Road ppt 14 12 15 final

Overview of the Roads & Highway Sector
December 2015

Table of Contents
Particulars Slide no.
India’s Road Network
• India’s Existing Road Network
• Important National Highways
• Road Highway Network of Key States
4
Regulatory Framework
• Key Governing Agencies
• Various Central Level & State Level Development Programs
• Types of Contracts
8
India’s BOT Journey
• Evolution of Road Sector in India
• 2010 to 2014 - High & Low of the Road Sector
• Current Scenario – Gradual Uptick being seen in the Sector
• Recent Initiatives
• Proposed Amendments in MCA is likely to Boost Highways Sector
12
Road Companies
• Indian Companies
• Top Global Infra/BOT Companies
18
Funds & Deals
• Major Global Funds
• Major Deals in the Road Sector
36
Annexure
• BOT Timeline
• Hybrid Annuity
• Financial Initiatives - RBI
• List of Pre Qualified Bidders
• Major Companies – Asset Portfolios
42
2

 India has the second largest road network in the world, aggregating 4.7 million km which is smaller than
the USA (6.5 million km) but bigger than China (4.24 million km)
 Paved road in India accounts for ~55% of total road network as compared to China& USA where paved
roads account for ~84% & 65% respectively
 About 65% of freight and 85% of passenger traffic in the country is being carried by roads
 Of the total national highway network in India, only 24% is 4/6/8 laned, ~22% is single laned & 54% is
double laned. Since majority of the highways are single or double laned, it opens up huge opportunities for
development of highways in the future
 Over the past 2 decades, Government of India has taken various initiatives for development of highway
network in India, major one is the National Highways Development Program (NHDP) launched in 1998 to
develop and strengthen ~50,000 km of NHs
Network Length (km) %
NH 96,241 2.0
SH 147,800 3.1
Other Roads 4,455,000 94.8
Total 46,99,041 100.0
India’s Existing Road Network
5,846 7,142 12,109 13,203 6,500 1,000 700 2,649
Golden Quadrilateral (GQ) - Connects Four Metropolitan Cities(i.e. Delhi-Mumbai-Chennai-Kolkata-Delhi)
NS(North-South) Corridor Connects Srinagar to Kanniakumari and EW(East-West) Corridor Connects Porbandar to Silchar
Others include Port Connectivity, Ph-I&II Misc. & SARDP-NE Projects
21,440
28,977
33,689
96,241
1950 1980 1995 2015
NH growth over the yrs
km
NHDP Status Phase Wise (As on 30th Sep 2015)
100%
90%
55%
12%
35%
3%
76%
50%
6%
27%
35%
22%
3%
19%
21%
4%
18%
53% 44%
100% 94%
5%
29%
Phase I - GQ Phase II -
NS/EW
Phase III -
Upgradation,
4/6-laning
Phase IV - 2
lanes with
paved
shoulders
Phase V - 6
laning of GQ
Phase VI -
Expressways
Phase VII -
Ring Roads &
Bypasses
Others Total
Completed Under Implementation Balance to be awarded
49,149km
81%
19%
Proportion of Toll /Annuity Projects
in NHDP (17,387 km)
Toll Annuity
(As on 30th Sep 2015)
4

Important National Highways
Important National Highways
NH Route KM PPP EPC
NH-7
Varanasi –
Kanyakumari
2,369
900
(38%)
1,469
(62%)
NH-6 Kolkata – Dhule 1,949
910
(47%)
1,039
(53%)
NH-5 Kolkata – Chennai 1,533
751
(49%)
782
(51%)
NH-2 Delhi – Kolkata 1,465
795
(54%)
670
(46%)
NH-8 Delhi – Mumbai 1,428
1,007
(71%)
421
(29%)
NH-4 Mumbai – Chennai 1,235
716
(88%)
519
(12%)
NH-3 Agra – Mumbai 1,161
948
(82%)
213
(18%)
NH-9
Mumbai –
Vijayawada
841
677
(80%)
164
(20%)
Varanasi
Kanyakumari
NH-7
NH-6
Dhule
Kolkata
Chennai
NH-5
New Delhi
NH-2
NH-8
NH-4
Mumbai
Agra
NH-3
NH-9
Vijayawada
Golden Quadrilateral connecting 4 metros
5

Road Highway Network of Key States
Bihar
UP
Rajasthan
Gujarat
Maharashtra
Madhya Pradesh
Karnataka
Tamil
Nadu
West
Bengal
Odisha
(Arunachal, Assam,
Manipur,
Meghalaya,
Mizoram, Nagaland,
Sikkim & Tripura)
RL – Road Length, PR – Paved Roads as % of total roads
RL – 138,517
RL – 248,604 km
RL – 163,149 km
RL – 201,261 km
RL – 396,685 km
RL – 303,128 km RL – 230,200 km
RL- 315,404RL – 254,709 km
RL - 411,913 km
RL – 403,102 km
PR – 89%
PR – 82%
PR – 64%
PR – 85%
PR – 66% PR – 82%
PR – 24% PR – 42%
PR - 31.4%
PR – 47%PR – 7%
6

Key Governing Agencies
8
National Highways State Highways Rural Roads
Border Roads Organization (BRO)
BRO is assigned with the development of
roads in border areas through funds
provided by Border Roads Development
Board. BRO also executes projects entrusted
to it by the union & state govt
Ministry of Road, Transport & Highways
(MoRTH)
MoRTH has the primary responsbility of
construction & maintenance of national
highways & formulation and
implementation of various policies. Besides,
it also provides support to state
governments for the development of state
roads through central road fund (CRF)
State Public Works Departments (PWD)
Almost all the states have PWDs. It is
supposed to manage national highways
both under MoRTH and NHAI, and other
roads including state highways, major
district roads & other district roads
Ministry of Rural Development
MoRD was established in 1979 to oversee rural
roads. The department is responsible for the
implementation of the ongoing Pradhan Mantri
Gram Sadak Yojana (PMGSY)
National Highways Authority of India
(NHAI)
NHAI is an autonomous body established
under the NHAI Act, 1988. However, it
became fully operational in February 1995.
The implementation of the National
Highways Development(NHDP) is its
prime responsibility
Road Development Corporations
The basic purpose of road corporations is to
execute state road projects, by raising
finance through banks, markets, and the
private sector. MSRDC, GSRDC, RSRDC,
KRDC are some of the most popular road
corporation in India
National Rural Roads Development Agency
(NRRDA)
NRRDA looks into the implementation of
projects under the PMGSY on behalf of MoRD.
It extends support on technical issues and on
submitting specifications of constructing rural
roads to state level agencies

Various Central Level Road Development Programs
NHDP
• Launched in 1998 for development of national highwaysnetwork of ~50,000 km
• Executed by the NHAI in coordination with the PWD of various states
• Implementation to be done in 7 phases, as on Sep 2015 the status is ~50% completed, ~21% U.I & ~29% is to be awarded
NHIDCL
• Incorporated in July 2014 as a fully owned company of MoRTH for development of NHs and strategic roads
• Target to award projects worth Rs 1,30,000 crore, including 10,000 km of highways and 2,000 bridges
• NHIDCL has awarded 18 projects covering 600 km of road, valued at Rs 6,446 crs in FY15. Target for FY16 is to award
contracts worth Rs 5,116 crs covering ~402 km of which it has awarded contracts worth of Rs 1,200 crs in H1 FY16
Bharatmala
• Project envisages construction of 5,000 km of road network all along the borders and coastal areas at a cost of Rs 55,000 crs
• Project was to be launched in FY16 but progress has been slow & it is not expected to commence in the current fiscal
• Roads will be developed to connect 100 district headquarters across the country
• 6,600 km of national highways do not have uniform configuration, these highways would be upgraded to ensure better
connectivity
The Rashtriya Rajmarg
Zila Sanjoyokta Pariyojna
• Proposed scheme entails building bridges and RoBs on national highways across the country with a target to build 150
bridges and 202 RoBs
Setu Bharatam
• PMGSY was launched in year 2000 by the centre with the objective to provide single all-weather road connectivity to all
eligible unconnected rural habitations.
• 1,78,184 unconnected habitations were identified of which 1,12,550 habitations (63%) have been connected with PMGSY
roads
Pradhan Mantri Gram
Sadak Yojana (PMGSY)
9

Types of Road Contracts
10
Road Contracts
BOT
(Annuity)
BOT (Toll) EPC
Hybrid
Annuity
OMT
(Operate Maintain
Transfer)
Tolling
Types Description Revenue Stream
Development
Risk
Financing Risk Traffic Risk
Concession Period
(NHAI)
Award Criteria
BOT
(Toll)
Private party builds roads,
undertakes O&M &
collects toll
Toll Concessionaire Concessionaire Concessionaire ~ 20-25 years
Highest revenue
sharing bid
BOT
(Annuity)
undertakes O&M &
collects annuity
Annuity
Payment
Concessionaire Concessionaire Authority ~ 20-25 years Lowest Annuity
EPC
Private party builds roads
(money spent by
government)
Contract
Amount
Contractor Authority Authority NA
Lowest tariff
requested
OMT
Private party collects toll
& undertakes O&M
Toll NA Concessionaire Concessionaire ~ 9 years
Highest % of toll
revenues or highest
premium per year
Tolling
Private party collects toll
during the concession
period and pays the
estimated toll to the
authority &
Toll NA Concessionaire Concessionaire ~ 1 years
Highest revenue
sharing bid
Hybrid Annuity*
undertakes O&M &
collects annuity
Annuity Concessionaire
Concessionaire
& Anutority
Authority ~15 years Lowest Annuity
*Refer annexure for more details about Hybrid annuity

400,000
4,865,400
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
1951 1971 1991 1998 2001 2008 2011 2012
Progress of total road network in India (km)
Evolution of Road Sector in India
12
1992-93
Easing the entry of private players - by
facilitating borrowing, reducing custom
duties on construction equipments and
allowing large firms to enter the industry
1997-98
1) National Highway Rules, 1997 (tolling of
National highways)
2) Amendment to Indian Toll Act
Formation of NHDP in 1998
1998-99
Introduction of GQ
2000-01
1) 100% FDI approved
2) Income tax benefits on NHAI bonds
3) NHDP Phase 1
4) Creation of Central Road Fund
2008-12
The BK Chaturvedi Committee recommendations in the Model
Concession Agreement (MCA) like equity support in form of
grant, risk mitigation provision, exit option for developers etc
contributed to the increasing interest.During the period over
14,000 km of NH projects were awarded and aggressive bids
were seen by developers
2012-14
Road sector caught in
downturn
2006
Introduction of VGF
km

