Sadbhav Infra.

- Sadbhav Infrastructure Project Limited plans to fund equity requirements for ongoing and upcoming HAM projects primarily through internal accruals and cash generation from operational projects in FY2019-2021. - The company has drawn Rs.150 Crores out of Rs.520 Crores sanctioned at Maharashtra Border Check Post, with balance funds available for equity investment. - Management is considering monetization of operational assets to raise further funds for growth and equity funding of new HAM projects. - There is no explicit mention of raising fresh debt or equity from external sources immediately, but refinancing and restructuring of existing debt (NCDs) has been done to optimize costs. - Management aims to complete financial closure for remaining HAM projects by September-October 2018 through lender discussions, indicating fundraising through project financing arrangements rather than direct equity/debt issuance. - The focus is on bidding for new HAM projects with firm equity visibility and possible pre-bid lender tie-ups to facilitate financial closure.

- Sadbhav Infrastructure Project Limited plans to continue bidding for Hybrid Annuity Model (HAM) projects due to lucrative terms and expected lower competition. - The company aims to maintain bidding activity for a good set of projects over the next 8-10 months. - Equity infusion for 12 HAM projects includes around Rs. 321 Crores already invested, with a balance equity requirement of about Rs. 470 Crores. - Funding for equity is expected primarily from internal accruals during FY2019-2021, supplemented by available sanctioned debt of Rs. 370 Crores. - The strategy involves developing projects to stabilization, generating cash, and monetizing operational assets to recycle capital for new HAM projects. - The focus remains on completing projects, stabilizing cash flows, and strategic asset churning to enable growth and maintain liquidity for future bids and investments.

- Traffic growth in operational projects is positive with notable increases in certain corridors (e.g., Rohtak–Panipat 16.4%, Rohtak–Hissar 15.6%, Hyderabad–Yadgiri 11.2%). Overall portfolio traffic volume growth was around 6.5% in Q1 FY2019. - Toll rate hikes, including an 18% hike at Maharashtra Border Check Post from April 1, 2018, are expected to boost revenues. - New maintenance revenues from five recently won HAM projects are anticipated to start contributing from Q2 FY2019, supporting standalone business revenue growth. - Ongoing construction and commencement of new HAM projects (12 projects) expected to enhance revenue over the next two to three years. - Management expects strong cash profit growth (60% jump projected for FY2019 over FY2018), indicating solid revenue and volume momentum. - Bidding activity for new hybrid annuity projects is expected to increase from September 2018 with 34 projects worth Rs. 36,612 Crores in the pipeline.

- Sadbhav Infrastructure Project Limited expects continued growth driven by strong cash generation from operational Special Purpose Vehicles (SPVs) and repayments each quarter. - The company anticipates increased cash profits in FY2019, with Q1 cash profit more than doubling year-on-year, supported by refinancing and traffic growth. - Operational SPVs revenue guidance stands at around Rs.1200 crores with EBITDA margin around 85% for FY2019. - Maintenance revenues from new HAM projects will boost standalone business revenue from Q2 FY2019. - The company is optimistic about bidding for new Hybrid Annuity Model (HAM) projects, targeting lucrative returns with expected equity IRRs around 19-20%. - Monetization (churning) of stabilized projects will generate liquidity for funding new projects. - Strong pipeline: NHAI has 34 HAM projects worth Rs.36,612 crores expected to be bid by September 2018, with manageable competition aiding win probabilities. - Overall focus on expansion with managed debt and equity deployment aims at sustaining profitable growth.

- Outstanding order book of Sadbhav Infrastructure Project Limited (SIPL) is around Rs. 720 Crores for maintenance of 12 HAM projects, to be executed over 24 to 30 months. - This includes L1 status for five newly won HAM projects. - The MMR of Dhule–Palesner project is almost complete, with Rs. 16 Crores of work outstanding. - Major maintenance for Bijapur–Hungund and Hyderabad–Yadgiri projects is expected to commence in the second half of FY2019. - Total outstanding order book including all maintenance work stands at approximately Rs. 850 Crores, scheduled for execution in the next 24 to 30 months.