Result Update YTD FY 13

Srei Infrastructure Finance Limited
Result Update YTD DEC FY'14
Copyrights © Srei Infrastructure Finance Ltd. 2013
Contents
►
Company Overview………………………………………………………………………….. 3
►
Financial Overview…………………………………………………………….…………….. 4
►
Business Verticals ……………………………………………………………………………. 5 ‐ 6
►
Key Business updates & Highlights
Key Business updates & Highlights ………………………………………………….. 7
7
►
Quarterly Highlights • Srei BNP Paribas
8 ‐ 13
• Srei (Standalone)
14 ‐ 18
• Investments Update
19
• VIOM
20 – 22
• BOT – Road Assets
23 – 25
• Sahaj
26 – 28
• Consolidated Financial
29 – 30 2
Copyrights © Srei Infrastructure Finance Ltd. 2013
Company Overview – About Us
• Most Preferred Partner in the infrastructure space: With more than 24 years of experience in infrastructure sector, SREI Infrastructure Finance Limited (“SREI” or “SIFL”), the Parent Company, is a holistic infrastructure institution offering wide gamut of services across entire infrastructure value chain, under one roof. • End to End service offerings: Infrastructure Project Finance, Advisory & Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Market & Insurance Broking. • IFC Status: SREI was classified as IFC Status: SREI was classified as “Infrastructure
Infrastructure Finance Company
Finance Company” (IFC) in the year 2011 and notified as (IFC) in the year 2011 and notified as “Public
Public Financial Institution
Financial Institution” (PFI) by the Ministry of (PFI) by the Ministry of
Corporate Affairs.
• SREI is listed on NSE, BSE and the Calcutta Stock Exchange Limited (CSE). The company also got listed on London Stock Exchange (LSE) in 2005 with a GDR issue of USD 35 mn. • As at December 2013, SREI had a strong customer base of approx. 30,000 with a pan‐India network of 240 offices, assets under management (AUM) of over ` 34,453 crs, net worth of ` 3,142 crs and PAT of ` 135 crs on a consolidated basis.
PRESENCE ACROSS THE INFRASTRUCTURE VALUE CHAIN & VERTICALS
Infrastructure Equipment Finance
Infrastructure Project Finance
Infrastructure Equipment Rentals
Passive Telecom Infrastructure
JV with BNP Paribas
24 years of in‐house expertise in Project Finance & Advisory.
Disbursements of around ` 21,026 crs
over last 5 years
y
Quippo: India’s largest
infrastructure equipment rental company focussed on Construction, Oil & Gas
& Energy
Viom Networks: JV with Tata Teleservices
India’s largest independent tower company with 41,465 towers
Market leader with 30% market share
Disbursements of around ` 45,706 crs over last 5 years
3
Road Assets Social Infrastructure
Large portfolio of over 9 road projects of close to 3,776 lane kms
Sahaj – Largest CSC Network with ~ 28,000 centres across six states in India
Copyrights © Srei Infrastructure Finance Ltd. 2013
Company Overview – Financial Overview
Consolidated Financials
FY2013
Share Price Details
YTD FY 2014
Consolidated AUM (` crs)
33,330
34,453
Net Income (` crs)
1,000
617
263
135
ROE
10.0%
6.7%
CRAR
CRAR *
*
21
21.7%
7%
19
19.8%
8%
PAT (` crs)
As on 06/02/2014 ‐ NSE
Market Capitalization (` crs)
1,114
Market Price (`)
22.20
No of Shares Outstanding (crs)
50.3
th Feb’14))
52‐Wk High / Low (As on 6
g /
(
38.75 / 17.40
/
* Srei Standalone
Shareholding Pattern – Dec 2013
Institutional Holding – Dec 2013 Key Institutional Investors
Individuals
24%
Promoters
49%
Foreign
Holding
12%
Treasury
Stock
10%
Pvt Corp
Bodies
5%
4
% Holding
Fidelity
9.97%
Dimensional Emerging Markets Value Fund
0.29%
MV SCIF Mauritius
0.20% Vanguard Total International Stock index Fund
0.19%
Blackrock
0.13%
Copyrights © Srei Infrastructure Finance Ltd. 2013
Business Verticals
HOLISTIC INFRASTRUCTURE INSTITUTION
FUND BASED
FEE BASED
PROJECT ADVISORY
EQUIPMENT FINANCING
TRANSPORTATION
TELECOM INFRASTRUCTURE
PROJECT DEVELOPMENT
PROJECT FINANCING
STRATEGIC INVESTMENT
INSURANCE BROKING
INVESTMENT BANKING
POWER
RURAL IT INFRASTRUCTURE
SEZ & INDUSTRIAL PARKS
ENVIRONMENT
ALTERNATIVE INVESTMENT FUNDS
5
Water Mgmt. / Waste Mgmt.
