1

2 Risks to the View ff Downside Risks: Lower-than-expected growth in order book and insufficient cash flows. ff Upside Risks: Meaningful recovery in ETC business owing to higher thermal power capacity addition and higher-than-expected growth in order book. Exhibit 1: Quarterly Performance (Rs mn) 2QFY18 1QFY18 QoQ (%) 2QFY17 YoY (%) 6MFY18 6MFY17 YoY Net Sales 3, ,583.8 (3.7) 3, Operating Costs 3, ,124.6 (4.0) 2, EBITDA (1.8) EBITDA Margin (%) Other Income (30.7) Interest Depreciation Profit Before Tax (11.1) Tax (13.6) 88.7 ( Tax Rate (%) Share of profit/loss in associates (0.5) (0.5) 0.4 (0.5) 3.5 Minority Interest Rep PAT (10.2) Source: Company, RSec Research 2

3 Profit & Loss Net sales 13,782 13,382 15,166 17,158 % yoy change 0.9 (2.9) Raw Material cost 1,149 1,216 1,385 1,575 Employee expenses 1,549 2,265 2,457 2,763 Other expenses Contract execution expenses 8,989 7,928 9,016 10,209 Total operating expenditure 11,963 11,722 13,202 14,940 EBITDA 1,820 1,660 1,964 2,219 EBITDA margin (%) Depreciation EBIT 1,430 1,250 1,501 1,703 Other income Interest costs PBT 1, ,261 1,491 Taxes Minority interest Adjusted PAT ,022 Balance Sheet Liabilities Share capital Reserves & Surplus 5,404 6,060 6,897 7,904 Total shareholder's funds 5,551 6,207 7,044 8,051 Secured loans Unsecured loans 1,919 1,643 1,388 1,103 Total borrowings 2,132 1,797 1,542 1,257 Other long term liabilities ,116 1,250 Deferred tax liability Minority interest Capital employed 8,637 8,993 9,746 10,602 Gross Block 3,960 4,431 4,981 5,541 Accumulated Depreciation 1,987 2,398 2,861 3,376 Net Block 1,973 2, ,120 2,164 Capital Work in Progress Investments (non current) Inventories Sundry Debtors 2,727 2,948 3,033 3,364 Cash and Bank Loans and Advances 5,583 5,624 6,218 6,692 Other Current Assets 1,761 2,008 2,053 2,108 Total Current Assets 10,816 11,418 12,147 13,091 Current liabilities 4,413 4,615 4,705 4,815 Provision Total current liabilities 4,418 4,620 4,711 4,821 Other non-current assets Capital Deployed 8,637 8,993 9,746 10,602 3

4 Cash Flow Statement PBT 1, ,261 1,491 Depreciation Interest provided Other non-cash adjustments 16 Operating CF before WC requirement 1,875 1,753 2,044 2,302 Change in working capital Tax Paid Operating cash flow ,159 1,143 FCF Capex Investments Investing cash flow (582) (376) (571) (530) Issue/buyback of equity Issue/repayment of debt (231) (335) (255) (285) Dividends paid Interest paid (329) (329) (320) (296) Financing cash flow (567) (662) (589) (595) Opening cash balance Net change in cash (246) (84) (1) 18 Closing cash balance Key Ratios Y/E March FY16 FY17 FY18E FY19E Profitablity/Return Ratio (x) EBITDA margins (%) PBT margins (%) PAT margins (%) Tax Rate (%) ROCE (%) RONW (%) Debt/Equity Ratio (X) Per Share Data (Rs) EPS (Rs) Book Value DPS Valuation Ratio (x) PE PBV EV/EBITDA Ev/Sales

5 Rating Guides Rating Expected absolute returns (%) over 12 months BUY >10% -5% to 10% REDUCE >-5% Reliance Securities Limited (RSL), the broking arm of Reliance Capital is one of the India s leading retail broking houses. Reliance Capital is amongst India s leading and most valuable financial services companies in the private sector. Reliance Capital has interests in asset management and mutual funds, life and general insurance, commercial finance, equities and commodities broking, wealth management services, distribution of financial products, private equity, asset reconstruction, proprietary investments and other activities in financial services. The list of associates of RSL is available on the website RSL is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014 General Disclaimers: This Research Report (hereinafter called Report ) is prepared and distributed by RSL for information purposes only. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this Report should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. This Report has been prepared on the basis of publicly available information, internally developed data and other sources believed by RSL to be reliable. 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