Any current/future new fundraising through debt or equity?

No explicit mention of immediate new fundraising through debt or equity in the call transcript. Refinancing of debt in several SPVs is underway (e.g., Maharashtra Border Check Post, Ahmedabad Ring Road), aimed at reducing interest cost and improving credit ratings. Internal accruals are expected to meet the required equity for five new Hybrid Annuity Projects (Rs.461 crores estimated equity), with no mention of raising fresh equity. Working capital blocked in Irrigation and Delhi Metro projects is expected to release Rs.100 crores by year-end, improving liquidity. Use of commercial paper (up t

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

SIPL standalone operations may require some machinery purchases for major maintenance, but the amount is not expected to be high. (Page 16) The company plans to meet equity requirements for five new Hybrid Annuity Projects (HAM) worth Rs.461 crores primarily from internal accruals. (Page 8) No major working capital requirement is expected for SIPL standalone due to funds lying with SPVs and refinancing arrangements. (Page 16) Additional capital was blocked in projects like Delhi Metro (approx. Rs.95-100 crores) and Irrigation (approx. Rs.175-180 crores), but these amounts are starting to be re

Future growth expectations in sales/revenue/volumes?

Construction business expected to grow largely driven by Roads and Highways sector, particularly from four Hybrid Annuity Projects starting appointed dates from October 2016. FY17 order intake guidance between Rs.5,000 to Rs.7,000 crores; Rs.3,100 to Rs.3,200 crores already secured. Overall construction revenue anticipated to jump by at least 15% over FY16, targeting around Rs.3,700 crores. Irrigation segment expected to surpass Rs.750 to Rs.800 crores in top line with new irrigation bids of Rs.11,500 crores underway. Mining revenue projected around Rs.350 to Rs.370 crores by year-end. SIPL st

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

**Construction Segment Growth:** Expected 15% increase in revenue over FY16, targeting around Rs. 3,700 crores in FY17 driven by EPC and Hybrid Annuity projects (Page 11). **Irrigation Sector:** Revenue expected to surpass Rs. 750-800 crores in FY17; execution in previously stuck projects has gained momentum (Page 11). **EPC Margins:** Consistent EPC project margins around 11%, with potential incremental margins from Hybrid Annuity projects in Q3/Q4 FY17 (Page 12). **SIPL Standalone:** Increase in revenue from major maintenance and routine maintenance over FY17-FY19; anticipated Rs. 400 cro

Current/ Expected Orderbook/ Pending Orders?

Order book as of June 30, 2016: Rs.6,829 crores (excluding EPC value of five new Hybrid Annuity Projects won by SIPL). EPC value for these five HAM Projects for Sadbhav Engineering: Rs.3,128 crores, taking the combined order book close to Rs.10,000 crores. Road sector forms the major part with Rs.6,500 crores of the order book already in Road projects. EPC projects worth Rs.14,112 crores are currently on for bidding across 11 projects in the Road EPC segment. NHAI pipeline: about 98 DBR projects under final preparation and approval, valued between Rs.70,000 crores to Rs.95,000 crores,

Sadbhav EngineeringQ1 FY17Construction

Sadbhav Engineering Q1 FY17 Earnings Call Analysis

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

Price: ₹6.82Market Cap: ₹117 CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Construction business expected to grow largely driven by Roads and Highways sector, particularly from four Hybrid Annuity Projects starting appointed dates from October 2016.
FY17 order intake guidance between Rs.5,000 to Rs.7,000 crores; Rs.3,100 to Rs.3,200 crores already secured.
Overall construction revenue anticipated to jump by at least 15% over FY16, targeting around Rs.3,700 crores.
Irrigation segment expected to surpass Rs.750 to Rs.800 crores in top line with new irrigation bids of Rs.11,500 crores underway.
Mining revenue projected around Rs.350 to Rs.370 crores by year-end.
SIPL standalone revenue to grow significantly over next 2-3 years due to major maintenance activities and EPC works, estimated Rs.400 crores across FY17 to FY19.
Traffic growth in toll projects steady at 6.6%-7.3% (excluding underperforming stretch), supporting operational cash profits.
Large pipeline of 98 road projects (~Rs.70,000 to Rs.95,000 crores) expected to be bid by year-end, ensuring future growth opportunities.

