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Nila Infrastructures Ltd Earnings Release 2021
62613_rns_2021-06-21_776b0727-a91f-40b3-8658-65d53ea3e449.pdf
Earnings Release
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INFRASTRUCTURES LIMITED
NilajCs/2021/60 Date: 21 June 2021
To,
The Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001
To, The Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai- 400 051
Scrip Code: 530377
Scrip Symbol: NILAINFRA
Dear Sir,
Subject: Earnings Release on Audited Financial Results for the quarter /year ended on 31 March 2021' ·
With respect to the captioned subject matter we are hereby submitting a copy of Earnings Release on the audited financial results for the quarter I year ended on 31 March 2021 and performance of the Company.
Please find the enclosure herewith and arrange to take the same on your record.
Thanking you, Yours faithfully For, Nila Infrastructures Limited
......... ')t{~
Dipen Y. Parikh Company Secretary Membership No.: A24031
Encl: aja
Registered Office:
1st floor, Sambhaav House Opp. Chief Justice's Bungalow Bodakd8V, ,\hmedabad 380015 Tel: +91 79 4003 6817 I 18, 2687 0258 Fax: +91 79 3012 6371 e-mail: [email protected]
For Immediate Release
NILA Infrastructures Ltd announces audited financial results for Q4-FY2021 and FY2021
Ahmedabad, June 21, 2021: The Board of Directors of Nila Infrastructures Ltd (BSE: 530377/NILA; NSE: NILAINFRA) at its meeting held at Ahmedabad on June 19, 2021, approved the Audited Financial Results for the quarter and year ended on March 31, 2021.
The Company is engaged in construction of Civic Urban Infrastructure that the government had ordered for lockdown, right from the first phase (i.e. March 25, 2020), in order to contain the spread of COVID-19 pandemic. Consequently, operations of the Company were ceased during H1-FY2021, while it faced certain constraints in availability of: (i) labourers and (ii) clear-working-days due to heavy monsoon during Q2-FY2021. These have affected the financials of the Company, however from Q2-FY2021 the Company has attained recovery in operations to a reasonable extent. The Company is keeping an active watch on the latest developments and is recalibrating its execution strategies accordingly.
Standalone Financial highlights for the quarter and year ended on March 31, 2021:
- During Q4-FY2021, the total revenue of the Company was
384.2 million i.e. higher by6.4 million to Q3-FY2021's revenue of377.7 million. Profitability at EBIDTA level has also improved to a large extent to89.2 million i.e. higher by49.9 million compared to Q3-FY2021's EBITDA of39.3 million. The Company reported a profit of43.4 million i.e. higher by24.1 million compared to Q3-FY2021's profit of ` 19.3 million. - For FY2021, the total revenue of the Company was
1,111.1 million compared to2,633.3 million in FY2020. The EBIDTA for FY2021 was94.0 million which also negated the effect of loss reported in H1-FY2021 and the Company was able to report a marginal profit of4.9 million for FY2021. - As on March 31, 2021, the Standalone Networth of the Company was
1,439.1 million and Standalone Gross Debt was1,454.5 million, while the Cash and Bank Balances on the standalone basis was ` 189.4 million. The Net debt to Networth computes to 0.88x.
Commenting at this juncture Mr. Deep Vadodaria, Chief Operating Officer said:
"We are glad to demonstrate resilience to counter the impact of the COVID-19 induced disorder, which constrained our financials during H1-FY2021. The Company could generate limited revenues during FY2021 mainly as H1-FY2021 was lackluster while the Second-wave broke in Q4-FY2021. Meanwhile, certain running projects had attained completion-stage, while the fresh orders were in planning phase and hence, could not contribute much to the revenue.
Looking ahead, the Social Housing segment is set to chart a new chapter of growth, fueled by affordability, reinforced desire to own a house and renewed interest from all stakeholders. During Q4- FY2021, we have added four (4) meaningful and strategic orders aggregating ` 587.7 million to construct EWS flats at Jaipur for Jaipur Development Authority (JDA). These would provide for 1,192 flats in approx. 30 months. We believe our satisfactory engagement in Civic Urban Infrastructure segments, adherence to stipulated cost, quality and timeline put us in a good position to capture plentiful growth opportunities.