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI – Business Verticals Summary Snapshot
FUND BASED ‐ SREI BNP PARIBAS –
EQUIPMENT FINANCE
% Stake
FUND BASED ‐ SREI – PROJECT FINANCE
% Stake
50 %
100 %
FEE BASED ‐ INCOME
Key Metric
Key Metric
FY 2013
YTD FY 2014
Key Metric
FY 2013
YTD FY 2014
Total AUM
19,315
18,966
10,457
11,286
NIM
4.4%
4.3%
Int. Earning Assets
ROAA
1.8%
1.6%
NII
109
82
ROAE
16.5%
13.7%
Gross Spread
2.1%
2.3%
CRAR
16.2%
16.1%
CRAR
21.7%
19.8%
FY 2013
Fee Income
YTD FY 2014
130
131
STRATEGIC INVESTMENTS
Total Investments Investments
(YTD FY14)
2 016
2,016
VIOM – Telecom Infra (FY13)
Telecom Infra (FY13)
Total No of Towers #
Telecom Infra ‐
VIOM
1,598
Tenancy
BOT Road Assets
Road Assets
378
Rural IT – Sahaj
25
Other Investments
41,465
15
Road BOT Asset Portfolio
BOT Asset Portfolio
SREI Sahaj (YTD FY14)
SREI Sahaj
(YTD FY14)
Total No of Projects
9
Operational Projects
5
To be Operational In FY15
4
2.3x
Revenue*
4,856
EBIDTA Margin %
57%
Cash Profit
892
Total Lane Kms.
3,776
Annualized Cumulative Toll Revenue
~ 350
Largest SCA in Country (28% share) with ~ 28,000 operational CSCs offering G2C, BFSI & B2C Services.
Total No of Outlets
Revenue
27,908
61
# As on 31st December, 2013
* excludes prior period & ex. ordinary income
6
- Figures in ` crs
Copyrights © Srei Infrastructure Finance Ltd. 2013
Business Highlights: YTD FY14 (Consolidated) Business Highlights
Balance Sheet
Profitability
Group disbursement stood at ` 9,463 crs
Equipment Finance disbursement was ` 6,723 crs in YTD FY14 as compared to ` 7,933 crs in YTD FY13 and Project Finance disbursement was ` 2,646 crs in YTD FY 14 as compared to 14 d ` 2,746 crs
2 746
i YTD FY13
in YTD FY13

Net Worth stood at ` 3,142 crs against ` 2,915 crs in the same period previous year
Consolidated Borrowings stood at ` 19,855 crs

Total income stood at ` 2,411 crs
Profit before Tax & Exceptional items in YTD FY14 is ` 255 crs as compared to ` 258 crs in the same period previous year , Profit after Tax(after minority) is ` 135 g
` 194 crs in the same period previous year.
p
p
y
crs as against Forex Loss in YTD FY14 is ` 39 crs against a loss of ` 53 crs in YTD FY13.
Interest earning portfolio of Equipment Financing stood at ` 18,386 crs and for Project Financing portfolio is ` 11,286 crs
Project Financing portfolio is 11,286 crs
Net NPA for Equipment Financing is 2.8% and for Project Financing is 2.2%.

Loan Portfolio Analysis
Loan Portfolio Analysis
7
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas – About Us STRONG PEDIGREE
Ownership
+
SREI Infrastructure Finance Ltd
Leading Public Financial Institution in India
May ‘08
• Srei BNP Paribas, is a 50:50 joint‐venture between –
• Srei Infrastructure Finance Limited – India’s only private sector NBFC in the infrastructure space and • BNP Paribas Lease Group – the largest leasing group in Europe with a presence in over 15 countries, registered as Srei Equipment Finance Private Limited.
BNP Paribas Lease Group
Amongst World’s Largest Global Banks
MARKET LEADERSHIP
•
•
•
Largest Construction & Mining equipment financier in India with over 30 % Market share, with a customer base of over 28,000, built and nurtured over the past 24 years. Have entered into new sectors like information technology, healthcare, rural, logistics etc. to tap the attractive growth gy,
,
, g
p
g
opportunity in these sectors . Current AUM of ` 18,966 crs as on 31st December, 2013. LOGOS OF PARTTNERED OEMs
TIE‐UPs & PRESENCE
•
•
•
SREI Equipment Finance Pvt. Ltd.
