PSP Projects Limited — Investor Presentation 2023

Jul 27, 2023

==> picture [172 x 73] intentionally omitted <==

==> picture [160 x 15] intentionally omitted <==

==> picture [162 x 17] intentionally omitted <==

Ref No: PSPPROJECT/SE/28/23-24

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

July 27, 2023

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Scrip Symbol: PSPPROJECT

Dear Sir/Madam,

Subject: Investor Presentation for the quarter ended June 30, 2023

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investor Presentation for the quarter ended June 30, 2023.

Kindly take the same on your record.

Thanking You,

Yours faithfully,

For PSP Projects Limited

Digitally signed PATEL by PATEL KENAN KENAN SURESHBHAI SURESHBHAI Date: 2023.07.27 14:46:17 +05'30'

Kenan Patel

Company Secretary and Compliance officer

Encl: As Above

==> picture [429 x 19] intentionally omitted <==

==> picture [101 x 6] intentionally omitted <==

==> picture [194 x 116] intentionally omitted <==

Investor Presentation

Q1FY24 July 2023

www.pspprojects.com

1

©2021 – PSP Project Ltd., All Rights Reserved.

Contents

01 PSP Projects Limited - Build to Last: The growth story In a Nutshell

• 02 A look at the quarter gone by 03 Indian Construction Industry 04 The drivers that transcended PSPs growth since inception

• 05 Precast Facility: Enhancing capabilities. Exploring newer technologies.

06 Investment Rationale 07 Project Profile

08 Key Strategy to strengthen the legacy of trust associated with PSP Brand going forward

09 Awards and Recognition

==> picture [382 x 488] intentionally omitted <==

2

©2021 – PSP Project Ltd., All Rights Reserved.

PSP Projects limited – Build to Last

The growth story in a Nutshell

▪ Incorporated in 2008, successfully led by First Generation Civil As on 30 June 2023 engineer having 37 years of experience. ▪ India based construction company offering a diversified range 1,800+ of construction and allied services across industrial, Workforce institutional, government, government residential and 210 48 residential projects. ₹5,321 crore Completed On-going ▪ Order Book Projects Projects ₹1,850cr Integrated EPC company across construction value chain from During Q1FY24 FY23 Largest Project Design, Construction, Mechanical, Electrical, Plumbing (MEP), till Date Interior, O&M Services. ▪ Geographically diversified with presence in six states viz. ₹758 Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra and 5 ₹3,421 22 'CARE A+; Stable / New Delhi. crore Completed crore Completed CARE A1+ Order Inflow Projects Order Inflow Projects Credit Rating ▪ Listed on NSE and BSE on May 29, 2017, raising Rs.211.68 crore. 5-year CAGR 21.43% ▪ Growth Rate 17.28% 15.65% In December 2021, commissioned Precast facility in Gujarat Revenue from with the objective to provide sustainable building solutions and FY18-FY23 Operations EBITDA PAT

• In December 2021, commissioned Precast facility in Gujarat with the objective to provide sustainable building solutions and technological upgradation aiding in captive consumption.

PSP Projects has entered the league of handling higher value projects thereby competing with select few notable companies in the segment.

3

©2021 – PSP Project Ltd., All Rights Reserved.

==> picture [194 x 116] intentionally omitted <==

A Look at the Quarter gone by

www.pspprojects.com

©2021 – PSP Project Ltd., All Rights Reserved.

4

Financial Performance during Q1FY24

Q1FY24 Standalone Highlights

==> picture [409 x 190] intentionally omitted <==

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

Revenue from Operations [1] (₹ crore)
YoY Growth 48%
727
510
345
Q1FY23 Q4FY23 Q1FY24
----- End of picture text -----

==> picture [409 x 190] intentionally omitted <==

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

PAT [1] (₹ crore) & PAT Margin (%)
YoY Growth 29%
50 8% 6% 9%
45 7% 8%
40 46 7%
35
6%
30 37
5%
25
20 29 4%
3%
15
10 2%
5 1%
- 0%
Q1FY23 Q4FY23 Q1FY24
----- End of picture text -----

==> picture [409 x 190] intentionally omitted <==

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

EBIDTA [1] (₹ crore) & EBITDA Margin (%)
YoY Growth 37%
14% 13%
90 11% 16%
80 14%
70 78 12%
60
50 65 10%
8%
40 47 6%
30
20 4%
10 2%
- 0%
Q1FY23 Q4FY23 Q1FY24
----- End of picture text -----

==> picture [409 x 190] intentionally omitted <==

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

Earnings Per Share (₹)
12.86
10.20
7.91
Q1FY23 Q4FY23 Q1FY24
----- End of picture text -----

©2021 – PSP Project Ltd., All Rights Reserved.

