Sadbhav Infrastructure Projects Performance
Fundamentals of Sadbhav Infrastructure Projects
|P/E Ratio (TTM)||NA|
|Debt to Equity||-10.97|
Financials of Sadbhav Infrastructure Projects
|Dec 2022||Mar 2023||Jun 2023||Sep 2023|
|Profit before tax||-138.24||328.63||-15.09||-309.35|
|EPS in Rs||-1.96||6.95||-0.01||-0.33|
About Sadbhav Infrastructure Projects
Sadbhav Infrastructure Project Limited (SIPL), a subsidiary of Sadbhav engineering Ltd (SEL) was incorporated as an asset holding company for road and other Infrastructure BOT projects in January 18, ... 2007. The essential task of SIPL has been development, operation and maintenance of road infrastructure assets. SIPL undertakes turnkey contractual works, other than civil construction, of the projects. Sadbhav is focused in building a sizable asset base in the road BOT project. The current portfolio of a total of 23 projects which consists of 10 BOT (Toll) projects (9 are operational and 1 is partially operational), 1 operational BOT (Annuity) project and 12 Hybrid Annuity Mode (HAM) under-construction projects. Total Project costs of all 23 projects is Rs 219 billion. SIPL enjoys the benefit of being present in the entire value chain of BOT roads projects thereby reducing reliance on third parties and also increasing the profitability by retaining the margins. Traffic (for BOT (Toll) projects) and EPC consultants are appointed to carry out detailed study of the traffic growth (for BOT (Toll) projects) and the road structure and In-house financial and traffic (for BOT (Toll) projects) estimates of the assets are arrived at before helping in submitting rational bids for the assets. Lenders are approached for achievement of Financial Closure (FC) of the project and then EPC contractors are finalized before the appointed date and initial work on the project is carried out. SEL, the corporate promoter for the company has an established track record of executing projects and experience of over 30 years in construction activities in the transport, mining and irrigation sectors since its incorporation in 1988. The company entered into the Capital Market with Initial Public Offer (IPO) of 4,12,62,135 equity shares of Rs 10/- each at a premium of Rs 93/- per share. The IPO was open for subscription during the period from 31 August 2015 to 2 September 2015. The company's shares were listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on 16 September 2015. The existing investors Xander Investment Holding XVII Limited and Norwest Venture Partners VII-A-Mauritius offered 32,35,762 equity shares each as offer for sale along with initial public offering. The IPO was oversubscribed by 2.327 times. During the year 2015-2016 (FY 2016), SIPL acquired 100% stake in Dhule Palesner Tollway Limited from HCC Concessions Limited, John Laing Investments Limited, John Laing Investments Mauritius (No.1) Limited and Sadbhav Engineering Limited. The transfer formalities for 2,10,46,680 shares from HCC and 1,40,31,020 shares from Sadbhav Engineering Limited were in process as at 31 March 2016. Sadbhav Nainital Highway Private Limited, Sadbhav Rudrapur Highway Private Limited were incorporated as wholly owned subsidiary of the company on 1st May, 2016. Sadbhav Bhavnagar Highway Private Limited was incorporated as wholly owned subsidiary of the company on 20th June, 2016. Sadbhav Una Highway Private Limited was incorporated as wholly owned subsidiary of the company on 22nd June, 2016. These four wholly owned subsidiaries were incorporated with an object to execute highway projects as per the concessions agreements signed with NHAI. In terms of Memorandum of Understanding (MOU) dated January 17, 2017 between SIPL and SEL, SEL reduced its commitment, to sell investment in Maharashtra Border Check Post Network Ltd. (MBCPNL) to third party, from 22% to 9% and resultantly, transferred such 13% ownership / beneficial ownership in MBCPNL to the Company, raising Company's holding to 91%. During the financial year ended 31 March 2017 (FY 2017), SIPL completed refinancing amounting to Rs 2204 crores in 5 BOT operational SPVs and tied up Rs 266 crore of debt for first major maintenance due between FY16 to FY 18. In FY 2017, SIPL won 7 Hybrid Annuity Mode (HAM) projects of the length 1550 lane kilometers worth Rs 5807 crore. With these HAM projects, the company's strategy is to diversify and also to have a portfolio mix which consists of toll and annuity projects. In FY 2017, Bhilwara-Rajsamand Tollway Private Limited (BRTPL) and Rohtak-Hissar Tollway Private Limited (RHTPL) received completion certificate and already started generating revenues. During the financial year ended 31 March 2018 (FY 2018), SIPL submitted the bids for 27 HAM projects of length 1547 kms of total project costs of Rs 30151 crores. Out of these 27 bids, the company has won 5 projects, L2 in 8 projects, L3 in 7 projects and more than L3 in balance projects. After end of the financial year 2017-18, three new wholly owned subsidiary companies i.e. Sadbhav Bhimasar Bhuj Highway Private Limited, Sadbhav Kim Expressway Private Limited and Sadbhav Vizag Port Road Private Limited were incorporated with an object to execute highway projects as per the concessions agreements signed with NHAI and Sadbhav Hybrid Annuity Projects Limited was incorporated for providing, developing, own, maintain, operate, instruct, execute, carry out, improve, construct, repair, work, administer, manage, control or acquire, any infrastructure facilities, to undertake hybrid annuity mode projects. Read More
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