GPT Infraprojects limited — Investor Presentation 2021

Feb 5, 2021

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GPT Infraprojects Limited

Regd. Office : GPT Centre, JC-25, Sector-III, Salt Lake, Kolkata – 700 106, India CIN: L20103WB1980PLC032872 Tel: +91-33-4050-7000 Fax: +91-33-4050-7999 Email: info@gptgroup.co.in Visit us: www.gptinfra.in

GPTINFRA/CS/SE/2020-21 February 05, 2021

The Department of Corporate Services, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001

National Stock Exchange of India Ltd., Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Dear Sir/Madam,

Sub. : Investor Presentation February,2021

Ref.: Scrip Code – 533761, Scrip ID – GPTINFRA

In compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith a copy of Investor Presentation for dissemination to general public and Investors.

Kindly take the aforesaid information on record and oblige.

Thanking you,

Yours faithfully,

For GPT Infraprojects Limited,

ANATHA Digitally signed by ANATHA BANDHABA BANDHABA CHAKRABARTTY Date: 2021.02.05 15:58:53 CHAKRABARTTY +05'30'

A B Chakrabartty

(Company Secretary) Membership No.-F-7184

Encl. a /a.

GPT Infraprojects Limited Investor Presentation | February 2021

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Executive Summary

Railway Focused

Concrete Sleeper and Infrastructure (Civil Engineering Projects)

End-To-End Solution

Track record of executing Turnkey Projects creating a niche for itself

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Growth Visibility

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Healthy Order Book of End-to-end ~Rs 19.01 bn, forming 3.05x Execution FY20 revenue Bridge Building Expertise

Fiscal Discipline

Indian Railways:

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Timely
Execution
Intellectual
Resources
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Seeing Structural Changes International Presence

Reforms for Investment and better Governance

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Q3FY21 Performance

Key Business Updates

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Achieved normalcy in operations across project sites with monthly execution run-rate back to pre-Covid-19 levels, while adhering to measures towards Employee Safety, Capital Preservation, Liquidity & Cost Management

Robust Growth in Execution Performance

• Revenue in Q3FY21 posted a growth of 7.2% y-o-y to Rs 1,712 mn

• ▪ Stable EBITDA margin expansion of 13.3% in Q3FY21

Healthy Order Intake & Order Book

• Bagged eight new orders aggregating Rs 8.2 bn in YTD FY21; and L1 in orders worth Rs 2 bn

• Strong Order Book position at Rs 19.01 bn, forming ~3.05x FY20 revenue

Interim Dividend

• The Board has recommended an Interim Dividend of Rs 1.50 per share, that is, 15% of the face value of Rs 10 per share with record date as February 17, 2021

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Profit & Loss Highlights (Consolidated)

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Consolidated (Rs mn)	Q3FY21	Q3FY20	y-o-y %	Q2FY21	q-o-q %	9MFY21	9MFY20	y-o-y %
Revenue	1,706.1	1,578.6	8.08%	1,432.5	19.1%	3,969.8	4,307.6	-7.8%
Other income	6.3	18.5	-66%	28.3	-77.7%	41.5	43.9	-5.5%
Net Sales	1,712.4	1,597.1	7.21%	1,460.8	17.22%	4,011.3	4,351.4	-7.8%
Operating expenses	1,448.6	1,353.3	7.04%	1,212.0	19.52%	3,357.0	3,672.6	-8.6%
EBITDA	227.8	243.7	-6.54%	248.8	8.4%	654.2	678.9	-3.6%
EBITDA margin	13.35%	15.44%	-209 bps	17.03%	-368 bps	16.31%	15.60%	71 bps
Depreciation	55.4	52.0	6.42%	57.5	-3.6%	170.3	168.8	0.90%
Interest	95.7	103.8	-7.85%	113.2	-15.5%	306.0	322.4	-5.1%
PBT	76.7	87.9	-12.66%	78.1	-1.8%	177.9	187.7	-5.22%
Tax Expenses	28.6	17.9	59.65%	23.5	21.7%	56.6	48.4	16.9%
PAT	48.1	69.9	-31.2%	54.5	11.7%	121.3	139.2	-12.9%
PAT margin	2.81%	4.38%	-157 bps	3.73%	-90 bps	3.02%	3.2%	-18 bps
Share of Associate Profit & Minorities Interest	1.3	-7.1		-2.5		-3.0	1.7
PAT after Minorities	49.4	62.8	-21.4%	52.1	-5.2%	118.3	140.9	-16.0%

