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KNR Constructions Limited Investor Presentation 2021

Nov 12, 2021

61868_rns_2021-11-12_8610a309-eb49-4d3f-909e-3836d09b8cdd.pdf

Investor Presentation

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Date: 12thNovember 2021 Ref: KNRCL/SD/2021/351&352
To,
The Manager
BSE Limited,
P J Towers, Dalal Street,
Fort, Mumbai – 400001
Scripcode: 532942		 The Manager,
National Stock Exchange of India Limited,
Exchange Plaza, Bandra Kurla Complex,
Bandra (E), Mumbai – 400051.
ScripCode: KNRCON

Dear Sir/Madam,

Sub: Investors Presentation

Pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we herewith submit to the Exchanges latest Investors Presentation.

This is for the information and records of the Exchange, please.

Thanking you,

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ALIGNED TO THE NATION’S INTEREST

KNR CONSTRUCTIONS LIMITED Investors Presentation November 2021

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Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by KNR Constructions 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 contract or 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 guarantees 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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Key Highlights & Result Update

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Quarterly Key Highlights

❑ New Order inflow

  • ✓ Widening of Existing Service roads of Outer Ring Road, Hyderabad in the state of Telangana on Bill of Quantities (BoQ) basis worth Rs. 3,128 Million

  • ✓ Received 1 NHAI HAM Projects for a value of Rs. 10,415 Million (BPC)

❑ PCOD

  • ✓ SPV (KNR Tirumala Infra Pvt Ltd.) achieved PCOD as on 10th May 2021, which is 142 days ahead of revised scheduled completion date (Including 90 days Extension of Time) and eligible for Bonus

  • ✓ SPV (KNR Srirangam Infra Pvt. Ltd.) achieved PCOD as on 30th May 2021, which is 89 days ahead of revised scheduled completion date (Including 180 days Extension of Time)

  • ✓ SPV (KNR Shankarampet Projects Pvt. Ltd.) achieved PCOD as on 5[th] October 2021 (i.e. Revised Scheduled Completion Date which includes Extension of Time of 157 days)

❑ Stake Sale in 3 HAM projects approved by Shareholders to Cube Highways and Infrastructure III Pte Limited

  • ✓ Shareholders approved for 100% stake sale in 3 material subsidiaries namely KNR Shankarampet Projects Private Limited, KNR Srirangam Infra Private Limited and KNR Tirumala Limited Infra Private Limited

❑ Awarded as “Top Challenger” for 2021 by Construction World

  • ❑ The Credit Rating of the company for the long-term facilities is upgraded from IND AA- to IND AA; Outlook – Stable and reaffirmed short term rating i.e. IND A1+ by India Ratings

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Financial Highlights

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Rs. Million
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Revenue EBITDA
+26% +35%
7,556 1,675
6,012
1,240
Q2 FY21 Q2 FY22 Q2 FY21 Q2 FY22
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Quarter 2
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Revenue
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EBITDA
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Revenue EBITDA
+38% +42%
14,955 3,108
10,806 2,184
Half
st
1
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H1 FY21
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H1 FY21

H1 FY22

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EBITDA Margins
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PAT
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+154 bps +91%
22.2% 952
20.6%
498
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Q2 FY21 Q2 FY22
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Q2 FY21
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Q2 FY22

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EBITDA Margins
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PAT
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+57 bps
20.2% 20.8%
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+88%
1,683
896
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H1 FY21

H1 FY21

H1 FY22

H1 FY22

H1 FY22

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Standalone Financial Results

Rs. Million Standalone Standalone
Q2 FY22
Q2 FY21
YoY
Q1 FY22
QoQ		 H1 FY22
H1 FY21
YoY
Total Revenue 7,555.7
6,012.0
26%
7,399.8
2%		 14,955.5
10,805.7
38%
Operating Expenses
Employees Expenses
Other Expenditure		 4,869.5
3,939.5
5,004.5
360.6
292.6
335.0
650.3
539.5
627.3		 9,873.9
7,089.6
695.6
570.2
1,277.6
962.1
EBITDA 1,675.3
1,240.5
35%
1,433.0
17%		 3,108.3
2,183.8
42%
EBITDA margin 22.2%
20.6%
154 bps
19.4%
281 bps		 20.8%
20.2%
57 bps
Other Income
Depreciation
Interest
Exceptional Item		 105.4
75.9
48.0
319.7
351.8
269.3
71.9
157.9
79.0
0.0
-112.5*
0.0		 153.4
136.9
589.0
682.7
150.9
260.1
0.0
-112.5*
PBT 1,389.1
694.2
100%
1,132.7
23%		 2,521.9
1,265.5
99%
Tax
Current Tax
Prior Period Tax
Deferred Tax		 436.7
195.9
402.6
341.0
252.9
314.8
4.0
0.0
0.1
91.8
-57.1
87.8		 839.4
369.2
655.7
473.6
4.0
0.0
179.6
-104.3
Profit After Tax 952.4
498.3
91%
730.1
30%		 1,682.5
896.2
88%
PAT margin 12.6%
8.3%
432 bps
9.9%
274 bps		 11.3%
8.3%
296 bps
Other Comprehensive Income -0.7
-1.0
-0.7		 -1.3
-1.9
Total Comprehensive Income 951.7
497.4
91%
729.4
30%		 1,681.2
894.3
88%
    • On account of sale of 100% stake of KNR Walayar Tollways Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd.

