PSP Projects Limited — Investor Presentation 2018

Nov 5, 2018

PSP :r[L] T bait“ PSP Projects Ltd. ISO 9001 : 2008, 14001 : 2004 BSOHSAS 18001 : 2007 Certified Company

Ref No: PSPPROIECT/SE/ 87/ 18-19

Corporate Relations Department BSE Limited Floor 25, P.I. Towers, Dalal Street, Mumbai- 400 001 Scrip code: 540544

November 05, 2018

Listing Department

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Scrip Symbol: PSPPROIECT

Dear Sir/ Madam,

Subject: investor Presentation for the quarter and halfyear ended Sept. 30, 2018

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the investor Presentation for the quarter[and half] year ended September 30, 2018.

Kindly take the same on your record.

ThankingYou,

For PSP Projects Limited q —/ Mittali Christachary Company Secretary

Encl.: As mentioned above

‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, ISKCON[—Ambali] Road, Ahmedabad-380[058.] Phone : 079 - 2693 6200, 2693 6300, 2693 6400 I Fax No. : 079 - 2693 6500 I Email : info@pspprojects.com I URL : www.pspproIects.com CIN[:] L45201GJ2008PL0054868

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PSP Projects Limited Investor Presentation – Q2FY19 November 2018

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CW TOP CHALLENGERS

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24 [th] Sept 2018,
Taj Palace, New Delhi
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PSP PROJECTS IS AWARDED AS ONE OF INDIA’S “TOP CHALLENGERS” AT 16TH CONSTRUCTION WORLD GLOBAL AWARDS 2018, NEW DELHI.

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FINANCIAL SNAPSHOT

Result summary Q2 FY19 (Rs. Cr.)

Revenue from operations

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77.64139.55
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50 %
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Q2 FY18 Q2 FY19
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EBITDA

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11.25
18.64
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Q2 FY18 Q2 FY19
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58 %
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PAT

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12.67
6.43
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Q2 FY18 Q2 FY19
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41 %
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Result summary H1 FY19 (Rs. Cr.)

Revenue from operations

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444.67
51 %
H1 FY19
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163.70 295.35
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H1 FY18
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EBITDA

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62.37
62 %
H1 FY19
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23.09
38.54
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H1 FY18
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PAT

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38.69
48 %
H1 FY19
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26.17
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H1 FY18

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RIGHT COMPANY, RIGHT PLACE, RIGHT TIME.

Multidisciplinary construction company offering a diversified range of construction and allied services

1

Design to Experience across Multiple and construction to allied industrial, concurrent project works to interior fit institutional, management outs government, capability government residential and residential projects 2 3 4

Unmatched track record of timely and quality delivery

Executing projects largely in Gujarat; gradually turning pan-India 5

6

Business Execution commitment resulted experience in smart in repeat business cities from a number of clients 7

8

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PSP PROJECTS

10 Years in existence

35 Projects under execution (as on 30[th] Sept 2018)

110 Projects delivered

2,576 (Rs/cr) Order book as on 30[th] Sept 2018

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CAPABILITIES

People ramp-up

15 in 2008 to more than 941 direct plus 8000+ contract employees

Proven

Extensive experience and proven track record in delivering high-valued and timecritical projects with quality

1

5

Plants, machinery and vehicles

Invested Rs 130 cr in assets for timely project delivery

2

Diverse capability

Multi-storied buildings, high-rises, hospitals, industrial buildings, educational institutions, commercial buildings 6

IT investments

Implemented SAP and CANDY; enhanced informed decisionmaking

3

Customer types

Government and private clients

Capability

Multiple project location management

Accreditation

ISO 9001, ISO 14001 and ISO 45001 (quality, environment protection and worker safety)

4

8

7

Executing single-largest contract of Rs 1575[#] cr of Surat Diamond Bourse

#Excluding GST Project tenure: 30 months

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SURAT DIAMOND – WIP (ACTUAL SITE IMAGES)

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SURAT DIAMOND – WIP (ACTUAL SITE IMAGES)

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PREFERRED CHOICE

Frugal cost Active promoter Track record of structure; involvement; timely projects enhanced enhanced client completion with competitiveness assurance committed quality Large and multiple Select choice of AVERAGE project margin-enhancing TICKET SIZE OF management projects PROJECTS capability Rs 32.67 Cr In 2018-19 (30.09.2018) PROJECTS UNDER EXECUTION Rs 8.54Cr 35 (as on 30[th] Sept 2018) In 2012-13

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STRENGTHS

Execution record:

Diverse projects mix; completed projects across segments.