2010 to 2014 - High & Low of the Road Sector
13
1,608 1,390 1,145
643
3,360
5,058
6,380
1,116
213
3,055
345 89 - - - - -
1,223
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14
NHAI Projects awarded activity during FY06-14
BOT EPC
 2010 – 2012 : Era of aggressive bidding - Post amendment in MCA, road awarding activity rose significantly but companies became very
aggressive while bidding. They outbid each other for even small stretches of highway, made aggressive traffic growth projections and even non-
infra players were queuing up to enter the sector to capitalize on the huge opportunity available
Fall in awarding
activity
 2013 – 2014 : After effects post meteoric rise in the sector - Road order awards dropped sharply over FY12-14 on account of multiple issues such as:
(a) Poor financial health of developers on account of aggressive bidding and taking up of unviable projects. Adding to their woes, several of the
projects were also stuck due to procedural issues such as land acquisition & clearances
(b) Banks became averse towards lending on the back of increase in stuck projects & stressed assets
(c) Termination of projects - Of 12,110 km & 110 projects awarded from 2011-2014; ~26% of them were terminated mainly due to funding crunch with
the concessionaire, land acquisition and irrational premiums offered to NHAI; ~29% of the projects were stalled & most of them did not even have a
concession agreement with NHAI
(d) Slowdown in traffic : The period saw a slowdown in economic growth which also had a substantial impact on growth in traffic, many stretches
started reporting negative traffic growth which further added to the problems for the developers
 Interest in PPP declined to lowest level during the period from a high of 6,380 km in FY12 to 213 km in FY14
13 out of 22 PPP projects did not attract bids in FY13 and ~21 projects failed to attract even a single bid in FY14. This is in sharp contrast to an
average of 10 - 15 bids per project witnessed earlier
km
38% 30%
77%
100%
62% 70%
23%
FY09 FY10 FY11 FY12
% Projects awarded on grant % Projects awarded on premium

Current Scenario – Gradual Uptick being seen in the Sector
14
 After a turbulent period in FY13 & FY14, some improvement was witnessed in awarding of
projects during FY15 & H1 FY16
 Favourable policy initiatives, host of regulatory measures, higher fund availability and an
ambitious roadmap for improving road execution in the country set by new government
led to revival of interest in the road sector & increased awarding activity
 Also commercial vehicles (CV) which make up a bulk of the toll revenues are expected to
see better sales in the coming quarters as the economy grows. Historically the CV sales
growth has tracked the IIP growth which has seen a significant improvement in recent
times
 During FY15, NHAI’s project award was at ~3,000 km more than double when compared to
FY14
 Significant increase in project awards by other agencies like MoRTH was also seen, taking
overall award to ~8,000 km in FY15 versus ~3,600 km in FY14.
 For FY16, NHAI has set a target for awarding at ~5,400 km of highways of which ~2700 km
(EPC 1,918 km & BOT 803 km) has already been awarded till Sep15 and another ~3,600 km
is expected to be awarded by MoRTH taking the total awards by the Centre to 9,000 km
-
213
2,292
1,918
1,116
1,223
734 803
37%
57%
55%
50%
0%
10%
20%
30%
40%
50%
60%
70%
-
500
1,000
1,500
2,000
2,500
2012-13 2013-14 2014-15 H1 FY16
NHAI projects awarded during FY13 - H1 FY16
EPC BOT Target accomplished
km
BOT Projects Awarded (H1 FY 16) NH Award date
Project Cost
(Rs mn)
L1 Bidder L2 Bidder
Agra - Etawah bypass section 2 Jul-15 26,500 IRB Infra N.A
Solapur - Bijapur Section 13 May-15 13,775 Uniquest Infra Essel Infra
4 Laning of Guna to Biaora 3 Jun-15 10,129 Dilip Buildcon Oriental Structures
4 laning of Biaora – Dewas 3 Jun-15 15,838 Oriental Structural N.A
Amravati – Chikhli 6 Jul-15 22,880 IL&FS Transportation Sadbhav Engg
4-Ianing of Fagne - Gujarat/Maharashtra Border 6 Jul-15 18,858 IL&FS Transportation Essel Infra
8 Laning of Mukarba Chowk to Panipat 1 Jul-15 21,287 Essel Infra N.A

Recent Initiatives
 Nod for compensation from NHAI in case of project delay – In Nov 2015, the government has given nod to NHAI to allow extension of concession period
for all BOT (Toll) projects that are languishing during the construction period due to causes not attributable to the concessionaire. The decision regarding
eligibility of projects for the extension of concession period, will be taken by NHAI on a case-to-case basis, based on the recommendation of the concerned
independent engineer. The relief is, however, subject to many conditions including that the project will have to be completed within a period of three years.
The government additionally has allowed NHAI to pay compensatory annuities to the developer for the actual period of delay upon successful completion of
the project subject to certain conditions
 Exit Policy - The Cabinet Committee on Economic Affairs (CCEA) on 13 May 2015 had allowed promoters/concessionaires to divest 100% of their equity
after two years of construction. In a welcome move, the CCEA, on 26 August 2015, expanded the scope of the sectors into which promoters/concessionaires
can re-invest the sale proceeds to not only cover incomplete projects of NHAI, but also other highway and power sector projects and also for retiring debt
due to financial institutions in infrastructure projects generally.
Earlier complete exit was not allowed. A concessionaire could sell 74% equity after the date of start of commercial operations, but had to hold 26% in the
project until the end of the concession period
 Harmonious Substitution - In Jan 2014, Proposal approved to permit the substitution of existing concessionaire or the selected bidder / consortium member
of such project SPV, in a harmonious manner. The decision shall be applicable to all national highways under PPP awarded or yet to be awarded. The clause
will be applicable to operational assets and under construction assets where financial closure has been achieved
 One time fund infusion to revive and physically complete languishing BOT projects – In Feb 2015, CCEA approved the proposal for one time fund
infusion by NHAI to revive and physically complete languishing BOT projects that have completed atleast 50% physical completion. NHAI will provide
bridge loan at bank rate plus 2%. Tripartite agreement between concessionaire, NHAI, lender where NHAI has first charge on toll receivables of these
projects
 Infrastructure Investment Trust (InvIT) - SEBI has cleared the guidelines for formation of Infrastructure Investment Trusts. This would make available a
source of long term funding available to the developers. The funds so raised could be utilised by the developers to take up new projects. It shall be
mandatory for units of InvITs to be listed on a recognized stock exchange having nationwide trading terminals, whether publicly issued or privately placed
“Various regulatory & policy measures have been undertaken by NHAI & GOI which has led to improved sentiments in the sector”
15

Proposed Amendments in MCA is likely to Boost Highways Sector
Amendment Previous Clause Current Clause Impact
Premium payments
To begin from year one of the completion
date (COD)
To begin from year four of COD and increase by 3%
till the 10th year, and 8% per year until the end of the
concession period
Will help developers and lenders
reduce cash flow mismatches
Equity contribution
by authority
Equity support should not be more than the
equity of the developer nor can it exceed 20%
of the project cost
Equity support (including O&M) by authority shall
not be more than two times the promoter’s equity,
and cannot exceed 40% of the project cost
Facilitates higher equity support
by authority
Termination of
projects
No provision for deemed termination
There will be deemed termination if the appointed
date is not within one year of the agreement date
Will reduce the number of
projects stuck due to of lack of
progress in work
Maintenance
obligations
No provision for higher traffic beyond the
capability designed. If maintenance
obligations are not met, a penalty of 0.5% of
the average daily toll, and 0.1% of the cost of
repair for the balance concession period
(whichever is higher), will be levied
Added obligations if traffic is higher than designed
capacity. If the concessionaire fails to repair or rectify
defects then the authority will levy penalty for each
day of delay at 5% of the average daily toll and 1% of
the cost of repair, whichever is higher, for the balance
concession period.
Will fix responsibilities for
maintenance on developer
Toll fee notifications
If the toll collected or displayed is in excess
of notified fees, the surplus needs to be
deposited along with penalty equal to 25% of
the excess amount
If the toll collected or displayed is in excess of
notified fees, the excess amount, along with penalty
equal to 200% of such excess amount, will have to be
deposited
Will prevent misuse of toll
collection rights
Data on toll and
traffic collection
Not present
Install appropriate mechanism to ensure real -time
traffic data count and corresponding revenue
collection
Will enhance transparency and
lender comfort because of better
traffic estimation
Refinancing
obligations
Not present
NHAI shall permit and enable concessionaire to
secure refinancing in whole or in part
Will enhance lender comfort
16
MCA – Model Concession Agreement

Road Focused Companies
EPC FocusedBOT Focused
Diversified
Companies
 In this section we have covered major listed companies in the road space. Based on the companies current business focus, we
have broadly classified them as follows
 IRB Infrastructure Developers
 Ashoka Buildcon
 Sadbhav Infrastructure Projects (SIPL)
 IL&FS Transportation Network (ITNL)
 Sadbhav Engineering (SEL)
 J Kumar Infra
 PNC Infratech
 Gayatri Projects
 KNR Constructions
 Simplex Infrastructures
 ITD Cementation
 MBL Infra
 JMC Projects
 Supreme Infrastructure India
 Larsen & Toubro (L&T)
 Reliance Infrastructure
 GMR Infrastructure Ltd
 Nagarjuna Construction Co. (NCC)
 Hindustan Construction Co.(HCC)
 We have also presented a brief overview on select few companies whose focus continues to remain on roads
18
Road Companies

Focused Road BOT Developers
19
14
11
8
20
7
5
4
15
IRB Ashoka SIPL ITNL
Operational U.C
38%
43% 64%
43%
62%
57% 36%
57%
Operational U.C
No. of Operational / U.C Projects Operational / U.C Project Cost Mix
Project Mix by Authority
42.8
18.5 20.0
50.0
25.0
1.8
20.4
Equity Infused Pending Equity
Equity Contribution & Pending Contribution
310
106 109
400
20 12 10 22
5
2
13
Toll Annuity
No. of Toll / Annuity Projects
11.9
17.3
20.6
15.7
22.1
19.0
15.7
19.4
Operational U.C
Avg. Residual Life of Projects
Weighted average w.r.t project cost
16
7 8
14
4
9 4
19
IRB Ashoka SIPL ITNL*
Center State
 We have considered IRB Infrastructure Developers , IL&FS Transportation Network (ITNL), Sadbhav Infrastructure Projects (SIPL) & Ashoka Buildcon as focused
road BOT players
 Historically they have been amongst the larger BOT focused companies & continue to remain focused on developing its asset portfolio. Other companies also
have a presence in the BOT space but hold a diverse asset base
 Cumulatively they continue to expand their BOT portfolio & have been most active in the BOT space. Three of the seven BOT projects awarded in FY 16have been
taken up by these firms
* Excluding two international projects
(Rs bn)
(Rs bn)In years