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Standalone Balance Sheet

ASSETS(Rs. Million) Sep-21 Mar-21
Non-Current Assets
Property, plant and equipment
Capital work-in-progress
Right of Use Asset
Investment property
Other Intangible assets
Financial Assets
Investments
Other Investments
Loans
Other financial assets
Deferred tax assets (Net)
Non current tax assets (Net)
Other non-current assets		 3,697.4
186.4
6.2
658.8
0.6
698.3
1,582.5
30.5
240.3
1,306.8
164.8
1,461.3		 3,376.8
23.8
14.7
658.8
0.7
696.3
1,346.7
29.8
232.5
1,486.0
228.9
564.5
Total Non-current assets 10,033.9 8,659.5
Current assets
Inventories
Financial assets
Investments in Associates held for sale
Trade receivables
Cash and cash equivalents
Bank Balances
Loans
Other financials assets
Current tax assets (Net)
Other current assets		 1,656.4
3,542.0
6,027.3
363.9
156.4
103.3
2,671.6
138.5
5,561.7		 1,479.9
2,855.3
8,632.1
1,082.1
91.2
75.7
2,621.3
120.6
3,589.3
Total Current assets 20,221.1 20,547.5
TOTAL ASSETS 30,255.0 29,207.0
EQUITY & LIABILITIES(Rs. Million) Sep-21 Mar-21
Equity
Equity Share capital
Other equity		 562.5
19,726.7		 562.5
18,115.8
Total equity 20,289.2 18,678.3
Liabilities
Non-current liabilities
Financial liabilities
Borrowings
Lease Liability
Other financial liabilities
Provisions
Other non-current liabilities		 0.0
4.1
1.5
86.6
106.0		 0.0
3.6
1.5
86.6
106.0
Total non-current liabilities 198.2 197.7
Current liabilities
Financial liabilities
Borrowings
Trade Payables
Other financial liabilities
Provisions
Current Tax Liability (net)
Other current liabilities		 1,000.0
2,411.1
1,403.3
218.3
108.4
4,626.6		 7.1
2,397.1
1,425.3
257.3
409.5
5,834.7
Total current liabilities 9,767.6 10,331.0
TOTAL EQUITY AND LIABILITIES 30,255.0 29,207.0

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Consolidated Financial Results

Rs. Million Consolidated Consolidated
Q2 FY22
Q2 FY21
YoY
Q1 FY22
QoQ		 H1 FY22
H1 FY21
YoY
Total Revenue 8,420.1
6,558.8
28%
8,070.9
4%		 16,491.0
11,784.0
40%
Operating Expenses
Employees Expenses
Other Expenditure		 5,036.3
3,956.9
5,046.7
361.9
296.5
336.4
1,246.6
594.3
660.7		 10,083.0
7,130.2
698.3
578.0
1,907.3
1,064.0
EBITDA 1,775.2
1,711.1
4%
2,027.2
-12%		 3,802.4
3,011.8
26%
EBITDA margin 21.1%
26.1%
-501 bps
25.1%
-403 bps		 23.1%
25.6%
-250 bps
Other Income
Depreciation
Interest
Share of Profit / loss of associates
Exceptional Item		 112.3
80.1
50.0
394.5
503.7
343.4
353.5
392.3
303.1
31.4
-12.8
52.1
0.0
852.5*
0.0		 162.3
150.0
737.9
989.8
656.6
684.1
83.5
-13.8
0.0
852.5*
PBT 1,170.9
1,734.9
-33%
1,482.8
-21%		 2,653.7
2,326.6
14%
Tax
Current Tax
Prior Period Tax
Deferred Tax		 436.8
195.8
402.7
341.0
252.9
314.8
4.0
0.0
0.1
91.8
-57.1
87.8		 839.4
369.3
655.7
473.6
4.0
0.0
179.6
-104.3
Profit After Tax 734.1
1,539.1
-52%
1,080.1
-32%		 1,814.3
1,957.8
-7%
PAT margin 8.7%
23.5%
-1,480 bps
13.4%
-470 bps		 11.0%
16.6%
-561 bps
Other Comprehensive Income -0.7
-1.0
-0.7		 -1.3
-1.9
Total Comprehensive Income 733.4
1,538.1
-52%
1,079.4
-32%		 1,813.0
1,955.5
-7%
    • On account of sale of 100% stake of KNR Walayar Tollways Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd.

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Consolidated Balance Sheet

ASSETS(Rs. Million) Sep-21 Mar-21
Non-Current Assets
Property, plant and equipment
Capital work-in-progress
Right of Use Asset
Investment property
Other Intangible assets
Financial Assets
Investments
Other financial assets
Deferred tax assets (Net)
Non current tax assets (Net)
Other non-current assets		 3,722.8
186.4
6.2
724.4
3,469.8
539.7
17,740.7
1,306.8
510.9
3,598.5		 3,403.3
23.8
14.7
724.4
3,617.6
456.2
14,408.5
1,486.0
504.6
2,234.3
Total Non-current assets 31,806.1 26,873.4
Current assets
Inventories
Financial assets
Other Investments
Trade receivables
Cash and cash equivalents
Bank Balances
Loans
Other financials assets
Current tax assets (Net)
Other current assets		 1,656.4
160.6
3,325.8
430.0
272.1
103.3
2,509.3
138.5
5,907.4		 1,479.9
160.6
3,328.7
1,274.3
204.1
75.7
2,625.2
120.6
3,929.5
Total Current assets 14,503.3 13,198.4
TOTAL ASSETS 46,309.4 40,071.8
EQUITY & LIABILITIES(Rs. Million) Sep-21 Mar-21
Equity
Equity Share capital
Instruments entirely equity in nature
Other equity
Non-ControllingInterests		 562.5
85.0
20,887.8
-27.9		 562.5
85.0
19,030.7
86.5
Total equity 21,507.3 19,764.7
Liabilities
Non-current liabilities
Financial liabilities
Borrowings
Lease Liability
Other financial liabilities
Provisions
Other non-current liabilities		 12,493.8
4.1
24.5
396.3
106.0		 7,282.2
3.6
20.6
299.7
106.0
Total non-current liabilities 13,024.7 7,711.9
Current liabilities
Financial liabilities
Borrowings
Trade Payables
Other financial liabilities
Provisions
Current Tax Liability (net)
Other current liabilities		 1,000.0
2,521.2
2,085.6
292.5
108.4
5,769.6		 7.1
2,507.2
1,876.7
331.5
409.5
7,463.2
Total current liabilities 11,777.3 12,595.2
TOTAL EQUITY AND LIABILITIES 46,309.4 40,071.8