1

Robust orders: Order book of Rs 2576 cr as on 30th Sept 2018 (to be addressed within 24 to 30 months)

2

Experience: Financial Promoter strength: (Prahaladbhai A strong balance Shivrambhai Patel) sheet helps in with 30+ years of successful project sectoral completion experience; supported by experienced professionals

3

4

PSP received repeat business from

Torrent Pharma, Intas, Cadila Healthcare, Claris.

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PILLARS OF SUCCESS

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Quality

• Build to last

• Operating manuals are strictly followed

• Strict guidelines for materials used for construction

Plant and machinery

• Owns state-of-the-art machinery

• Captive equipment bank

• Imported machinery for external plaster, painting and formwork material among others

Execution planning

• Centralised project monitoring team

• Meticulous planning involving finance, manpower, plant and machineries helped in continued organisational success

Supply chain management

• Long-term association with suppliers and contractors for quality and assured supply

• Track record of on-time payment

Worker safety

• Ensures the standard operating procedures are maintained across sites

1

2

3

4

5

• Conducts general and job specific safety trainings, mock drills, tool box talks, safety awareness programmes, medical check-up and other programs in the interest of workers

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WIDENING HORIZONS

“ Building is my passion P.S. Patel , Chairman, Managing Director and CEO

Focus on buildings	Steady investment	Strong qualification
construction (commercial, residential, industrial and institutional)	in people, equipment, technology and systems, strengthening business sustainability	capabilities to participate in high- value projects (worth Rs 400-500 crore) across India
Extending from Gujarat to other	Executing two projects each in	Intending to increase non-
geographies;	Rajasthan and	Gujarat revenue to
infrastructure in	Karnataka;	30% of total
place	Recently	business
	Completed one in
	New Delhi

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WIDENING HORIZONS Contd… - STANDALONE WORK ON HAND RS. 2576 CR.

1.02% 6.46% 0.86% 8.68% 82.98% Government Govt Residential Industrial Institutional Residential

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3.36%[3.25%] 93.39% Gujarat Rajasthan Karnataka

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WIDENING HORIZONS Contd… STANDALONE WORK ON HAND RS. 1199 CR. (EXCLUDING SURAT DIAMOND BOURSE PROJECT)

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2.19%
13.89% 6.98%
7.22%
1.84%
18.64%
63.43%
85.80%
Government Govt Residential Industrial
Institutional Residential Gujarat Rajasthan Karnataka
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WIDENING HORIZONS Contd… – REVENUE BREAK-UP FOR THE Q2FY 19 – RS. 209.95 CR

5.88% 0.30% 10.15% 12.66% 1.89% 5.20% 19.87% 59.70% 84.36% Government Govt Residential Industrial Institutional Residential Gujarat Rajasthan Karnataka Delhi

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EXPANDING HORIZON: ONE-STOP BUILDINGS CONSTRUCTION SHOP

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Extended to
Mechanical, Now providing Complementary
Commenced as Engineering and complete solution alliances with
Civil construction Plumbing (MEP), – Design to major design firms
contractor Interior & now construction – and MEP
O&M Services one-stop shop consultants
too.
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PROMINENT PROJECTS COMPLETED IN FY19

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Brigade International Financial
Centre at GIFT City,
Gandhinagar
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Renovation of Gujarat Sabarmati Riverfront
Vidhansabha, Gandhinagar Development Co. Ltd. (SRFDCL)
Office Building, Ahmedabad
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PROMINENT PROJECTS

