Any current/future new fundraising through debt or equity?

The company plans equity infusion aligned with loan requirements for new SPVs; significant equity is expected initially and as per loan/concession agreement needs (Page 13). Total equity requirement for four new projects is about Rs. 500 Crores over 2 to 2.5 years; Rs. 400 Crores equity already infused, balance Rs. 150-175 Crores to be infused as projects progress (Page 13). For funding the equity in new HAM projects, MEP will contribute 51%, with 49% by joint venture partner LongJian Road & Toll Pvt Ltd. A maiden QIP raised Rs. 163 Crores in April to meet equity needs, with further funding vi

Any current/future capex/capital investment/strategic investment?

Significant equipment buyout occurred last year; current capex will align with project requirements, especially for the new four HAM projects (Page 11). Equity infusion for the four new HAM SPVs will primarily be funded through a combination of QIP proceeds, internal accruals, and EPC margins; Rs.163 Crores raised through maiden QIP in April 2018 to meet equity requirements (Page 11). Total equity requirement for four new projects estimated at around 12%-14% of the project cost (~Rs.500 Crores over 2 to 2.5 years) (Page 13). Current six projects have had a substantial equity infusion (~Rs.400

Future growth expectations in sales/revenue/volumes?

FY2019 tolling revenue expected to be over Rs. 2,000 Crores. EPC revenue projected between Rs. 1,400 to 1,500 Crores for FY2019. Construction segment turnover increased; targeting run rate push to achieve timely project completions. EPC segment EBITDA margins expected around 15%-17%, though slight dip anticipated in next 3-4 quarters, offset by new projects. Order book stands around Rs. 7,000 Crores; plans to bid for additional Rs. 1,000+ Crores projects in the last quarter of FY2019. Anticipation of robust HAM project bidding pipeline with 10 projects (6 ongoing, 4 near financial cl

Future growth expectations in earnings/operating earnings/profits/EPS?

Q1 FY2019 showed strong performance with consolidated revenue of Rs.840.7 Crores, EBITDA Rs.166.6 Crores, and PAT Rs.26.1 Crores. Tolling revenue for FY2019 expected to be Rs.2000 Crores+; EPC revenue around Rs.1400-1500 Crores. EPC margins anticipated to remain stable overall; slight dip expected in next 3-4 quarters but new projects will balance margins. Equity infusion and financial closure of 4 new HAM projects underway; funding through QIP, internal accruals, and EPC margins. Company focused on efficient monetization of HAM portfolio post-construction phase to fuel future growth. Pipeline

Current/ Expected Orderbook/ Pending Orders?

Current order book is around Rs. 7,000 Crores (70 billion). The company plans to bid for a couple of new construction projects in the last quarter of the financial year, targeting an additional Rs. 1,000 Crores. Actively evaluating bidding opportunities for the second phase of TOT projects. Evaluating partnerships before deciding the bidding approach (alone or with partners). Pipeline includes 10 HAM projects with work started on six, and financial closure expected soon for four more. Continuing to bid on short-term EPC and tolling projects, though competition remains aggressive. Long-term foc

MEP Infrastructure Developers LtdQ1 FY19Transport Infrastructure

MEP Infrastructure Developers Ltd Q1 FY19 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹0.64Market Cap: ₹12 CrSector: Transport Infrastructure

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

FY2019 tolling revenue expected to be over Rs. 2,000 Crores.
EPC revenue projected between Rs. 1,400 to 1,500 Crores for FY2019.
Construction segment turnover increased; targeting run rate push to achieve timely project completions.
EPC segment EBITDA margins expected around 15%-17%, though slight dip anticipated in next 3-4 quarters, offset by new projects.
Order book stands around Rs. 7,000 Crores; plans to bid for additional Rs. 1,000+ Crores projects in the last quarter of FY2019.
Anticipation of robust HAM project bidding pipeline with 10 projects (6 ongoing, 4 near financial closure).
Exploring opportunities in TOT projects and PWD EPC contracts.
Overall focused on sustainable, risk-mitigated growth with efficient execution and calibrated business approach.

Margin guidance

Category 3

Q1 FY2019 showed strong performance with consolidated revenue of Rs.840.7 Crores, EBITDA Rs.166.6 Crores, and PAT Rs.26.1 Crores.
Tolling revenue for FY2019 expected to be Rs.2000 Crores+; EPC revenue around Rs.1400-1500 Crores.
EPC margins anticipated to remain stable overall; slight dip expected in next 3-4 quarters but new projects will balance margins.
Equity infusion and financial closure of 4 new HAM projects underway; funding through QIP, internal accruals, and EPC margins.
Company focused on efficient monetization of HAM portfolio post-construction phase to fuel future growth.
Pipeline includes bidding for new EPC and HAM projects, and participation in TOT projects, indicating steady order book growth.
Tolling operations expected to resume soon post suspension, with claims to cover revenue loss.
Industry outlook positive with government emphasis on execution, offering long-term growth opportunities.

See what MEP Infrastructure Developers Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company plans equity infusion aligned with loan requirements for new SPVs; significant equity is expected initially and as per loan/concession agreement needs (Page 13).
Total equity requirement for four new projects is about Rs. 500 Crores over 2 to 2.5 years; Rs. 400 Crores equity already infused, balance Rs. 150-175 Crores to be infused as projects progress (Page 13).
For funding the equity in new HAM projects, MEP will contribute 51%, with 49% by joint venture partner LongJian Road & Toll Pvt Ltd. A maiden QIP raised Rs. 163 Crores in April to meet equity needs, with further funding via QIP, internal accruals, and EPC margins (Page 12).
Financial closure for four projects is expected soon, involving a mix of private and public sector banks and infrastructure institutions; no plans for NBFC borrowing currently (Page 7).
Debt is expected to rise marginally but not substantially with new financial closure (Page 6).

Order book

Yes

Current order book is around Rs. 7,000 Crores (70 billion).
The company plans to bid for a couple of new construction projects in the last quarter of the financial year, targeting an additional Rs. 1,000 Crores.
Actively evaluating bidding opportunities for the second phase of TOT projects.
Evaluating partnerships before deciding the bidding approach (alone or with partners).
Pipeline includes 10 HAM projects with work started on six, and financial closure expected soon for four more.
Continuing to bid on short-term EPC and tolling projects, though competition remains aggressive.
Long-term focus includes bidding for future hybrid annuity projects and EPC projects to sustain growth.

See what MEP Infrastructure Developers Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Significant equipment buyout occurred last year; current capex will align with project requirements, especially for the new four HAM projects (Page 11).
Equity infusion for the four new HAM SPVs will primarily be funded through a combination of QIP proceeds, internal accruals, and EPC margins; Rs.163 Crores raised through maiden QIP in April 2018 to meet equity requirements (Page 11).
Total equity requirement for four new projects estimated at around 12%-14% of the project cost (~Rs.500 Crores over 2 to 2.5 years) (Page 13).
Current six projects have had a substantial equity infusion (~Rs.400 Crores already infused, with Rs.150-175 Crores balance equity to be infused as per loan drawdown schedules) (Page 13).
Company expects marginal increase in debt related to balance sheet borrowings but no significant rise even after equity infusion (Page 6).
Future bidding expected for additional projects with potential order inflows in the Rs.1000 Crores range (Page 7).

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MEP Infrastructure Developers Ltd Q1 FY19 Earnings Call Analysis

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