Notes: (1) Numbers have been rounded off

Standalone Profit & Loss : Q1FY24

Particulars(₹ Lakhs)	Q1 FY24 Q1 FY23 Y-o-Y Q4 FY23 Q-o-Q FY23 FY22 Y-o-Y
Revenue from Operations	50,956.03 34,524.24 48% 72,741.00 -30% 1,92,664.91 1,74,875.88 10%
Cost of materials consumed including WIP	19,306.45 10,206.57 22,600.16 57,734.61 49,996.22
Construction Expenses	21,538.97 16,889.27 38,589.44 1,00,470.38 89,132.40
Employee benefits expense	2,818.75 2,179.13 2,569.76 9,345.15 7,233.92
Other expenses	827.23 538.49 1,216.61 2,613.56 2,862.63
Total Operating Expenses	44,491.40 29,813.46 49% 64,975.97 -32% 1,70,163.70 1,49,225.17 14%
EBITDA	6,464.63 4,710.78 37% 7,765.03 -17% 22,501.21 25,650.71 -12%
EBITDA Margin	12.69% 13.64% 10.67% 11.68% 14.67%
Other Income	570.45 561.65 666.48 2,709.56 2,125.54
Finance costs	908.42 559.40 918.80 3,195.94 2,639.62
Depreciation	1,184.67 872.35 1,237.59 4,000.52 3,205.28
Profit Before Tax and Exceptional Item	4,941.99 3,840.68 29% 6,275.12 -21% 18,014.31 21,931.35 -18%
Exceptional Gain/(Loss)(net of tax)	- - - - -
Profit Before Tax and after Exceptional Item	4,941.99 3,840.68 29% 6,275.12 -21% 18,014.31 21,931.35 -18%
Tax Expense	1,269.68 991.73 1,644.06 4,712.49 5,690.93
Other comprehensive income	2.30 2.30 2.29 9.20 -128.18
Profit After Tax	3,674.61 2,851.25 29% 4,633.35 -21% 13,311.02 16,112.24 -17%
PAT Margin(%)	7.13% 8.13% 6.31% 6.81% 9.10%
Earnings Per Share (₹)	10.20 7.91 12.86 36.95 45.11

6

©2021 – PSP Project Ltd., All Rights Reserved.

Management Commentary on Key Highlights

We continue to grow organically by focusing on executing projects in a timely manner while maintaining consistent quality.

On the world environment day , we planted more than 10,000 trees in a single day at Ruppur village of Patan district in the state of Gujarat.

Surat Diamond Bourse now has the title of the “The World’s Largest Office Building” bigger than Pentagon as featured on CNN

During Q1FY24, the revenue from operations grew by 48% to Rs.510 crore. The EBIDTA grew by 37% to Rs.65 crore. The EBIDTA margin for the quarter is at 12.7%. As I have always mentioned, our margin profile will be in the range of 11%-13% depending upon the stages and execution of the projects. The margin improvement is largely supported by advanced stage of work at our UP site.

Outstanding order book was to the tune of Rs.5,321 crore a 15% YoY growth over Q1FY23.

Order inflow to the tune of Rs.758 crore excluding GST. The order inflow grew by 38% YoY.

• Development of Tourist/ Pilgrimage destination at Dharoi Dam

Mr. Prahaladbhai Patel

• Design Build project for BAPS Sabha Hall at Vadodara and Surat

• Two commercial complexes in Surat

• During the quarter, the company completed 5 projects viz:

C H A I R M A N , M D A N D C E O P S P P R O J E C T S L I M I T E D

• Construction of Money Plant high street in Ahmedabad

• Reliance Corporate House in Ahmedabad

• Construction of the Adani International School at Adani Shantigram

• Construction of Precast Factory Shed & Precast Corporate House in Gandhinagar

During Q1FY24, the revenue booked from the UP projects is to the tune of Rs.196 crore and as on date the cumulative revenue booked is Rs.915 crore.