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Swarnim Sankul 1 & 2 Construction and interior work

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Zydus Hospitals

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Sabarmati River Front development

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Kaira District Co-operative Milk Producers’ Union Limited (Amul Dairy)

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Hospital, Residential Building and Medical College for GCS Medical College, Hospital and Research Centre

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Gujarat Housing Board,Naranpura, one of the Largest affordable housing project in Gujarat

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PRIDE-ENHANCING CLIENTELE

• Sabarmati Riverfront Development Corporation Limited,

• Cadila Healthcare Limited,

• Care Institute of Medical Sciences Limited (CIMS),

• Claris Injectables Limited,

• Emcure Pharmaceuticals Limited,

• Gelco Electronics Private Limited,

• GCS Medical College, Hospital and Research Centre (managed by the Gujarat Cancer Society),

• The Government of Gujarat (through the Executive Engineer, Capital Project Division),

• Inductotherm (India) Private Limited,

• Intas Pharmaceutical Limited,

• Kaira District Co-operative Milk Producers’ Union Limited (Amul Dairy),

• KHS Machinery Private Limited,

• Nirma Limited,

• Torrent Pharmaceuticals Limited

• WTC Noida Development Company Private Limited

• SDB Diamond Bourse

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BUSINESS ROBUSTNESS IN NUMBERS

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Revenue (Rs crore) EBIDTA (Rs crore) PAT (Rs crore)
# CAGR % 36.61 % # CAGR % 57.79 % # CAGR % 59.83 %
(till 30 [th] Sept (till 30 [th] Sept (till 30 [th] Sept
2018) 2018) 2018)
101.39 64.34
748.20
41.31
65.84
38.69
468.24 62.42
456.19
413.96
25.13
286.89 39.27
214.80
21.74 13.86
16.36 9.86
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
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#CAGR based on five years completing on 31.03.2018

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BUSINESS ROBUSTNESS IN NUMBERS

(STANDALONE)

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EBIDTA margin% PAT margin%
(till 30 [th] Sept 2018) (till 30 [th] Sept 2018)
16.45%
10.00%
13.89% 14.03% 8.60% 8.48%
8.57% 5.37%
7.75% 4.83%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
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PERFORMANCE HIGHLIGHTS (STANDALONE)

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No. of projects awarded Order book Employee strength
(Rs. in crores)
(till 30 [th] Sept 2018) (till 30 [th] Sept 2018) (till 30 [th] Sept 2018)
22 23 941
2559 2576
767
14 14
12 484 489
292
729.17
487.67
338.08
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
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SEQUENTIAL QUARTERLY PERFORMANCE

Q2FY19 Standalone unaudited Profit & Loss Statement (Ind AS) (Rs. In Lakhs)

Particulars	Q2 FY19	Q1 FY19	Q2 FY18	**Q-o-Q **	Y-o-Y	H1FY19	H1FY18	Y-o-Y
Revenue from Operations	20,994.88	23,471.90	13,955.29	-11%	50%	44,466.78	29,535.36	51%
Cost of materials consumed including WIP	7,219.78	11,631.35	6,171.89			18,851.13	12,887.71
Subcontracting Expenses	3,756.44	2,449.25	1,654.43			6,205.69	3,316.68
Construction Expenses	5,713.22	4,821.28	3,228.01			10,534.50	7,342.75
Employee benefits expense	1,077.80	999.48	673.19			2,077.28	1,272.11
Other expenses	289.85	271.12	363.75			560.97	861.37
Total Operating Expenses	18,057.09	20,172.48	12,091.27	-10%	49%	38,229.57	25,680.62	49%
EBITDA	2,937.79	3,299.42	1,864.02	-11%	58%	6,237.21	3,854.74	62%
EBITDA Margin (%)	13.99%	14.06%	13.36%			14.03%	13.05%
Other Income	543.17	608.71	518.62			1,151.88	929.19
Finance costs	227.19	145.63	201.06			372.82	337.44
Depreciation	578.90	481.34	228.47			1,060.24	412.33
Profit Before Tax	2,674.87	3,281.16	1,953.11	-18%	37%	5,956.03	4,034.16	48%
Tax Expense	918.98	1,172.71	686.85			2,091.69	1,411.83
Other comprehensive income	29.94	(25.53)	0.21			4.41	(5.47)
Profit After Tax	1,785.83	2,082.92	1,266.47	-14%	41%	3,868.75	2,616.86	48%
PAT Margin (%)	8.29%	8.65%	8.75%			8.48%	8.59%
EPS (INR)	4.88	5.86	3.46			10.74	7.73