A pan India
d distribution
d
b
networkk off 86 branches
b
h including
l d
12 regionall
offices
Partnerships with over 200 leading domestic & international equipment
manufacturers
Full time employee base of 1,371 people as on 31st December, 2013
8
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas – Sustainable Competitive Advantage
ASSET LIFE CYCLE
ASSET PURCHASE
ASSET PURCHASE
ASSET DEPLOYMENT
ASSET DEPLOYMENT
ASSET EXIT / RESALE
ASSET EXIT / RESALE
STANDALONE NBFC – FINANCER
SREI BNP PARIBAS ‐ END TO END PARTNER ‐ ASSET FINANCIER & ASSET MANAGER
LEVERAGING THE SREI ECO-SYSTEM
SREI BNP Paribas
• Assisting in Right Equipment Purchase. • Customized financial solutions formats –
• Loans & Advances
• Operating Lease
SREI Group
SREI ‐ QUIPPO
• Project Finance Division & Quippo ‐
Strong Relationships with All major Construction & Infrastructure Developers
Developers.
• Leveraging Relationships to Improve Deployment of Assets during Downtime.
• 32 Captive Stockyards for Face lifting of Assets. Thus Improving Residual Value of Assets.
• Valuation & Auctioning Services Valuation & Auctioning Services –
Asset Disposal Services
• Advising on Asset Disposal & Resale Options.
MANAGING CUSTOMER RELATIONSHIP THROUGH THE ENTIRE ASSET LIFECYCLE
9
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas – Diversification through Multi ‐ Product Strategy Dec’13
Target Segment
(1) Average Ticket CME New Pre Owned
Medium and large customers, project owners, large fleet owners, first time owners & first time buyers
Health care
IT
Large corporate & IT companies, OEM’s, banking & financial institutions
Hospitals & diagnostic center
Used
Logistics
Rural
R il SME l
Retail, SME players (used equipment for construction, mini
ng equipment & technology
Financing all segments of f
Material Handling Equipment with focus on identified Manufacturers.
Contract farmers, tracto
r owners
Size ( ` crs)
0.4
4.9
0.8
2.4
0.1
0.4
0.04
Average Repayment Period (months)
43
44
34
52
31
48
50
15.5%
13.8%
12.50%
18.8%
12.50%
19.0%
Yield (%)
Strategy
14.0 %
Balance portfolio growth, broad base funding, strengthen technology & talent development Focus on AAA customers, forge alliances, explore non funded lease, and build customer network
Direct sourcing, product expansion, approach high end customers, form alliances
Tie up with manufacturers, de
velop value
velop value chain, proactive collection Increase penetration, targ
et customers
et customers with low risk profile
Expand into funding farm equipment
equipment, leverage relationships Note (1): Average ticket size per customer
10
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas‐ Understanding our NPA Policy Gross NPA has increased to 3.66 % mainly due to Provisioning treatment for Assets under CDR accounts.
3.66%
3.37%
3.08%
2.84%
1.42%
1.44%
1.63%
2.80%
1.71%
CDR%
2.64%
Non CDR%
2.40%
2.16%
1.93%
1.13%
2.24%
1.45%
Net NPA %
March'13
June'13
Sep'13
11
Dec'13
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas – Balance Sheet Overview Balance Sheet Details (`crs)
YTD FY14 YTD FY13 H1 FY14
FY13
Interest Earning Assets (incl. securitised) Interest
Earning Assets (incl securitised) 18,386
18 386 18,894
18 894 18,592
18 592 18,670
18 670
1,764
2,922
2,091
2,828
Securitised Assets 2,073
1,803
2,010
1,870
Net Worth
13,860
13,642 14,011 13,546
Borrowings
(688)
(526)
(481)
(425)
Other Assets (Net)
K R ti
Key Ratios D 13
Dec‐13
Return on Avg. Net Worth
Return on Avg. Assets on Books
Return on Avg. Capital Empl.
Leverage
CAR
13.7%
1.6%
12.4%
6.7
16.1%
12
D 12
Dec‐12
17.2%
1.8%
12.7%
7.6
15.4%
S 13 Mar‐13
Sep‐13
M 13
14.4%
1.6%
12.5%
7.0
15.9%
16.5%
1.8%
12.6%
7.2
16.2%
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI BNP Paribas ‐ Income Statement Highlights
Income Statement (` crs)
YTD FY14 YTD FY13
Q3 FY14 Q3 FY13 Q2 FY14
FY13
Disbursement
Income from finance activities (Net of OL
Dep.)