©2021 – PSP Project Ltd., All Rights Reserved.

7

Annual Financial Performance

==> picture [317 x 410] intentionally omitted <==

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

Revenue from Operations [1] (₹ Crore)
#CAGR : 21%
1,927
1,749
1,499
1,241
1,044
510
FY19 FY20 FY21 FY22 FY23 Q1FY24
----- End of picture text -----

==> picture [612 x 410] intentionally omitted <==

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

EBITDA [1] (₹ Crore) PAT [1] (₹ Crore)
#CAGR : 17% #CAGR : 16%
161
257
225 133
129
191
90
149
135 81
65 37
FY19 FY20 FY21 FY22 FY23 Q1FY24 FY19 FY20 FY21 FY22 FY23 Q1FY24
----- End of picture text -----

Notes: # CAGR based on five years completing on 31.03.2023 (FY23) (1) Numbers have been rounded off

8

©2021 – PSP Project Ltd., All Rights Reserved.

Business Robustness in Numbers

EBITDA / Revenue from Operations EBITDA Margin%

==> picture [440 x 333] intentionally omitted <==

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

14.7%
14.3%
12.7% 12.7%
11.7%
10.9%
FY19 FY20 FY21 FY22 FY23 Q1FY24
----- End of picture text -----

Profit After Tax / Total Revenue PAT Margin%

==> picture [440 x 333] intentionally omitted <==

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

9.1%
8.5% 8.5%
7.1%
6.8%
6.4%
FY19 FY20 FY21 FY22 FY23 Q1FY24
----- End of picture text -----

9

©2021 – PSP Project Ltd., All Rights Reserved.

Prudent Working Capital Cycle in Construction Space

==> picture [888 x 435] intentionally omitted <==

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

▪
Despite the business being WC intensive, PSP Projects has
82
industry’s best working capital cycle of 41 days.
76
70
65 65
55 55
54
53
50
41
29
26 26
24 28
26
21 17
15
FY19 FY20 FY21 FY22 FY23
Inventory (Days) Receivable (Days) Payable (Days) Working Capital Cycle (Days)
----- End of picture text -----

10

©2021 – PSP Project Ltd., All Rights Reserved.

Notes: (1) Numbers have been rounded off

Along with comfortable Leverage Position

▪ Comfortable leverage at 0.18 times (FY23), providing adequate room to raise debt in future.

		FY19	FY20	FY21	FY22	FY23
	Total Debt (₹ crore)	26	75	81	100	145
	Networth (₹ crore)	371	457	538	685	800
	Debt-Equity (x)	0.07	0.16	0.15	0.15	0.18

Particulars (₹ Crore)	FY19	FY20	FY21	FY22	FY23
Total Debt	26.25	74.85	80.96	99.66	144.98
Cash and Bank Balance	35.05	41.21	115.33	87.59	93.85
Fixed Deposit	213.32	209.36	141.17	249.87	246.48
Total Cash and Bank Balance	248.37	250.57	256.50	337.46	340.33
Net Debt	-222.12	-175.73	-175.54	-237.80	-195.35

▪ A negative Net Debt implies ample cash and cash equivalents to pay off the short & long-term debt of the company.

11

©2021 – PSP Project Ltd., All Rights Reserved.

Notes: (1) Numbers have been rounded off

==> picture [194 x 116] intentionally omitted <==

Indian Construction Industry

www.pspprojects.com

12

©2021 – PSP Project Ltd., All Rights Reserved.