With the nationwide vaccinations drive gaining momentum, we believe this would ensure sufficient and constant availability of healthy manpower. The improving sentiment with the reopening of the economy, especially in Gujarat, is providing requisite impetus to further the economic growth. A series of stimulus packages by the government is also catalyzing the economic activities. These trends shall also reflect in our business and results. We now look forward to a resilient FY2022."
Order-book:
At March 31, 2021 the Company has confirmed and practically executable order-book of ` 5,558.4 million. The summary is furnished further.
| (`in millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Gujarat | Rajasthan | |||||||
| Activity | GoG | PWL/Misc. | Total(A) | GoR | EPIL | Total (B) | Total A+B | % |
| Affordable Housing | 3,735.9 | 17.4 | 3,753.3 | 1,095.7 | - | 1,095.7 | 4,849.0 | 87% |
| Civic Urban Infra (EPC) | - | 709.4 | 709.4 | - | - | - | 709.4 | 13% |
| Total | 3,735.9 | 726.8 | 4,462.7 | 1,095.7 | - | 1,095.7 | 5,558.4 | |
| % | 67% | 13% | 80% | 20% | 0% | 20% | 100% |
In line with ethos of the good corporate governance, ethical practices, fairness, and transparency; the confirmed-unexecuted Order-book at 1-Apr-2021 is prudently reduced and/or realigned to depict the factual revenue potential. The book-to-bill ratio is not comparable at this point in time.
The Company's order-book is quite balanced with a focus on its core competence of "Affordable Housing" with 87% orders ( 4,849.0 million); while for de-risking 13% is from other Civic Urban Infrastructure projects (e.g. bus-ports). High-margin PPP is the major tributary with 67% orders ( 3,726.4 million). Geographically, the state of Gujarat accounts for 80% orders ( 4,462.7 million), and Principal wise government entities account for 87% ( 4,831.6 million). The major Government clientele comprise Ahmedabad Municipal Corporation (AMC), Government of Rajasthan. Overall, the Company is executing construction of 8,778 units of affordable housing.
| (` | in millions) | |||||||
|---|---|---|---|---|---|---|---|---|
| Particulars | Q4-FY2021 | Q3-FY2021 | Q-on-Q | Q4-FY2020 | Y-on-Y | FY2021 | FY2020 | Y-on-Y |
| Audited | Unaudited | Unaudited | Audited | Audited | ||||
| TOI (A) | 370.2 | 340.7 | 29.5 | 848.1 | -477.9 | 1,011.2 | 2,509.9 | -1,498.7 |
| Add: Other income (B) | 14.0 | 37.0 | -23.0 | 39.9 | -26.0 | 99.9 | 123.4 | -23.5 |
| Total Income (A + B) | 384.2 | 377.7 | 6.4 | 888.0 | -503.9 | 1,111.1 | 2,633.3 | -1,522.1 |
| Less: | ||||||||
| Operating expense | 281.0 | 301.4 | -20.4 | 799.8 | -518.8 | 920.7 | 2,223.1 | -1,302.4 |
| Depreciation | 4.5 | 4.5 | 0.0 | 4.8 | -0.3 | 17.8 | 17.5 | 0.3 |
| Finance cost | 39.6 | 42.3 | -2.7 | 45.8 | -6.2 | 160.9 | 169.0 | -8.2 |
| = Profit Before Tax (PBT) | 59.0 | 29.5 | 29.5 | 37.7 | 21.4 | 11.7 | 223.7 | -211.9 |
| Less: Tax | 15.7 | 10.2 | 5.4 | 10.1 | 5.6 | 6.8 | 47.4 | -40.6 |
| = Profit After Tax (PAT) | 43.4 | 19.3 | 24.1 | 27.6 | 15.8 | 4.9 | 176.3 | -171.4 |
Summary Profit and Loss Statement (Standalone) (as per Indian Accounting Standards (Ind-AS)):
Note: The figures for the corresponding periods have been restated, reclassified, regrouped and rearranged wherever necessary.
Operating review for FY2021 (Standalone):
- The profitability at EBIDTA level has reduced mainly due to reduction in operational efficiency on back of change in revenue-mix i.e. higher contribution from low-margin projects.
- The project/operations cost and other costs have increased with a few projects being in preliminary stage.
- The employee cost has reduced due to reduction in overall employee base.