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Cash Flow Statement

Particulars (Rs. Million) Standalone Standalone Consolidated Consolidated
Half year ended
30-Sep-21		 Half year ended
30-Sep-20		 Half year ended
30-Sep-21		 Half year ended
30-Sep-20
Net Profit Before Tax 2,521.9 1,265.5 2,653.7 2,326.7
Adjustments for: Non-Cash Items / Other Investment or Financial Items 737.8 1,014.1 378.4 238.2
Operating profit before working capital changes 3,259.7 2,279.6 3,032.1 2,564.9
Changes in working capital -1,230.1 -2,767.4 -6,831.4 -5,979.1
Cash generated from Operations 2,029.6 -487.8 -3,799.4 -3,414.2
Share of profit / loss of Associate or JV 0.0 0.0 -83.5 13.8
Direct taxes paid (net of refund) -914.7 -179.7 -985.1 -223.6
Net Cash from Operating Activities 1,114.9 -667.5 -4,868.0 -3,623.9
Net Cash from Investing Activities -2,639.4 2,574.1 -1,728.9 3,150.8
Net Cash from Financing Activities 806.4 -1,846.8 5,752.6 392.8
Net Decrease in Cash and Cash equivalents -718.1 59.8 -844.3 -80.3
Add: Cash & Cash equivalents at the beginning of the period 1,082.1 201.9 1,274.3 406.6
Cash & Cash equivalents at the end of the period 363.9 261.8 430.0 326.3

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Standalone Net Working Capital Days

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82
79
69
66
53
53 52 48
52 55
40 45 49
43 41 36 45
40
28
26
23
13 16 16 15 18 15 20 15 17 14 12 14 19 16 20 20 20 20 20
7 98 1066 45 64 51 74 53 39 45 40 78 117 86 74
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Jun-21 Sep-21
Inventory Debtors Creditors Net Working Capital
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Business Overview

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Business Overview

❑ One of the leading companies providing Engineering, Procurement and Construction (EPC) services

  • Major Projects in Roads & Highways – one of the fast-growing sectors

  • Established presence in Irrigation and Urban Water Infrastructure Management

  • ❑ 20+ years of experience of project execution

  • Successfully executed more than ~7,500 lane km Road Projects

  • Projects executed across 12 states in India

❑ Portfolio of BOT/HAM Projects

  • 668 lane Kms Projects in the state of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka & Bihar

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Vision

To develop KNRCL as a Centre of excellence in the field of Infrastructure services by striving continuously to provide eco-friendly solution adopting state-ofthe-art practices and commitment to quality through motivated human resource

  • 2 Annuity based Projects & 1 Toll based project

  • 5 HAM projects with total Bid Project cost of Rs. 60,491.7 million is under construction/development

❑ Strong EPC Order Book

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₹ 34,368 Mn Roads Sector

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₹ 65,113 Mn

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As on 30 [th] Sept.
2021
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₹ 30,745Mn Irrigation Sector

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Mission

We would aim to add more business verticals to the organisation in the fields of construction of Elevated Metro Rail and Railway Projects.

13

2010

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Transformation

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Bagged 1st BOT Project in
Incorporated & Karnataka worth Rs. 4,420 mn;
1995 Commenced EPC
2006 Entry into Urban water
Business Infrastructure with contract in
Bangalore
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Bagged 2nd BOT project
IPO & Listed on
2007 worth Rs.5,920mn in 2008
BSE and NSE
Telangana
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Bagged an EPC Project worth Early completion of Biggest Received the biggest work of
Rs. 9,371 mn for Madurai – Bagged 3rd BOT Toll Road Project – Bijapur order value Rs. 8,250 mn from
Ramanathapuram Section of 2013 project worth Rs. 9,005 2013 Hungund Section of Rs. 8,250 2012 Sadbhav Engineering Ltd for
NH-49 in Tamil Nadu under mn in Kerala mn - 11 months ahead of construction of Bijapur
NHDP Phase-III schedule Hungund Road project
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Signed SPA with Cube
Highways for 3 SPVs
Crossed Crossed
Received 5 HAM (HAM project)
Revenue of Rs. Networth of Rs.
2016 2017 2018 Project worth of Rs. 2019
10,000 mn on 10,000 mn on
56,112 Million (BPC) Crossed Revenue of Rs.
Standalone Basis Standalone Basis
20,000 mn on Standalone
Basis
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2020
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Transferred 100% stake of KNR Walayar Tollways Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd. for an Enterprise Value of Rs. 5,117.8 million

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Top Management

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  • Mr. K. Narasimha Reddy – Founder Promoter & Managing Director

  • Over 50 years of experience in the Highway sector

  • Started career in 1968 and engaged in the business of undertaking civil and mechanical contracts

  • Extensive knowledge and experience in multi project planning Scheduling, cost controls in addition to overall construction and multi project management & driving force in taking the company towards greater heights

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  • Mr. K. Jalandhar Reddy – Promoter & Executive Director

  • Over 25 years of experience in the Highway and infrastructure sector

  • Started his career with the organisation as a project Manager and was elevated to Executive Director on April 1, 1997

  • Heads the tendering and bidding activities and oversees most of the projects

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Supported by Professional Team

▪ A Bachelor of Engineering (BE) from MITS Gwalior (MP) with Over 35 years of total experience with ~20 years of Mr. T.L. Verma experience in Highway sector (Sr. Vice President - Projects) ▪ Working with the company since 2006 on various projects i.e. Bridges and Highways, including construction of Concrete Roads

  • A Fellow Member of the Institute of Chartered Accountants of India with 39 years of experience in the areas of

  • Mr. S Vaikuntanathan finance, accountancy and taxation

  • (Vice President - Finance) ▪ Has the overall responsibility for the finalization of corporate accounts, taxation, finance and related jobs