Major Road EPC Players
20
1 BOT Asset through listed
holding company SIPL
4ITD Cem- Since the whole business is
EPC. We have taken consolidated nos
2 PNC Infratech FY15 numbers
as TTM not available
3 Gayatri -Also has power assets in its
portfolio
5 ITD Cementation order book has 53% in marine & the rest in others
*Adj PAT
In Rs mn SEL1
J Kumar PNC 2
Gayatri3
KNR Con Simplex ITD Cem4
MBL Infra JMC
Supreme
Infra
Overview
M.Cap 54,890 27,960 27,513 23,867 16,810 15,880 15,314 8,705 5,772 3,047
Order Book 93,061 ~90,000 35,780 103,800 36,664 183,210 57,922 37,240 ~57,000 44,250
Transport 58% 99% 99% 60% 98% 18% 21% 71% 10% 50%
Building - - 5% - 51% 7% 15% 85% 32%
Irrigation 19% 1% - 30% 2% - 16% 14% -
Others 23% - 1% 5% - 31% 56%5
- 5% 18%
Standalone Financial Summary (TTM)
Revenue 32,649 14,146 15,610 16,823 8,575 58,831 24,238 21,071 24,007 15,903
EBITDA 3,274 2,554 2,166 2,153 1,284 5,889 2,552 2,310 1,887 2,723
Margin 10.0% 18.2% 13.9% 12.9% 15.0% 10.0% 10.5% 11.0% 7.9% 17.1%
Interest Cost 837 769 462 1,389 120 4,119 1,344 1,018 978 2.311
PAT 1,422 1,005 1,003 366 669* 682 -354 827 371 64
Margin 4.3% 7.2% 6.4% 2.2% 7.8% 1.1% - 3.9% 1.5% 0.4%
Networth 14,178 8,382 11,923 8,065 6,396 15,028 4,782 6,940 4,892 7,756
Total Debt 9,750 4,778 2,113 17,187 581 33,171 6,762 8,317 6,055 17,750
Net Block 5,497 4,889 2,187 1,999 2,343 11,938 3,320 1,801 3,139 2,814
Ratio Analysis
RoE 10.0% 12.0% 14.0% 4.5% 10.5% 4.5% - 11.9% 7.6% 0.8%
Debt-Equity 0.7 0.6 0.2 2.1 0.1 2.2 1.4 1.2 1.2 2.3
Fixed Asset Turnover 5.9 2.9 8.4 8.2 3.7 5.1 7.2 12.2 7.6 5.5
Debtor Days 96 63 83 148 35 134 64 92 61 231
Creditor Days 55 38 24 109 35 123 91 48 104 32
Asset Portfolio
No.of Road Projects NA NA 7 8 4 1 NA 5 4 11
(5 Op.2 U.C) (7 Op. 1U.C) (3 Op.1 U.C) (1 U.C) (3 Op.2 U.C) (4 Op.) (4 Op.7 U.C)
Project Cost NA NA 45,900 67,317 22,941 14,110 NA 11,336 24,400 41,290
Debt o/s NA NA NA 40,330 15,113 1,058 NA 3,945 17,800 23,450
Equity Infused NA NA 4,873 8,357 3,320 650 NA 2,079 4,824 11,080
Pending Equity NA NA NIL - - - NA 500 400 1,030
ADTC NA NA NA 14.1 NA 2.5 NA 0.5 4.76 2.7

Diversified Companies with Presence in Road Sector
21
1 The companies do not have a presence in the EPC segment. Standalone business of these companies include diverse operations hence we have not given a financial summary for them
In Rs mn L&T Reliance Infra1
GMR Infra1
NCC HCC
Overview
Sectoral Presence Conglomerate Power, Airports, Defense Airports, Power Power, Real Estate Real Estate, Power
M.Cap 1,250,993 109,758 89,999 43,418 19,206
Order Book 2,441,000 - - 174,870 160,450
Transport NA - - 9% 52%
Building NA - - 40% -
Irrigation NA - - 4% -
Others NA - - 47%(Water, Power, Int.) 48% (Hydro, Water, Nuclear)
Standalone Financial Summary (TTM)
Revenue 579,074 - - 85,948 40,589
EBITDA 67,779 - - 9,160 7,967
Margin 11.70% - - 8.40% 19.60%
Interest Cost 15,051 - - 5,351 6,768
PAT 50,098 - - 1,889 942
Margin 8.30% - - 2.20% 2.30%
Networth 390,390 - - 33,188 18,248
Total Debt 138,861 - - 21,009 43,862
Net Block 78,435 - - 6,228 7,222
Ratio Analysis
RoE 12.80% - - 5.70% 5.20%
Fixed Asset Turnover 7.6 - - 13.6 5.6
Debtor Days 144 - - 57 76
Creditor Days 128 - - 87 166
Asset Portfolio
No.of Road Projects 17(15 Op., 2 U.C) 11 ( 11 Op.) 7 (7 Op.) 4 (4 Op.) 4 (2 Op. 2 U.C)
Project Cost 180,670 116,510 71,557 26,983 38,310
Debt o/s 131,786 NA 45,960 NA 18,067
Equity Infused ~36,000 ~33,230 15,761 4,381 6,559
Pending Equity NA NA - NIL NA
ADTC 30.9 NA 9.3 6 3.3

IRB Infrastructure Developers
22
Company Overview
Market Snapshot
Key Highlights
 Mumbai based IRB is a leading BOT developer with over 15 yrs of experience
 EPC division is solely dedicated to implement owned BOT projects
 IRB has a total of 20 projects of which 14 are operational & 6 are U.C. The total project cost of the projects is
Rs 310,600 mn
 IRB’s order book as on 30th September 2015 is Rs 114,684 mn
CMP (Rs) 241
M.Cap (Rs mn) 84,857
Prom. Holding 57.8%
Fund Holdings 35.9%
Others 6.3%
 Post degrowth in FY15 construction revenue, company expects a decent growth in FY16 as its under
construction projects will begin work
 Current order book provides sufficient visibility in construction revenue for the next 3 years
 Construction division undertakes only captive BOT work which enables them to report margins of ~ 30%
which are the highest in the industry
 Toll collection saw double digit growth across almost all assets. However till date in FY16 growth has
slowed down & is stagnating around 7-8% due to the higher base effect The management expects growth
to continue to remain around these levels in the longer term
 Initiated process of forming an InvIT which will enable them to unlock value in its assets. The company
has guided an indicative yield of G Sec + 2/2.5% in the InvIT
 Once all of IRB’s projects are complete, the company’s peak debt is expected to be around Rs 180,000 mn
 Equity requirement of Rs 25,000 mn over the next 4 years for its U.C projects which is expected to be
funded through its accruals, proceeds from InvIt or a potential fund raise in the future
Consol. Financials (Rs mn) H1 FY16 FY15 FY14
P&L Summary
Construction Revenue 12,680.0 20,029 25,466.5
Toll Revenue 9,900.0 18,355 11,770.5
Other Income 579.90 1,219.0 1,296.2
Total Revenue 23,159.9 39,603.0 38,533.2
EBITDA 12,914.4 23,247.0 18,751.1
% margin 55.8% 58.7% 48.7%
Interest 4,730.1 9,312.0 7,561.7
PAT 3,150.90 5,428.0 4,591.3
% margin 13.6% 13.7% 11.9%
Balance Sheet Summary
Networth 45,910.6 43,609.0 35,606.9
Total Debt 125,650.6 114,359.0 102,944.6
Cash 13,833 15,798 15,012
Debt/Equity 2.7 2.6 2.9
5 yr Stock Performance
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400
Apr-10
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Apr-11
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Apr-12
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Apr-13
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Apr-14
Oct-14
Apr-15
Oct-15
Virendra D Mhaiskar Chairman &MD
Dattaray Mhaiskar Director
Suresh Kelkar Director
Mukeshlal Gupta Director
Sudhir Hoshing Jt. MD
Key Management
Platinum Asia Fund 4.0%
HSBC Global Investment Funds 1.8%
Government of Singapore 1.8%
Alliance Bernstein India Growth Fund 1.2%
Major Fundholdings

Ashoka Buildcon
23
Company Overview
CMP (Rs) 187
Prom. Holding 57.2%
Fund Holdings 29.7%
Others 13.1%
Market Snapshot
 Nasik based Ashoka Buildcon has presence in the BOT road segment & also provides EPC services in road &
power
 Holds BOT assets through itself as well as Ashoka Concession Ltd where SBI-Macquaire is an investor &
holds 34% stake
 Total project cost of its overall portfolio is Rs 105,220 mn & total equity invested is Rs 18,540 mn. Balance
equity requirement is ~Rs 1,000-1,200 mn
 ADTC generated by the assets was Rs 26.9 mn in H1 FY16 vs 23.5 mn in H1 FY15
Key Highlights
 Ashoka saw an order inflow of Rs 22,418 mn & its current order book stands at Rs 44,444 mn of which 69% is
in roads & 31% is in Power T&D
 JV with Mohan Mutha Exports received its first international order in October for development of roads in
Maldives at a value of ~ Rs 2,400 mn . They are also looking at expanding in Africa & Mauritius going ahead
 In Q2 2016 the company monetized a part of its land investments for Rs 506 mn & made a gain of ~ Rs 440
mn. The company continues to hold land of ~Rs 2.750 mn (Book Value) on its books which may be
monetized in the future
 In September. Ashoka has also received LoAs for two annuity projects in Karnataka with a total project cost
of ~ Rs 4,400 mn. These projects are proposed to be held by Ashoka directly. The equity commitment would
be around Rs 1,000-1,200 mn for these projects
 Looking at refinancing part of its asset portfolio which will bring down borrowing costs to around 10%
which will lead to improvement in cash flows
P&L Summary
EPC Revenue 8,267.0 18,869.0 14,070.6
BOT Revenue 3,317.7 4,328.0 2,928.0
Other Income 1,228.3 483.4 929.9
Total Revenue 12,813.0 23,680.4 17,928.5
EBITDA 4,121.3 5,308.0 4,034.3
% margin 32.2% 22.4% 22.5%
Interest 2,247.8 2,721.1 1,335.4
PAT 533.5 814.6 974.5
% margin 4.2% 3.4% 5.4%
Networth 18,844.0 13,569.1 12,479.5
Total debt 36,261.6 37,843.2 31,032.1
Cash 712.9 409.8 944.9
Ratios
Debtor Days 47 39 22
Creditor Days 104 121 139
Inventory Days 163 137 150
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Oct-15
ICICI Prudential 4.9%
L &T MF 3.3%
DSP Blackrock 1.9%
Sundaram MF 1.7%
Canara Robeco MF 1.4%
Top 5 Fund Holdings
Ashok Katariya Chairman
SatishParakh MD
Sanjay Londhe Director
MilaprajBhansali Director
Key Management

90
95
100
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110
Sep-15
Sep-15
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Oct-15
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Nov-15
Sadbhav Infrastructure Project Limited
24
 SIPL’s operational assets have a long residual life of 20.6 yrs, 3 of its 4 U.C assets are expected to be
complete in the next 6-9 months & all assets are going to be operational by FY17
 Post witnessing high growth in traffic across assets & the refinancing measures taken by the
company in some of its projects (Aurangabad, Dhule, Bijapur, Hyderabad), cash flows are expected
to improve going ahead
 Maharashtra Border Checkposts, the company’s marquee asset is partially operational & once it is
complete, further improvement in toll collection is expected
 FY 18 will be the 1st full year of operations of the company’s current portfolio & the company’s
peak debt then is expected to be around Rs 83,000 mn
 Targets to get BOT projects of around 200 km in the current year & actively looking at Hybrid
annuity projects
 Plan to leverage its capabilities by looking at stuck assets which may provide higher IRR’s to the
company on those projects
Key Highlights
 SIPL is the BOT holding company of Sadbhav Engineering Ltd with 8 operational assets & 4 U.C
assets
 Diversified assets across 6 different states with a total project cost of Rs 109,500 mn
 Total Equity investment is Rs 20,004 mn & pending equity infusion is NIL
 Assets currently generate an ADTC of Rs 17.9 mn in H1 FY16 vs Rs 15.3 mn in H1 FY15
Company Overview
Stock Performance Since Listing
CMP (Rs) 101
Prom. Holding 69.2%
Fund Holdings 24.4%
Others 6.4%
Market Snapshot
P&L Summary
Revenue 2,885.0 5,288.9 3,959.9
EBITDA 1,946.7 3,126.5 2,109.6
% margin 67.5% 59.1% 53.3%
Interest Cost 2,835.9 5,259.2 3,556.4
PAT (1,670.6) (3,455.5) (800.7)
Total Debt 66,271.2 62,038.8 49,017.3
Networth 11,155.1 7,809.1 8,548.5
Cash 824.1 36.0 10.8
Vishnubhai M Patel Chairman
VasisthaPatel MD
Shashin V Patel Director
Nitinkumar R Patel Director
Varun Mehta CFO
Key Management
Norwest Venture Partners 8.3%
Xander Investment Holding 8.3%
Tata Balanced Fund 2.5%
Amansa Holdings 1.7%
HDFC Trustee Company 1.6%
Top 5 Fund Holdings

