Q4&FY16Results

Presentation
i

June,2016

Disclaimer
Some of the statements in this presentation that are not historical facts are forward looking statements. These forwardlooking
statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and
beliefs concerning our business and the markets in which we operate.
These statements are based on information currently available to us, and we assume no obligation to update these statements as
circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward
looking statements. These risks include, but are not limited to, the level of market demand for our services, the highlycompetitive
market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our
services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and
retain qualified personnel,
personnel currency fluctuations and market conditions in India and elsewhere around the world,
world and other risks
not specifically mentioned herein but those that are common to industry.
Further, this presentation may make references to reports and publications available in the public domain. Gayatri Projects Ltd.
makes no representation as to their accuracy or that the company subscribes to those views / findings.

Copyright 2016 Gayatri Project Ltd

Index

Financial Highlights Q4 & FY16

OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

Copyright 2016 Gayatri Project Ltd

Financial Highlights Q4 & FY16

OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

Copyright 2016 Gayatri Project Ltd

FY16FinancialPerformance AtaGlance

+13%

+25%

+166%

REVENUE

EBITDA

PAT

ORDER BOOK*
ORDERBOOK*

Rs.1,812cr

Rs.260cr

Rs.59cr

Rs.10,974cr

* AsofMay,2016

Copyright 2016 Gayatri Project Ltd

RecentDevelopments

BaggedordersworthRs.5,313croreplusduringtheyear;totalunexecutedorderstandsatRs.10,974croreas
ofMarch2016.

ThermalPowerTechCorporationIndiaLimited(TPCIL,1320MW)fullycommissioned
Thermal
PowerTech Corporation India Limited (TPCIL 1320 MW) fully commissioned
SignedlongtermPPAwithTelanganafor570MW
Projecthassecuredmorethan85%ofitsnettotalgeneratingcapacityunderLongtermPPA

PhaseI(660MW)ofSembcorpGayatriPowerLimited(SGPL)"(FormerlyNCCPPL)"
Ph
I (660MW) f S b
G t iP
Li it d (SGPL) "(F
l NCCPPL)" synchronizedwiththegrid
h i d ith th
id
inMay2016.FinalPhaseIIlikelytobecommissionedinnext34months

Optimizationofpowergenerationassetholdingstructure:JVpartnerSembcorpUtilitywritesa5yearcall
option giving Gayatri (GEVL) an option to go upto 30%stakeinthebusiness
optiongivingGayatri(GEVL)anoptiontogoupto
30% stake in the business

CommencedrestructuringandmonetizationofRoadBOTAssets:DivestedfullstakeinWUPTL;Initiatedthe
processofbuyingoutPEpartnerAMP;BoardapprovedtheinitiativetorestructureBOTassets schemeof
arrangement in advanced stages of finalization
arrangementinadvancedstagesoffinalization

UpgradationofBankloanfacilities
CAREratingsupgradesLongtermBankFacilitiestoCAREBB (DoubleBMinus)fromCAREB(SingleB)
Long
Longterm/ShorttermBankFacilitiestoCAREBB/CAREA4(SingleBMinus/AFour)fromCAREB/CARE
term/Short term Bank Facilities to CARE BB /CARE A4 (Single B Minus/A Four) from CARE B/ CARE
A4(SingleB/AFour)

Copyright 2016 Gayatri Project Ltd

Q4&FY16Highlights
Figs.Incrore

EBITDA

REVENUE
1,812

560

668

393
306
342

422
317
405

33

60

48
52

50
58

FY15

FY16

FY15

FY16

PAT

59

208
75

22
16

Revenue growth of 13% for the year

despite almost nil revenue booking from 11
projects worth Rs.5300 cr (half the current
order book) won in last 12 months