  • Mr. V. Narasimha ▪ M. Tech in Civil Engineering from IIT Madras with over 30 years of rich experience in various Highway Projects Ramana connected with MORTH & NHAI (Sr. Vice President - Technical) ▪ Actively involved all the verticals of highway and bridge projects

Ms. V. Harita (Company Secretary)

▪ A Member of the Institute of Company Secretaries of India ▪ Overall responsibility towards compliance of Rules & Regulations laid down by various authorities

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Key Business Strengths

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1. Project Execution Capabilities

❑ Top management’s active involvement at all stages of Project execution

  • Selection of Major Raw Material

  • Selection of construction Camp location

❑ Faster Decision making to ensure project completion on schedule

❑ Received Bonus for completion of construction ahead of schedule

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1,440
1,219
Scheduled Completion (Days) Actual Completion (Days)
1,000 1,000
910 910 880 858 911 887 887
730
609
582
450
343 365 364 365 364 365 364
Bijapu- Hyderabad- Karimnagar- Hyderabad- Siricilla- Narsapur- Walayar- Penchalakona- Chittor- Trichy- Ramsanpalle-
Hungund Ramagundam Kamareddy Chanda Siddipet Aswaraopet Vadakkancherry Yerpedu Mallavaram Kallagam Mangloor
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SIGNIFICANT EXPERIENCE AND STRONG TRACK RECORD IN TIMELY EXECUTION OF PROJECTS

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Pan India Project Execution Capability*

Sr. No. State No. of Projects Project Value (Rs. Mn)
1
2
3
4
5
6
7
8
9
10
11		 Tamil Nadu
Karnataka
Kerala
AP & Telangana
Madhya Pradesh
Uttar Pradesh
Assam
Gujarat
Arunachal Pradesh
Orissa
Haryana		 12
13
2
27
5
10
2
1
1
1
1		 36,530
17,149
17,068
13,099
5,189
4,549
4,038
2,550
2,358
1,866
118
Total 75 1,04,513

*Projects executed in last 20 years

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----- Start of picture text -----

Arunachal
Haryana Pradesh
Assam
Uttar
Pradesh
Gujarat
Madhya
Pradesh
Orissa
Andhra Pradesh
&
Karnataka
Telangana
Kerala Tamil Nadu
----- End of picture text -----

Disclaimer: Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

19

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Project Execution Highlights

Cement Concrete Road

  • Completed Widening to 4/6 lanes and Strengthening of Existing two lane carriageway of NH – 5 in the State of Orissa for a length of 56.0 Kms with total contract value of work is Rs 2,310 mn

  • Existing road was widened & strengthened with flexible pavement but, new 2- lane road was constructed with concrete (PQC)

  • Concrete road was paved for a width of 8.75m with G&Z slip form paver having automatic device for placement of tie bars and dowel bars at fixed

  • interval

  • Concreted Batching Plant was installed with a capacity compatible with the paving capacity of G&Z paver for better quality control of PQC Road

Hard Rock Excavation

  • 2.6 Millions Cubic Meters deep hard rock excavation was done in the work of four laning of Islam Nagar (KM 230.00) to Kadtal (KM 278.00) of Nagpur –Hyderabad Section on NH-7 in the State of Telangana

20

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2. In-house Construction Equipment

Sr. No. Machinery Quantity Sr. No. Machinery Quantity
1
2
3
4
5
6
7
8
9
10
11
12
13
14		 Tippers & Tankers
Excavators
Generators
Concrete Mixers And Pumps
Compactors
Loaders
Drillers & Breakers
Graders
Cranes
Compressors
Batching Plants
Weigh Bridges
Pavers
Tractors		 1,209
361
243
174
131
96
95
66
64
55
47
44
43
43		 15
16
17
18
19
20
21
22
23
24
25
26
27
28		 Rollers
Crushers
Dozers
Light Soures
Trailers
Transformers
Wet Mix Plants
Hot Mix Plants
Kerb Laying Machine
Sprayers
Sweeping Machines
Drum Mix Plants
Deisel Bunks
Sub Stations		 43
30
28
26
26
24
12
12
9
8
7
7
5
3

240 TPH D & G Hot Mix Plant

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Gross Block of Plant & Machinery* ₹ 12,266 Million

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250 TPH Nawa Crushing Plant

WORLD CLASS CONSTRUCTION EQUIPMENTS USE OF RIGHT TOOLS FOR RIGHT WORK

21

  • as on September 30, 2021

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3. In-house Execution Team

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----- Start of picture text -----

5%
Total Employees Project Engineering
2,210 29%
Site Supervision
38%
Site Engineers
10% Equipment Operators
Admin & Office Staff
18%
----- End of picture text -----*

IN-HOUSE TEAM OF QUALIFIED AND EXPERIENCED EMPLOYEES LED BY PROVEN MANAGEMENT TEAM

22

  • as on September 30, 2021

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4. Host of Marque Clients

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National Andhra Pradesh Ministry of Highways Road Development Road Transport Authority of Corporation & Highways India (NHAI) (APRDC) (MoRTH)

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Hyderabad Karnataka Karnataka Road Growth State Highway Development Corridor Improvement Corporation Limited (HGCL) Project (KSHIP) (KRDCL)

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Madhya Pradesh Bruhat Road Development Bangalore Corporation Limited Mahanagara (MPRDCL) Palike (BBMP)

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Uttar Pradesh State Highways Authority (UPSHA)

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A.P. Irrigation GMR Projects (Government Private Limited Telangana Irrigation of Andhra (Government of Pradesh) Telangana)

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Engineers India Limited (Government of India Undertaking)

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NMDC Limited

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Sadbhav Engineering Limited

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Public Works Highways Department Oriental Structural Department (Government of Tamil Engineers Pvt. Ltd. (Government of Nadu) Arunachal Pradesh)

23

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BOT Portfolio

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BOT Portfolio – Annuity Projects

Particulars Patel KNR Infrastructures limited (PKIL) Patel KNR Heavy Infrastructures Limited (PKHIL)
Project Details Stake
Project Type
State
JV Partner
Client
Length (KM)		 40%
Road-Annuity
Karnataka
PEL
NHAI
60.0		 40%
Road-Annuity
Telangana
PEIL
NHAI
53.0
Terms Concession Start Date
Concession Period
COD		 26th March 2007
20 Years
21st December 2009		 2nd March 2008
20 Years
11th June 2010
Financials Project Cost (Rs. mn)
Equity (30.09.2021) (Rs. mn)
Debt (30.09.2021) (Rs. mn)
Securitized
Semi-Annutiy - 36 Instalments (Rs. mn)		 4,420.0
370.0
1,935.5
Yes*
329.4		 5,920.0
648.7
2,945.9
Yes**
443.7
  • PKIL securitized its project loan through issuance of non-convertible debentures to LIC of India & raised Rs. 4,090 mn in April 2010. The said proceeds were used to retire the existing high cost project loan and unsecured loans of promoters and to meet the issue expenses.