An Important growth driver of India’s Economy

An Important	An Important	growth driver of India’s Economy	growth driver of India’s Economy
8% Construction Industry’s contribution to India’s GDP 15.9% Growth Industry is expected to register an annual growth of 15.9% in real terms in 2021, following a decline of 12.3% in 2020. $5tn Economy GoI’s intent of becoming a $5tn economy it plans to achieve through infrastructure development due to the high multiplier effect		Initiatives taken by GoI to bolster growth in construction sector
		Governments Push ▪ Under Budget 2023-24, capital investment outlay for infrastructure increased by 33% to ₹ 10 lakh crore, 3.3% of GDP; comprising 3x the outlay of 2019-20 ▪ High-speed bullet trains and metro rail, construction of Delhi- Mumbai Industrial Corridor, concept of sustainable smart cities like GIFT City, hospitals and greenfield industrial smart city projects are contributing to India’s dynamic transformation ▪ GoI announced an ambitious project of adding 100 new airports by 2024 ▪ 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014 ▪ Since 2016-17, the budget for the Pradhan Mantri Awas Yojana, the flagship housing scheme of the government, has increased 280% from ₹ 20,936 crore to ₹ 79,590 crore in the latest 2023-24 budget. ▪ National Infrastructure Pipeline (NIP) earmarked 7,400 projects focused on building roads, housing, urban development, railways, conventional power, renewable energy, and irrigation. ▪ Allocated ₹ 6,450 crore in Union Budget 2021-22 for the Smart Cities Mission	FDI Inflow ▪The infrastructure and construction sector is allowed for 100% foreign investment through automatic route. Consolidation ▪Consolidation in the private sector will further intensify as stronger players will become more stronger by gaining market share Pandemic induced Incentives ▪GoI has introduced favourable policies such as lowering the bank guarantee requirement, faster clearance of bills, and speedier clearances / approvals.

We believe that owing to healthy balance sheets, access to capital and many unlisted/weaker players being shunted out of the market, the market share of large organized players is set to grow further in the next 2-3 years

13

©2021 – PSP Project Ltd., All Rights Reserved.

==> picture [194 x 116] intentionally omitted <==

Drivers that transcended PSPs growth since inception

www.pspprojects.com

14

©2021 – PSP Project Ltd., All Rights Reserved.

Hybrid Approach with presence in Private and Public projects

==> picture [80 x 80] intentionally omitted <==

Industrial Projects

Construction of industrial buildings for pharmaceuticals, Tyre, Dairy, Engineering companies, etc.

66*

==> picture [80 x 80] intentionally omitted <==

==> picture [80 x 80] intentionally omitted <==

Institutional Projects Government Projects

Construction of buildings for Undertake various challenging and hospitals and healthcare services, prestigious real estate and infrastructure educational institutes, malls, projects spearheaded by the hospitality services and corporate government and PSUs such as CM’s offices Office, Riverfront Development project, Renovation of Vidhansabha Building

92*

30*

==> picture [80 x 80] intentionally omitted <==

Government Residential Projects

Execution of prestigious residentialcum-commercial projects, spearheaded by the government in the affordable housing category under Mukhya Mantri GRUH Yojana

03*

==> picture [80 x 80] intentionally omitted <==

Residential Projects

Construction of private residential buildings for group housing, townships and independent houses for select private customers

19*

• Number of Projects Completed as on 31 March 2023

Oder Book across Private & Public

==> picture [578 x 199] intentionally omitted <==

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

FY20 FY21 FY22 FY23 Q1FY24
Projects [1] (₹ crore)
Industrial Institutional Government Govt. Resi. Residential
2,708
2,621
1,968
1,807
1,586
1,421
973 1,092 967
744 730
542 482 632 490 572 456 600 518
300
170 38 197 193 83
----- End of picture text -----

• Outstanding order book as on 30 June 2023: ₹5,321 crore

• Government projects comprised 55% of the order book as on Q1FY24 vs 56% in FY23.

• By diversifying skill sets and order book across different projects, PSP Projects can pursue a broader range of project tenders and consequently, optimize business volume and profit margins

©2021 – PSP Project Ltd., All Rights Reserved. Notes: (1) Numbers have been rounded off

15

Robust Order Book and Growing Pre-Qualification Credentials

==> picture [351 x 432] intentionally omitted <==

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

Growing Order Book [1] (₹ crore)
5,321
5,052
4,324
4,121
3,074
2,978
FY19 FY20 FY21 FY22 FY23 Q1FY24
----- End of picture text -----

Work on hand across Private and Public Projects

==> picture [529 x 367] intentionally omitted <==

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

As on Q1FY24
10%
27%
51%
9%
4%
Government Govt Residential Industrial Institutional Residential
----- End of picture text -----

16

Notes: (1) Numbers have been rounded off

©2021 – PSP Project Ltd., All Rights Reserved.