Toll Collection Trend In Key Assets
Asset North South Corridor
East West CorridorGQ Ahmedabad Ring Road
0% 7% 5% -8% 3% 15% 18% 27% 18% 5%
Mumbai Pune
NH 4
5% 5% 5% 5% 24% 24% 24% 36% 19% 18% 8%
2014 2015 2016
SIPL Ashoka Buildcon IRB Infra
16% 45% 68% 61% 52% 22% 7% 8% 6% 16%Dhule Palesnar
NH 3
25
31% 32% 28% 31%
2% 6% 9% 9% 10% 8%Dhankuni Kharagpur
NH 6
9% 20% 16% 20% 7% 0% 5% 9% 21% 27%
Jaora Nayagaon
17% 20% 16% 17% 20% 12%Hyderabad Yadgiri
NH 202
5% 10% 10% 15% 11% 8%
Bijapur Hungund
NH 13
-6% 1% 8% 6% 15% 13% 10% 14% 13% 8%
Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2
Tumkur Chitradurga
NH 4
5% 0% 9% -1% 9% 13% 14% 10% 11% 1%
Bharuch Surat
NH 8
10% 12% 10% 8% 12% 14% 14% 14% 14% 10%
Surat Dahisar
NH 8

 Gujarat based SEL is an EPC service provider across transport, mining & irrigation sectors with an
experience of over 25 years
 Amongst the stronger players in the industry with strong execution skills, a diversified order book &
one of the stronger balance sheets in the industry
 Enjoys the dual benefit of being able to capture the growth on the EPC side through itself as well as the
BOT business through its subsidiary SIPL where it has a 68.3% stake
 The company’s order book o/s as on 30th Sep is Rs 93,061 mn of which 58% is in transport , 19% is in
irrigation & 23% is in mining
Sadbhav Engineering Limited (SEL)
26
Standalone Financials
(Rs mn)
H1 FY16 FY15 FY14
P&L Summary
Income from Operations 15,752.0 29,698.5 23,581.2
% growth 23.1% 25.9% 30.2%
EBIDTA 1,701.4 3,002.4 2,494.0
%margin 10.8% 10.1% 10.6%
Interest Cost 387.9 891.0 931.0
PAT 656.7 1,137.4 1,061.6
%margin 4.2% 3.8% 4.5%
Net Worth 14,178.8 13,520.6 9,572.2
Total Debt 9,749.7 9,382.8 8,633.1
Net Block 5,497.7 5,357.2 4,981.9
Ratios
RoE 10% 8.4% 11.1%
Fixed Asset Turnover 5.9 5.8 5.7
Debt / Equity 0.7 0.7 0.9
 Earlier committed to making constant investments in SIPL which led to its debt levels going up.
However with a major part of SIPL’s portfolio already funded & the listing of SIPL, SEL will be able to
focus on the EPC business & also manage to reduce its debt
 The company’s order book has remained flat around this level since the last year & the order book to
sales ratio has also come down from 3.8 x in 2014 to 2.8x in FY 15
 Going ahead, Sadbhav is planning to come up in a big way in the mining segment as a MDO & is in
the process of bidding for a contract of ~35,000 crs across 10 yrs. They are betting in a big way on the
revival of the mining sector
 Fresh capex for the new mining business will be around Rs 6,500 mn which the company plans to fund
primarily via debt
 Sadbhav & SIPL are looking at stuck BOT projects where substantial EPC work is available. This will
be beneficial for both the companies as SIPL will further increase its portfolio size & SEL will get EPC
orders for those projects
CMP (Rs) 305
Prom. Holding 47.1%
Fund Holdings 41.8%
Others 11.1%
Snapshot
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Oct-15
Vishnubhai M Patel MD & CEO
Vikramkumar R Patel Director
Vasistha C Patel Director
Shashin Patel Joint MD
Nitin R Patel CFO & Director
Key Management
HDFC Trustee Co 8.6%
ICICI Pru Value Discovery Fund 7.0%
Tata Balanced Fund 4.6%
ICICI Prudential Life Insurance Co 4.5%
Nomura India Investment Fund 3.1%
Top 5 Fund Holdings
Company Overview
Key Highlights

J Kumar Infraprojects Ltd
27
 Total order book post confirmation of all orders would be ~ Rs 90,000 mn which gives visibility for the next 3
yrs at least
 Mumbai Metro is going to be the key driver for the revenues going ahead, the company expects margins of 18-
20% for this project. It also expects significant synergies between the Mumbai Metro project to be awarded &
the ongoing Delhi Metro project which is ongoing. The synergies include utilizing balance materials of the
Delhi project for the Mumbai project & moving equipment amongst others
 Targets a topline of Rs 16,000 mn for the current year & Rs 22,000 mn for FY 17 & Rs 27,000 mn for FY 18 on the
back of the recent order wins
CMP (Rs) 727
Prom. Holding 51.0%
Fund Holdings 31.0%
Others 18.0%
Snapshot
 Mumbai based J Kumar provides services in the transportation (roads, metro etc), irrigation, civil construction
& piling segments
 Solely focused on the EPC business & has strong presence in Maharashtra, Gujarat, Rajasthan & Delhi
 Well placed to continue growing given its strong financial position, geographical concentration, large fleet of
owned equipment with ready mix concrete plants
 Raised Rs 4,010 mn via a QIP at a price of Rs 730 in October 2015 which is the second fund raising in quick
succession with the previous one (Rs 1,370 mn) being done in July 2014 at a price of Rs 310
 O/s order book of ~Rs 37,000 mn as on Sep 30 2015 & above this they have L1 orders of ~ 4,000 mn & the
Mumbai Metro Project of Rs 52,500 mn which is expected to be confirmed in the next few months
(Rs mn)
H1 FY16 FY15 FY14
P&L Summary
Net Income 6,943.8 13,431.0 11,867.8
% growth 9.0% 13.2% 18.6%
EBIDTA 1,339.4 2,635.0 2,166.6
%margin 18.4% 18.7% 17.3%
Interest Cost 355.8 767.6 576.4
PAT 491.7 943.0 840.8
%margin 7.0% 6.9% 7.0%
Net Worth 8,381.7 7,890.0 5,752.9
Total Debt 4,777.5 4,336.0 4,573.9
Net Block 4,889.3 4,933.0 5,007.4
Cash 1,534.8 1,548.0 1,212.4
Ratios
RoE 12.0% 12.0% 14.6%
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Oct-15
Jagdishkumar M. Gupta Chairman
ArvindGupta CFO
Kamal Gupta MD
Nalin Gupta MD
Kusum Jagdish Gupta Director
Key Management
Smallcap World Fund INC 5.5%
American Funds Insurance Series 4.0%
Goldman Sachs India Fund 3.5%
Bajaj Allianz Life Insurance 2.8%
GMO 2.7%
Top 5 Fund Holdings
Company Overview
Key Highlights

PNC Infratech
28
Stock Performance Since Listing
CMP (Rs) 533
Prom. Holding 56.1%
Fund Holdings 20.1%
Others 23.8%
Snapshot
 PNC Infratech has over 15 yrs of experience & is mainly focused on roads & highway construction
 Initially a EPC player but diversified into BOT in 2012 & has 7 BOT projects with a total project cost of Rs
45,900 mn & has invested equity of Rs 4,629 mn in these projects. The BOT portfolio of PNC is fully funded.
They also have an OMT project in Delhi.
 Hold a minortiy interest (8%) in another project (Jaora Naigaon) where they have invested Rs 244 mn
 The o/s order book as on Sept 15 is Rs 35,780 mn of which roads constitutes 99%
 The company has seen strong execution in the first half of the year, despite it being a weaker period in terms of
execution
 Order inflow has been robust with company L1 for orders of around Rs 8,000 mn. Current order book also
provides revenue visibility for the next 2-3 yrs
 Post raising funds via the IPO the company’s balance sheet has become stronger & it has increased the
company’s ability to take up new large projects
 The company’s entire asset portfolio will see its first full year of revenue generation in FY 17. PNC has decided to
not increase its exposure in the BOT space which will ensure keeping overall levels under control & enable the
company to focus on the EPC business
(Rs mn)
H1 FY16 FY15 FY14
P&L Summary
Total Revenue 9,039 15,610 11,521
% growth 27% 35%
EBITDA 1,212 2,166 1,419
% margin 13.4% 13.9% 12.3%
Interest 163 462 234
PAT 566 1,004 701
% margin 6.3% 6.5% 6.1%
Networth 11,923 7,184 6290
Total debt 2,113 3,241 2480
Net Block 2,187 2,174 1540
Cash 742 212 1000
Ratios
RoE NA 14.0% 11.1%
Fixed Asset Turnover NA 8.4 7.5
Debtor Days NA 83 109
Creditor Days NA 24 25
Inventory Days NA 44 38
0
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400
500
600 Nylim Jacob Balias India 8.3%
HDFC Trustee Co Ltd 5.4%
Goldman Sachs India Fund 3.3%
Birla Sun Life Trustee Co 2.6%
Kotak Mahindra (Uk) Ltd 1.6%
Top 5 Fund Holdings
Pradeep Kumar Jain Chairman & MD
Naveen Kumar Jain Director
Chakresh Kumar Jain MD
Yogesh Kumar Jain MD
Anil Kumar Rao Director
Key Management
Company Overview
Key Highlights

