MEP Infrastructure Developers Q4 FY19 Share Price & Earnings Call Analysis
- Market cap
- ₹12 Cr
- Price to sales
- 0.25
- Debt to equity
- 0.92
- 52W high / low
- ₹2.82 / ₹0.51
- Sales growth (5Y)
- -51.44%
- EBITDA margin
- -1317.66%
- Net profit margin
- -1383.53%
- Promoter holding
- 23.36%
- Sales (last year)
- ₹50 Cr
Incorporated in 2002, MEP Infra Developers Ltd is in the business of collection of toll and construction of roads along with other ancillary activities viz. road repairs and maintenance of flyovers, roads and allied structures[1]
Guidance scorecard · Q4 FY19 call
What MEP Infrastructure Developers Ltd's management guided
and where it ranks in Transport Infrastructure
RevenueQ4 FY19 call
20–40%- MEP Infrastructure expects strong industry growth in road infrastructure, with highway construction forecasted to grow at around 20% CAGR over the next couple of years.
- The national highway network is expected to expand to nearly 2 lakh kilometers, with a significant pipeline of HAM projects worth around ₹32,000 crores for bidding.
- For FY20, EPC revenues are projected around ₹1,200-1,600 crores, assuming no new project additions.
- Tolling revenues are expected to be around ₹1,800-1,900 crores, contributed by key projects like Delhi entry point, Mumbai, RGSL, and Hyderabad-Bangalore.
- The company foresees a catch-up in construction activity in FY20 after delays in FY19, anticipating consistent progress moving forward.
2 more points from MEP Infrastructure Developers Ltd's call on revenue
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MarginsQ4 FY19 call
FlatSee what MEP Infrastructure Developers Ltd said on margins — free account, 30 seconds.
CapexQ4 FY19 call
Planned- MEP Infrastructure plans equity infusion in HAM projects with remaining equity investment of around ₹85 crores for six HAM projects and approximately ₹130 crores for four new HAM projects, partially extending into FY21.
- There is ongoing equity infusion during FY20, with some portion of the ₹130 crores for new HAM projects expected to be invested in FY21.
- Capacity exists to bid for a few more HAM projects worth around ₹1,000 crore in total.
- The company intends to monetize completed HAM projects to replenish equity capacity for future bidding.
2 more points from MEP Infrastructure Developers Ltd's call on capex
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FundraisingQ4 FY19 call
PlannedSee what MEP Infrastructure Developers Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY19 call
Flat- Current order book is approximately ₹6,000 crores, spread over two and a half years.
- Conservative run rate projection for revenues from this order book is about ₹1,500-1,800 crores annually.
- Total HAM projects awarded so far have a value of around ₹1,20,000 crores, covering over 6,000 kilometers.
- There is an additional industry pipeline with HAM projects worth roughly ₹32,000 crores pending for bidding.
- Around 1 lakh kilometers of the planned 2 lakh kilometers of national highways are yet to be bid.
2 more points from MEP Infrastructure Developers Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Transport Infrastructure
on management's own guidance
- Dreamfolks ServiModerate growth2
- Guj Pipavav PortGood growth1
- Adani PortsModerate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Transport Infrastructure companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Guj Pipavav Port | 20–40% | Flat | ₹8,040 Cr | 14.8 |
| 2 | Dreamfolks Servi | 10–20% | Up 2%+ | ₹322 Cr | — |
| 3 | Adani Ports | 10–20% | Flat | ₹4.03L Cr | 30.4 |
| 4 | 10–20% | Flat | ₹75,458 Cr | 48.7 | |
| 5 | 10–20% | Flat | ₹20,715 Cr | 74.7 | |
| 6 | 10–20% | Flat | ₹7,757 Cr | 19.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Transport Infrastructure rankingFinancials of MEP Infrastructure Developers Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of MEP Infrastructure Developers Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 123 | 80 | 35 | 46 | 33 | 16 | 8 | 16 | 20 | 16 | 3 | 11 | 20 |
| Expenses + | 140 | 66 | 32 | 26 | 62 | 44 | 16 | 13 | 80 | 31 | 30 | 34 | 620 |
| Operating Profit | -17 | 15 | 2 | 21 | -29 | -28 | -9 | 3 | -60 | -15 | -27 | -24 | -600 |
| OPM % | -14% | 19% | 7% | 44% | -91% | -179% | -113% | 19% | -300% | -90% | -936% | -216% | -2,926% |