Confidence to replicate the Success Story outside Home State

• Being headquartered in Ahmedabad, not only is the company strategically located in the core market of Gujarat but have gradually expanded its presence to six different states of India, establishing a pan-India presence.

• Now, PSP is present in six states viz. Gujarat, Rajasthan, UP, Karnataka, New Delhi and Maharashtra.

• Initially, PSP established itself as a renowned name in the construction space in Gujarat construction market, after 8 years of operations only in 2016 did PSP hatch out of Gujarat.

• Dairy Project for Bangalore Milk Union Limited in Karnataka and Medical College & Hospitals at two locations in Rajasthan are key projects completed outside the state of Gujarat.

Key on-going projects outside Gujarat (₹ crore)

• UTTAR PRADESH: EPC projects for Medical

• 1 1,491 Colleges and Hospitals at 7 locations in Uttar Pradesh

239

• 2 UTTAR PRADESH : Affordable Housing project

Growing Geographical Footprint

==> picture [567 x 354] intentionally omitted <==

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

As on Q1FY24
Badaun
New Delhi Lucknow
Kushinagar 21%
Kanpur
Auraiya
Sultanpur
Varanasi
79%
Ahmedabad VadnagarGandhinagar Lalitpur Sonbhadra
Jamnagar Dahod
Lothal Nadiad
Bhavnagar Vadodara
Surat
Pipavav Dahej
Vapi
Bhiwandi
Pandharpur
Kanakpura Gujarat UP
Mandya
----- End of picture text -----

17

©2021 – PSP Project Ltd., All Rights Reserved.

Belief, Trust and Support of Customers

Proven Track Record

In delivering projects on-time and quality projects, the faith and confidence rested by the clients can be assessed by esteemed projects and repeat orders secured over the years.

==> picture [141 x 100] intentionally omitted <==

==> picture [158 x 101] intentionally omitted <==

PSP has repeatedly serviced projects for:

PSP has repeatedly serviced projects for:
Zydus Cadila Group	29
Torrent Group	15
UP – Public Works Department	8
Sabarmati Riverfront	8
Adani Group	7
Claris Group Road & Building,Gujarat Reliance	6 4 2
Intas Group	2
As on FY22

==> picture [60 x 51] intentionally omitted <==

Ethics & Trust

Strong work Ethics makes PSP a favourable and preferred choice Worked with more than 100 private and public clients across India

==> picture [73 x 52] intentionally omitted <==

==> picture [65 x 32] intentionally omitted <==

==> picture [91 x 29] intentionally omitted <==

==> picture [60 x 60] intentionally omitted <==

==> picture [52 x 55] intentionally omitted <==

==> picture [128 x 39] intentionally omitted <==

==> picture [90 x 73] intentionally omitted <==

==> picture [41 x 43] intentionally omitted <==

==> picture [66 x 42] intentionally omitted <==

==> picture [58 x 60] intentionally omitted <==

==> picture [58 x 58] intentionally omitted <==

==> picture [47 x 46] intentionally omitted <==

==> picture [82 x 34] intentionally omitted <==

==> picture [64 x 60] intentionally omitted <==

Biggest Project

Surat Diamond Bourse

==> picture [294 x 181] intentionally omitted <==

SDB is the world’s largest office building on a single basement.

It’s a ₹1,850 crore project, 66 lakh sq. ft. With completion of this project, the company has entered the league of handling prestigious projects up to ₹2,500* crore.

18

©2021 – PSP Project Ltd., All Rights Reserved.

Clientele with High Quality Business

Work on Hand as on 30 June 2023 - (Major Projects) | [₹ Crore]

Description of Project	Location	Name of the Client	Contract value	Outstanding Contract Value
SMC Highrise building	Gujarat	Municipal Corporation	1,344	1,249
Medical Colleges & Hospital at 7 Locations	Uttar Pradesh	Public Works Depratment	1,491	576
Sports Complex	Gujarat	Municipal Corporation	504	409
Dharoi Dam	Gujarat	State Government	317	317
Noodle Factory Phase II & III	Gujarat	Multinational	315	252
Corporate Office Building	Gujarat	Private Company	290	220
Residential Project	Gujarat	Private Company	252	197
Residential Buildings of PAC Mahila Battalion at Badaun	Uttar Pradesh	Public Works Department	239	193
BAPS Sabha Hall at Vadodara and Surat	Gujarat	Institutional	260	260
National High Speed Project (Precast)	Gujarat	L&T	195	195
Commercial Building in Surat	Gujarat	Institutional	139	139
Tallest Residential in GIFT city	Gujarat	Nila Infra	122	108
Total			5,467	4,115

19

©2021 – PSP Project Ltd., All Rights Reserved.