- The depreciation and amortisation expense has increased, while net-block of PPE has increased mainly on back of fresh purchase of a building.
- The Company has successfully re-negotiated the RoI with the lenders for existing as well as fresh debt and has lowered the finance cost.
- The overall reduction in income has constrained PBT, which has been offset at PAT level mainly due to lower income tax amount. The net tax payable for FY2021 is reduced mainly owing to reduction in overall reduction in income.
- None of the Bank Guarantees submitted by the Company has ever been invoked by any Principal/Client.
| (`in millions) | ||
|---|---|---|
| Particulars | 31-Mar-2021(Audited) | 31-Mar-2020(Audited) |
| Capital & Liabilities: | ||
| Equity | 393.9 | 393.9 |
| Other Equity | 1,045.2 | 1,039.4 |
| Borrowings | 1,454.5 | 1,194.8 |
| Provisions | 18.2 | 17.5 |
| Trade Payable | 484.4 | 463.1 |
| Tax Liabilities | 75.6 | 84.3 |
| Other Liabilities | 181.7 | 288.4 |
| Total Capital & Liabilities | 3,653.4 | 3,481.3 |
| Assets: | ||
| Property, plant and equipment | 382.2 | 306.4 |
| Inventories | 289.0 | 352.0 |
| Investments | 179.4 | 154.4 |
| Loans | 899.1 | 808.4 |
| Trade Receivables | 650.4 | 683.3 |
| Other Financial Assets | 21.9 | 77.2 |
| Cash & Bank Balance | 189.4 | 62.6 |
| Other Assets | 1,042.0 | 1,037.0 |
| Total Assets | 3,653.4 | 3,481.3 |
Summary Balance Sheet (Standalone) (as per Indian Accounting Standards (Ind-AS)):
Note: The figures for the corresponding periods have been restated, reclassified, regrouped and rearranged wherever necessary.
External credit rating: Brickwork Ratings India Pvt Ltd March 19, 2021 "BBB+" (Stable) and "A2" Reaffirmed the bank loan rating of the Company.
| (` | in millions) | |||||||
|---|---|---|---|---|---|---|---|---|
| Particulars | Q4-FY2021 | Q3-FY2021 | Q-on | Q4-FY2020 | Y-on-Y | FY2021 | FY2020 | Y-on-Y |
| Audited | Unaudited | Q | Unaudited | Audited | Audited | |||
| TOI (A) | 372.3 | 295.9 | 76.4 | 820.6 | 133.9 | 968.5 | 2,435.4 | -1,466.9 |
| Other income (B) | 14.1 | 32.3 | -18.1 | 40.5 | 30.9 | 91.1 | 116.1 | -25.0 |
| Total Income (A + B) | 386.4 | 328.2 | 58.2 | 861.1 | 164.8 | 1,059.6 | 2,551.5 | -1,491.9 |
| Less: | ||||||||
| Operating expense | 280.9 | 252.6 | 28.3 | 769.5 | 186.2 | 871.5 | 2,150.1 | -1,278.6 |
| Depreciation | 4.5 | 4.5 | 0.0 | 4.8 | -0.2 | 17.8 | 17.5 | 0.3 |
| Finance cost | 39.6 | 42.3 | -2.7 | 45.8 | 17.4 | 160.9 | 169.0 | -8.1 |
| = Profit Before Tax | 61.4 | 28.7 | 32.6 | 41.0 | -51.4 | 9.4 | 214.9 | -205.5 |
| Less: Tax | 15.7 | 8.3 | 7.4 | 10.1 | -16.4 | 3.9 | 47.7 | -43.8 |
| PB share in profit of JV,associates | 45.7 | 20.5 | 25.2 | 30.9 | -38.6 | 5.5 | 167.2 | -161.7 |
| Add: Share in profit of JV &associates (net of tax) | 0.8 | -4.4 | 5.2 | -10.6 | -12.8 | -12.0 | -2.3 | -9.7 |
| = Profit After Tax (PAT) | 46.5 | 16.1 | 30.4 | 20.3 | 26.2 | -6.5 | 164.9 | -171.4 |
Summary Profit and Loss Statement (Consolidated) (as per Indian Accounting Standards (Ind-AS)):
Summary Balance Sheet (Consolidated) (as per Indian Accounting Standards (Ind-AS)):
| (`in millions) | ||
|---|---|---|
| Capital & Liabilities: | 31-Mar-2020 (Audited) | 31-Mar-2019 (Audited) |
| Equity | 393.9 | 393.9 |
| Other Equity | 955.7 | 961.3 |
| Borrowings | 1,454.5 | 1,194.8 |
| Provisions | 18.2 | 17.5 |
| Trade Payable | 484.5 | 463.1 |
| Tax Liabilities | 41.0 | 52.7 |
| Other Liabilities | 290.0 | 365.0 |
| Total Capital & Liabilities | 3,637.8 | 3,448.2 |
| Assets: | ||
| Fixed Assets | 382.2 | 306.4 |
| Inventories | 471.6 | 485.0 |
| Investments | 74.4 | 61.4 |
| Loans | 782.2 | 759.8 |
| Trade Receivables | 650.4 | 641.2 |
| Other Financial Assets | 25.9 | 81.0 |
| Cash & Bank Balance | 189.9 | 62.7 |
| Other Assets | 1,048.1 | 1,041.9 |
| Other Tax Assets | 13.0 | 8.7 |
| Total Assets | 3,637.8 | 3,448.2 |
Note: The figures for the corresponding periods have been restated, reclassified, regrouped and rearranged wherever necessary.