3 1
2

Operating margins improved about 130 bps

YoY owing to better efficiencies and higher
operating leverage in the business

FY15

12
7
11
FY16

92

29

260

1,601

Copyright 2016 Gayatri Project Ltd

M.D.sComments
Commenting on the results, Mr. Sandeep Kumar Reddy, Managing Director, Gayatri Projects Limited said
FY 16 has been a exciting and eventful year for us, marked by improved operational and financial performance. During
the year we made significant headway across all our businesses: core construction, power development and road assets.
We gained exceptional traction in our core construction business, with strong order inflow, in excess of Rs.5,300 crore
during the year, ending the year with almost Rs.11,000crore order backlog. We have built up further L1 positions across
Roads, Industrial and Water sectors and we expect to maintain similar orderflow momentum in the coming year as well.
On the execution front, we saw growth despite not being able to book any revenue from new orders. With mobilization
already in place at most sites,
sites we see very strong growth in revenue booking post monsoon.
monsoon
On the Power Generation front, we have seen solid project execution. Both 660MW units of TPCIL were commissioned in
last 12 months and first 660MW unit of SGPL was synchronized with grid recently. 2nd SGPL unit should come on stream in
next 34 months. We have lined up longterm PPAs for almost 2/3rd of the 2640MW capacity. But, trading conditions have
significantly deteriorated in recent months. We expect governments initiatives on SEB reforms, universal access to
electricity and strengthening distribution infrastructure to help improve demand conditions over next 1224 months.
We continue to focus on improving value in our BOT Road Asset portfolio restructuring, monetization and improvement
in traffic flow are all on agenda. We sold WUPTL. Board has approved restructuring inprinciple and a scheme of
arrangement should be in public domain in a matter of weeks. Our HyderabadKarimnagar & IndoreDewas roads are
seeing much better tolling activity. The last BOT road in our portfolio SMTL is likely to be commissioned within this
calendar year.
To conclude,, we believe that our recent initiatives and improved
p
operational
p
and ffinancial p
performance
f
position us ffor a
p
dramatically improved future.

Copyright 2016 Gayatri Project Ltd

Financial Highlights Q4 & FY16

OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

Copyright 2016 Gayatri Project Ltd

OrderBookUpdate
OrderBook Details

Orderbookaccretiongatherspace.Newordersworth
Rs.1100Crwerepickedupduringthequarter
Rs.1100Cr were picked up during the quarter withorder
with order
backlogofRs.10,974Crattheendoftheyear
o

OrderBook BreakUp

OrderspickedupacrossRoad(Northeast),Railway
(WesternIndia)&Mining(Dhanbad)sectors

AchievedfurtherL1positionsacrossRoadworks,civil

0.83%
0.36%

works&waterworks

Revenuevisibilityremainsquitestrongonthebackofrobust

1.31%

order book expect2530%revenuegrowthovernext34

orderbook
e pect 25 30% re en e gro th o er ne t 3 4
years withmuchstrongergrowthinthenearterm

Continuetoremainfocusedonbiddingformarginaccretive
projects
27.83%

6.61%
4.64%
ROAD
ROAD(BOT)
RAILWAY
IRRIGATION
WATERGRID
INDUSTRIAL
POWER
TRANSMISSION
MINING
3.87%

10

48.95%

5.59%

Copyright 2016 Gayatri Project Ltd

CurrentYearDevelopments

FinancialHighlights
g g
Q4&FY16
Q
OrderBook
FY16Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

11

Copyright 2016 Gayatri Project Ltd

CurrentYearDevelopments

1
2
3
4

12

St
Strongorderinflows
d i fl

EnteringNewerSegments:Under
Entering
Newer Segments: Under groundMining
ground Mining
Services

PowerGenco
Power
Genco AssetHoldingStructureOptimised
Asset Holding Structure Optimised
CalloptionwrittenbySembcorp

RenewedStrategyforRoadAssets

Copyright 2016 Gayatri Project Ltd

EPCBiz StrongOrderInflowsdoublebacklog

Companysfirst
forayintothefast
growingand
specializedWater
SupplyEPC
business
Water
W
distribution
feedermainfor
supplyingwater
tocityofAizwal

Mining

JVwithL&T
baggedalarge
freightcorridor
order
GPLportionof
contractRs.425cr
Footinthedoor
intoanothersun
risesectorwith
massivetailwinds

W
WaterGrid

RoaadDivision
13

6newRoad
construction
ordersonEPC
basisawarded
duringFY2016
addedmorethan
Rs 4300cr to
Rs.4300crto
orderbook.The
orderscamefrom
NHAI&NHIDCL.
Carefulbidding
hasresulted
geographic
geographic
concentrationof
neworders
whichshould
resultinbetter
margins.