**PKHIL securitized its project loan through issuance of non-convertible debentures to L&T Infrastructures Finance Company Limited and raised Rs 4000 mn in Sept. 2013. The said proceeds were used to retire the existing high cost project loans (Other than the ECB of USD 25 Millionsavailed from the Standard Chartered Bank , London) and unsecured loans of promoters and to meet the issue expenses.

25

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BOT Portfolio – Toll Project

Particulars KNR Muzaffarpur Barauni Tollway Private Limited
Project Details Stake
Project Type
State
JV Partner
Client
No of Lanes
Length(KM)		 51%
Road-Toll
Bihar
JKM Infra Project Ltd
NHAI
Two
108
Terms Concession Start Date
Concession Period
Scheduled COD
Actual Scheduled COD
Revenue Sharing		 8th July 2012
21 Years
9th July 2014
3rd June 2016
Premium
Financials Project Cost (Rs. mn)
Equity (30.09.2021) (Rs. mn)
Debt (30.09.2021) (Rs. mn)
Status
Toll Revenue – (Rs. mn)		 3,596.8 / (Revised: 4,588.6)
1,771.5
2,817.0
100% PCOD issued on 24th August 2017
Q2 FY22: 74.2 / H1 FY22: 194.0

26

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HAM Portfolio

Particulars Trichy to
Kallagam		 Chittor to
Mallavaram		 Ramsanpalle to
Mangloor		 Magadi to
Somwarpet		 Oddanchatram to
Madathukulam
Project Detail SPV Name
Stake
Project Type
State
Client
No of Lanes
Length(KM)
Concession Period		 KNR Srirangam Infra
Private Limited
100%*
Hybrid Annuity
Tamil Nadu
NHAI
Four
38.7
17 Years		 KNR Tirumala Infra
Private Limited
100%*
Hybrid Annuity
Andhra Pradesh
NHAI
Six
61.1
17.5 Years		 KNR Shankarampet Projects
Private Limited
100%*
Hybrid Annuity
Telangana
NHAI
Four
46.8
17 Years
KNR Somwarpet Infra
Private Limited
100%
Hybrid Annuity
Karnataka
KSHIP
Two
166.0
9 Years		 KNR Palani Infra
Private Limited
100%
Hybrid Annuity
Tamil Nadu
NHAI
Four
45.4
17 Years
Financials Bid Project Cost (Rs. mn)
Total Project Cost (Rs. mn)
Grant (Rs. mn)^
Estimated Equity (Rs. mn)
Estimated Debt (Rs. mn)
Appointed Date
PCOD / COD		 10,206.0
9,099.8
4,317.5
962.3
3,820.0
1st March 2019
30th May 2021		 17,300.7
14,555.0
6,920.3
1,904.7
5,730.0
4th January 2019
10th May 2021		 12,340.0
10,456.2
4,936.0
1,351.2
4,169.0
2nd May 2019
5th October 2021		 11,445.0
11,276.0
7,485.0
1,221.0
2,570.0
12th February 2020
-		 9,200.0
7,920.0
3,945.4
804.6
3,170.0
5th October 2020
-
Progress % Physical Progress
Equity Invested (Rs. mn)
Grant Received (Rs. mn)
Debt Already Drawn (Rs. mn)		 81.9%
779.9
3,461.1
2,060.0		 94.0%
1,622.4
6,871.6
4,480.0		 97.8%
1,139.8
4,936.0
3,400.0		 45.9%
530.1
2,994.0
0		 39.2%
498.3
1,641.3
0
    • Share Purchase Agreement signed with Cube Highways and Infrastructure III Pte. Ltd.

^Grant includes estimated Price Index Multiple of Rs. 500.5 mn

27

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Divestment of 3 SPVs

Consideration to be received (Rs. Mn)

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----- Start of picture text -----

Total Equity to be Total Consideration to be Consideration to be received (Rs. Mn)
Particulars
Invested (Rs. mn) received (Rs. mn)
On COD COD + 6 months
KNR Tirumala Infra Pvt Ltd
1,770.7 2,181.2 1,588.4 592.8
(SPA Signed: 11th Feb’19) 1.2 times
KNR Shankarampet Projects Pvt Ltd
1,257.1 1,362.6 1,032.7 329.9
(SPA Signed: 16th Aug’19) 1.1 times
KNR Sriranagm Infra Pvt Ltd
894.7 1,111.8 744.9 366.9
(SPA Signed: 28 [th] Jan’19) 1.2 times
Shareholders approved divestment of 100% stake in above mentioned 3 material subsidiaries to Cube
Highways and Infrastructure III Pte Ltd.
----- End of picture text -----

    • Already received an amount of Rs. 1,227.1 million on account of inflation which is passed on by SPV to EPC contractor i.e. KNR Constructions Limited which is in addition to total consideration to be received

28

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Order Book & Business Strategy