Gayatri Projects
29
CMP (Rs) 714
Prom. Holding 47.4%
Fund Holdings 40.1%
Others 12.5%
Snapshot
 Hyderabad based Gayatri Projects has over 50 yrs experience in construction of Roads, Irrigation, Industrial &
Power Transmission
 Owns ~ 30% stake in 2 power plants of 1320 MW each where they have invested equity of ~ Rs 1,000 cr
 Own a fully funded road portfolio of 8 assets with a total project cost of Rs 67,317 mn with an equity investment of
Rs 8,357 mn
 O/s order book as on Sep 15 is Rs 103,800 mn spread across Roads (60%), Irrigation (30%) & Mining (4%),
Industrial Work (5%) & other works (1%)
 Order inflows of Rs 43,930 mn in H1 2016 , which is the biggest order book accretion in the company’s history.
Majority of these orders have come in the road segment
 The company is guiding a revenue growth of around 20-30% over the next 3-4 years on the back of these orders
 Five of the company’s assets have an operating history of ~ 4-5 yrs & the company is looking at various options to
monetize these assets
 Outlook for the power business is also positive as the first plant has become fully operational in H1 2016 and the
next plant’s first phase is expected to be operational soon. The operational plant is currently running at a PLF of
~80% currently & is expected to increase to 90% next quarter
(Rs mn )
H1 FY16 FY15 FY14
P&L Summary
Total Revenue 7,222.9 16,011.4 18,125.3
% growth 11.5% -11.7% -10.4%
EBITDA 1,077.7 2,075.7 2,696.9
% margin 14.9% 13.0% 14.9%
Interest 710.2 1,486.7 1,597.2
PAT 179.8 220.5 476.0
% margin 2.5% 1.4% 2.6%
Networth 8,065.3 6,825.3 6,659.6
Total Debt 17,187.7 18,989.3 13,145.9
Net Block 1,999.9 2,081.2 2,343.3
Cash 1,269.0 1,451.5 2,013.4
Ratios
RoE 4.5% 3.2% 7.1%
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Apr-12
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Apr-13
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Apr-14
Oct-14
Apr-15
Oct-15
GMO Emerging Markets 9.5%
Afrin Dia 7.9%
India Max Investment Fund 6.7%
GMO 5.7%
Bajaj Allianz Life Insurance 3.1%
Top 5 Fund Holdings
T. Indira Subbarami Reddy Chairman
T.V. Sandeep Kumar Reddy MD
G. Siva Kumar Reddy Director
V. L. Moorthy Director
Ch. Hari Vittal Rao Director
Key Management
Company Overview
Key Highlights

KNR Constructions
30
Company Overview
CMP (Rs) 609
Prom. Holding 60.8%
Fund Holdings 27.2%
Others 12.0%
Snapshot
 Hyderabad based KNR Constructions has over 20 years of experience in road construction
 Owns 4 BOT assets of which 3 are operational & 1 is U.C with a total project cost of Rs 22,941 mn & equity
investment of Rs 3,320.8 mn
 Track record for early completion of projects with majority of orders concentrated in the Southern part of India
 O/s order book as on 30th Sep 2015 Rs 36,647 mn of which 98% is in roads & 2 % is in irrigation. They have received
new orders of ~ Rs 26,000 mn in H12016 & the current order book provides revenue visibility for around 2 yrs. They
also expect to win further orders of Rs 5,000-10,000 mn in the next 6 months
Key Highlights
 In H1 2016 the company has seen slower execution as majority of their order book was awarded post March 2015
& the pending order book could not be executed due to rains in the execution area
 The company’s JV in Bangladesh with Spectra Engineers also received its first international order in March 2015
for Rs 5,110 mn in Bangladesh
 Management’s earlier guidance was achieving a Rs 40,000 mn order book with its current equipment & the current
order book is almost near that. In order to undertake incremental orders KNR may have to undertake significant
capex or outsource part of the work
(Rs mn)
H1 FY16 FY15 FY14
P&L Summary
Net Income 4,016.7 8,885.1 8,503.2
% growth -2.5% 4.5% 19.8%
EBIDTA 636.3 1,262.1 1,258.1
%margin 15.8% 14.2% 14.8%
Interest Cost 59 122 172
Adj PAT * 430.0 730.1 610.1
%margin 10.7% 8.2% 7.2%
Net Worth 6,396.0 5,692.0 5,133.2
Total Debt 581.0 881.6 581.1
Net Block 2,343.0 2,269.0 2,640.2
Cash 221.0 157.0 111.8
Ratios
RoE 10.5% 12.8% 11.9%
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800
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
* Adjusted for tax write back
K Jalandhar Reddy Director
K Narasimha Reddy MD
KamidiYashoda Director
Rajesh Reddy Director
Top 5 Fund HoldingsKey Management
HDFC MF 8.3%
Tata MF 5.3%
ICICI Prudential 3.4%
L & T Mutual Fund 3.1%
DSP Blackrock 2.0%

MBL Infrastructures Ltd
31
CMP (Rs) 210
M.Cap (Rs mn) 8,556
Prom. Holding 46.7%
Fund Holdings 39.8%
Others 13.5%
Snapshot
 Kolkata based MBL Infra is present in the EPC as well as BOT segment with a focus on the road segment
 Owns 5 assets (2 operational, 3 U.C) having a project cost of Rs 11,336 mn & equity invested as on March
2015 is Rs 2,079 mn. The pending equity requirement as on Sep 15 is around Rs 500 mn. All the BOT projects
are state projects & are fully owned by the company
 Provides EPC services in the roads, building, railways & metro segments
 O/s order book as on 30th Sep 15 is Rs 37,240 mn of which 71% is in Roads, 15 % in buildings & 14% in other
segments. Of the company’s current order book Rs 17,000 mn worth of orders have not begun work due to
clearance issues which gets the company’s current executable order book to around Rs 21,000 mn
 In H1FY16, new order inflow has dried up with the company receiving only ~Rs 3,500 mn of fresh orders.
However the management is guiding to receive orders worth Rs. 35,000 mn in the second half of the year
 Majority of the debt is in the form of short term borrowings to fund its inventory & W.C requirements
which usually eases in the second half of the year
 Plan to focus on the EPC business & aim to be very selective in its BOT projects
(Rs mn)
H1 FY16 FY15 FY14
P&L Summary
Net Income 10,158.8 19,484.8 17,537.4
% growth 18.5% 11.1% 30.6%
EBIDTA 1,121.2 2,247.1 1,761.6
%margin 11.0% 11.5% 10.0%
Interest Cost 485.0 953.3 696.2
PAT 471.7 801.6 751.3
%margin 4.6% 4.1% 4.3%
Net Worth 6,940.1 6,469.4 4,603.9
Total Debt 8,317.1 6,937.9 4,633.2
Net Block 1,801.0 1,743.1 1,663.2
Cash 108.0 128.1 133.9
Ratios
RoE 11.9% 12.4% 16.3%
0
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Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Key Management
Anjanee Lakhotia Chairman & MD DSP Blackrock 6.7%
Tata Mutual Fund 5.6%
Reliance Capital Trustee Co Ltd 5.5%
Kotak Emerging Equity Scheme 4.2%
Kotak Mahindra (UK) Ltd A/c India
Midcap (Mauritius) Ltd
3.4%
Top 5 Fund Holdings
Company Overview
Key Highlights

Major Unlisted BOT Companies (1/2)
32
Company Location Brief Description PE Investor
KMC Constructions
Hyderabad
Founded in 1970, KMC Constructions is promoted by M.Goutham Reddy
& provides EPC services in Roads, Bridges, Power, Waste Management &
Railways. The company also owns 10 BOT Assets with a total project cost
of Rs 107,960 mn
31 India Infra Fund, IDFC, Blue River Capital, Sequoia
Capital
Soma Group
Hyderabad
Founded in 1997, Soma Enterprises is headed by Rajendra Prasad
Maganti. They provide EPC services in roads, power, irrigation, urban
infrastructure, transmission. They also own hydro, gas & solar based
power plants in their portfolio. They also have a minority stake in Indus
Concessions which owns road assets. They own a portfolio of 8 BOT
assets with a total project cost of Rs 123,880 mn
31 India Infra Fund, JP Morgan Partners, Morgan Stanley
Infrastructure Partners
SEW Infra
Hyderabad
Founded in 1959, SEW Infrastructure is headed by V Rajasekhar. The
company has a portfolio of 3 BOT projects with a project cost of Rs 36,241
mn. They also have interests in development of hydro power . Besides
development of projects it also provides EPC services across almost all
infrastructure segments
NYLIM Jacobs, Citi Venture Capital
Navayuga Engineering
Hyderabad
Founded in 1986, Navayuga Engineering is headed by C Visweswara Rao
& C Sridhar . The company provides services in pecial foundations, large
diameter bored piles and diaphragm walls, tunneling ground
improvement techniques, industrial structures, roads and bridges
amongst others. It also has a portfolio of BOT assets via Navayuga Road
Projects where Piramal has made an investment
3i Group Plc, Piramal Enterprises
Bharat Road Network Ltd
-
Promoted by the SREI Group, as a road asset holding company. They
have a portfolio of 7 assets with a total project cost of Rs 76,550 mn.
Infrastructure Project Development Capital,
Infrastructure Project Development Fund
Essel Infraprojects
Mumbai
Founded in 1987 by Subhash Chandra, Essel has interests across the
infrastructure segment ranging from roads, transmission, power, real
estate & is also foraying into smart cities. They have a portfolio of 14 BOT
assets with a project cost of ~ Rs 105,000 mn
-

Major Unlisted BOT Companies (2/2)
33
Company Location Brief Description PE Investor
BSCPL
Hyderabad
Founded in 1972, BSCPL is led by Bollineni Krishnaiah & Bollineni Seenaiah.
They have a portfolio of 7 BOT Projects with a total project cost of ~ Rs 65,000
mn. They also provide EPC services in Roads, Irrigation & Building
Construction
Lehman Brothers, L&T Finance, New Vernon
Private Equity, Amansa Capital, IDFC
Oriental Structural Engineers
Delhi
Founded in 1971 by the Bakshi Group, they provide services mainly in the
road and mining segment. They hold a portfolio of 8 BOT projects with a
total project cost of Rs 118,710 mn via Oriental Tollways where Infrastructure
India Plc has a 49% stake.
GE Capital, Infrastructure India Plc, Burman
Family
Dilip Buildcon
Madhya
Pradesh
Founded in 1988 , Dilip Buildcon is led by Dilip Suryavanshi. They provide
EPC services across roads & bridges, water sanitation & sewage, irrigation,
industrial, commercial & residential buildings. They have a portfolio of 12
BOT projects mainly in Madhya Pradesh with a total project cost of Rs 15,713
mn
Banyan Tree
GVR Infraprojects
Chennai
Founded in 2001, GVR is led by Garikapati Venkateswara Rao, S Chandra
Mohan & Kondepati Ganga Prasad. The company provides EPC services in
the road, irrigation, railways, bridges and civil construction sector.They have
a portfolio of 11 BOT projects with a total project cost of Rs 39,685 mn
IDFC, Tata Capital , IIFCL
GR Infraprojects
Rajasthan
Founded in 1995, GR Infraprojects is led by Gumani Ram Agarwal &
provides EPC services in roads. They also own 3 BOT assets with a total
project cost of Rs 8,062 mn
Motilal Oswal PE, IDFC