Railways

BaggedmultipleordersworthmorethanRs.5,300crorealmostdoublesbacklogto
Rs.11,000crore

Newforayinto
underground
mechanized
mining(Longwall
workings)
Biggrowthpush
b
bygovernment
withlittle
competition

Copyright 2016 Gayatri Project Ltd

ForayinUndergroundMiningServices

SignificantgrowthpotentialforundergroundmininginIndia
o Government's2020targetfor1bnmtpa coalextractionbyCILincludes100mtpaforundergroundmining(vs.currentlevels
ofjust37mtpa)

Growthlikelytobedrivenbylargescaleprivateparticipation
o RelativelylowexpertiseinIndiaforlargescalemechanizedundergroundmining

Gayatri aimingtobuildanearlyleadershippositioninthesector
o AcquiredateamwithlongexperienceinundergroundminingatSingareniCoalfields.Addingfurthertotheteam
o Investedinequipment,builtpartnershipsoverlastoneyear
o Readytobidforallemergingopportunitiesinthesector
o Targetingaportfolioofservicesbusinesssupporting10mtpaproductionovernext5years
g
g p
pp
g
p p
y

Firstprojectwin Jhanjhra undergroundmine

o Oneofthejust4privatelyawardedlongwallminingprojectsinIndia.6yearinitialcontract,InitialcontractvalueRs.400cr
o PartneringwithCODCO(ChinaCoalOverseasDevelopmentCompany),aBeijingbasedsubsidiaryofChinaCoal
Partnering with CODCO (China Coal Overseas Development Company) a Beijing based subsidiary of China Coal
o Raisingcontract:2mtpaofcokingcoalforECLfromJhanjhra undergroundmine(Durgapur,WestBengal)usingmodernlong
wallminingtechnologysuppliedbyCODCO

Secondprojectwin
p j
Moonidih seam16undergroundmine
g
o LongwallseamdevelopmentcontractfromBCCL(asubsidiaryofCoalIndiaLtd.).InitialcontractvalueRs.325cr.

14

Copyright 2016 Gayatri Project Ltd

OptimizationOfPowerGenco Asset
HoldingStructure SembcorpCallOption
GEVLwasinitiallyplanningtoincreasestakeinpowergenerationsubsidiaries(TPCIL,SGPL,2640MW)to30%
eachbyraisingcapitalthroughmezzaninefunding.Thatplanhasbeenabortedandacalloptionstructure
hasbeennegotiatedwithJVpartnerSembcorpUtilities.

Theoptimizationrecognises twomarketrealities:

o Longtermexceptionalassetvalue amongmost
advantageouslylocated/managedpowergencos
Hence the need to maintain stake in a
Hencetheneedtomaintainstakeina
costeffectivemanner
o Currenttoughpowertradingenvironment(could
persistfor1224months)
Hencetheneedtoavoidunnecessary
mezz debtinterestcost
debt interest cost

Projectcapitalstructure(including4th,thelast,unit
whichislikelytocomeonstreaminnext34months)
o ProjectCost:Rs.19,300cr(orignal estimateRs.
13,900 cr)
13,900cr)
o ProjectEquity:Rs.5,600cr(originalestimateRs.
3,500cr)
o Gayatri(GEVL)incrementalinvestmentfor30%
stake Rs.900cr(today'scost)

SEMBCORP(SCISP)unithaswrittenaCALLOPTION,
SEMBCORP
(SCI SP) nit has ritten a CALL OPTION
exerciseallowsGayatristaketogo30%
o CurrentGEVLstakein2powergenerationOpCos
~13%.
o Optionterms:
Life:5years
Lif 5

15

Strikeprice:Rs.900cr,accretes@18%p.a.
(withdividendstoGayatri'scredit)

Multiplepartialexercisesallowed

Wehopetoexercisetheoptionovernext23years.