Margin guidance

Category 2

Construction Segment Growth: Expected 15% increase in revenue over FY16, targeting around Rs. 3,700 crores in FY17 driven by EPC and Hybrid Annuity projects (Page 11).
Irrigation Sector: Revenue expected to surpass Rs. 750-800 crores in FY17; execution in previously stuck projects has gained momentum (Page 11).
EPC Margins: Consistent EPC project margins around 11%, with potential incremental margins from Hybrid Annuity projects in Q3/Q4 FY17 (Page 12).
SIPL Standalone: Increase in revenue from major maintenance and routine maintenance over FY17-FY19; anticipated Rs. 400 crores revenue from new Hybrid Annuity EPC and toll plaza works (Pages 15-16).
Working Capital & Finance Costs: Improvements expected with release of blocked working capital, leading to gradual reduction in finance cost and improved cash flow (Pages 12-13, 16).
Overall Profitability: EBITDA margins expected to improve from current levels due to easing competitive intensity and selective project bidding (Page 18).

See what Sadbhav Engineering management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No explicit mention of immediate new fundraising through debt or equity in the call transcript.
Refinancing of debt in several SPVs is underway (e.g., Maharashtra Border Check Post, Ahmedabad Ring Road), aimed at reducing interest cost and improving credit ratings.
Internal accruals are expected to meet the required equity for five new Hybrid Annuity Projects (Rs.461 crores estimated equity), with no mention of raising fresh equity.
Working capital blocked in Irrigation and Delhi Metro projects is expected to release Rs.100 crores by year-end, improving liquidity.
Use of commercial paper (up to Rs.200 crores sanctioned) is ongoing due to favorable interest rates, reducing finance costs.
Overall finance cost expected to reduce gradually due to efficient debt management and release of blocked working capital.
No direct statements on fresh fundraising plans, focus is on internal resources and refinancing existing borrowings.

Order book

Yes

Order book as of June 30, 2016: Rs.6,829 crores (excluding EPC value of five new Hybrid Annuity Projects won by SIPL).
EPC value for these five HAM Projects for Sadbhav Engineering: Rs.3,128 crores, taking the combined order book close to Rs.10,000 crores.
Road sector forms the major part with Rs.6,500 crores of the order book already in Road projects.
EPC projects worth Rs.14,112 crores are currently on for bidding across 11 projects in the Road EPC segment.
NHAI pipeline: about 98 DBR projects under final preparation and approval, valued between Rs.70,000 crores to Rs.95,000 crores, expected to be bid out by year-end.
Irrigation bids in progress with one bid of Rs.475 crores submitted and nine more bids adding to Rs.11,500 crores being prepared.
Order intake guidance for FY17 remains between Rs.5,000 crores to Rs.7,000 crores.

See what Sadbhav Engineering management said on order book — free account, 30 seconds.

Capex plans

Yes

SIPL standalone operations may require some machinery purchases for major maintenance, but the amount is not expected to be high. (Page 16)
The company plans to meet equity requirements for five new Hybrid Annuity Projects (HAM) worth Rs.461 crores primarily from internal accruals. (Page 8)
No major working capital requirement is expected for SIPL standalone due to funds lying with SPVs and refinancing arrangements. (Page 16)
Additional capital was blocked in projects like Delhi Metro (approx. Rs.95-100 crores) and Irrigation (approx. Rs.175-180 crores), but these amounts are starting to be released back into cash flow. (Page 12)
The company is working on joint ventures, including one for mining projects requiring technical support from international partners. (Page 17)

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