The Team that made PSP fulfil its ambitions

Ably Supported by Experienced Professionals

==> picture [99 x 99] intentionally omitted <==

==> picture [99 x 99] intentionally omitted <==

Mahesh Patel

Maulik Patel

Senior Vice President - Operations

Vice President - Procurement

• Holds a diploma in civil ▪ Attended the course for engineering bachelor’s degree in commerce

• Heads the project operations

• Heads the procurement, management of plants and machineries and form works.

• He has been an instrumental part of all the projects completed by PSP Projects till date.

• He has been associated with the company since inception and played a pivotal role in PSP’s growth.

• He has been with the company since inception

==> picture [103 x 103] intentionally omitted <==

Hetal Patel

Chief Financial Officer

• Member of the Institute of Chartered Accountants of India and holds a masters degree in commerce from Gujarat University

• Also a certified internal auditor from the Institute of Internal Auditors (USA)

• With the company since a decade.

==> picture [103 x 103] intentionally omitted <==

Viplav Shah

Vice President - Planning

• Diploma in Construction Technology from School of Building Science & Technology (Currently CEPT University) and Management Education Program from IIM Ahmedabad.

• He brings 26 years of experience in the construction field.

==> picture [103 x 103] intentionally omitted <==

Pratik Thakkar

General Manager - BD

• Pratik Thakkar is General Manager - Business Development of the company

• Bachelor’s degree in commerce and diploma in marketing management

• Experience in Business Development

• Associated with the company since 8+ years

20

©2021 – PSP Project Ltd., All Rights Reserved.

Leadership and Management

==> picture [93 x 85] intentionally omitted <==

==> picture [89 x 83] intentionally omitted <==

Prahaladbhai Patel Chairman, MD and CEO

Pooja Patel Whole Time Director

• Bachelor’s degree in civil ▪ Bachelor’s degree in civil engineering from Saurashtra engineering from Gujarat University, and has been Technological University and working in the civil a post-graduate diploma in construction space by way of financial management from a proprietorship business, Ahmedabad Management before the incorporation of Association. PSP Projects Limited.

• She has been actively

• ▪ Experience of 37 years in the involved in planning of construction space, and has projects, procurement of played a significant role in the materials and execution of growth of PSP Projects since projects for PSP Projects its incorporation. Limited since 2015.

• Featured in the book titled ▪ Represented PSP Projects in ‘Business Game Changers: Indian Concrete Institute Shoonya se Shikhar’ authored Chapter-1, Ahmedabad. by Prakash Biyani.

==> picture [84 x 84] intentionally omitted <==

Sagar Patel Executive Director

• Bachelor’s degree in civil engineering from Gujarat Technological University.

• He is actively involved in project planning, project tendering, contracts, and execution of projects.

==> picture [95 x 84] intentionally omitted <==

Sandeep Shah Independent Director

• Double bachelor’s degree in commerce and law from Gujarat University.

• He is currently a director of Creative Infotech Private Limited.

• He has many years of experience in the business of information technology products and services.

==> picture [85 x 84] intentionally omitted <==

==> picture [75 x 69] intentionally omitted <==

Achala Patel Independent Director

Vasishtha Patel Independent Director

• Bachelor’s degree in ▪ Post Graduate and business administration M.Phil from school of from Sardar Patel languages, Gujarat University and a master’s University. A Gold degree in business Medallist and 1st rank administration from holder at University South Gujarat University. level.

• 21+ years of experience ▪ Founder and Designated in management and Partner of MAP Power exports. LLP and Chopper Worx Construction LLP.

• Held managerial position in international ▪ Actively involved in the division of several business of high voltage companies. power transmission representing few

• ▪ Currently a MD of European companies in

• Multico Exports Private India and in few

• Limited, which is neighbouring countries

• involved in the export of since more than 17

• pharmaceuticals. years.