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Segment-wise Break-up of Revenue

Revenue break-up : Q3FY21

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Concrete Sleeper
26%
Net Revenue of
Rs 1,712 mn
Infrastructure
74%
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Revenue break-up: 9MFY21

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Concrete Sleeper
25%
Net Revenue of
Rs 4,011.3 mn
Infrastructure
75%
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Strong Order Inflow of ~Rs 8.2 bn in YTD FY21…

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Some of the Key Projects Bagged Till Date, During the Current Fiscal

Scope of Work	City/State	Client	Contract Value (Rs mn)
Construction of Important bridge No. 1367/2 on Yamuna river	Jhansi, Uttar Pradesh	Railways, DRM Office	2,450
Widening of 2-lane with hard shoulder on NH 102B (two orders – section wise)	Manipur	MORTH	2,175
Construction of Metro Railway Viaduct	Kolkata, West Bengal	RVNL	1,963
Repair and Rehabilitation of 2nd Hooghly Bridge	Kolkata, West Bengal	Office of the HRBC	1,628
Construction of Superstructure of bridges over River	Guwahati, Assam	Northeast Frontier Railway	641
Supply, fabrication, assembling & erection of new Bridge on Yamuna river	Agra, Uttar Pradesh	Railways, DRM Office	302

Additionally, the Company stands L1 in orders worth ~Rs 2 bn

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…Leading to a Healthy Order Book of ~Rs 19.01 bn

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Some of the Key Projects Under Execution, During the Current Fiscal

Scope of Work	Client	Contract Value (Rs mn)
Road-bed, Viaduct, Bridges, RUBs, ROBs, Track lining, and Electrical works for Rail-cum-Road bridge in Ghazipur	RVNL	3,622
Supply of Monoblock Sleeper & special Sleeper for Eastern DFC Project 201& 202 in UP	GMR (DFC)	2,464
Steel girder bridges, foundation, substructure and protection works at Mathura-Jhansi 3rd Line	RVNL	2,173
Manufacture and supply of Concrete Sleepers	Transnet Freight Rail (SA)	2,170
Construction of ROB and its approaches in lieu of level crossing in West Bengal Roads	PWD	2,100
Rehabilitation of landslide location with slope protection and drainage improvement in Tindharia on NH-35	PWD	840

The current Order Book stands at ~3.05x FY20 revenues, providing revenue visibility

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Company at a Glance

GPT Infra | A Railway Focused Infrastructure Company…

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A Premier Infrastructure Company engaged in Civil Construction and Concrete Sleeper manufacturing for Railways

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With ~40 years of experience, GPT has developed Strong Project Execution Capabilities across the Value Chain

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Healthy Financials (FY20) : Revenue - Rs 6,227 mn; EBITDA margin – 13.5%; PAT - Rs 150 mn; Order Book ~Rs 15 bn

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Marquee Clientele : Indian Railways, GMR, Ircon, Rail Vikas Nigam, Rites, Myanmar Railways, Transnet

Revenue Mix: FY20

Order Book Mix: FY20

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Concrete Sleeper
16%
Rs 6,227 mn
Infrastructure
84%
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Concrete Sleeper
13%
Rs 15,080 mn
Infrastructure
87%
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…Having Presence in two Business Segments:

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Infrastructure

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Concrete Sleeper

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Commenced in the year 2004

Commenced in the year 1982

Bridge construction and Industrial Infrastructure

Monoblock and Pre-Stressed Concrete Sleepers

Order-book of Rs 13.12 bn (FY20)

Order-book of Rs 1.96 bn (FY20)

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1. Infrastructure | A Renowned Player for Integrated Solutions…

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• Involved in civil engineering projects like construction of Roads, Bridges, Irrigation and Railway Systems, Urban-Transit and Industrial infrastructure

• One of the only 3-4 companies which have constructed mega bridges for the Indian Railways

• Steel Bridges :- Building of mega bridges with super steel structures across varied terrains

• Roads, Bridges & Highways :- Construction of bridges, elevated metro structures and concrete pavements for airports

• Railway Tracks :- Gauge conversion of railway tracks including earthwork, blanketing and track lining

• Industrial :- Construction of railway sidings, merry-go-round railways and roads

Segmental Breakup of Infra Order Book – FY20

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…Received the Largest Single Order Ever, in FY19
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Steel bridges
32%
Rs 13,120 mn
Roads, bridges,
airports and
highways
61%
Industrial
7%
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Rs 362 cr order from RVNL
for rail-cum-road bridge
works at Ghazipur… …Completion of which, will
enable bidding for single orders
of Rs 1,000 cr
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...Across Various Infrastructure Segments...

