Any current/future new fundraising through debt or equity?

On the topic of capital raising, Murzash Manekshana mentioned that they are strictly advised against commenting on a public call regarding fundraising plans. Therefore, no specific details were shared about progress or plans related to raising capital through debt or equity during this call. The discussion indicates sensitivity and confidentiality around such financial maneuvers at this time.

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

Total equity requirement for HAM projects is Rs.575 Crores, with Rs.400 Crores to be deployed by MEP and Rs.175 Crores by JV partner. Rs.250+ Crores equity already infused by MEP; remaining Rs.150 Crores to be infused over next 1.5-2 years. Debt for HAM projects totals Rs.1721 Crores, with Rs.400 Crores drawn so far; balance to be drawn over next two years. Participation planned in HAM projects worth Rs.10,000 to 12,000 Crores out of a Rs.16,000 Crores shortlisted portfolio. Expect to add a couple of thousand Crores more to HAM order book leveraging existing balance sheet. Firm ongoing evaluat

Future growth expectations in sales/revenue/volumes?

For FY2019, MEP Infrastructure expects a total topline of around Rs.4000 to Rs.4200 Crores, driven by expanding EPC and tolling revenues. EPC revenue target for FY2019 is conservatively Rs.1600 Crores, potentially up to Rs.1800 Crores depending on new orders. Tolling revenue forecasted between Rs.2400 to Rs.2600 Crores for FY2019, with strong visibility of Rs.2000+ Crores annually locked in for 4-5 years. Revenue split expected to shift to approximately 65:35 (Tolling:EPC) in FY2019 due to full-year impact of Delhi Entry Point and increased HAM EPC orders. HAM projects shortlisted for

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

MEP Infrastructure expects robust growth driven by tolling projects and HAM EPC contracts. Target EPC revenue for FY2019 is Rs.1,600 Crores conservatively, potentially up to Rs.1,800 Crores. Total topline expected at Rs.4,000 to Rs.4,200 Crores for FY2019. Revenue split for FY2019 projected at 65% tolling and 35% HAM EPC. Delhi Entry Point project alone expected to contribute Rs.1,350-1,400 Crores annually. Tolling revenue from key projects anticipated at Rs.2,400 to Rs.2,600 Crores in FY2019. EBITDA margins expected to normalize around 13%-15% for HAM projects; overall company EBITDA margin m

Current/ Expected Orderbook/ Pending Orders?

Current EPC order book for six hybrid annuity projects: Rs.3,040 Crores (Q3 FY2018). Total Hybrid Annuity Model (HAM) projects tendered by NHAI before March 31, 2018: approx. Rs.58,000 to Rs.60,000 Crores. Shortlisted HAM projects worth Rs.10,000 to Rs.12,000 Crores for participation from a Rs.16,000 Crores portfolio. Expected EPC revenue target for FY2019: Rs.1,600 Crores conservatively, possibly up to Rs.1,800 Crores. HAM order book capability with current balance sheet can support an additional couple of thousand Crores in orders. Order pipeline well-geared to sustain or grow order book siz

MEP Infrastructure Developers LtdQ3 FY18Transport Infrastructure

MEP Infrastructure Developers Ltd Q3 FY18 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 2

Margin

Category 4

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

For FY2019, MEP Infrastructure expects a total topline of around Rs.4000 to Rs.4200 Crores, driven by expanding EPC and tolling revenues.
EPC revenue target for FY2019 is conservatively Rs.1600 Crores, potentially up to Rs.1800 Crores depending on new orders.
Tolling revenue forecasted between Rs.2400 to Rs.2600 Crores for FY2019, with strong visibility of Rs.2000+ Crores annually locked in for 4-5 years.
Revenue split expected to shift to approximately 65:35 (Tolling:EPC) in FY2019 due to full-year impact of Delhi Entry Point and increased HAM EPC orders.
HAM projects shortlisted for potential participation worth Rs.10,000 to Rs.12,000 Crores from an overall Rs.16,000 Crores pipeline.
Anticipate continued growth in toll traffic volumes and operational efficiencies leading to higher revenues, including on projects like Delhi Entry Point and Rajiv Gandhi Sea Link.

Margin guidance

Category 4

MEP Infrastructure expects robust growth driven by tolling projects and HAM EPC contracts.
Target EPC revenue for FY2019 is Rs.1,600 Crores conservatively, potentially up to Rs.1,800 Crores.
Total topline expected at Rs.4,000 to Rs.4,200 Crores for FY2019.
Revenue split for FY2019 projected at 65% tolling and 35% HAM EPC.
Delhi Entry Point project alone expected to contribute Rs.1,350-1,400 Crores annually.
Tolling revenue from key projects anticipated at Rs.2,400 to Rs.2,600 Crores in FY2019.
EBITDA margins expected to normalize around 13%-15% for HAM projects; overall company EBITDA margin may slightly reduce due to increased EPC business share.
Strong long-term visibility with 90%-95% tolling contracts locked in for next 4-5 years.
Expected PAT improvement as EPC margin continues to be strong and operations scale.

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

Fundraise plans

On the topic of capital raising, Murzash Manekshana mentioned that they are strictly advised against commenting on a public call regarding fundraising plans.
Therefore, no specific details were shared about progress or plans related to raising capital through debt or equity during this call.
The discussion indicates sensitivity and confidentiality around such financial maneuvers at this time.

Order book

Yes

Current EPC order book for six hybrid annuity projects: Rs.3,040 Crores (Q3 FY2018).
Total Hybrid Annuity Model (HAM) projects tendered by NHAI before March 31, 2018: approx. Rs.58,000 to Rs.60,000 Crores.
Shortlisted HAM projects worth Rs.10,000 to Rs.12,000 Crores for participation from a Rs.16,000 Crores portfolio.
Expected EPC revenue target for FY2019: Rs.1,600 Crores conservatively, possibly up to Rs.1,800 Crores.
HAM order book capability with current balance sheet can support an additional couple of thousand Crores in orders.
Order pipeline well-geared to sustain or grow order book size over the coming years.
Participation in tolling projects and possible future TOT projects under evaluation to expand order book.

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

Capex plans

Yes

Total equity requirement for HAM projects is Rs.575 Crores, with Rs.400 Crores to be deployed by MEP and Rs.175 Crores by JV partner.
Rs.250+ Crores equity already infused by MEP; remaining Rs.150 Crores to be infused over next 1.5-2 years.
Debt for HAM projects totals Rs.1721 Crores, with Rs.400 Crores drawn so far; balance to be drawn over next two years.
Participation planned in HAM projects worth Rs.10,000 to 12,000 Crores out of a Rs.16,000 Crores shortlisted portfolio.
Expect to add a couple of thousand Crores more to HAM order book leveraging existing balance sheet.
Firm ongoing evaluation of new HAM and TOT projects for future bidding and strategic growth.
No specific details shared on capital raising or other strategic investments as management refrained from public comment.

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