Key takeaways of the call

Order book was Rs 10783 crore of which Roads BOT/HAM was Rs 5684.5 crore, Roads EPC was Rs 2767 crore and Power T&D was Rs 2331 crore.

Of the 5 HAM projects, the company has tied up debt for four projects i.e. Mallasandra-Karadi Road, Karadi-Banwara Road, Belgaum-Khanapur Road all in Karnataka as well as Khairatunda Barwa Adda Road in Jharkhand. The company has tied up a debt of Rs 1125 crore for all the four projects together and the financial closure documentation in progress. As far as Ankleshwar-Manubar road project in Gujarat the term sheet is in negotiation and FC will be completed soon.

The company expects to get appointed date during Sep-Oct 2018 for all the five projects. The company expects 100% land availability for Belgaum-Khanapur, 90% for Ankleshwar-Manubar projects by the time of appointed date thereby not expecting delay.

Letters of Intent for City Gas Distribution Project in Karnataka & Maharashtra Grant for Laying, Building, Operating or expanding City or Local Natural Gas Distribution Network for Geographical Areas of Chitradurga & Devangere Districts in the State of Karnataka and Latur & Osamanabad Districts in the State of Maharashtra for 25 years.

The capex for Maharashtra city gas will be Rs 100 crore and that for Karnataka will be Rs 150 crore. The capex is expected to be spent over 8 years. Expect to commence work in next 5-6 months.

Tax rate for FY18 was 24% and expect the rate to be about 26-27% for FY19 and 29-30% for FY20.

Q1FY19 revenue was flat and expects Q2FY19 to see slight jump. But work on all 6 project (5 ham & 1 TOT) will commence in Q3FY19 giving a boost to revenue. So the company is confident of 30% plus growth in revenue for FY19.

An equity of Rs 530 crore will be invested in project SPVs in next 2.5 years.

Planned capex for FY19 was Rs 170 crore.

Received Rs 22.449 crore as settlement agreement executed with NHAI, as an outcome of conciliation process for the resolution ofn disputes for the Project viz. construction of 4/6 lane access controlled Chittorgarh Bypass – NH79, in Rajasthan. On standalone only Rs 12 crore is accounted.