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ANNUAL FINANCIAL PERFORMANCE

H1FY19 Standalone Audited Balance Sheet (IND AS) (Rs. In Lakhs)

Particulars	Particulars	As at March 31, 2018 As at Sept 30, 2018	As at March 31, 2018 As at Sept 30, 2018
ASSETS
Non current Assets
(a)	Property,Plant and Equipment	9,875.59	7,630.60
(b)	Capital Work-In-Progress	-	176.31
(c)	Other Intangible Assets	77.32	72.22
(d)	Financial Assets
(i)Investments		773.42	767.63
(ii)Loans		2,067.67	1,853.64
(iii)Other Financial Assets		2,970.48	5,548.89
(e)Deferred Tax Asset(Net)		314.29	184.26
(f)Other Non Current Assets		338.40	963.45
Total non-current assets		16,417.17	17,197.00
Current assets
(a)	Inventories	5,370.86	3,354.79
(b)	Financial Assets
(i)Investments		-	1,511.78
(ii)Trade receivables		13,913.85	11,620.34
(iii)Cash and cash equivalents		7,764.60	6,145.90
(iv)Bank Balances other than(iii)above		13,240.62	16,178.12
(v)Loans		1,846.11	573.18
(vi)Other Financial Assets		4,666.40	1,619.25
(c)Other Current Assets		1,352.05	340.23
Total current assets		48,154.49	41,343.59
Total Assets		64,571.66	58,540.59

Particulars	Particulars	As at March 31, 2018 As at Sept 30, 2018	As at March 31, 2018 As at Sept 30, 2018
EQUITY AND LIABILITIES
Equity
(a)EquityShare capital		3,600.00	3,600.00
(b)Other Equity		28,385.33	26,666.42
Total Equity		31,985.33	30,266.42
LIABILITIES
Non-Current liabilities
(a)	Financial Liabilities
(i)Borrowings		79.33	168.49
Total non-current liabilities		79.33	168.49
Current liabilities
(a) Financial Liabilities
(i)Borrowings		2,266.39	1,780.06
(ii)Tradepayables		12,735.74	12,128.93
(iii)Other Financial Liabilities		3,556.14	815.03
(b)Other current liabilities		13,411.93	12,660.29
(c)Provisions		35.40	52.98
(d)Current Tax Liabilities(Net)		501.40	668.39
Total current liabilities		32,507.00	28,105.68
Total Liabilities		32,586.33	28,274.17
Total Equity and Liabilities		64,571.66	58,540.59

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EXPERIENCED MANAGEMENT

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Prahaladbhai Shivrambhai Patel Chairman, Managing Director and CEO

Bachelor’s degree in civil engineering 30+ years of construction experience

Featured in book ‘Business Game Changer: Shoonya se Shikhar’ by Prakash Biyani and Kamlesh Maheshwari, Received ‘The Dena Bank Hercules Award’ by Gujarat Innovation Society for innovation and quality in India’s construction and infrastructure sector.

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EXPERIENCED MANAGEMENT contd…

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Mahesh Patel Vice President – Operations

Mahesh Patel is the Vice President - Operations of our Company. He holds a degree of diploma in civil engineering. He has been with the company since inception & has played a major role in company’s success, He has 25 years of experience in project execution the construction industry.