Top Global Infra / BOT Companies (1/2)
34
Company Market Cap
(USD Mn)
Brief Description Toll
Assets
India Presence
Vinci SA - France
38,670
Vinci operates a 4386 km of road network in France through
‘Vinci Autoroutes’. Outside France, Vinci Concessions has a
presence over 10 countries with 1000 km of road network
across Russia, Slovakia, Germany, Greece, UK, USA,
Canada etc
~24
Vinci entered India in 2012 & is active through its
contracting-related speciality companies such as Soletanche,
Freyssinet, Nuvia or Entrepose (all part of Vinci
Construction) and through Vinci Energies in manufacturing
systems. In Feb 2015, the company announced its intent to
exit the India road business by selling its stake to its
employees since the govt’s focus was on EPC whereas the
company’s focus is on BOT
Atlantia Spa- Italy
21,288
Group directly and indirectly operates a motorway network
of 3,005 km, representing 44% of all Italian motorways. It
also has a portfolio of more than 800 km of highways across
Brazil, Chile and India.Atlantia also has a JV with Bertin
Group to manage 1538 km of motorways in Brazil
NA
Presence in BOT space through JV with TRIL roads for the
Pune Solapur project
Ferrovial - Spain
17,356
Ferrovial subsidiary Cintra is one of the world’s leading
private sector developers of transportation infrastructure, in
terms of the number of projects and the volume of
investment. Manages 28 concessions extending over more
than 2,232 kilometres. Itcurrently operates in Canada, US,
Spain, UK, Portugal, Ireland, Greece, Colombia and
Australia
~28
In 2012, Ferrovial’s subsidiary ‘Cadagua’ obtained its first
contract in India in JV with IVRCL for constructing a
drinking water treatment plant in T.N region.
Transurban - Australia
14,206
Transurban is Australia's largest toll road company with a
strategy to build, own and operate urban toll road networks.
~14 No
Abertis - Spain
14,082
The group manages more than 1500 km of toll roads in
Spain and more than 2000 km of roads across France and
Portugal. It also manages more than 2000 km of roadways
in south America across Puerto Rico,Chile,Argentina and
Columbia
NA Not Present

Top Global Infra / BOT Companies (2/2)
35
Company Market Cap (USD Mn) Brief Description Toll Assets India Presence
ACS - Spain
10,201
Operates ~2400 km of highways globally. 15 road
concessions in Spain, 12 road concessions spread across
Canada, US, UK, Greece, Portugal and Ireland
~27
Dragados (subsidiary of ACS) along with
Gammon India was awarded the construction
and management of a container terminal .
Jiangsu Expressway - China
6,823
Owns road assets of ~850 km & is the second largest
company in China by by net intangible assets.
~11 No
Zhejiang Expresswa – China
5,477
Zhejiang Expressway Co., Ltd. is an infrastructure company
principally engaged in investing in, developing and
operating of roads. Manages a portfolio of ~500 km of
expressways
~4 No
IJM Corporation - Malaysia
2,763
Managing a portfolio of ~ 410 km of toll roads in Malaysia.
Also manages a portfolio of 868 km of tollways spread across
India and Argentina
~10
One of the oldest and most active player
amongst international companies in India.
Been involved in no. of NHAI and DMRC
projects. Company is also actively present in
construction and development of real estate
projects
OHL Concesiones - Spain
2,016
Based out of Spain, The company has a stake in 14 toll roads
with a total of 1,003 km. Have extensive presence in Latin
America market with concessions in Peru, Mexico and
Argentina. Abertis has 14% stake in OHL concesiones
~ 14 Not Present
Sacyr Vallehermso - Spain
1,263
Sacyr’s operates in 23 countries on five continents. Most of
the group’s overseas activities are in Latin America, though it
also boasts a considerable presence in Africa, Europe, Asia
and Oceania. Operates ~1700 km of highways globally. 11
concessions are in Spain. Presence in multiple countries in
Europe and Latin America through 11 concessions
~22
Entered in year 2013 with Rs 230 cr contract
awared from KSTP to build a road in Kerala
along with Essar Projects.
However the JV could not manage to complete
the work & could complete only 7% in two
years which led to it being terminated
Brissa - Portugal
Unlisted
Operates ~ 1500 km of concessions in Portugal across 24
concessions. Holds ~ 50% market share in Portugal. Also
present in North America ,Latin America and Europe.
~24
Entered into a JV with Feedback infra in Year
2011 for OMT services for Roads and
highways in India
NWS Holdings - HK
Unlisted
NWS Holdings Ltd is the infrastructure and service flagship
of New World Development Company Ltd. It is present in
Hong Kong, Mainland China and Macau. Its Infrastructure
portfolio includes Roads, Energy, Water and Ports &
Logistics projects.
~16 No

Foreign Participation in India’s National Highway Development
36
Company Country JV Partner Type No of projects Project Name
Sibmost OJSC Russia ERA, Transstroy BOT 8
Haridwar-Dehradun, Bareily-Sitapur,
Muzaffarnagar-Haridwar,Trichy - Karaikudi
and Trichy Bypass, Tirupati -Tiruthani -
Chennai, Hoskote-Dobbaspet, Dindigul-
Perigulam-Theni-Kumili, Tuticorin Port
Ssangyong Engineering
Construction
Korea - EPC 5
Sagar Bypass, Rajmarg Choraha -Lakhand,
Sagar -Rajmarg Choraha, Rajmarg Choraha -
Lahknad
Galfar UAE SREI, Simplex, PNC BOT 4
Rajasthan Border-Fatehpur-Salasar , Kashipur-
Sitarganj, Ghazaibad-Aligarh, Chandikhol-
Bhubaneshwar
Isolux Spain Soma Enterprises BOT 4
Panipat - Jalandhar, Varanasi-Aurangabad,
Kishangarh-Ajmer-Beawar,
Gujarat/Maharashtra Border-Surat - Hazira
Port
John Laing UK DSC,HCC,Sadbhav BOT 3
Sitapur-Lucknow, Aurang- Raipur, Dhule-
Palesnar
IJM Malaysia Gayatri, Shapoorji Pallonji BOT/EPC 3
Vijayawada - Chilkaluripet, Ulundurpet -
Padalur, Lalitpur - Sagar
Daelim Industrial Corp Korea NCC EPC 3
Deesa-Radhanpur, Garamore-Bamanbore,
Gagodhar-Garamore
Laing O'Rourke UK DSC BOT 2 Sitapur-Lucknow, Aurang- Raipur
CIDBI Malaysia - BOT 2 Nellore-Tada,Nandigama-Vijaywada
Gamuda Malaysia - BOT 2 Panagarh-Palsit,Palsit-Dankuni
WCT Engineering Malaysia - BOT 2 Panagarh-Palsit, Palsit-Dankuni
LG Engg & Const Korea NCC BOT 2 Ahmedabad-Vadodara, Atul-Kajali
China Gezhouba Group
Co
China Soma EPC 2 Hyderabad-Bangalore, Chittorgaarh Bypass
Sunway Construction Ltd Malaysia - EPC 2 RJ/MP Border- Kota, Orai - Jhansi
Continental Engg. Corp Taiwan - EPC 1 Hyderabad Bangalore
Hyundai Eng &
Construction
Korea HCC EPC 1
Cable Stayed bridge on river Yamuna near
Naini
Limak Construction Turkey Soma EPC 1 Bhiladi to Porbandar
Longjian Road & Bridge
Ltd-
China - EPC 1 Jetpur to Bhiladi
Jillin Corporation China Sadbhav EPC 1 Gagodhar–Radhanpur

Major Global Funds
38
Company Country
AUM
($bn)
Remarks
India
Presence
Govt Pension Fund
Norway ~880
• Norway’s largest pension fund & amongst the largest fund in the world
• The funds strategy is 65% in equities, 35% in fixed income & 5 % in real estate
• Significant investments in Indian equities with investments in NCC,VA Tech Wabag,
Sadbhav Eng, IRB Infra, ITNL in the infrastructure segment
Abu Dhabi Investment
Authority Abu
Dhabi
~773
• State ownedglobal investmentvehicle with investments across more than two dozen asset
classes
• The fund has benchmarked investments of upto 5% of overall portfolio for infrastructure
• Listed investment in the infrastructure space in India are L&T , PNC Infratech
• The fund has expressed interest to invest ~ Rs 20,000 cr in the infrastructure fund set up by
the government
Kuwait Invt. Authority
Kuwait ~590
• Present in India as an active investor in Indian equities
• KIA does not seek to purchase majority or controlling interests in the companies in which
it invests, other than shares in real estate investment entities and in investment holding
companies that it establishes for particular transactions
• Holds a stake in Simplex Infrastructures which is present in the EPC segment
Canada Pension Plan
Investment Board
Canada ~272
• Largest pension fund in Canada
• The board makes investments across the globe via various routes i.e. direct equity, through private
equity funds, real estate investments, direct infrastructure
• Recently opened India office with an intent to invest in infrastructure, real estate & financial services
• They plan to invest ~$ 6bn by 2022 as per news sources
• Current investments include L&TIDPL
CPDQ
Canada ~240
• Second largest pension fund in Canada after Canada Pension Plan Investment Board
• As per a recent news article they are actively looking at investments in India & also plan to
open an office here
• Its earlier investment in India was in UTV media
Brookfield Asset Management
Canada ~200
• Company’s major investments globally are across real estate but also makes investments in
renewable, roads, transmission projects & other related asset classes
• Major investments in Canada, USA, South America, China, India & Australia
• Initially focused on real estate in India but recently entered into a deal with Gammon Infra for buying
its road assets

Major Global Funds
39
Company Country
AUM
($bn)
Remarks
India
Presence
Qatar Investment
Authority
Qatar ~170
• Qatar's sovereign wealth fund, specializing in domestic and foreign investment
• The company has made substantial investments in large construction companies such as
Vinci, Hochtief amongst others
• Recent news articles suggest ~ 10 bn commitment towards India infrastructure investments
by the authority
• The company has an investment in the RMZ group present in real estate
Colonial First State
Global Asset
Management
Australia ~150
• Investment management business of the Commonwealth Bank of Australia
• Globally invests in private as well as listed infrastructure
• India investment include investments via First State Funds in equity markets
PSP Investments
Canada
~112
• Invests ~ 35% of its total assets in foreign equity & a major portion of their investments are
in public markets (68%) & real estate (12%). Infrastructure accounts for ~ 6.3% of its AUM
• Recently signed term sheet for acquisition of 49% stake in Reliance Infra’s Mumbai
distribution business
Macquaire
Infrastructure & Real
Assets
Australia ~105
• Largest infrastructure asset manager in the world & invested in over 30 countries
• Globally invests across all infrastructure asset classes
• Indian interests are across telecom, renewable, roads, airports & power
• As per recent news sources they are looking to invest in Indian real estate assets
• Notable India investments include Ashoka Buildcon & Ind-Barath Power
AMP Capital
Australia ~100
• The company was an active investor in India till 2012 where it made investments in Gayatri
Infra Ventures, Shalivahana Green Energy, Viom Networks , Konaseema Power & few
listed investments

Major Global Funds
40
Company Country
AUM
($bn)
Remarks
India
Presence
Ardian
USA ~50
• Investment across various asset classes which includes transportation & energy
• Present in over 20 countries globally
• Sole India investment is in Bharti Infratel
Khazanah
Malaysia ~40
• Strategic investment fund of Malaysian Govt majorly focused on investments in Malaysia
(85% of AUM)
• India is a significant part of Khazanah’s global investment strategy by having the 5th
largest
exposure in its portfolio (~4.2% of AUM)
• Presence in India via Plus Expressways Berhad in the road sector. They also have
significantexposure in India’s capital markets
Global Infrastructure
Partners Australia ~15
• Investments span across Europe, India, Australia, USA & South America
• Majorly in energy & transport (mainly airports)
• Invested in Vizag based East India Petroleum Ltd (provider of liquid storage services for
LPG, petroleum, oil and lubricant products, petrochemicals and biodiesel) in 2007 (59%)
Equis Funds
Singapore ~3
• Asia focused fund with investments across energy transmission and distribution, energy
and agricultural storage and handling, waste and water treatment, and energy, agricultural
and general transportation and logistics
• Recently invested in Bangalore based Assetz for tapping mid income housing
I Squared Capital
USA ~3
• I Squared capital is focused on energy, utilities, and transport in North America, Europe,
and select high growth economies
• Notable India investments include include the Jaipur Mahua project acquired from
Madhucon &Amplus Energy in the solar space
• Recent reports suggested the funds interest in NCC’s road assets
Xander U.K ~2
• Xander has been an active investor in the real estate, hospitality & road sector
• Notable road investments include Sadbhav Infrastructure Projects & HCC Concessions
• Recent news sources suggest that the company is looking for stressed assets in the real
estate segment