| Other Income + | -91 | 13 | 8 | 5 | 47 | 1 | 3 | 5 | 4 | 3 | 1 | -59 | 6 |
| Interest | 14 | 12 | 10 | 8 | 12 | 11 | 9 | 9 | 13 | 9 | 13 | 9 | 9 |
| Depreciation | 11 | 25 | 20 | 20 | 18 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | -132 | -9 | -20 | -2 | -13 | -42 | -17 | -3 | -70 | -22 | -39 | -92 | -604 |
| Tax % | -0% | 21% | -3% | 6% | 5% | 0% | 0% | 4% | -0% | -8% | 1% | 1% | 0% |
| Net Profit + | -131 | -11 | -19 | -2 | -14 | -42 | -17 | -3 | -70 | -20 | -40 | -93 | -605 |
| EPS in Rs | -7.15 | -0.58 | -1.05 | -0.09 | -0.75 | -2.28 | -0.91 | -0.17 | -3.80 | -1.09 | -2.15 | -5.06 | -32.97 |
Financials of MEP Infrastructure Developers Ltd
Profit & Loss
Annual income statement trend
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 912 | 487 | 907 | 695 | 781 | 1,477 | 1,869 | 1,370 | 367 | 194 | 60 | 50 |
| Expenses + | 858 | 465 | 866 | 75 | 163 | 1,257 | 1,649 | 1,467 | 414 | 185 | 154 | 715 |
| Operating Profit | 54 | 22 | 41 | 621 | 617 | 220 | 220 | -98 | -47 | 9 | -94 | -665 |
| OPM % | 6% | 4% | 4% | 89% | 79% | 15% | 12% | -7% | -13% | 5% | -158% | -1,318% |
| Other Income + | 2 | 12 | 25 | 45 | 29 | 14 | 13 | 34 | -71 | 72 | 13 | -49 |
| Interest | 28 | 27 | 35 | 56 | 61 | 52 | 64 | 70 | 63 | 43 | 42 | 39 |
| Depreciation | 2 | 3 | 6 | 565 | 559 | 118 | 122 | 52 | 43 | 82 | 8 | 3 |
| Profit before tax | 26 | 4 | 25 | 44 | 27 | 64 | 47 | -185 | -224 | -44 | -131 | -757 |
| Tax % | 35% | 42% | 36% | 31% | 34% | 37% | 36% | -24% | -1% | 5% | -0% | 0% |
| Net Profit + | 16 | 2 | 16 | 30 | 18 | 40 | 30 | -141 | -222 | -46 | -131 | -757 |
| EPS in Rs | 1.65 | 0.24 | 1.45 | 1.86 | 1.09 | 2.47 | 1.64 | -7.67 | -12.11 | -2.48 | -7.16 | -41.28 |
| Dividend Payout % | 0% | 0% | 0% | 11% | 23% | 12% | 18% | 0% | 0% | 0% | 0% | 0% |
Financials of MEP Infrastructure Developers Ltd
Balance Sheet
Capital structure and asset base
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 100 | 100 | 111 | 163 | 163 | 163 | 183 | 183 | 183 | 183 | 183 | 186 |
| Reserves | 113 | 118 | 147 | 425 | 438 | 475 | 634 | 487 | 265 | 220 | 113 | -644 |
| Borrowings + | 182 | 221 | 395 | 443 | 390 | 363 | 399 | 419 | 341 | 288 | 272 | 217 |
| Other Liabilities + | 25 | 38 | 207 | 567 | 882 | 1,029 | 1,327 | 1,765 | 1,907 | 1,074 | 1,067 | 1,139 |
| Total Liabilities | 420 | 476 | 861 | 1,598 | 1,873 | 2,030 | 2,544 | 2,855 | 2,696 | 1,766 | 1,635 | 899 |
| Fixed Assets + | 12 | 15 | 11 | 344 | 157 | 73 | 43 | 93 | 88 | 36 | 18 | 8 |
| CWIP | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 32 | 71 | 210 | 522 | 670 | 779 | 819 | 853 | 853 | 841 | 424 | 168 |
| Other Assets + | 377 | 391 | 640 | 732 | 1,045 | 1,178 | 1,682 | 1,909 | 1,755 | 890 | 1,194 | 723 |
| Total Assets | 420 | 476 | 861 | 1,598 | 1,873 | 2,030 | 2,544 | 2,855 | 2,696 | 1,766 | 1,635 | 899 |
Financials of MEP Infrastructure Developers Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 241 | 11 | -9 | 85 | 84 | 281 | -120 | 189 | 103 | -152 | 6 | |
| Cash from Investing Activity + | -12 | -24 | -159 | -388 | 39 | -205 | -16 | -107 | 45 | 248 | 12 | |
| Cash from Financing Activity + | -250 | 14 | 157 | 308 | -116 | -80 | 129 | -83 | -152 | -97 | -16 | |
| Net Cash Flow | -21 | 1 | -11 | 5 | 7 | -4 | -6 | -1 | -5 | -1 | 1 | |
| Free Cash Flow | 237 | 4 | -11 | 61 | 94 | 254 | -119 | 163 | 95 | -126 | 15 | |
| CFO/OP | 466% | 65% | 39% | 16% | 17% | 133% | -37% | -225% | -191% | -1,653% | -7% |
Financials of MEP Infrastructure Developers Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 17 | 16 | 0 | 17 | 22 | 15 | 14 | 66 | 7 | 107 | 28 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 10 | 17 | 16 | 0 | 17 | 22 | 15 | 14 | 66 | 7 | 107 | 28 |
| Working Capital Days | 8 | -24 | -39 | -216 | -124 | -22 | 2 | -100 | -596 | -965 | -3,193 | -4,973 |
| ROCE % | 12% | 8% | 11% | 12% | 9% | 12% | 10% | -10% | -7% | -8% | -14% | -401% |
Guidance history
How MEP Infrastructure Developers Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY19 call → | 20–40% | Flat | Planned | Planned | Flat |
| Q1 FY19 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What MEP Infrastructure Developers Ltd's management said in earlier quarters
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