MEP Infrast.

- The company has already infused equity for the current hybrid annuity projects through rights/preferential issues approved by the board, targeting funding for the next 6 to 12 months. - Discussions were underway to raise preferential capital by end of March 2017 to support equity needs for hybrid annuity projects. - For TOT projects expected to come up starting April, actual equity infusion and fundraising are likely 9 to 12 months post bidding due to large ticket sizes. - Debt levels remained largely stable as of Q3 FY17 since financial closure was completed but debt drawdown for hybrid annuity projects had not yet happened. - Working capital was managed via monetization of receivables and promoter infusion, avoiding increased borrowing so far. - Incremental equity/fundraising may be required for future projects, with no specific immediate plans mentioned for new debt or equity beyond preferential issues for current projects.

- MEP Infrastructure Developers Limited has infused equity of approximately INR 170-200 Crores combined with JV partners across four of six hybrid annuity projects, apportioned on a pro-rata basis (60%-74% depending on shareholding). - Additional equity infusion is planned over a 2.5-year period from the appointed date to COD for these projects. - The company's board has approved a rights/preferential issue to raise funds needed for the next 6 to 12 months equity requirements for hybrid annuity projects. - The company is evaluating and bidding for 24 HAM projects in the public domain, expecting to bid for at least 6-8 projects, with some bidding already done. - For TOT projects, equity infusion is expected post 9 to 12 months after bidding. - Capital requirements for TOT projects are predicted to be significantly larger than current projects. - Equity infusion and possible capital raising from the market will be balanced alongside monetizing receivables and promoter contributions. - No immediate increase in debt observed as financial closures are recent and funded via equity or other sources.

- The company expects significant growth in infrastructure, particularly in the road sector, supported by government budget provisions. - FY 2018 government budget allocates INR 64,000 crore for infrastructure, 24% higher than FY 2017. - NHAI plans to award 10%-15% more projects (~5,000-5,200 km) in FY 2018 compared to FY 2016. - Around 40% of awarded projects are under the hybrid annuity model, where MEP holds a leadership position. - There is a large pipeline of hybrid annuity projects, with six projects totaling ~INR 3,000+ crore under execution, with expected EBITDA margins of 12%-14%. - The TOT (Toll Operate Transfer) model represents a large upcoming opportunity with clusters of 75 toll projects (~4,500 km) expected to raise INR 80,000-1,00,000 crore in 1-2 years. - MEP is actively bidding for 6-8 out of 24 available HAM projects, maintaining consistent margin expectations. - Revenue from existing and new hybrid annuity projects expected to grow substantially over the next 2-3 years.

- MEP Infrastructure expects strong growth driven by a significant pipeline of projects in the road sector, including 24 HAM (Hybrid Annuity Model) projects available for bidding and plans to evaluate 6-8 projects soon. - The company anticipates consistent EBITDA margins of 12-14% for HAM projects. - Government infrastructure spend is increasing, with INR 64,000 crore budgeted for FY2018, 24% higher than FY2017, and NHAI planning to award 5,000-5,200 km of new roads. - TOT (Toll Operate Transfer) projects valued at INR 80,000 - 1,00,000 crore over 75 clusters present a large opportunity, with bidding starting soon and expected long concession periods. - Financial closure achieved for four HAM projects; remaining two expected soon, enabling project execution and revenue recognition to ramp up. - Management is optimistic about infra growth, with improved traffic post-demonetisation supporting toll revenues recovery. - Equity infusion and rights/preferential issues planned to support project funding without significantly increasing debt.

- Current order book stands at approximately INR 3,837 crore, representing a market share of 12% in the hybrid annuity space. - The company has bagged six hybrid annuity projects; financial closure achieved for four projects, and documentation for the remaining two expected to be completed soon. - EPC work for six hybrid annuity projects amounts to INR 3,000+ crore to be booked over the next 2.5 years. - There are 24 HAM projects available publicly; MEP is evaluating 6-8 projects and has already bid for a few. - The government plans to award around 5,000-5,200 km of road projects in FY2018, up 10-15% from prior years, providing a large pipeline. - TOT model projects: 75 tolling projects (~4,500 km) expected to raise around INR 80,000-1,00,000 crore over next 1-2 years; first tranche bidding to start by April. - MEP expects consistent margin estimates while bidding for upcoming projects.