Major Global Funds
41
Company Country
AUM
($bn)
Remarks
India
Presence
Morgan Stanley
Infrastructure Partners
USA -
• The company was an active investor till 2012 & made investments in Isolux’s road assets &
in power companies Asian Genco & Continuum Energy
• The company also announced its intent to exit Continuum by selling it to Sun Edison but
the deal was later called off
IFC
USA -
• IFC has invested ~$5 bn in India since its entry across all major sectors
• Recent investment is via Cube Highways in Madhucon’s road asset
• Actively raising bonds in the international market to invest in Indian infrastructure assets
• Targetting the renewable energy space for major investments
JP Morgan Partners
USA -
• Invested across real estate, power, roads & other asset classes as well
• Recent investments have been in real estate & they have slowed down investments in other
asset classes
• Notable infra investments include Soma Tollways & Nandi Economic Corridor
Borealis Infrastructure
Canada ~70
• Manages OMERS (Pension fund) & other investors global portfolio
• Investments concentrated in USA, UK, Europe & Canada
• Present across energy, transportation (road & rail) & social infrastructure
IFM Investors
Netherlan
ds
~50
• Owned by 30 major not-for-profit pension funds
• Currently present in Australia, Europe & USA
• Investments span across airports, roads, power, ports, water, railways
• They also make debt investments, listed equity investments and private equity investments
Infra Red Capital Partners
UK ~8
• Earlier run by HSBC, post which management acquired the company & rebranded it as Infra Red
Capital Partners
• Investments in UK, Europe, North/S.America & Australasia across roads, power, water & real estate

Major Deals In The Road Segment
42
Period Target Company Buyer Stake Deal Value ($ mn)
FY16 Madhucon Agra Jaipur Expressways Cube Highways and Infrastructure (Isquared Capital) 100% 49.4
FY16 Gammon Infra Road Assets Brookfield Asset Management & Core Infrastructure India Fund 100% ~80
FY15 Jaipur Mahua Tollway (IJM Corp) I Squared Capital 100% 87
FY15 Nirmal BOT (HCC) Highway Concessions One (IDFC Alternatives) 100% 10.3
FY 13 GMR Jadcherla Expressways Ltd. Macquarie-SBI Infrastructure Fund 74% 38.18
FY 13 IVRCL Road Assets TRIL Roads 100% -
FY16 Transstroy India China New Era Group Corporation NA NA
FY14 L &T Infrastructure Development Projects Canada Pension Plan Investment Board NA 321.4
FY 14 Navayuga Road Projects Piramal Enterprises NA 100.5
FY13 Ashoka Buildcon SBI-Macquaire 34% 150
FY 12 HCC Concessions Xander 14.50% 54.5
FY 12 Supreme Infrastructure India 3I India Infrastructure Fund 49% 61
FY 12 Nandi Economic Corridor Enterprises JP Morgan 8% 65
FY 11 TRIL Roads Actis 35% 78
FY11 KMC Infratech 3IIndia Infrastructure Fund 36.50% 97
FY11 Soma Enterprise JP Morgan - 110
FY 11 Nandi Economic Corridor Enterprises JP Morgan 8.33% 111
FY 11 Indus Concessions Morgan Stanley 50% 200
FY 10 Sadbhav Infrastructure Projects Norwest, Xander 22.20% 85
FY 08 Rithwik Projects Baring Asia 30% 50
FY 08 Oriental Tollways Infrastructure India Plc 49% 90
FY 08 Soma Enterprise 3I India Infrastructure Fund 13.30% 101
FY 07 SMS Shivnath Infrastructure IDFC 48.40% 55
FY 07 NCC Blackstone 8.80% 150
FY 06 L &T Infrastructure Development Projects India Development Fund & JP Morgan Chase 21.6% 111.0
AssetDealHoldingCompanyDeal

BOT Timeline
44
Opportunity
Assessment
Approval by PPP
Committee
RFQ Submission Traffic Study
Obtaining
Clearances
Government/Awar
dingAgency
Pre Qualification Release of RFP Land Acquisition Concession Start
Preliminary
Project Report
Land Acquisition Section of Bidder
Shortlist of
Qualified Bidders
RFQ Evaluation
Release of RFQ
Facilitation of
Clearances
Concession
Agreemt.Signing
Project Preparation
Financial Closure
Detailed Project
report
Bid Security
Construction
period
Construction
Commencement
Signing of
Concession
Agreement
EPC Pricing
RFP Submission
1 – 2 months 1 – 2 months 2 – 3 months 6 monthsInception 24 - 36 months

Hybrid Annuity
45
Dull Response from developers for the Hybrid Annuity Model
 The response from bidders to five projects structured on the new model has been tepid. The first project, which was for four-laning of the Solan-Kaithalighat
section in Himachal Pradesh, did not attract a single bidder. (The 23-km stretch was to be built with an investment of Rs.522 crore)
 For other four projects last date for bidding has been extended by ~20 days. The four projects include three packages on the Delhi-Meerut section on NH-24. The
packages aggregating around 49 km will involve total investment of nearly Rs.3,100 crore. The fourth package is the Delhi-Bulandshar stretch on NH-235 with
length of 57.7 km and with a total project cost of Rs.680 crore.
Salient Features
 40% of the project cost would be paid to the concessionaire during the construction period in five equal installments linked to project milestones.
 The balance 60% of the project cost to be brought in by the concessionaire who also designs, builds and operates the highway for a period of 15 years after
construction.
 Investment recovered by the concessionaire through annuity payments over 15 years along with interest thereon at bank rate + 3%.
 O&M responsibility would be with the concessionaire who would receive O&M payments bi-annually along with annuity payments.
 Authority to collect the toll and the tariff risk to remain with the authority
The hybrid annuity model has been formulated due to the declining interest among developers to take up projects awarded under the BOT toll and BOT annuity
model. The reluctance from the developers was partly owing to the difficulty in funding the initial equity requirement. Given this backdrop, the NHAI has
formulated a new model for awarding projects – Hybrid Annuity Model (HAM).
Annuity to be paid along with
interest
40% of the project cost to be paid in
5 installments during construction

RBI Eases Norms for Financing
RBI permitsNBFC's
to restructure
project loans
 In January 2015, the RBI permitted NBFCs to restructure project loans and continue treating them as standard advances in cases where they
have not commenced operations due to exogenous factors. However, the apex bank has clarified that the facility can be used only in select
scenarios
RBI allows banks to
refinance project
loans through full
orpartial takeout
financing
 In August 2014, the RBI has allowed banks to refinance existing project loans to infrastructure and in core industries, through full or partial
takeout financing. The bank can refinance loans even without a predetermined agreement with other banks/financial institutions
 RBI has also stated that banks can fix a longer repayment period, which would not be considered as restructuring in the books of the
existing lenders as those taking over, provided a few conditions are met
 In addition, the repayment period should be fixed on the basis of the lifecycle and cash flows of the project. The total repayment period
should not exceed 85 percent of the initial economic life of the project/concession period in the case of PPP projects
Release of 5/25
scheme
 In July 2014, the RBI came out with a 5/25 scheme for easing financial pressure on the developers of new infrastructure projects with long
gestation projects. The scheme allows banks to extend long-term loans of 20-25 years to match the cash flows of projects, while refinancing
them every five or seven years
 Later, in December 2014, the RBI extended the scheme to cover those infrastructure projects that have already been identified as bad debt or
stressed and where total exposure of lenders is more than Rs 5 billion
Allowing the issue
of long- term bonds
by commercial
banks
 On July 16, 2014, the RBI issued guidelines for long-term debt financing of commercial banks. Banks can now issue long-term bonds with a
minimum maturity of seven years to raise funds for infrastructure projects. The amount thus raised will be exempt from minimum
regulatory requirements like cash reserve ratio, statutory liquidity ratio and priority sector lending
46

List of Pre Qualified Bidders
47
S. No Name of Applicant Pre-Qualified (Rs. Crore)
1 L&T Infrastructure Development Projects 16,900
2 Uniquest Infra Venture 12,974
3 Reliance Infrastructure 10,600
4 GMR Highways 9,146
5 GMR Infrastructure 9,100
6 IL&FS Transportation Network 7,600
7 ESSEL Infraprojects 6,707
8 IJM Corporation 6,456
9 ShapoorjiPallonji Roads 5,739
10 IRB Infrastructure Developers 5,708
11 PunjLloyd Infrastructure 5,609
12 SREI Infrastructure Finance 4,536
13 Ashoka Concessions 3,852
14 Oriental Structural Engineers 3,834
15 Navyuga Engineering 3,751
16 JMC Project 3,562
17 Gammon Infrastructure Projects 3,451
18 Sadbhav Engineering 3,400
19 Galfar Engineering & Contracting SAOG 3,210
20 AshokaBuildcon 3,184
21 IVRCL 3,140
22 KMC Construction 2,910
23 TRIL Roads 2,778
24 BSCPL Infrastructure 2,730
25 Sadbhav Infrastructure 2,650
26 Gayatri Projects 2,305
S. No Name of Applicant Pre-Qualified (Rs. Crore)
27 PNC Infratech 2,257
28 Ramky Infrastructure 2,190
29 DilipBuildcon 2,140
30 Patel Engineering 2,000
31 KNR Constructions 1,959
32 Qindgo Construction Engineering Group 1,807
33 GVR Infra Projects 1,723
34 GRIL GR Infra Projects 1,600
35 Rohan Rajdeep Tollways 950
36 Welspun Projects 938
37 Sunil Hitech Engineers 904
38 Vishvaraj Infrastructures & Kalyan Toll Infrastructure 900
39 GKC Projects 865
40 Bharat Road Network 835
41 Vijay Nirman Company 786
42 Varah Infra 745
43 MBL Infrastructure 679
44 APCO Infratech 671
45 Vishvaraj Infrastructure 650
46 Patel Infrastructure 606
47 Agroh Infrastructure Developers 588
48 BVSR Construction 351
49 D.P.Jain & Co. Infrastructure 257
50 Ketan Construction 233
51 JSR Construction 185