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Steel Girder Bridges

ROBs / RUBs RailRailway Tracksacks Transportation / Industrial

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tracks on busy routes
Outcome
completed the project before time
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Challenge
Massive volumes of steel fabrication &
launching work for 4.6 km long bridge
Outcome
Successfully constructed the Longest
Steel Bridge in India
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...Demonstrated Engineering Skills in Turnkey Projects

Barddhaman Cable-Stayed ROB

Rail-cum-Road Ganga Bridge in Patna

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(Completed ahead of schedule)
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(Longest Steel Bridge in India)

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Challenge

Challenge

Unconventional structure over electrified tracks on busy routes

Massive volumes of steel fabrication & launching work for 4.6 km long bridge Outcome Successfully constructed the Longest Steel Bridge in India

Outcome

Constructed complex cable-styled bridges & completed before time

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Boler Bazar Road Bridge

(Construction of ‘Floating Caissons’)

Challenge

Interiors of Sunderban Delta; 9 mtr diameter wells in 15 mtr deep waters

Outcome

Innovative construction engineering of “floating caissons” with an effective approach

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2. Concrete Sleeper | Among the Pioneers in India…

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• One of the first few companies in India to commence manufacturing of Concrete Sleepers, in 1982

• Currently, the total manufacturing capacity is ~20,00,000 units across India and Africa

• Enhancing global presence through export orders from countries like Bangladesh, Mozambique, Sri Lanka and Myanmar

• Forayed into African markets via Joint Venture with local bodies and set up factories in South Africa and Namibia in 2009 / 2010

Country	Factory	Capacity (units p.a)	Commission (year)	Growth Driver
	Panagarh, WB	480,000	1982	Introduction of wider base sleepers
	Ikari, UP	400,000	2017	For Eastern DFC project
India	Pahara, UP	400,000	2017	For Eastern DFC project
	South Africa	500,000	2009	These markets are demonstrating strong demand
Africa	Namibia	200,000	2010	These markets are demonstrating strong demand

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Design of Track
Superstructure
Manufacture Transfer
Concrete production
Sleeper technology
Transfer
Presence across the
producti
Value Chain on
technol
ogy
Investment in
Implementing
Plant &
Sleeper Plant Design of Track
Machinery
Superstructure
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…With a Strong Track Record of Execution Capabilities

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Timely Execution
Track record of timely
delivery within
Targeted Costs
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Vast Track record
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More than 15Mn
Over 15 mn Sleepers
delivered till over the sleepers delivered till
date past ~40 years
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Plant set-up in Record Time
6 to 9 months
Time taken to
commission greenfield
Sleeper plants after the
order
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Some of the Key Awards and Accolades

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01 03 05 03
Awarded as the
Awarded the ‘Emerging Awarded ‘Certificate
‘Best Infrastructure
India’ award in the of Excellence’ in
Brand, 2016’ by The
Infrastructure category Safety & Quality by
Economic Times
by ICICI Bank, in 2010 RVNL in 2016
02 04 06
Awarded ‘Certificate
Bestowed with ‘Star
of Excellence’ for
Bestowed with ISO:
contract Execution Export House’
9001: 2015
certification by Ministry
2008-2009 by Eastern
certification
of Commerce,
Railways
Government of India
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Growth Opportunities

Indian Railways – Greater Thrust on Development in recent years…

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Quantum of Leap in Expenditure

Safety: Striving for ‘Zero Accident’

North-East Connectivity

Highest ever outlay of Rs 2,149 bn for FY22 (BE)

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Rs 2,300 bn Rs 5,100 bn
(2009-14) (2014-19)
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• ✓ All Unmanned Level Crossings (UMLCs) eliminated on the broad gauge network

• ✓ Faster track renewals: ~5,000 kms in FY19, higher by 70% of that in FY14

• ✓ 3x speedier construction of ROBs/RUBs

• ✓ Rashtriya Rail Sanraksha Kosh (RRSK) fund of Rs 1,000 bn created for safety expenses

