Mumbai Metro Underground Tunnel Project Udangudi, Tamilnadu Power Project Investors Presentation March 2019 Page 1
Contents Executive Summary Corporate Profile & Shareholding Structure Corporate Vision & Mission Corporate Structure Parent Profile Financial Performance Order Book Analysis Operations & Management Way Forward Page 2
Executive Summary NAME ITD Cementation India Limited (“ ITD Cem ”) INDUSTRY GROUP Infrastructure Urban Infra/MRTS, Marine structures, BUSINESS AREAS Hydro/Tunnels/Irrigation projects, Airports, Highways/Bridges & Flyovers, Water & waste water, Industrial structures/Buildings, Specialist foundation engineering INR 750 million AUTHORISED CAPITAL AUDITORS Walker Chandiok & Co LLP SHARE PRICE (1yr) Low: INR 96 High: INR 164 171,787,584 NUMBER OF SHARES INR 19,438 million at INR 113/share (as on 23 rd May 2019) MARKET CAPITALIZATION Page 3
Company Profile & Shareholding Structure Ownership Details: Italian-Thai Development Company Limited As on 31 March 2019 (“ITD”), the Promoter of the Company, holds 46.64% in ITD Cem. Promoters Public 46.64% � Engaged in the business areas of Urban Infra/MRTS, Marine 17.98%, Structures, Hydro/Tunnel/Irrigation projects, Airports, Highways/Bridges & Flyovers, Water & Waste Water Bodies segment, Industrial Structures/Buildings and Specialist Corporate Foundation & Engineering projects. 2.72% � Order book of INR 99,925 million as on March 31, 2019 executable over a period of approximately 30 months. � Only construction company with a sustained presence in India with MNC parentage. � Pedigree of strong management systems and strong recall Total institutions among clients. 32.66% � Employee strength 2,111 people. � Only MNC controlled construction company which is listed on Indian Stock Exchanges with a market capitalization of INR 19,438 million (as on 23 rd March 2019). Page 4
Vision & Mission • Our aim is a satisfied client, a strong and Vision proactive workforce and quality product finished on time and to budget • To make ITD Cem the country’s leading Mission construction Company in customer choice, quality and safety Page 5
Corporate Structure ITD Cementation India Limited Engaged in projects of urban Infra/MRTS, marine structures, hydro / tunnel / irrigation projects, airports, highways / bridges & flyovers, water & waste water segment, industrial structures/buildings and specialist foundation engineering projects 80% 49% 40% 95% 100% 60% ITD ITD-ITD Cem JV ITD Cem ITD ITD-ITD Cem CEC-ITD Cem- Cementation (Consortium of ITD- Maytas Cemindia JV JV TPL JV Projects India Ltd. ITD Cementation) Consortium Subsidiary Construction of Construction of Construction of Design and Design and road projects, MRTS and integrated execution of construction of Water supply & Water projects passenger terminal water conveyor underground MRTS building at Netaji system section Subash Chandra including 3 Bose International underground airport stations for Mumbai Metro Page 6
Joint Ventures ITD-ITDCem JV ITD Cem (Consortium ITD CEC-ITD ITD-ITDCem JV Maytas of ITD-ITD Cemindia JV Cem-TPL JV Consortium Cementation) Shareholders ITD Cem – 49% ITD Cem – 40% ITD Cem – 95% ITD Cem – 80% CEC – 40% ITD ITD (Thailand) – 51% ITD (Thailand) – 60% Maytas–5% ITD (Thailand) – Cem – 40% , TPL 20% - 20% Supply and installation of track Construction Investigation, Rehabilitation Key projects of Design and work for Bangalore Metro – work integrated Design and and construction of virtually completed passenger terminal execution of water Refurbishment of underground building at Netaji conveyor system Water Works at section including 3 under ground stations and Subhas Chandra consisting of lined Palta and Garden 3 underground tunnels for Kolkata Metro Bose International gravity canal, CM Reach.(KEIIP), stations for Design and construction of Airport in Kolkata & CD works Kolkata Mumbai Metro elevated viaduct and 8 elevated tunnels with Rail Corporation stations under Delhi MRTS Project 4 Nos. projects carrying capacity Limited for DMRCL (CC26) of 87.21 cumecs - from Thipparam Construction of Design and Construction of Reservoir to elevated Tunnels by Shield TBM under Delhi Gundureddipalli. structures MRTS Project for DMRCL (CC32) for Government of (viaduct & Laying of Water Trunk Main and Andhra Pradesh stations) for Laying of Sewer Line by Micro Bangalore Metro tunneling Method for Kolkata Rail Corporation Environmental Improvement Ltd. Investment Programme Kolkata Laying of Trunk Sewer along James Long Sarani, Kolkata by Micro tunneling Method Work in Hand as 6,506 million Nil 8,690 million 13,549 million 21,377 million on Mar 31, 2019 (100%) (INR) Page 7
