Key takeaways of the call

The company in the last two months has won orders worth Rs 7837 crore including 5 Road Projects on Hybrid Annuity Model (HAM) in the states of Gujarat, Karnataka and Jharkhand with a total project bid value of Rs 5539 crore and aggregate EPC component order value amounting Rs 4212 crore; three EPC road contracts aggregating to a value of Rs 1473 crore from NHAI, MORTH and Maharashtra PWD and power t&D orders aggregating to a value of Rs 826 crore for setting up distribution lines in Telangana and UP.

Order backlog as end of March 31, 2019 was Rs 5849 crore and of which road contract orders were Rs 4256 crore (EPC 2019 crore; HAM projects 2336 crore) and power T&D was Rs 1593 crore. Current EPC Order Backlog including recently won order stand at Rs 11912 crore. This includes orders received / to be received from HAM Project SPVs to Ashoka Buildcon.

Started receiving annuity payment for both Mudhol – Nipani and Chennai ORR projects.

Of the 5 HAM projects barring two projects in Karnataka all other have 90-100% land acquired and in possession. Currently Mallasandra-Karadi only 60% of land Karadi-Banwara 83% of land in possession. Expect land in possession for these two projects will reach 90% by Sep 2018.

Received favorable arbitration awards in case of Pune Shirur road projects in the state of Maharashtra for Rs 383.8 crore. Similalry the company got arbitration award in its favour for a cash claim of Rs 38.43 crore and additional toll days for 1384 days in case of Dewas Bypass road project. The company got award in its favour for claim for an amount of Rs 22.5 crore from NHAI for Sipurgar project, which will be received in next 1 month.

As end of March 2018, the total Consolidated debt is Rs 4744 crore and standalone debt was Rs 108 crore. Standalone debt includes Rs 104 crore of Equipment Loans and Rs 3.7 crore of Working Capital Loans.

The looks at further order intake of Rs 6000 crore of roads and highway orders and Rs 2000 crore worth of power T&D orders in FY19

Considering strong order book the company is looking at a revenue growth of 40% for next couple of years.

Got completion certificate for Maldives road project.

Katni Byepass – the company got the concession period extended by 5 years by the court order. The company has about Rs 77 crore of toll revenue collected in escrow account. If the order comes the toll income will be recognized as revenue.

Islampur started execution in Q4FY18 and land acquisition issue is addressed.

Impact of IND-AS accounting treatment for CCDs in Ashoka Concession: CCDs issued to SBI Macquarie treated as Financialn Liability & Recorded as Fair Value in Financial Statement. Obligation towards investmentn in subsidiary of Rs 1359.2 crore created and reduced from Retained Earnings in FY18. The P&L statement for FY17 was charged with Rs 118.1 crore and FY18 about Rs 174.4 crore respectively.