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Order-book Highlights

Key Projects Rs. Mn
Elevated Highway along Avinashi Road in Coimbatore City
(EPC)
Cheyyur-Panayur Road (EPC)		 9,168
5,390
Magadi to Somwarpeth Project (KSHIP HAM) 4,828
Oddanchatram to Madathukulam Project (HAM) 4,038
HGCL - Widening of Existing Service roads (EPC) 3,128
Top 5 Road Projects 26,552
Other Road Projects 7,816
Irrigation Projects 30,745
Total Orderbook as on 30th September 2021 65,113

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Order Book Break-up
69%
18% 82%
11%
2%
Captive (HAM Projects) State Govt. Central Govt. Others
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----- Start of picture text -----

Segment Wise Split
Irrigation
47%
Roads (HAM)
Roads 18%
(Others)
35%
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----- Start of picture text -----

Region Wise Split
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----- Start of picture text -----

South
100%
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30

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Recently Won Projects

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Rs. million
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New Projects Rs. Million
(Excluding GST)
Six laning from start of Valanchery Bypass to Kappirikkad Section in the
state of Kerala on Hybrid Annuity Mode under Bharatmala Pariyojana		 15,950*
Six laning of Ramanattukara Junction to start of Valanchery bypass
Section
in the state of Kerala on Hybrid Annuity Mode under
Bharatmala Pariyoiana		 17,450*
Four-laning of Bangalore-Mangalore Section including 6 – lane flyover at
Kalladka Town on EPC basis in the State of Karnataka (excluding GST)		 9,829
Six laning of Chittoor – Thatchur section (Package 3) in the state of
Andhra Pradesh and Tamil Nadu on Hybrid Annuity Mode under
Bharatmala Pariyoiana		 7,600*
Total 50,829

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----- Start of picture text -----

50,829 1,15,942
65,113
Orderbook as on Not included in Total Value
Sept. 30th, 2021 Orderbook yet
----- End of picture text -----

  • Estimated EPC cost subject to financial closure

31

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Orderbook Breakup- Rs. 1,15,942 Mn

Order Book Break-up

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----- Start of picture text -----

39%
45% 55%
10%
6%
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Captive (HAM Projects) State Govt. Central Govt. Others

Segment Wise Split

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----- Start of picture text -----

Roads Irrigation
(Others) 27%
28%
Roads (HAM)
45%
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Region Wise Split

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----- Start of picture text -----

South
100%
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32

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Order-book: State-wise

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----- Start of picture text -----

Karnataka
No of Projects 5
Balance Value Rs. 6,584 mn
Kerala
No of Projects 1
Balance Value Rs. 232 mn
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----- Start of picture text -----

AP & Telangana
No of Projects 14
Balance Value Rs. 37,765 mn
Tamil Nadu
No of Projects 8
Balance Value Rs. 20,532 mn
----- End of picture text -----

Disclaimer: Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

33

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Business Strategy

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----- Start of picture text -----

Focus on Projects
involving Higher degree
of engineering skills
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----- Start of picture text -----

03
Focus on securing EPC Continuously explores
contracts from reputed growth opportunities by
Clients and forming strategic Joint
Concessionaire Ventures (JVs)
02 04
Capitalise on Opportunity
Execute all the projects on
of huge Infrastructure
time or ahead of schedule
development in Country
01 05
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34

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Financial Highlights

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Standalone Financial Results

Rs. Million FY21
FY20
YoY
Total Revenue 27,026.3
22,442.4
20%
Operating Expenses
Employees Expenses
Other Expenditure		 17,364.3
13,550.0
1,320.9
1,252.2
2,982.7
2,769.5
EBITDA 5,358.4
4,870.7
10%
EBITDA margin 19.8%
21.7%
-191 bps
Other Income
Depreciation
Interest
Exceptional Item		 496.5
565.9
1,443.7
1,918.5
487.3
474.1
-112.5
-107.2^
PBT 3,811.3
2,936.8
30%
Tax
Current Tax
Prior Period Tax
Deferred Tax		 1,369.6
684.6
1,400.4
977.4
193.1
0.6
-223.9
-293.5
Profit After Tax 2,441.8
2,252.2
8%
PAT margin 9.0%
10.0%
-99 bps
Other Comprehensive Income -2.3
-3.9
Total Comprehensive Income 2,439.4
2,248.4
8%
    • On account of sale of 100% stake of KNR Walayar Tollways Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd.

^ - Investment in KNR Chidambaram Infra HAM Project have been written-off due to deemed termination as per clause 4.5 of the concession agreement

36

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Standalone Balance Sheet

ASSETS(Rs. Million) Mar-21 Mar-20
Non-Current Assets
Property, plant and equipment
Capital work-in-progress
Right of Use Asset
Investment property
Other Intangible assets
Financial Assets
Investments
Other Investments
Loans
Other financial assets
Deferred tax assets (Net)
Non current tax assets (Net)
Other non-current assets		 3,376.8
23.8
14.7
658.8
0.7
2,414.9
2,483.4
29.8
232.5
1,486.0
228.9
564.5		 3,777.7
101.5
26.0
658.8
1.5
1,860.6
1,381.1
28.4
12.3
1,609.9
216.5
893.3
Total Non-current assets 11,514.8 10,567.5
Current assets
Inventories
Financial assets
Investments in Associates held for sale
Trade receivables
Cash and cash equivalents
Bank Balances
Loans
Other financials assets
Current tax assets (Net)
Other current assets		 1,479.9
0.0
8,632.1
1,082.1
91.2
75.7
2,621.3
120.5
3,589.3		 1,231.6
3,906.9
4,761.1
201.9
128.6
28.7
2,121.1
180.6
4,049.8
Total Current assets 17,692.1 16,610.4
TOTAL ASSETS 29,206.9 27,177.9
EQUITY & LIABILITIES(Rs. Million) Mar-21 Mar-20
Equity
Equity Share capital
Other equity		 562.5
18,115.8		 281.2
15,957.6
Total equity 18,678.3 16,238.9
Liabilities
Non-current liabilities
Financial liabilities
Borrowings
Lease Liability
Other financial liabilities
Provisions
Other non-current liabilities		 0.0
3.6
1.5
86.6
106.0		 1,804.6
10.8
1.5
58.8
105.2
Total non-current liabilities 197.7 1,980.9
Current liabilities
Financial liabilities
Borrowings
Trade Payables
Other financial liabilities
Provisions
Current Tax Liability (net)
Other current liabilities		 7.1
2,397.1
1,425.3
257.3
409.5
5,834.7		 336.4
2,511.0
1,652.4
173.4
4.1
4,280.7
Total current liabilities 10,330.9 8,958.1
TOTAL EQUITY AND LIABILITIES 29,206.9 27,177.9