Copyright 2016 Gayatri Project Ltd

RenewedStrategyforRoadAssets

Managementdecidesonmonetizing/corporaterestructuringofroadassets

Boardcontemplatinghivingoffentireroaddevelopmentbusinessasseparateentity

WorkingtowardsadoptingAssetlightapproach

Divests
UP Tollway
Ltd
Di
t stake
t k in
i Western
W t
T ll

16

Project Details
o

Location: Uttar Pradesh

JV Partner: NCC

Length: 78.5 km

Concession Period: 20 years

Operational since 2011

Enters into a share purchase agreement with Cube Highways and Infrastructure Pte Ltd

Enterprise value of Rs.575 crore (subject to certain closing adjustments)

Proceeds to be deployed largely towards paring high cost debt

Copyright 2016 Gayatri Project Ltd

FinancialHighlights
g g
Q4&FY16
Q
OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

17

Copyright 2016 Gayatri Project Ltd

TPCILs1,320MWcomesonline
Project Description
1,320 MW Thermal Power Plant

Unit1(660MW)
FullyoperationalsinceMay,
2015
Consistentlyoperatedat
PLFsinexcessof90%since
May,2015

18

Unit2(660MW)
Commencedcommercial
productionin2ndweek
d ti i 2 d
k
onSept,2015

Afterperformingwellin
4Q,theunithadtobeshut
for
foralmost45daysinApril
almost 45 days in April
May2016.Operatingat
fullswingnow.

ProductionUpdate
Theplantsoperatedat83%
PLF i Q4
PLFinQ4
TPCILsupplied2,232muto
thegridin4Q

Copyright 2016 Gayatri Project Ltd

SembcorpGayatriPowerProject
"(FormerlyNCCPPL)" OnTrack
Project Description
1,320 MW Thermal Power Plant

1st 660MWunitwassynchronizedwiththegridinlastweekofMay

2nd 660MWunitshouldbecommissionedovernext34months

PPA 500MWisclosetofinalizationwithAPDiscoms,Companyisalsolookingatseveralshorter
termPPAsgiventhattradingconditionsinspotmarketareverytough

19

Copyright 2016 Gayatri Project Ltd

FinancialHighlights
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Q4&FY16
Q
OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

20

Copyright 2016 Gayatri Project Ltd

DevelopmentofRoadAssets

21

Gayatri Infra Ventures Ltd, a

subsidiary of Gayatri Projects
Ltd
dedicated
towards
development of road assets
Balanced portfolio comprising
of four annuity and three toll
based projects
Focus on value creation
through monetization and
restructuring
Recently sold WUPTL to Cube
I f
Infra
Board has given inprinciple
approval for restructuring of
the portfolio. Scheme of
arrangement should be filed
within next a few weeks.
Tollbased projects (HKRRL,
IDTL)
seeing
significant
improvement in tolling activity
in last 34 months

PortfolioSummary
Status

GIVL
Stake

COD

Concession
Period
(Years)

Length
(kms)

GayatriJhansiRoadwaysLimited
(GJRL)

PCC
Obtained

51%

Jun2010

20

50.0

GayatriLalitpur RoadwaysLimited
(GLRL)

PCC
Obtained

51%

Jul2010

20

50.0

HyderabadExpresswaysLimited
(HEL)

PCC
Obtained

50%

Aug2011

15

13.0

CyberabadExpresswaysLimited
(CEL)

PCC
Obtained

50%

Mar2012

15

11.7

Status

GIVL
Stake

COD

Concession
Period
(Years)

LLength
th
(kms)

PCC
Obtained

50%

May2014

25

207.0

Indore Dewas Tollways Limited

IndoreDewasTollwaysLimited
(IDTL)

Under
Under
Construction

100%

May2015

25

45.1

SaiMaatarini TollwaysLimited
(SMTL)100%SubsidiaryofGPL

Under
Construction

100%

24

166.2

AnnuityBasedProjects

TollbasedProjects
HyderabadKarimnagar
Ramgundam(HKRRL)

Copyright 2016 Gayatri Project Ltd

DevelopmentofPowerAssets
PortfolioSummary

Incorporated in 2008, Gayatri Energy Ventures Ltd

is a wholly owned subsidiary of Gayatri Projects

Current
C
t Portfolio:
P tf li
o

SGPL "(Formerly NCCPPL)"

Option agreement signed with JV partner

Sembcorp Utilities,
Utilities would allow Gayatri to
increase stake to 30% over the next 5 years.