6,723
7,933
2,327
3,980
1,866
10,799
1,764
1,562
589
558
596
2,147
Finance charges (excl Forex Impact)
1,160
992
389
359
399
1,358
NII 605
570
201
199
197
789
NPA Provision & Write off
Provision on Standard Asset
118
2
90
9
44
(0.3)
35
3
43
1
136
9
NII (N t f
NII (Net of provision)
i i )
485
471
157
161
153
644
Other Income
Operating Expenditure
PBT before Forex M2M
Forex M2M
1
168
318
8
165
314
0
62
95
0
57
104
1
47
107
9
241
412
(1.1)
8.8
(1.4)
4.6
0.3
8.8
PBT
PAT
319
203
305
203
97
64
99
65
107
71
403
270
Key Ratios
Dec-13
Dec-12
Sep-13
Mar-13
Yield on Avg
Avg. Funds
Cost of Funds
Interest Spreads
NIM
Gross NPA*
Net NPA*
NPA
14.3%
14
3%
11.1%
3.2%
4.3%
3.7%
2 8%
2.8%
14.6%
14
6%
10.9%
3.7%
4.2%
2.6%
1 9%
1.9%
14.4%
14
4%
11.1%
3.3%
4.3%
3.4%
2 6%
2.6%
14.8%
14
8%
10.9%
3.8%
4.4%
2.8%
2 2%
2.2%
* On Total Assets
13
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI Infrastructure Finance Limited
Holistic Infrastructure Financing player catering to entire value chain of the infrastructure Sector
Strong Credentials
•
•
•
More than 2 decades of experience in Infrastructure Financing.
Classified as ‘Infrastructure Finance Company’ by RBI and notified as “Public Financial Institution” (PFI) by the Ministry of Corporate Affairs
Listed on NSE, BSE, CSE and LSE (USD 35mn GDR issue in 2005).
Unique Product Offerings
•
•
•
Customised infrastructure financing solutions including project finance loans, asset hypothecation loans, leases, non‐fund based
facilities, equity, mezzanine capital etc.
Medium term high yield financing solutions backed by adequate collateral, efficient structuring, and built‐in
Medium term high yield financing solutions backed by adequate collateral, efficient structuring, and built
in exit mechanisms for effective exit mechanisms for effective
risk management.
Entered into new segments such as Healthcare, Education and Hospitality etc.
Strong Loan Book
•
•
•
•
Diversified across various sectors ‐ Power, Ports, Logistics, Transportation, Urban Infrastructure, Airport/Aviation and Telecom.
One of the fastest growing NFBCs in the infrastructure financing space.
YTD FY14 Loan book – ` 11,286 crs (FY09‐Dec13 CAGR – 61%)
YTD FY14 Disbursements ` 2,646 crs
YTD FY14 Disbursements –
2 646 crs
14
Copyrights © Srei Infrastructure Finance Ltd. 2013
Fund based Project Financing – Loan Book Analysis
Loan Book – Sectoral Breakup
Power ‐ 34%
120%
100%
80%
60%
5%
4%
6%
4%
6%
2%
4%
7%
20%
20%
22%
20%
29%
29%
30%
31%
36%
36%
36%
34%
Mar‐13
Jun‐13
Sep‐13
Dec‐13
Generation ‐ 31%
Operational ‐ 19%
T&D ‐ 3%
Under Construction ‐ 12%
40%
20%
Power
– 34%
0%
Power
Oil & Gas
Transportation
Social & Commercial Infra
Communications
Others
Captive ‐ 5%
Renewable ‐ 1%
Captive Fuel – 2.8%
15
IPP/Merchant – 6.3%
Linkage Coal / Gas – 3.5%
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SREI Infrastructure Finance Limited (Standalone)
Balance Sheet Overview
Balance Sheet Details (`crs)
YTD FY14 YTD FY13 H1 FY14
FY13
Interest Earning Assets Net Worth Borrowings
Investments
Other Assets (Net)
Key Ratios Leverage
CAR
11,286 10,062 10,795 10,457
2,698
2,660
2,679
2,648
12,618
10,981
12,189
11,178
2,696
2,696
2,699
2,698
1,334
884
1,374
671
Dec‐13
Dec‐12
Sep‐13 Mar‐13
4.7
4.1
4.5
4.2
19.8%
19.4%
21.3%
21.7%
16
Copyrights © Srei Infrastructure Finance Ltd. 2013
SREI Infrastructure Finance Limited (Standalone)
Income Statement Highlights
Income Statement (`
crs)
Disbursement
Income from finance activities (Net of OL Dep.)