• ✓ Entire network converted to Broad Gauge

• ✓ All the seven states are now connected by Rail network

• ✓ ‘BogiBeel Bridge’ connecting Arunachal Pradesh and Assam

• Time reduced from 24 hrs to 5 hrs

Other Focus Areas

Capacity Enhancement

• ✓ Connecting Suburban Network ✓ Station Redevelopment

• ✓ High Speed Rail Connectivity ✓ Make in India

• ✓ Modern Signalling ✓ Enhancing passenger services

Faster commissioning of New Lines Electrification on BG routes: 4.1 km 6.3 km 15.3 km ✓ 3x growth in average RKM p.a. ✓ 100% electrification by 2021-22 2009-14 2014-18 2019-20 Network De-congestion sanction of: Two Dedicated Freight Corridors : ✓ Gauge conversion of 5,000 km ✓ Record capex of Rs 100 bn FY19 ✓ Doubling of tracks of 12,000 km ✓ Overall physical progress – 58%

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…Offers Significant Opportunity for GPT Infra…

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DFCC: Concrete Sleepers
Bridge Construction
North Eastern Connectivity
Other EPC Opportunity
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Ongoing Eastern and Western DFCs (2,822 km) - ~11mn sleepers opportunity

3 new freight corridors (5,769 km rail tracks) - ~20 mn sleepers opportunity

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Setu Bharatam - Total cost of Rs 208 bn to construct of 208 ROBs/RUBs UMLCs - Target to eliminate 2,568 manned level crossings at the National level routes DFCC - Construction of 366 bridges, 873 ROBs, 200 RUBs and 54 flyovers

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1,397 km of New Lines project costing Rs 514 bn in progress All the Seven State capitals to be connected on Broad Gauge Network

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RRSK - Portion of Rs 100 bn earmarked for track renewal Doubling of tracks of 12,000 km sanctioned; FY22 budget allocation at Rs 30 bn Gauge conversion of 5,000 km sanctioned; FY22 budget allocation of Rs 18 bn

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…Along with Structural Reforms in the Indian Railways…

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Empowering workforce for
Ease of Doing Business Procurement Policies
Better Governance
Empowerment down to Zonal
Delegated GMs to approve
divisions for tenders and
E-reverse Auction for tenders > works fully
procurement contracts
Rs 10 crs and works tender >
Rs 50 cr
100% digitisation of payments (to save upto Rs 200 bn p.a.) DRMs power for service
to contractors and vendors; contracts elevated to Rs 100 cr
payment as per FIFO system from Rs 20 cr
Letter of Credit for railway
Performance based Appraisal
suppliers / contractors to help
Systems for GMs and DRMs
them get Working Capital
100% E-procurement through
single web-portal
(7x rise in vendors registered
Online vendors list by RDSO:
on railway portal in 5 yrs) Rail Development Authority:
reduced process time from 30
months to 6 months An independent regulator
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Talent Development
National Rail & Transportation
University, in Vadodara,
started in Sep-18
(Rs 4.2 bn sanctioned for 5 yrs)
Project Saksham:
5 days on-the-job training to
all railway employees
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GPT Infra – Healthy Order Book Position…

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GPT - Significant improvement in average Order Intake (Rs mn)…

…thereby strengthening the Order Book position

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96%
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The average
order size
5234
increased from
~Rs 400 mn in
2009 to ~Rs
1,000 mn
currently
2671
FY14 Avg (FY15-20)
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20,730
18,360
18,510
Muted ordering
16,500
activity in FY20
15,080
impacted order
12,460 book growth
Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20
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…Well Placed to Capture the Growth…

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Revenue (Rs mn) growth reflective of Timely Execution…

…While keeping disciplined bidding: Hurdle of 13% EBITDA margin

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6,227
5,920
5,371
5,124 5,154
3,971
FY15 FY16 FY17 FY18 FY19 FY20
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17% 15% 15% 16% 13% 14%
852
839
777 768 778
663
FY15 FY16 FY17 FY18 FY19# FY20
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• Impacted by GST and change in accounting policy relating to consolidation of JVs

One-time provision of certain expenses and impact of forex translation on profit

ERP implemented at site level Ability to handle Complex Projects given its Engineering capability (119 engineers) and Spread across Northern & Eastern ERP implemented at Site Level parts of India for projects across 119 Engineers;1,000 employees

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…Led by an Experienced Team at the Helm…

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Shree Gopal Tantia Managing Director

Atul Tantia

Dwarika Prasad Tantia

Executive Director & CFO

Chairman

     - Graduated Magna Cum Laude from Wharton School in Finance and Systems Engineering