Strong Power Plant Economics:

o

22

TPCIL
Capacity

1,320Mw(2x660Mw)

1,320Mw(2x660Mw)

Location

NearKrishnapatnamport,
AndhraPradesh

NearKrishnapatnamport,
AndhraPradesh

TPC*

9,402crore

9,878crore

CFE

Obtained

Obtained

EC

Obtained

Obtained

CL

SignedPPA

LOAObtained

WL

Obtained

Obtained

PPA

Acquired

InProgress

LA

Acquired

Acquired

FC

Completed

Completed

Commissioned

CommissioningduringFY17

TPCIL (13% GEVPL; 87% SembCorp Utilities)

Exceptional fuel security: True portbased

g
location ensures amongg the best logistics
for both imported and domestic coal
Global coal price deflation is making
imported coal cheaper than domestic coal
on a per GCal, landed at plant basis.
Home market continues to stay power
deficit: shortage of generation capacity and
constrained transmission networks
Targeting high proportion of sales through
longterm PPAs at remunerative rates:
1070MW already in place, L2 for 500MW in
a large AP tender,

SembcorpGayatri
PowerProject
"(FormerlyNCCPPL)"

Current
Progress

TPC Total Project Cost: CFE Consent for Establishment: EC

Environmental Clearance: CL Coal Linkage: WL Water Linkage PPA
Power Purchase Agreement: LA Land Acquisition: FC Financial Closure:
LOA Letter of Assurance
*Revised
Copyright 2016 Gayatri Project Ltd

FinancialHighlights
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Q4&FY16
Q
OrderBook
FY16 Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

23

Copyright 2016 Gayatri Project Ltd

Outlook

24

Governments efforts towards reviving investment climate by stepping up

infrastructure spend is likely to ensure continued addition to our already
strong order book. We have achieved L1 positions in projects in Roads,
Railways, Industrial & Water sectors in recent past and hope to convert
them into orders within the current quarter.
Growth in construction order book should help us sustain a 2530%
topline growth over next 34 years. The growth should be much stronger
nearterm
near
term (post this monsoon) as we have already mobilized at most of
the new construction sites. FY2016 had zero revenue booking from a slew
of new orders booked during the year.
Power Assets: With 3 out 4 units of the TPCIL / SGPL "(Formerly NCCPPL)"
power complex commissioned and 4th close to commissioning, focus is on
maximizing long term PPAs for sales. Shortterm trading conditions are
tough and are likely to stay as such for next 1224 months. Almost 2/3rd
capacity is already contracted (1070MW executed PPA, 500MW L2
position in a large bid). We have been able to restructure our ownership
of the asset to be better geared for current tough conditions. Our option
agreement with Sembcorp allows us to increase stake to 30% over next 5
years.

CONSTRUCTION

POWER GENERATION
ASSETS

ROAD ASSETS

Road Assets: Working towards commissioning the last nonoperating road

in our portfolio during FY17. We do not plan to add to the Road asset
portfolio in foreseeable future, no further equity injection is needed and
are looking at all options to monetize the portfolio. We expect concrete
restructuring of the portfolio within next 12 months.
Copyright 2016 Gayatri Project Ltd

FinancialHighlights
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Q4&FY16
Q
OrderBook
FY16Developments
ProjectUpdates
AssetholdingSubsidiaries
Outlook
AboutUs

25

Copyright 2016 Gayatri Project Ltd

AboutUs

GayatriProjectsLimited(ParentCompany)core
constructionCompany

DedicatedsubsidiariestofocusonRoadandPower
segment

DevelopmentofRoadAssets:
o GIVL,dedicatedtowardsdevelopmentofroad
assets

CompanyStructure
GayatriProjectsLtd.
y
j

CoreConstruction

Developmentof
RoadAssets

Developmentof
PowerAssets

GayatriProjectsLtd
(GPL)
(Parent Company)
(ParentCompany)

GayatriInfra
VenturesLimited
(GIVL)

GayatriEnergy
Ventures.Limited
(GEVL)

Contractingarm
withanorderbook
ofINR10.900crore

7operational
projects
4annuityand
4 annuity and
3tollprojects

2,640MW(4*660
MW)thermal
powerplant
power plant 1,320
1 320
MWoperational

2530%growthover
next34yearson
the back of robust
thebackofrobust
orderbook
Rs.10974cr

Effortsonto
restructurethe
portfolio with
portfoliowith
potentialdistribution
toGPLshareholders.