Safe harbor Statement
All financial and other information in this release, other than financial and other information for specific subsidiaries/JVs/Associate where specifically mentioned, is on an unconsolidated basis for Nila Infrastructures Limited only unless specifically stated to be on a consolidated basis for Nila Infrastructures Limited and its subsidiaries/JVs/Associate. Please also refer to the statement of unaudited unconsolidated results required by Indian regulations that has, along with this release, been filed with the stock exchanges where Nila Infrastructures Limited's equity shares are listed, and is available on our website www.nilainfra.com
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for real estate, infrastructure, etc. construction and other construction activities and services in the geographies that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our selecting apt Project, getting possession of site within stipulated time, executing the Project as per stipulated schedule, employing and deploying sufficient skilled/unskilled manpower, and manage the risks associated with timely sales and collection to achieve our strategic and financial objectives, our ability to manage the increased complexity of the risks we face following our rapid growth, future levels of profit margins, our growth and expansion in affordable housing and other urban infrastructure related sectors, the adequacy of our allowance for low-margin infrastructure business, technological changes, our ability to get into new markets, cash flow projections, the outcome of any legal, tax or regulatory proceedings against us or we become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in real-estate/infrastructure related regulations and other regulatory changes on us, the capital market and bank credit leniency and availability of liquidity amongst the investor community in these markets, the nature or level of profit margins, cost escalations from time to time, availability of raw materials e.g. cement, steel, etc., including the possibility of increasing rates of raw materials, our ability to roll over our shortterm funding sources and our exposure to credit, market and liquidity risks as well as other risks that are detailed in the reports filed by us with the statutory authorities. Nila Infrastructures Ltd undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.
About Nila Infrastructures Limited
Incorporated in the year 1990, Nila Infrastructures Limited (the "Company") has been promoted by firstgeneration promoters, Mr. Manoj B. Vadodaria and Mr. Kiran B. Vadodaria. The Company is a wellestablished player in developing Civic Urban Infrastructure Projects on EPC, Turnkey, PPP Mode, as well as Private White Label Construction and Industrial Infrastructure Projects. The Company is registered as Special Category-I Buildings Class and pre-approved contractor with various civic bodies as well as established corporate real estate players. The Quality Management System of the Company is assuredly ISO 9001:2015 accredited. The Company has notable presence in Gujarat and Rajasthan. The major clientele includes Ahmedabad Municipal Corporation (AMC), Ahmedabad Urban Development Authority (AUDA), Government of Rajasthan, EPIL (a Mini-Ratna Company of GoI), Adani Group, etc. The Company possesses an excellent track record of consistent profitability, dividend distribution and has accumulated strong capital reserve base. To know more, please visit www.nilainfra.com
| For more Information please contact: | |
|---|---|
| Nila Infrastructures Limited (CIN: L45201GJ1990PLC013417) | Valorem Advisors |
| Mr. Prashant Sarkhedi | Mr. Anuj Sonpal |
| Email: [email protected] | Email: [email protected] |
| Mobile: +91 9978445566 | Mobile: +91 9930609010 |