Finance charges (excl Forex Impact)
YTD FY14 YTD FY13 Q3 FY14 Q3 FY13 Q2 FY14
2,646 2,746 1,181 818 494 4,717 1,166 1,104 393 363 389 1,427 1,085 1 08
980 980 368 368 336 336 375 3
1,318 1 318
NII NPA Provision & Write off
Provision on Standard Assets
NII (Net of Provision)
NII (Net of Provision)
Fee Based Income
Income from Investment
Other Income
Operating Expenditure
PBT before Forex M2M
Forex M2M
PBT
PAT
Key Ratios
Yield on Avg. Funds
Cost of Funds
Interest Spreads
Gross NPA*
Net NPA *
* On Total Assets
FY13
82
124
25
28
14
109
16.6
2
0.1
1
3.4
1
(0.5)
11.4
(0.5)
24.9
2
63 63 122 122 20 20 28 28
3
82 82
44
0
12
31
29
12
116
79
31
133
175
39
121
1
27
97
115
37
99
16
22
101
158
44
37
0.3
7
39
26
(3)
42
1
7
36
42
12
78 114 30 30 17 135 51 78 19 19 11
D 13
Dec‐13
14.3%
12.0%
2.3%
2.5%
2 2%
2.2%
17
D 12
Dec‐12
14.9%
12.2%
2.7%
0.8%
0 7%
0.7%
S
Sep‐13
13
14.4%
12.1%
2.3%
2.4%
2 1%
2.1%
95 M 13
Mar‐13
14.3%
12.2%
2.1%
2.5%
2 2%
2.2%
Copyrights © Srei Infrastructure Finance Ltd. 2013
Borrowing Profile – Focused to improve share of Retail Funding Current Borrowing Profile
•
•
Currently the Major source of Funding is Wholesale Funding through Banks.
g
BNP Paribas – 11.13%, SREI Infra – 12.03% & Consortium for: Srei BNP Paribas – 37 banks, SREI Infra – 27 Current Average Cost of Fund: Srei
banks.
Strategy to Reduce Cost of Funds
•
•
•
•
Broad‐base lender relationship with foreign banks to reduce dependence on domestic banks/financial institutions.
Cost‐reduction through alternate credit products such as WCDL, FCNRB, CP, NCD against the CC limit.
Diversifying with Lenders Base, source of funding, focus on NCDs, ECBs. etc.
Increasing the share of Retail Funding to reduce the cost of funds in medium term.
Borrowing Profile – SREI BNP
Term LoanDB & DFI
24%
Subordinates
6%
Borrowing Profile – SREI INFRA
Term Loan-FB
& FFI
8%
Term LoanFB & FFI
11%
Debenture
12%
Working
Capital
51%
Debenture
4%
Others
4%
Term Loan-DB
& DFI
19%
Working
Capital
52%
18
Others
1%
Subordinates
9%
Copyrights © Srei Infrastructure Finance Ltd. 2013
Investment Portfolio
Summary of Investments #
Particular
Value (` crs)
Subsidiaries / JVs
626
Strategic Investments*
Communications ‐ Viom Networks
1,598
Transportation ‐ Road BOT Assets
378
Social Infrastructure – Sahaj 25
Others
15
Total Strategic Investments
2,016
Treasury Stock @
19
Other Equity Investments
24
Total Investments
2,685
* Investments held directly or through funds
# Does not include ` 367 crs investment in Debt instrument as the same has been included in interest earning assets.
@ Treasury Stock represents stock of Srei (48.6 mn shares) held by a trust on behalf of the company. The present market value of these shares is
approximately ` 115 crs.
19
Copyrights © Srei Infrastructure Finance Ltd. 2013
VIOM Networks – Company Overview
Strong Pedigree
•
Viom Networks is a joint venture between Tata Teleservices Limited and SREI Infrastructure Finance Limited. Viom is India’s largest Independent telecommunication infrastructure service provider company.
•
Strong equity support from Institutional Investors such as Macquarie SBI Infrastructure Fund led consortium, GIC Investments Pte Ltd. Singapore, IDFC Private Equity and Funderburk Mauritius Ltd. (Oman Investment Fund)
•
Strategic relationships with all leading telecom operators in India – Tata Teleservices, Bharti Airtel, Aircel, MTS, Vodafone, Idea, Uninor and BSNL among others
Asset Portfolio & Financial Highlights
•
•
•
•
•
•
Wide portfolio of about 41,465 high quality towers with an industry leading tenancy ratio of 2.3x.
Pan India & Well Diversified Presence – Metro – 11%, Circle A – 36%, Circle B – 40% & Circle C –
13%
Good RTT/GTB mix of 40: 60
Good RTT/GTB mix of 40: 60
Young tower portfolio with over 50% of towers less than 3 years old.
Majority of portfolio connected to grid power (96%) – highest in the industry.
FY 13 Financials – Revenue* of about ` 4,856 crs and EBITDA* of ` 1,835 crs with EBIDTA Margins (Exc. Energy) of over 57% and Cash Profit of ` 892 crs.