Asset Portfolio : Sadbhav Infrastructure Project Limited
48
Under Construction Projects
Shreenathji
Udaipur
Bhilwara
Rajsamand
Rohtak
Hissar
Mysore Bellary
Stake 99.99% 99.99% 99.99% 100%
Project Type Toll Toll Toll Annuity
Highway NH 8 NH 758 NH 10 SH 3,33
State Rajasthan Rajasthan Haryana Karnataka
Client NHAI NHAI NHAI GoK
Lane km 317.2 349.0 395.2 386.7
Scheduled COD Oct-15 Apr-16 June-16 April-17
Residual Life (Yrs/Months) 24 Y 6 M 28 Y 20 Y 2 M 9 Y 2M
Expected Project Cost 11,514.6 6,761.0 12,715.8 7,892.7
Grant/(Premium) (216) 2,664 2,115 2,392
Total Equity 3,115.0 1,333.0 1,108.0 NA
Operational Projects
Ahmedabad
Ring Road
Aurangabad
Jalna
Nagpur
Seoni
Hyderabad
Yadagiri
Bijapur
Hungund
Rohtak Panipat
Maharashtra
Border Checkposts
Dhule Palesnar
Stake 100% 100% 100% 100% 77% 100% 78% 100%
Project Type Toll Toll Annuity Toll Toll Toll Service Fee Toll
Highway NA SH 6 NH 7 NH 202 NH 13 NH 71A NA NH 3
State Gujarat Maharashtra Maha/MP Telangana Karnataka Haryana Maharashtra Maharashtra
Client AUDA GoM NHAI NHAI NHAI NHAI GoM NHAI
COD May -08 Jul-09 May-10 Dec-12 Apr-12 Jan-14 Diff for all CP’s Jul-12
Residual Life (Yrs/Months) 11 Y 2 M 14 Y 10 M 12 Y 1 M 17 Y 10 M 14 Y 11 M 20 Y 6 M 18 Y 1 M 12 Y 2 M
Project Cost (Rs mn) 5,435.1 2,724.0 3,747.9 4,947.1 13,688.7 11,610.2 14,263.5 14,200.0
Grant /(Premium) (Rs mn) 360 - - (117) 2,736 (450) (700) -
Total Equity 489.7 829.9 598.2 1,470.9 1,621.2 2,426.8 3,816.6 3,438.8
ADTC April Sep 15 (Rs mn) 2.4 0.9 NA 1.4 3.1 2.3 3.9 4.0

Asset Portfolio : IRB Infrastructure Developers
49
Operational Projects Surat-Dahisar Bharuch-Surat
Tumkur-
Chitradurga
Talegaon Amravati Jaipur Deoli
Omallur Salem
Namakkal
Mumbai Pune
Stake 100% 100% 100% 100% 100% 100% 100%
State Mah/Guj Gujarat Karnataka Maharashtra Rajasthan Tamil Nadu Maharashtra
Highway NH 8 NH 8 NH 4 NH 6 NH 12 NH 7 NH 4
Type Toll Toll Toll Toll Toll Toll Toll
Client NHAI NHAI NHAI NHAI NHAI NHAI MSRDC
Length (km) 239 65 114 67 146 69 206
Residual Life 5.4 6.3 21.7 16.9 19.7 10.8 3.9
Project Cost (Rs mn) 25,372 14,700 11,420 8,880 17,330 3,076 13,016
Equity (Rs mn) 5,108 1,981 3,001 1,586 4,241 691 1,050
ADTC (April-Sep 15) 16.2 5.2 5.5 1.2 3.3 2.0 16.8
Operational Projects
Thane
Ghodbunder
IRDP Kolhapur
Thane-Bhiwandi
Bypass
Pune-Nashik Pune-Solapur Pathankot Amritsar
Ahmedabad
Vadodara
Stake 100% 100% 100% 100% 100% 100% 100%
State Maharashtra Maharashtra Maharashtra Maharashtra Maharashtra Punjab Gujarat
Highway NA NA NA NH 50 NH 9 NH 15 NH 8
Type Toll Toll Toll Toll Toll Toll Toll
Client MSRDC MSRDC MORT&H MORT&H MORT&H NHAI NHAI
Length (km) 14.9 49.99 24 29.81 26 102.42 195.6
Residual Life 5.2 23.3 1.7 6.0 3.5 15.2 20.8
Project Cost (Rs mn) 2,462 4,300 1,040 737 630 14,453 48,800
Grant (Rs mn) (3,096)
Equity (Rs mn) 300 1,681 610 517.5 450 3,651 10,789
ADTC (April-Sep 15) 1.0 0.1 2.1 0.7 0.6 2.4 4.4*
* Project is U.C but toll collection has commenced
U.C Projects Goa/Karnataka Border Solapur Yedeshi Yedeshi Aurangabad
Kaithal Rajanthan
Border
Mumbai-Pune (Phase
II)
Agra Etawah
State Karnataka Maharashtra Maharashtra Haryana Maharashtra U.P
Highway NH 17 NH 211 NH 211 NH 152.65 NH 4 NH 2
Type Toll Toll Toll Toll Toll Toll
Client NHAI NHAI NHAI NHAI MSRDC NHAI
Length (km) 189.6 98.72 189.09 166.26 206 124.52
Concession start 25-Mar-13 3-Mar-14 30-May-14 23-Jun-14 10-Oct-14 Sep-15
Scheduled COD Aug-16 July-17 Dec-17 Jan -18 Aug-19 Mar-18
Residual Life 25.5 27.4 24.7 25.7 7.7 23.9
Project Cost (Rs mn) 26,390 14,920 31,770 22,900 21,900 26,500
Grant/(Premium) 5,362 1,890 5,580 2,340 (10,000) upfront (810)
Equity (Rs mn) 873 1,965 4,365 21.6 - -

Asset Portfolio - Ashoka Buildcon
50
ABL Project Portfolio
Indore
Edalabad
Ahmednagar-
Aurangabad
Katni Bypass Dewas Bypass Wainganga KSHIP-II
Stake 99.74% 100.00% 99.89% 100.00% 50.00% 51.00%
State MP Maharashtra MP MP Maharashtra Karnataka
Highway NA NA NA NA NA NA
Type Toll Toll Toll Toll Toll Annuity
Status Operational Operational Operational Operational Operational U.C
Client MPRDC PWD PWD PWD MORT&H PWD
Lane km 406.6 168 35.2 39.6 26
Residual Life 1.8 2.9 - - 2.4 8.8
Grant/(Premium) 45 - - - - -
Project Cost (Rs mn) 1,650 1,030 710 610 410 4,500
Equity Inv.(Rs mn) 635 670 174 253 30 240
ADTC H1FY16 (Rs mn) 3.43 0.47 0.52 0.54 0.74 -
ACL Portfolio Bhandara Durg
Jaora-
Nayagaon
Belgaum
Dharwad
Pimpalgaon-
Nasik-Gonde
Sambalpur
Baragarh
Dhankuni-
Kharagpur
Chennai ORR
Stake 51.00% 51.00% 22.85% 100.00% 26.00% 100.00% 100.00% 50.00%
State Maharashtra Chhattisgarh MP Karnataka Maharashtra Orissa West Bengal Tamil Nadu
Highway NH 6 NH 6 NA NH 4 NH 3 NH 6 NH 6 NA
Type Toll Toll Toll Toll Toll Toll Toll Annuity
Status Operational Operational Operational Operational Operational Operational U.C U.C
Client NHAI NHAI MPRDC NHAI NHAI NHAI NHAI Govt of TN
Lane km 376.8 368.2 340.2 454.1 451.9 407.6 840.5 183.0
Residual Life 12.4 12.8 17.4 25.6 14.3 25.6 21.5 18.5
Project Cost (Rs mn) 5,280 6,310 8,650 6,940 16,910 11,420 22,000 14,400
Grant/(Premium) (Rs mn) 100 (10) (153) (310) 6.19% Rev (13.3) (1,260.6) 1,970
Equity Inv.(Rs mn) 600 1,002 690 1,850 1,319 3,322 6,890 865
ADTC H1FY16 (Rs mn) 1.52 1.91 4.35 1.90 2.38 1.09 6.30 -

Asset Portfolio – KNR Constructions, Gayatri Projects
51
KNR Constructions
AP/Karnataka
Border
Islamnagar- Nagpur
Walayar -
Vadakkancherry
Muzzaffarpur
Barauni
Stake 40% 40% 100% 51%
State Karnataka Andhra Pradesh Kerala Bihar
Highway NH 7 NH 7 NH 47 NH 28
Type Annuity Annuity Toll Toll
Status Operational Operational Operational U.C.
COD/Exp Cod Dec -09 June-10 Nov-15 Dec-15
Length (km) 60 48 54 108
Residual Life 11.5 12.4 17.6 17.8
Project Cost (Rs mn) 4,420.0 5,920.0 9,005.1 3,596.1
Grant (Rs mn) - - 2,645.1 -
KNR Equity (Sep 2015) (Rs mn) 148.0 198.7 1,359.1 558.0
Gayatri Projects
Jhansi
Lalitpur
Jhansi
Lalitpur
Hyderaba
d ORR
Hyderaba
d ORR
Meerut‐
Muzaffarnagar
Hyderabad –
Karimnagar –
Ramagundam
Indore
Dewas
Panikoili-
Rimuli
Stake (%) 51% 51% 50% 50% 49% 50% 100% 100%
State U.P U.P A.P A.P U.P A.P M.P Odisha
Highway NH 26 NH 26 NA NA 59 SH 1 NH 3 NH 215
Client NHAI NHAI HUDA HUDA NHAI Gov AP NHAI NHAI
Type Annuity Annuity Annuity Annuity Toll Toll Toll Toll
Status Op. Op. Op. Op. Op. Op. Op. U.C
COD/Exp COD Jun-10 Jul-10 Aug-11 Mar-12 Oct-11 May-14 May-15 NA
Length (km) 50 50 13 11.7 78.5 207 45.1 166
Residual Life 11.5 11.5 7 7 10.5 20.3 20.8 NA
Project Cost (Rs mn) 4,900 3,664 4,310 5,018 7,557 22,090 5,680 14,100
Grant (Rs mn) - - - - 564 - - -
Equity (Rs mn) 800 600 682 447 1,715 2,300 703 2,700

Asset Portfolio – MBL Infra, PNC Infratech
52
MBL Infra
Bikaner
Suratgarh
Seoni Katangi Gara Waraseoni Seoni Balaghat Waraseoni Lalbarra
Stake 100% 100% 100% 100% 100%
State Rajasthan Maharashtra MP MP MP
Highway NH 15 SH 54 NA SH 26,11 NA
Type Toll Toll Toll + Annuity Toll Toll + Annuity
Status U.C U.C U.C Operational Operational
Length in km 172 76 47 114 18
% completed 42% 93% 30% 91%
COD/Exp COD Mar-16 Mar-16 Jun-16 Feb-08 Aug-15
Residual Life 12.2 25.9 12.4 4.4 11.2
Project Cost (Rs mn) 6,201 2,116 1,368 1,082 569
Grant (Rs mn) - 501 - - -
Equity Infused (Sep 15) (Rs mn) 900 511 398 120 150
PNC Infratech
Ghaziabad
Aligarh
Kanpur
Kabrai
Gwalior Bhind
Bareily
Almora
Rae Bareily
Jaunpur
Narela
Industrial
Area
Kanpur
Ayodhya
% stake 35% 100% 100% 100% 100% 100% 100%
Status Op. Op. Op. Op. U.C Op. Op.
State UP UP MP UP UP Delhi UP
Client NHAI NHAI MPRDC USPHA NHAI DSIIDC NHAI
Type Toll Toll Toll Toll Annuity Annuity + Fee OMT
Project Cost (Rs mn) 21,760 4,580 3,400 6,040 8,370 1,750
Equity 679 675 783 746 1396 350 1

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