Evaluatefurther
growthstrategy
afterfull
f
commissioningof
theprojectnext
year

o GPLsboardapprovespurchaseofAMPs30%
pp
p
stakeinGIVL
o CurrentPortfolio:7roadprojects
o Annuitybased:4
o TollBased:3incl.SMTL(100%ownedbyGPL)
DevelopmentofPowerAssets:
o GEVL,dedicatedtowardsdevelopmentofpower
assets
y
o 100%ownedSubsidiaryofGPL
o CurrentPortfolio:
o TPCIL&SGPL:660MWx4
o GEVLownership:~13%currentlywithanoption
toincreasestaketo30%overnext5years.

26

Copyright 2016 Gayatri Project Ltd

GayatriProjects Constructionarm

Core Construction Company with a Pan India Presence

Rich DNA of almost 50 years experience in Project execution

Strong
order
St
d book
b k off Rs.10,974
R 10 974 cr as on May
M 16

Client list includes several leading names including NHAI, AAI, Nalco, Tata
Steel, Reliance Petroleum etc.

SO 900
9001 2000
000 ce
certified
t ed Co
Company
pa y
ISO

Owns Extensive fleet of state of the art Construction equipment

HeavyEarthMovingMachine:Hydraulicexcavators,loaders

Concreting Plants: batching plants transit mixers

ConcretingPlants:batchingplants,transitmixers

RoadEquipment:vibratorytandemrollers,integratedstonecrushing
plants

QuarryEquipment:WagonDrills,JackHammers

T
TransportationEquipment:Tractors,Watertankers
i E i
T
W
k

Two fold benefits of owning several assets:

o

Lowerdependenceonexternalsubcontractors

M i ii
Maximizingprofits&returns
fit & t
NHAI:NationalHighwaysAuthorityofIndia;AAI:AirportsAuthorityofIndia

27

Copyright 2016 Gayatri Project Ltd

FinancialPerformanceataGlance
Figs. In crore

Sales
1 813
1,813

FY14

EBITDA

300

260

1 812
1,812

1,601

208

FY15

FY14

FY16

FY15

FY16

PAT
59
48

22
FY14
28

FY15

FY16
Copyright 2016 Gayatri Project Ltd

Forfurtherinformationpleasecontact:

K.G.Naidu(VicePresidentFinance)
K
G N id (Vi P id t Fi
)
GayatriProjectsLimited
Tel:+914023310330/23314284/4296
Email:kgnaidu@gayatri.co.in

G i D
GavinDesa/SurajDigawalekar
/ S j Di
l k
CDRIndia
Tel:+912266451237/66451235
Fax:+912266451213
Email:gavin@cdrindia.com/suraj@cdrindia.com

Certainstatementsinthisdocumentmaybeforwardlookingstatements.Suchforwardlookingstatementsaresubjecttocertain
risksanduncertaintieslikeregulatorychanges,localpoliticaloreconomicdevelopments,andmanyotherfactorsthatcouldcause
our actual
our
actual results
results to
to differ
differ materially
materially from
from those
those contemplated
contemplated by
by the
the relevant
relevant forward looking statements.
statements Gayatri
Gayatri Projects
Limitedwillnotbeinanywayresponsibleforanyactiontakenbasedonsuchstatementsandundertakesnoobligationtopublicly
updatetheseforwardlookingstatementstoreflectsubsequenteventsorcircumstances

29

Copyright 2016 Gayatri Project Ltd

Share Price

Rs.578

Market Cap

Rs.2,024cr

Overview
Gayatri Projects Limited is a wellestablished EPC contractor with more than 50 years of experience in construction of Roads, Irrigation,
Industrial&PowerTransmissionprojectsacrossIndia.ItseparatelyownsPowerGenerationAssetsandBOTRoadAssetsthrough2stepdown
subsidiaries GEVL & GIVL. Gayatri's total current capital employed is split approximately evenly between construction and asset holding
businesses.