* excludes prior period & ex. ordinary income
20
Copyrights © Srei Infrastructure Finance Ltd. 2013
Asset Portfolio – Scalability & Tenant Mix
SCALABILITY & TENANCY RATIO
50000
3.0
40000 40430 41465
38500
2.5
36500
2.4
2.4
2.3
2.3
2.1
2.0
40000
30000
20000
10000
1.6
1.3 18500
•
High Scalability – No of Towers have increased from 3,400 towers in FY08 to 41,465 towers currently growing at a CAGR of 52%. Present tenancy of 95,031, growing at a CAGR of 66% in the last 7 years
•
Tenancy Ratio ‐ Highest Tenancy Ratio of 2.3x as compared to industry average tenancy ratio
as compared to industry average tenancy ratio of 1.7x.
•
Independent Tower Company – Low dependence on Anchor Tenants with More than 65% of the tenancy is from Non‐Tata service operators.
•
Robust portfolio Mix ‐ Share of new entrants reduced from 41% to 25%. Share of incumbents and other operators increased from 18% to 31%. 1.5
1.0
3400
0.5
0.0
0
FY 2008 FY 2009
FY 2008
FY 2009 FY 2010
FY 2010 FY 2011
FY 2011 FY 2012
FY 2012 FY 2013
FY 2013 Dec‐13
D 13
Total No of Towers
Tenancy Ratio (No of Tenants per Tower)
TENANCY MIX
120
100
80
60
40
20
13
12
13
12
30
31
22
16
21
18
21
41
42
45
44
FY 2011
FY 2012
FY 2013
Dec‐13
19
0
Tata
Incumbents
Uninor
New Entrants
21
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VIOM Networks – Financial Highlights
(` crs)
FY 2011 (A)
FY 2012 (A)
FY 2013 (A)
YTD Dec
2013 (Est)
Total No of Towers
38,500
,
40,000
,
40,430
,
41,465
,
2.4
2.4
2.3
2.3
Revenues ‐ Service Income*
2956
3246
3205
2216
Revenues ‐ Pass Through (Energy)
1413
1537
1651
1268
Total Revenue
4369
4783
4856
3843
EBIDTA*
1361
1545
1835
1247
46 0%
46.0%
47 6%
47.6%
57 2%
57.2%
56 3%
56.3%
Cash Profit
558
567
892
615
Total Debt
8128
8048
7383
6847
Tenancy Ratio (No of Tenants per Tower)
•
Strong Annuity Income with Long
Income with Long Term Contracts.
•
Lock In Revenues of more than ` 186 Bn
•
Incremental margins in the range of 50‐
70% due to better efficiency & lower Capex.
•
Strong Cash Profits & Well managed Capital structure.
•
Net Debt Reduction of more than ` 1250 crs over last 3 years to ` 6,847 crs
currently.
* excluding prior period & ex. ordinary income
EBIDTA Margin % ‐ W/O Pass Through
EBIDTA Margin % W/O Pass Through
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Copyrights © Srei Infrastructure Finance Ltd. 2013
BOT Asset Portfolio ‐ Summary
Well Diversified Portfolio
•
•
One of the largest BOT Project Portfolio in the Roads and Highways Sector with total experience of 5,412 lane kms.
Well diversified BOT Asset Portfolio spread across 7 states such as Madhya Pradesh, Maharashtra, Uttar Pradesh, Arunachal Pradesh, Kerala, Odisha & Haryana.
Strong Long Term Cash Flows
•
•
Out of Total 9 Projects in which Srei has significant economic interest, 5 projects are already operational with currently cumulative Annual Gross Revenue (TTM) of more than ` 3500 mn. Another 2 BOT projects are expected to be operational by FY15, thus resulting into strong Revenue growth & further improved Cash Flows.
Significant Road BOT Asset Portfolio
% State Wise BOT Portfolio (Lane Kms)
Madhya Pradesh
9%
7%
19%
Maharashtra
Odisha
13%
11%
21%
20%
Total No of Projects
9
No of Projects – Operational
5
No of Projects ‐ Under Construction
4
Total Lane Kms
Total Lane Kms
3776
Arunachal Pradesh
Lane Kms – Operational
1702
Uttar Pradesh
Lane Kms ‐ Under Construction
2074
Gross Revenue Realized per Lane km (for Q3 FY14)
5 Lac
Kerala
Haryana
a ya a
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Copyrights © Srei Infrastructure Finance Ltd. 2013
BOT Portfolio – Significant Operational Assets
Total Toll Collection (Crs)
•
Currently 5 projects are already operational y p j
y p
and another 2 projects to become operational by FY15.