  - 35 years experience in infrastructure

• With an experience of

• over 45 years, he leads the Company’s growth initiatives

• Possesses strong project execution capabilities and manages the company’s diversified customer relationship

• Leads the manufacturing operations, finance and accounts along with managing relationships with banks and financial institutions

• Responsible for the Company’s entry into the sleeper business both in India and internationally. He is the Hony. Consul of Ghana in Kolkata

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Vaibhav Tantia

Director & COO

• Graduated Summa Cum Laude from Wharton School in Finance and Civil Engineering

• • Leads the EPC segment including management of projects and business development

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…Independent Board of Directors

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Shankar Jyoti Deb Independent Director

Prasad Khandelwal Independent Director

• Holds a Bachelor’s degree in Science and Bachelor’s degree in Civil Engineering. Has completed a financial management programme from IIM, Calcutta. Has wide experience in designing, engineering and implementation of civil projects

• Is a fellow member and holds certificate of practice with the ICAI. Has wide knowledge on subjects like Union Budget, Accounting, Corporate Laws, Corporate Governance and Income Tax matters.

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Mamta Binani

Sunil Patwari

Independent Director

Independent Director

• A fellow member and • Holds PGDM degree holds certificate of from IIM, Ahmedabad practice with the ICSI. and is an associate Was President of ICSI in member with ICAI. Has 2016 and has more than wide experience in the 15 years of experience area of Business in Corporate Management, Accounts, Consultation & Advisory Taxation and Finance

Statutory Auditor: BDO & Co.

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Financial Performance

Historical Profit & Loss

Consolidated (Rs mn)	FY18	FY19	FY20
Revenue	5,207	5,776	6,180
Other income	164	144	47
Net Sales	5,371	5,920	6,227
Operating expenses	4,519	5,142	5,388
EBITDA	852	778	839
EBITDA margin	15.9%	13.1%	13.5%
Depreciation	220	234	237
Interest	392	418	414
PBT	240	126	189
Tax Expenses (Credits)	49	23	58
PAT	191	103	130
PAT margin	3.5%	1.7%	2.1%
Share of Associate Profit & Minorities Interest	15	15	-20
PAT after Minorities	206	118	150

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EBITDA margin drop in FY19 & FY20 due to one-time provision in expenses and impact of forex translation

COVID-19 led to nationwide lockdown impacted execution in the last week of March 2020

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Historical Balance Sheet

Liabilities (Rs Mn)	Mar’18	Mar’19	Mar’20
Share Capital	291	291	291
Reserves	1,823	1,836	1,941
Shareholders' Funds	2,114	2,126	2,232
Minority Interest	51	48	20
Secured Loans	104	166	40
Trade payables	34	40	100
Deferred Tax Liabilities	83	30	0
Other liabilities	157	50	208
Long Term Provisions	30	38	44
Total Non-Current Liabilities	459	373	412
Trade Payables	1,326	1,520	1,790
Other Current Liabilities	795	651	585
Short Term Borrowings	2,430	2,350	2,252
Total Current Liabilities	4,551	4,520	4,627
Total Liabilities	7,124	7,019	7,271

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Assets (Rs Mn)	Mar’18	Mar’19	Mar’20
Fixed Assets incl. CWIP	1,476	1,290	1,151
Investment in JV	292	273	264
Other Non Current Assets	973	870	578
Total Non-Current Assets	2,743	2,436	1,992
Inventories	805	827	912
Sundry Debtors	657	580	1,015
Cash and Bank	205	282	289
Short term Loans and Advances	28	24	26
Other Current Assets	2,688	2,871	3,037
Total Current Assets	4,382	4,584	5,279
Total Assets	7,124	7,019	7,271

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Safe Harbour

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• This presentation and the accompanying slides (the “Presentation”), which have been prepared by GPT Infraprojects Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contractor binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company

• This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded

• Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guaranteeing of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections

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GPT Infraprojects Limited( BSE CODE : 533761 / NSE CODE : GPTINFRA)

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Atul Tantia

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atul@gptgroup.co.in

Stellar IR Advisors Pvt. Ltd. (Investor Relations)

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Gaurang Vasani Pooja Sharma vgaurang@stellar-ir.com pooja.sharma@stellar-ir.com

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GPT Infraprojects Limited
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CIN: L20103WB1980PLC032872 GPT Centre, JC-25, Sector-III, Salt Lake, Kolkata-700106, West Bengal +91 33 4050 7000 www.gptinfra.in