Industry Position � Leadership position in marine construction, foundation and specialist works and significant presence in MRTS, Hydro / Dams / Tunnels / Irrigation and transportation segments Several quality and safety awards in the past 15 years - a � reflection of ITD Cem’s drive towards excellence � One of the few construction companies to conform to ISO standards “ISO 9001:2015, ISO 14001:2015 & OHSAS 18001:2007” for Quality Management Systems, Occupational Health and Safety Management System and Environmental Management System. � Key clientele includes: Government: DMRC, RVNL, Kolkata Metro Rail Corporation, � SAIL, Bangalore Metro Rail Corporation, NHAI, Mazagaon Dock Ltd., Garden Reach Shipbuilders, Airport Authority of India, Indian Railways, Govt. of Telangana, Rites Ltd., CPWD, Noida, Mumbai Port Trust, Nagpur Metro Rail Corporation, Mumbai Metro Rail Corporation, Ennore Port Ltd, Nuclear Power Corporation, Kolkata High Court, Inland Waterways of India, Tamil Nadu Generation and Distribution Corporation, MMRDA Private: Reliance – ADAG group, IHI Corporation, Nhava Sheva � Permanent office Gateway Terminal, Tata Power, PSA (Singapore), DP World, Area office Adani Group, China Kun Lun Contracting & Engineering Key Project office Corporation, Jindal Steel, Samsung, Tata Power, RIL, L&T, Jindal Power, Mundra Port Trust, Gangavaram Port Ltd., Tangedco, Howe Engineering etc. Page 8
International Parent Strength � Italian-Thai Development Company Limited is the largest construction company in Thailand and one of the largest in South East Asia Listed on the stock exchange of Thailand in 1994 with an initial capital base of Baht 2 million � In 1985, ITD received the Royal Seal of Garuda, the highest and most honorable achievement for civilian � companies in Thailand � Net worth INR 35,468 million as at 31 March 2019 � Work in hand (Construction & Concession) INR 6,54,785 million (Construction INR 3,32,158 million) as on 4 th March 2019. Geographic spread includes Bangladesh, Cambodia, Laos, Indonesia, Myanmar, Philippines, Madagascar � and Taiwan other than India providing ITD Cem with international exposure � Provides ITD Cem access to its technologies and know-how as well skilled personnel � Provides the Company with access to international design and engineering organisations * 1 Baht = Rs. 2.18 Page 9
Standalone Financials INR in Millions Yearly Quarterly Revenue from operation Revenue from operation 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 10,000 2,000 5,000 1,000 0 0 15M FY14 FY15 FY16 FY17 Mar'18 Jun'18 Sept'18 Dec'18 Mar'19 Mar'19 Revenue 5,032 4,523 4,174 4,503 4,561 Revenue 13,694 27,435 29,174 18,729 22,835 Yearly EBITDA Quarterly EBITDA 3,000 16.0 900 20.0 800 14.0 2,500 700 15.0 12.0 2,000 600 10.0 500 10.0 1,500 8.0 400 6.0 1,000 300 5.0 4.0 200 500 2.0 100 - 0 - 0 15M -100 (5.0) FY14 FY15 FY16 FY17 Mar'19 Mar'18 Jun'18 Sept'18 Dec'18 Mar'19 * EBITDA 1,773 512 2,336 2,651 2,818 EBITDA 610 751 703 792 (37) (%) 13.1 1.9 8.0 14.2 12.3 (%) 12.1 16.6 16.9 17.6 (0.8) * After exceptional item Page 10
Standalone Financials INR in Millions Yearly PAT & EPS Quarterly PAT & EPS 900 400 10.0 6.0 5.0 8.0 300 600 4.0 6.0 3.0 200 300 4.0 2.0 100 1.0 2.0 0 - 0 - (1.0) -300 (2.0) (2.0) -100 (3.0) (4.0) -600 -200 (4.0) (6.0) -900 (5.0) -300 (8.0) 15M -400 (10.0) FY14 FY15 FY16 FY17 Mar'19 Mar'18 Jun'18 Sept'18 Dec'18 Mar'19 * PAT 194 -593 508 728 819 PAT 268 286 273 344 -353 PAT (%) 1.4 (2.2) 1.7 3.9 3.6 PAT (%) 5.3 6.3 6.6 7.6 (7.7) EPS 1.5 (3.8) 3.3 4.7 4.8 EPS 1.6 1.7 1.6 2.0 (2.1) * After exceptional item Debt as at year end Net Worth as at 7,500 1.4 12,000 15.0 1.2 10,000 10.0 6,000 1.0 8,000 5.0 4,500 0.8 6,000 - 0.6 3,000 4,000 (5.0) 0.4 1,500 0.2 2,000 (10.0) 0 - 0 (15.0) 15M 15M FY14 FY15 FY16 FY17 Mar'19 FY14 FY15 FY16 FY17 Mar' 19 Debt 6,708 4,884 3,562 4,886 2,203 Net worth 5,678 5,082 5,520 6,173 10,209 D/E Ratio 1.2 0.9 0.6 0.8 0.2 RoE (%) 4.0 (11.0) 9.4 12.1 9.9 Net D/E Ratio 1.2 0.7 0.4 0.6 0.2 Page 11
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