•
Current Cumulative Annual (TTM) Toll more than ` 350 crs. than `
350 crs
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20 0
20.0
10.0
0.0
91.9
69 8
69.8
Q4 FY13
TOLL COLLECTION
79.3
73.6
Q1 FY14
Q2 FY14
Chandikhole
Thirssur ‐ Angamali, NH‐ Jaora Nayagaon Section Indore – Ujjain Road on Rohtak‐Bawal section of Bhubaneswar Section of 47
SH‐31
SH‐27
NH‐71
NH‐5
Q3 FY14
Total
Q4 FY13
Q4 FY13
18 64
18.64
27 28
27.28
4 78
4.78
19 08
19.08
0 00
0.00
69 8
69.8
Q1 FY14
19.80
29.40
4.86
19.50
0.00
73.6
Q2 FY14
19.08
32.32
4.64
18.68
4.54*
79.3
Q3 FY14
20.88
32.52
5.14
18.64
14.70
91.9
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Copyrights © Srei Infrastructure Finance Ltd. 2013
BOT Portfolio – Under Construction Assets
Particulars
2/4 Laning of Rimuli‐Roxy‐
4/6 Laning of Gaziabad‐
Rajamunda Section of NH Aligarh Section of NH – 91 215
4 Laning of Solapur
2 Laning of Potin Pangin
Maharashtra/
Section of
Karnataka Border Section of NH‐229
NH
229
NH 9
NH‐9
Project Cost 2019
811
1662
883
Project Type
Toll
Toll
Annuity
Toll
Concession Period (years)
24 yrs
19 yrs
17 yrs
25 yrs
Project Road Length (Kms)
Project Road Length (Kms)
125
96
407
100
Project Lane Kms
500
360
814
400
Uttar Pradesh
Odisha
Arunachal Pradesh
Maharashtra
Awarding Authority
NHAI
NHAI
MorTH
NHAI
Commercial Operational Date
Jul‐14
Jul‐14
54 months from Appointed Date 30 months from Appointed Date
State
25
Copyrights © Srei Infrastructure Finance Ltd. 2013
Strategic Investment – Sahaj
Financial Snapshot
YTD FY14
Income
` 61 Crs
► A Public Private Partnership to bridge the urban‐rural digital divide in India
► 27,908 Common Service Centres (CSCs) rolled out in six states : 27 908 C
S i C t (CSC ) ll d t i i t t
EBITDA
(‐) ` 14 Crs
•
West Bengal, Uttar Pradesh, Bihar, Assam, Tamil Nadu and Odisha
•
Covering 290 million people (37% of India’s rural population) ► Offering following services :
g
g
•
e‐governance: Land Records, Registration & Revenue Collection, Electoral Services, Employment Exchange, Passport, Ration Card, IT Return and other Government Services
•
e‐commerce: B2B and B2C Services (including financial services like Insurance, B ki C
Banking Correspondence, etc.), Electricity Board
d
t ) El t i it B d
•
e‐learning: Computer Training, Distance English Education, Tuitions/Vocational Courses and other related courses
Debt
` 304 Crs
CSCs Rolled Out
27908
► Opportunity to quickly scale up roll out of BC mandate thru the CSC network
► Economy of Scope – As more & more G2C and B2C services are added, high operating leverage benefits will play, using the existing infrastructure
26
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Copyrights © Srei Infrastructure Finance Ltd. 2013
Sahaj ‐ Leveraging technology led operating model
Cash management and information flow addressed through real Time Transaction and voucher based funds flow
G2C Service partners (State & Central)
B2C Service partners (Financial Services’, Education, Health Services, Rural Media & CUPS
Real time monitoring and reconciliation
Data centre
Cash
Services
VLE in CSC
Village
Voucher based cash management
g
27
Vouchers
Copyrights © Srei Infrastructure Finance Ltd. 2013
Sahaj –Key Highlights
Encouraging growth indicators
growth indicators in operational states
Strong partnerships and product / service Natural monopoly p y
offerings
with strong barriers to entry
State of the art b k d
back end infrastructure and stellar management
Execution phase Execution
phase
completed, substa
ntial revenue upside
Largest SCA in Country (28% share) with ~28000 operational CSCs
Key Highlights
28
Strong promoter background and experience
Copyrights © Srei Infrastructure Finance Ltd. 2013
Consolidated Balance Sheet Overview Balance Sheet Details (` crs)
YTD FY14 YTD FY13 H1 FY14
Net Worth Minority Interest
Minority Interest
Borrowings
Def. Tax Liability (Net)
Interest Earning Assets g
Other Fixed Assets
Investments
Net Current Assets 3,142 34 34
19,855 155 19,461 ,
572 2,074 1,078 Key Ratios
Return on Avg. Net Worth
Return on Avg. Assets
Return on Avg Cap. Employed
Leverage EPS (` ) (Annualised)
Book value (`)
Book value (
Dec‐13
6.7%
0.8%
11.6%
6.3
3.6
62 4
62.4
29
2,915 28 28
18,162 157 17,961 ,
565 2,074 663 3,097 34 34
19,519 162 19,065 ,
559 2,075 1,112 FY13
3,009 27 27
18,282 161 18,398 ,