21

©2021 – PSP Project Ltd., All Rights Reserved.

15 years of journey of Constructing Buildings

==> picture [926 x 442] intentionally omitted <==

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

Started Operations in
Uttar Pradesh with a Awarded to construct
SAP Implementation marquee projects tallest temple in the
"Beautification of Sri world
Kashi Vishwanath
Awarded to construct
Started Operations Dham"
tallest residential
in Karnataka &
Started Turnkey projects in Gujarat
Awarded project for Projects Rajasthan Started
work for Construction of Entry in Airport
Incorporation Beautification of PSP's Precast segment
riverfront Manufacturing unit
2008 2009 2010 2011 2014 2015 2016 2017 2020 2021 2022 2023
In Jan.2023, PSP was
PSP Projects awarded an order of
Acquired
Listed on NSE & ₹ 1,344 crore from
business of Awarded order to Awarded 7 Medical
BSE Surat Municipal
BPC Projects construct 72-Meter- Started design & College & Hospitals
High Hospital, build (EPC) project on EPC Basis in UP Corporation for
construction of tallest
Ahmedabad for Affordable
administrative
Housing in Commissioned
Awarded project Ahmedabad building.
the precast
to construct
factory
Medical College
Awarded project for
& Hospital for
Leading Medical construction of CM’s Awarded Surat Inauguration of Kashi
Socitey, office 1st Order inside the Diamond Bourse Vishwanath Dham by
first Smart City - GIFT Honourable PM
Ahmedabad Project
City, Later PSP did 6 Narendra Modi ji
Projects in GIFT
----- End of picture text -----

22

©2021 – PSP Project Ltd., All Rights Reserved.

Precast Facility

Enhancing captive capabilities. Exploring newer technologies

A state-of-the-art manufacturing plant of precast concrete building.

==> picture [474 x 239] intentionally omitted <==

Production Capacity Phase I

1 Mn. Sq. ft.

Spread across

60 Acres

Project Cost

₹109 Crore

• Precast enables manufacturing all elements of building and infrastructure industry, such as Beams, Columns, Slabs, Load Bearing Walls, Partition Walls, Staircase, and Lift Cores, among others.

• On Infrastructure side majority of precast orders are from L&T as part of National High Speed Rail project. Balance orders are from Residential and Industrial segments as part of our existing orders.

Benefits of Precast Manufacturing Facility

• Reduces labour-intensive traditional building methods by way of maximum prefabrication and use of cutting-edge technology,

• Thereby reducing turnaround time for projects,

• Unlocks the best land potential,

• Helps in delivering consistent quality,

• Helps to increase operating efficiency and margins.

• Considering the orders and demand from civil as well as infrastructure space, the company is undergoing capacity addition in precast.

Offsite Modular Construction Technology is the future to achieve seamless quality, speed in delivery and larger volumes in a controlled environment.

23

©2021 – PSP Project Ltd., All Rights Reserved.

Precast Factory

==> picture [486 x 427] intentionally omitted <==

==> picture [475 x 427] intentionally omitted <==

24

©2021 – PSP Project Ltd., All Rights Reserved.

Investment Rationale

==> picture [46 x 53] intentionally omitted <==

One-stop shop solution construction company present throughout the value chain starting from planning, design, construction and post-construction services including MEP work and other interior fit-outs which provides us with several opportunities, faster project turnaround time & higher ticket size.

==> picture [51 x 51] intentionally omitted <==

With proven track record, financial discipline, multi vertical presence, large equipment base and cutting-edge technologies, the company has managed to create a strong brand recall synonymous with trust.

==> picture [48 x 50] intentionally omitted <==

Execution capabilities have grown significantly with time, both in terms of the size of projects that we bid for and execute, and the number of projects that we can execute simultaneously, upon successful completion of SDB, PSP becomes eligible to bid for larger value projects.

==> picture [45 x 45] intentionally omitted <==

Prudent financial performance, Comfortable leverage position at 0.18 times (incl. mobilization advance), giving sufficient room to raise debt in the future. Despite being WC intensive, the company has comfortable WCC at 41 days as on FY23 vs 28 days as on FY22.

==> picture [58 x 53] intentionally omitted <==

At the helm is an Experienced, Skilled and Passionate first-generation entrepreneur whose passion to build quality buildings aided the company to attain manifold growth along with support and dedication of experienced team and Process driven approach followed by the company.