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Maulik Patel Director – Procurement

Maulik Patel is the Director - Procurement of our Company. Along with Mahesh Patel, Maulik Patel is also associated with company since company’s establishment & has played a vital role in company’s success story. He holds a Bachelor’s Degree in Commerce.

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Hetal Patel

Chief Financial Officer

Hetal Patel is the Chief Financial Officer of our Company. She holds a Master’s degree in commerce from Gujarat University. She is a member of the Institute of Chartered Accountant of India. She is also a certified internal auditor from the Institute of Internal Auditors, USA. She has 18 years of experience in accounts and finance.

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R.B.Parmar General Manger – Tender

Ramjibhai Parmar is the General Manger - Tender of our Company. He holds a Diploma in Civil Engineering. He has 30 years experience in Contracts & Tendering of a Construction Industry.

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Pratik Thakkar General Manager – Business Development

Pratik Thakkar is General Manager - Business Development of our company. He holds a Bachelor’s Degree in Commerce and a Diploma in Marketing Management. He has 10 years’ experience in Business Development in Construction Industry.

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INFLECTION POINTS IN OUR JOURNEY

2008 2009 2009 2010 2011 2011 2012 2014 2014 Aug Apr Dec Jul Jan Dec Apr Apr Apr Incorporation Acquired the Opportunity to Commenced Awarded order to Awarded. Narendra SAP Started Design and Managing Director business of BPC construct Medical working on construct 72 meter Modi’s pet project implementation construction of 45m profiled in ‘Business Projects College & Hospital Narendra Modi’s Zydus Hospital, to construct office high (28 towers) Game Changers - for Gujarat Cancer dream development Ahmedabad building for Chief affordable housing Shunya Se Shikhar’ Society project of Ministers and project for Gujarat book Sabarmati riverfront Cabinet Ministers at government Sachivalaya (Gujarat Housing (Swarnim Sankul 01 Board) at & 02) Transportnode Naranpura 2016 2016 2017 2017 2017 2017 2017 2017 2018 Apr Jul Jan May May Jun Jul Oct Sept Awarded ‘Excellent Turnkey project for Participated in Honoured by Listed on NSE and Our project ‘The Awarded Most Awarded Asia’s Awarded as one of Contractor of the Gujarat Housing Vibrant Gujarat Quality Mark BSE Signature by Admired biggest office India’s “Top Year 2016’ award Board in Global Trade Show Awards 2017 Hiranandani’ at Multidisciplinary building Challengers” at by Gujarat Transportnode, 2017 (Building & GIFT City, Construction construction project 16th Construction Contractor Ahmedabad, Construction Gandhinagar, Company of the for Surat Diamond World Global Association awarded Affordable Category) by awarded Excellence Year (Gujarat) Bourse (6.5 mn sq Awards 2018, New Housing Project of Quality Mark Trust in Delivery Award award by The ft built-up area). Delhi. the Year Award by by Realty Plus Rising Leadership Realty Plus Excellence Awards Awards 2017 Excellence Awards (Gujarat) 2017 (Gujarat) 2016

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PROJECT CLASSIFICATION 1

Industrial projects

• Construction of industrial buildings for pharmaceutical plants, food processing units, engineering units as well as manufacturing and processing facilities.

• Rich experience in catering to pharmaceutical manufacturers

• Constructed industrial facilities for Torrent Pharmaceuticals, Nirma, Intas Pharmaceuticals, Cadila Healthcare, Claris Injectables, KHS Machinery and Inductotherm (India) among others

46

Number of industrial projects executed

PROJECT CLASSIFICATION 2

Institutional Projects

• Construction of buildings for hospitals and healthcare services, educational institutes, malls, hospitality services and corporate offices.

• Track record comprises Zydus Hospital, GCS Medical College, Hospital and Research Centre, Nirma Vidya Vihar and hostel building for PDPU, among others.