529 2,074 478 Dec‐12
Sep‐13 Mar‐13
9.9%
6.6%
10.0%
1.2%
0.8%
1.2%
12.5%
11.8%
12.2%
6.2
6.3
6.1
5.1
3.5
5.2
57 9
57.9
61 6
61.6
59 8
59.8
Copyrights © Srei Infrastructure Finance Ltd. 2013
Consolidated Income Statement
Income Statement (` crs)
YTD FY14 YTD FY13
Q3 FY14 Q3 FY13 Q2 FY14
FY13
Income from Finance Activities
Income from equip. financing
Income from project financing
Income from project financing
Finance charges (excl Forex Impact)
NII
Non Interest Income
Income from Fee Based Activities Income from Equipment Rental
Income from Investments
Others*
Net Income
Operating Expenditure
Provisions & Write offs
PBT before Exceptional Items & Forex M2M
Exceptional Items
Exceptional Items
PBT before Forex M2M
Forex M2M
PBT
PAT (after Minority)
2,048 882 1,166 1 166
1,696 352
1,884 781 1,103 1 103
1,562 323
687 295 392 392
573 114
648 279 369 369
530 118
688 298 390 390
587 101
2,495 1,074 1,422 1 422
2,091 404
131 99 2 33 617
280 82 108 177 16 50 674
359 58 41 35 0 10 201
101 31 45 46 1 8 217
111 23 48 33 1 15 199
87 33 130 222 80 59 896
480 109 255
258
69
83
79
307
‐ 74 74 ‐ 8 8 ‐ 104 104
255 332 69 90 79 411 39 53 (5) 17 16 48 216
279
73
73
63
363
135
194
46
47
41
263
* Excludes Income from Exceptional Items, shown separately
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Copyrights © Srei Infrastructure Finance Ltd. 2013
For any further queries please contact:
Sanjeev Sancheti
Group Head –Corporate Strategy & Planning
Srei Infrastructure Finance Ltd.
Tel: + 91 33 6602 3414 (D)
Email: [email protected]
Amit Agarwal
Chief Manager – Investor Relations
Srei Infrastructure Finance Ltd.
Tel: + 91 33 6701 5131 (D)
Email : [email protected]
Srei Infrastructure Finance Limited ‘VISHWAKARMA’; 86C, Topsia Road (South), Kolkata – 700 046, INDIA
Phone: +91 33 6602‐7734; Fax: +91 33 2285 7542 / 8501
Email: [email protected] / [email protected]
Web: www.srei.com
Disclaimer
In this communication we have disclosed certain forward‐looking information to enable investors to comprehend our future prospects and take informed
investment decisions. This report and other statements – written and/or verbal ‐ that we periodically make/publish contain forward‐looking statements that
set out anticipated results based on the management's plans and assumptions for future growth and development of the organizations. We have tried
wherever p
possible to identifyy such statements byy usingg words such as anticipate,
p , estimate,, expects,
p
,p
projects,
j
, intends,, p
plans,, believes,, and words of similar
substance in connection with any discussion of future performance.
We do not guarantee, warrant and/or recommend, express or implied, as to the accuracy or completeness of such assumptions and that these forward‐
looking statements will be realized, although we believe we have been prudent in assumptions which are subject to dynamic changes. The achievement of
results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying
assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Prospective investors are recommended
to take there decisions based on interpretations and assumption of such published forward looking statements. . We undertake no obligation to publicly
update any forward‐looking statement, whether as a result of new information, future events or otherwise. Moreover, neither we or any other company or
subsidiary of the Srei Group, nor any of its officers, directors or employees accept any liability or responsibility in respect to the information or any
assumptions expressed herein
The information contained herein has been prepared exclusively for informational purposes and is not an offer or solicitation of an offer to buy/sell the
securities/instruments mentioned or to participate in any trading strategy or an official confirmation. This is not a research but it may refer to a research
analyst/research report.. Information is subject to change without notice and we may not update this. Past performance is not indicative of future returns.
This price information (if any) is provided solely for informational purposes and may differ substantially from price information available from other sources
or an actionable price.
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THANK YOU!
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