Divisional Information
Construction

Power Generation

Richhistoryofexecutingconstructionprojects
acrossIndia
GoldMedalforNagarjunaSagarProject
(WorldslargestEarthDam)
Builtmorethan644kmsofroads
Civilconstructionatsomeofthemostmarquee
industrialprojects:TataSteel,Reliance
Petroleum,etc.
CurrentunexecutedorderbookofRs.10,974cr

Developinga2,640MWtrulycoastal,coalfired
powerplantatKrishnapatnaminpartnershipwith
SembCorpIndustries
TPCILs1320Mwcapacitycommissionedover
last12months.
SGPLs(SembcorpGayatriPowerLtd.,formerly
NCCPPL)first660MWunitwassynchronized
nd
withgridMayendand2 unitshouldbe
commissionedovernext34months.
Gayatriowns~13%stakeinthe2OpCosand
hasoptiontoincreasestaketo30%over5yrs.

FinancialSummary(YearendedMar.312016)

FY15

FY16

YoY(%)

Sales(Rs.cr)
EBITDA(Rs.cr)
NetProfit(Rs.cr)

1,601
208
22

1,812
259
59

13%
25%
166%

MajorShareholders(asofMar.2016)
Totalnumberofsharesoutstanding3.55crore
shares.Someofthekeyshareholders,otherthan
promoters,areGMOFunds,BajajAllianzLife
insuranceCompany,etc.
ProjectUpdatePowerGeneration
TPCIL:
Entire1,320MWcommissioned.Plantoperatedat
83%PLFduring4QFY16.Supplied2,232mutogridin
4QFY16
SembcorpGayatriPowerLimited(erstwhile
NCCPPL)1stphase660MWsynchronizedwith
theGridMayend.2ndunitlikelytocommission
innext34months.

OrderBook
OrderBook(asofMay.2016):Rs.10,974crore

51.00%
30.40%

WaterGrid

Transmission

Power

Mining

3.90% 0.50% 0.40% 1.40%

RoadDivision

Industrial
Work

RoadBOT
Projects

Irrigation
Division

7.70% 4.70%

Currentportfolioof6operatingand1under
constructionRoadBoTassetswithvarying
levelsofownership
Splitinto4annuitybasedand3tollroads
GrossCapitalEmployedofmorethan
Rs.5,000cr&Rs.500cr+cashinvestedfromGPL
balancesheetacrossthe7roadassets
Currentlyactivelypursuingrestructuring&
monetizationopportunities.

RecentDevelopments

Road Asset Holding

CAREratingupgradesBankLoan
Facilities
o Long Term Bank Facilities: CARE BB
(Double B minus) from CARE B
(SingleB)
Longterm/Short term Bank
Facilities: CARE BB/CARE A4
(Single B minus/ A Four)from
CARE B/ CARE A4(Single B/A
Four)
ConstructionBusiness
o Bagged multiple orders, across
diversesectors,overlast12months
newordersofmorethanRs.5,300cr
almost doubling the order book to
Rs.11,000cr.
o

o 6 new road construction EPC orders,

carefully selected for geographic
proximity, added more than Rs.
4,300cr.
o New foray into sunrise sectors like
Watergrid,Mining,Railways.

PowerGenerationBusiness
o 1.980MWup&running.Last660MW
to be commissioned in next 34
months.
rd

o Almost 2/3 production tiedup in

longtermPPAsatattractiverates.
o Recent trading conditions tough as
SEBsarenotbuyingenoughpower
butseveralstructuralinitiativesfrom
government promises silver lining in
1224months.
o Call option agreement with JV
partner Sembcorp rights to take
stakefrom~13%to30%over5yrs.
RoadAssetBusiness
o Focus
on
monetization.

restructuring,

o Sold WUPTL. Board approves re

structuringinprinciple.
o Improved tolling at HydKarimnagar
&IndoreDewasTollways

BusinessDetails
Exchanges
Sector
Ticker/Code
MarketCap
Website
Tel:
Fax:
Email:
ForInvestorQueries Contact

B-1, T.S.R. Towers, 6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad 500 082 Telangana, India

NSE,SX40/BSE
Construction&Engineering
GAYAPROJ/532767
Rs.2,024cr
www.gayatri.co.in
+914023310330,233314284
+914023398435
gplhyd@gayatri.co.in
K.G.Naidu(GayatriProjects)
GavinDesa/SurajDigawalekar(CDRIndia)