37

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Consolidated Financial Results

Rs. Million FY21
FY20
YoY
Total Revenue 29,036.3
24,516.8
18%
Operating Expenses
Employees Expenses
Other Expenditure		 17,489.8
14,004.1
1,331.3
1,269.2
3,220.8
3,019.1
EBITDA 6,994.4
6,224.5
12%
EBITDA margin 24.1%
25.4%
-131 bps
Other Income
Depreciation
Interest
Share of Profit / loss of associates
Exceptional Item		 516.2
656.9
1,899.0
2,541.3
1,340.5
1,102.3
74.3
114.2
852.5
-107.2^
PBT 5,197.9
3,244.7
60%
Tax
Current Tax
Prior Period Tax
Deferred Tax		 1,369.6
685.3
1,400.4
977.4
193.1
0.3
-223.9
-292.4
Profit After Tax 3,828.3
2,559.4
50%
PAT margin 13.2%
10.4%
279 bps
Other Comprehensive Income -2.3
-4.1
Total Comprehensive Income 3,826.0
2,555.3
50%
    • On account of sale of 100% stake of KNR Walayar Tollways Private Limited ("SPV") to Cube Highways and Infrastructure III Pte. Ltd.

^ - Investment in KNR Chidambaram Infra HAM Project have been written-off due to deemed termination as per clause 4.5 of the concession agreement

38

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Consolidated Balance Sheet

ASSETS(Rs. Million) Mar-21 Mar-20
Non-Current Assets
Property, plant and equipment
Capital work-in-progress
Right of Use Asset
Investment property
Other Intangible assets
Financial Assets
Investments
Other financial assets
Deferred tax assets (Net)
Non current tax assets (Net)
Other non-current assets		 3,403.3
23.8
14.7
724.4
3,617.6
456.2
14,408.5
1,486.0
504.6
2,234.3		 3,809.8
101.6
26.0
724.5
8,187.9
389.3
6,990.2
1,609.9
430.7
1,759.5
Total Non-current assets 26,873.4 24,029.4
Current assets
Inventories
Financial assets
Other Investments
Trade receivables
Cash and cash equivalents
Bank Balances
Loans
Other financials assets
Current tax assets (Net)
Other current assets		 1,479.9
160.6
3,328.7
1,274.3
204.1
75.7
2,625.2
120.6
3,929.5		 1,231.6
269.0
1,746.5
406.5
422.2
28.7
2,311.9
183.6
4,403.9
Total Current assets 13,198.4 11,003.9
TOTAL ASSETS 40,071.8 35,033.3
EQUITY & LIABILITIES(Rs. Million) Mar-21 Mar-20
Equity
Equity Share capital
Instruments entirely equity in nature
Other equity
Non-ControllingInterests		 562.5
85.0
19,030.7
86.5		 281.2
85.0
15,240.4
332.0
Total equity 19,764.7 15,938.6
Liabilities
Non-current liabilities
Financial liabilities
Borrowings
Lease Liability
Other financial liabilities
Provisions
Other non-current liabilities		 7,282.2
3.6
20.6
299.7
105.9		 7,917.2
10.8
16.6
424.7
105.2
Total non-current liabilities 7,711.9 8,474.5
Current liabilities
Financial liabilities
Borrowings
Trade Payables
Other financial liabilities
Provisions
Current Tax Liability (net)
Other current liabilities		 7.1
2,507.2
1,876.7
331.5
409.5
7,463.2		 336.4
2,629.7
2,067.3
314.8
4.1
5,267.9
Total current liabilities 12,595.2 10,620.2
TOTAL EQUITY AND LIABILITIES 40,071.8 35,033.3

39

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Cash Flow Statement

Particulars (Rs. Million) Standalone Standalone Consolidated Consolidated
FY21 FY20 FY21 FY20
Net Profit Before Tax 3,811.3 2,936.8 5,197.9 3,244.7
Adjustments for: Non-Cash Items / Other Investment or Financial Items 1,959.3 2,157.3 1,022.5 3,000.8
Operating profit before working capital changes 5,770.6 5,094.1 6,220.4 6,245.5
Changes in working capital -2,003.9 -309.1 -6,053.2 -2,993.5
Cash generated from Operations 3,766.7 4,785.0 167.2 3,252.0
Share of profit / loss of Associate or JV 0.0 0.0 -74.3 -114.2
Direct taxes paid (net of refund) -786.5 -843.5 -848.8 -831.5
Net Cash from Operating Activities 2,980.2 3,941.5 -755.9 2,306.2
Net Cash from Investing Activities 649.1 -2,899.8 2,601.9 -2,020.9
Net Cash from Financing Activities -2,749.1 -898.0 -978.3 22.2
Net Decrease in Cash and Cash equivalents 880.2 143.6 867.7 307.5
Add: Cash & Cash equivalents at the beginning of the period 201.9 58.3 406.6 99.0
Cash & Cash equivalents at the end of the period 1,082.1 201.9 1,274.3 406.6

40

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Standalone Financial Highlights