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35
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Number of institutional projects executed

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PROJECT CLASSIFICATION 3

Government projects

• Focus only on challenging and prestigious government projects

• Executed marquee projects (Swarnim Sankul

• 01 and 02 at Gandhinagar, Sabarmati Riverfront Development project works in Ahmedabad, ICEM Building interiors in Ahmedabad)

20 Number of government projects executed

PROJECT CLASSIFICATION 4

Government residential projects

• Execution of prestigious government affordable residential projects

• Design-build of affordable high-rise residential buildings cum commercial units in Gujarat under the Mukhya Mantri GRUH Yojana for major Gujarat-based public sector customer.

2

Number of government residential projects executed

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PROJECT CLASSIFICATION 5

Residential projects

• Construction of buildings for group housing and townships

• Construction of independent residences for select private customers.

7

Number of residential projects executed

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CERTIFICATIONS

ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007

Approved Contractor as ‘AA’ class and “Special Category–1 in Buildings Class” with Government of Gujarat Registered as ‘A’ class approved electrical contractor in Roads and Buildings Department, Government of Gujarat

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PRESENCE IN THE EMERGING SECTORS LIKE SMART CITIES

Awarded 7 out of 9 Complying with all projects in India’s the norms required first Smart City – for building Gift City in construction on Gandhinagar smart cities like green building norms among others Received contract for constructing 100 Asia’s biggest office building in DREAM Proposed smart City, Surat cities by the government of India

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INDIA. LEAPING GIANT.

Sixth largest global economy (nominal GDP US$2.454 tn, 2017)

66% of population in working age group (global largest)

Forex reserves US$400 bn (September 8, 2017)

US$498 bn cumulative FDI inflow (2000-01 to June 2017)

Per capita income Rs 103,219 (grew 9.7% over 2015-16)

33 million tertiary education annual student enrolment

Exports grew 11.52% ($ terms) in April-Sept 2017 (over previous corresponding period)

Urbanization from 35 agglomerations with 1mn-plus population in 2001 to 53 in 2011

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INDIA: RAPIDLY INCREASING CONSTRUCTION NEEDS

 Growing Indian youth population (465 mn estimated, 2021)

• Growing middle-class population (300-350 mn estimated)

• 20 mn unit urban housing shortage* Focus on affordable housing by the Indian government - focus on ‘Housing for All’

• Make in India (driving industrial demand)

• Growing family nuclearisation (driving residential demand)

 Declining interest rates driving new projects

• Interest rate subvention for affordable housing projects

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INDIA: RAPIDLY INCREASING CONSTRUCTION NEEDS

• Significant healthcare segment investments - 3 million beds needed to achieve 3 beds / 1,000 people target by 2025

• Commercial real estate supply in top Indian cities is expected to be at 40-50 mn sq. ft per year until 2020

• Government announced eight Investment Regions along the Delhi Mumbai Industrial Corridor (DMIC) project as National Investment and Manufacturing Zones (NIMZs)

• Government focus on building smart cities

• Rising retail space demand from international brands

• Dedicated clusters across proposed industrial corridors

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OPPORTUNITIES

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Construction
industry annual
growth rate
3.95% 2012-16
4.16% 2017-2021
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Simplified tax Single window structure like clearance for GST projects Better FDI Make in India norms initiative attracting investments in manufacturing

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WE END WITH A BIG PICTURE ONCE AGAIN…

Independent India took just India likely to India took 60 seven emerge as a years to become subsequent US$7 tn a USD1 tn years for the next economy by economy trillion 2030 Growing India Companies that Companies like will need focused can building PSP Projects construction complex companies structures in the shortest time

SAFE HARBOR STATEMENT

Statements in this ‘Presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Company’s operations include global and Indian demand supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent development, information or events, or otherwise.

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PSP Projects Ltd.

‘‘PSP House”, Opp. Celesta Courtyard, Opp. Lane of Vikramnagar Colony, Iscon-Ambli Road, Ahmedabad - 380058

P - +91 79 2693 6200/6300/6400

E – hetal@pspprojects.com I W – www.pspprojects.com