Financial Year 2010* 2011* 2012* 2013* 2014* 2015* 2016^ 2017^ 2018^ 2019^ 2020^ 2021^
Turnover Rs. 7,125 Rs. 7,930 Rs. 7,505 Rs. 6,921 Rs. 8,348 Rs. 8,761 Rs. 9,025 **Rs. 15,411 ** Rs. 19,317 Rs.21,373 **Rs. 22,442 ** Rs. 27,026
$118.6 $132.0 $125.0 $115.2 $139.0 $140.0 $136.1 $238.3 $296.9 $306.8 $297.7 $369.2
EBITDA Rs. 1,121 Rs. 1,356 Rs. 1,338 Rs. 1,164 Rs. 1,258 Rs. 1,261 Rs. 1,529 Rs. 2,296 Rs. 3,839 Rs. 4,270 Rs. 4,871 Rs. 5,358
$18.7 $22.6 $22.3 $19.4 $20.9 $20.1 $23.1 $35.5 $59.3 $61.3 $64.6 $73.2
Profit before Tax
(PBT)		 Rs. 826 Rs. 897 Rs. 784 Rs. 670 Rs. 669 Rs. 723 Rs. 1,291 Rs. 1,632 Rs. 2,682 Rs. 2,906 Rs. 2,937 Rs. 3,811
$13.8 $14.9 $13.1 $11.2 $11.1 $11.6 $19.5 $25.2 $41.2 $41.7 $39.0 $52.1
Profit after Tax
(PAT)		 Rs. 503 Rs. 568 Rs. 528 Rs. 521 Rs. 610 Rs. 730 Rs. 1,611 Rs. 1,573 Rs. 2,721 Rs. 2,633 Rs. 2,252 Rs. 2,442
$8.4 $9.5 $8.8 $8.7 $10.2 $11.7 $24.3 $24.3 $41.8 $37.8 $29.9 $33.4
EPS ** Rs. 1.79 Rs. 2.02 Rs. 1.88 Rs. 1.86 Rs. 2.17 Rs. 2.60 Rs. 5.73 Rs. 5.59 Rs. 9.68 Rs. 9.36 Rs. 8.01 Rs. 8.68
$0.025 $0.030 $0.030 $0.030 $0.035 $0.040 $0.090 $0.085 $0.0150 $0.135 $0.109 $0.119
Net Worth Rs. 3,008 Rs. 3,520 Rs. 4,024 Rs. 4,521 Rs. 5,106 Rs. 5,837 Rs. 7,377 Rs. 8,955 **Rs. 11,578 ** **Rs. 14,143 ** **Rs. 16,239 ** Rs. 18,678
$50.1 $58.6 $67.0 $75.3 $85.0 $93.3 $111.2 $138.5 $177.9 $203.0 $215.4 $255.1
Debt Rs. 740 Rs. 735 Rs. 555 Rs. 710 Rs. 867 Rs. 963 Rs. 1,125 Rs. 1,303 Rs. 2,204 Rs. 2,641 Rs. 2,141 Rs. 7
$12.3 $12.2 $9.2 $11.8 $14.4 $16.0 $16.9 $20.2 $31.6 $37.9 $28.4 $0.1
Debt to Equity 0.25 0.21 0.14 0.16 0.17 0.17 0.15 0.14 0.19 0.19 0.13 0.00
  • Above financials are based on I GAAP

From FY10 to FY14 1 USD = Rs. 60.059

FY15 – 1USD = Rs. 62.58; FY16-1 USD = Rs. 66.32; FY17-Rs. 64.66; FY18-Rs. 65.07, FY19-Rs. 69.66, FY20 = Rs. 75.39, FY21 = Rs. 73.21

** Adjusted for Bonus Issue ^ Based on IndAS

All figures in Rupees million except EPS & Debt to Equity

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Standalone Financial Highlights

Revenue & EBITDA (Margin %)

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----- Start of picture text -----

EBITDA
15.7% 17.1% 17.8% 16.8% 15.1% 14.4% 16.9% 14.9% 19.9% 20.0% 21.7% 19.8%
Margin (%)
27,026
22,442
21,373
19,317
15,411
EBITDA 7,125 7,930 7,505 6,921 8,348 8,761 9,026
Revenue 3,839 4,270 4,871 5,358
1,121 1,356 1,338 1,164 1,258 1,261 1,529 2,296
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Profit & Net Worth (RoE)
RoE (%) 16.7% 16.1% 13.1% 11.5% 11.9% 12.9% 21.8% 17.6% 23.5% 18.6% 13.9% 13.1%
18,678
16,239
14,143
11,578
8,955
7,377
PAT 3,008 3,520 4,024 4,521 5,106 5,674 2,721 2,633 2,252 2,442
Net Worth 503 568 528 521 610 730 1,611 1,573
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Rs. in Million
----- End of picture text -----*

    • Includes Early Completion Bonus of Rs. 490 million

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Shareholding Pattern as on 30[th] September 2021

51.48%
4.29%
33.86%
10.37%
PROMOTERS
FOREIGN INST. INVESTORS
MUTUAL FUNDS & AIFs, Insurance Co.
PUBLIC & OTHERS		 Shareholders Holding more than 1% of the Equity
(Other than Promoters)		 % to Equity
HDFC Mutual Fund
DSP Mutual Fund
ICICI Mutual Fund
SBI Mutual Fund
L&T Mutual Fund
Franklin Templeton Mutal Fund
Invesco Mutual Fund
UTI Mutual Fund
Tata Mutual Fund
Tata AIA Life Insurance Co.
Axis Mutual Fund
Nippon Life India Mutual Fund		 6.40%
5.85%
2.80%
2.75%
2.15%
1.85%
1.84%
1.78%
1.46%
1.42%
1.38%
1.28%
Total 30.96%

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For further information, please contact

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Company : Investor Relations Advisors : KNR Constructions Ltd. Strategic Growth Advisors Pvt. Ltd. CIN: L74210TG1995PLC130199 CIN: U74140MH2010PTC204285 Mr. K. Venkata Ram Rao Mr. Jigar Kavaiya / Mr. Chinmay Madgulkar (GM - Finance & Accounts) +91-9920602034 / +91 9860088296 [email protected] [email protected] / [email protected] Office Address: KNR Constructions Limited KNR House, 3rd & 4th Floors, Plot NO. 114, Phase - I, Kavuri Hills, Hyderabad – 500033 www.knrcl.com www.sgapl.net

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