25

©2021 – PSP Project Ltd., All Rights Reserved.

Project Profile

Prominent Projects Completed in FY23

==> picture [306 x 204] intentionally omitted <==

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

PALLADIUM MALL, AHMEDABAD
----- End of picture text -----

==> picture [308 x 204] intentionally omitted <==

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

WAGH BAKRI PLANT
----- End of picture text -----

==> picture [309 x 202] intentionally omitted <==

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

BSE BROKER'S FORUM AT GIFT
----- End of picture text -----

==> picture [308 x 205] intentionally omitted <==

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

CORPORATE HOUSE
----- End of picture text -----

==> picture [310 x 202] intentionally omitted <==

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

PUNISKA HOUSE
----- End of picture text -----

==> picture [310 x 205] intentionally omitted <==

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

INDIAN POTASH HOUSE
----- End of picture text -----

26

©2021 – PSP Project Ltd., All Rights Reserved.

Landmark Projects – Kashi Vishwanath Dham

27

©2021 – PSP Project Ltd., All Rights Reserved.

Landmark Projects – Surat Diamond Bourse

==> picture [455 x 410] intentionally omitted <==

==> picture [444 x 410] intentionally omitted <==

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

Actual images
----- End of picture text -----

28

©2021 – PSP Project Ltd., All Rights Reserved.

Prominent Projects – Smart City

==> picture [574 x 446] intentionally omitted <==

Prestige Fintech IBIS Hotel by Brigade Tallest Residential in GIFT City World Trade Center

BSE Brokers Forum

Brigade International Finance Center

The Signature by Hiranandani

29

©2021 – PSP Project Ltd., All Rights Reserved.

Prominent Projects

==> picture [308 x 227] intentionally omitted <==

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

NOODLE FACTORY PROJECT IN GUJARAT
----- End of picture text -----

INTERIOR FIT-OUT AT LEELA HOTEL, GANDHINAGAR

SPORTS COMPLEX FOR AHMEDABAD UNIVERSITY

==> picture [309 x 217] intentionally omitted <==

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

ZYDUS HOSPITAL, BARODA
----- End of picture text -----

HOSPITAL PROJECT IN UDAIPUR RAJASTHAN

==> picture [309 x 217] intentionally omitted <==

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

AUDA LIBRARY, AHMEDABAD
----- End of picture text -----

30

©2021 – PSP Project Ltd., All Rights Reserved.

Prominent Projects

==> picture [946 x 419] intentionally omitted <==

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

ZYDUS HOSPITAL SITAPUR (EPC PROJECT)
MEDICAL COLLEGE & HOSPITAL AT DAHOD
BEAUTIFICATION OF AHMEDABAD C.G.ROAD R&D AND RESEARCH CENTERS IN GUJARAT
(EPC PROJECT)
----- End of picture text -----

31

©2021 – PSP Project Ltd., All Rights Reserved.

Prominent Projects

==> picture [302 x 217] intentionally omitted <==

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

COMMERCIAL BUILDING AT GIFT CITY
----- End of picture text -----

BANGALORE MILK UNION DAIRY PLANT AT KANAKPURA, KARNATAKA

ZYDUS CORPORATE HOUSE AT AHMEDABAD

==> picture [302 x 216] intentionally omitted <==

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

GRAND MERCURY HOTEL AT GIFT CITY
FOR BRIGADE GROUP
----- End of picture text -----

PUNISKA HEALTHCARE PLANT

MEDICAL COLLEGE AND HOSPITAL FOR DHARAMSINGH DESAI UNIVERSITY (DDU)

32

©2021 – PSP Project Ltd., All Rights Reserved.

Prominent Projects

==> picture [225 x 214] intentionally omitted <==

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

GOVERNMENT OFFICE BUILDING
----- End of picture text -----

==> picture [224 x 214] intentionally omitted <==

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

ZYDUS HOSPITALS
----- End of picture text -----

==> picture [224 x 213] intentionally omitted <==

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

RIVER FRONT DEVELOPMENT
----- End of picture text -----

==> picture [225 x 214] intentionally omitted <==

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

DAIRY PROJECT
----- End of picture text -----

==> picture [225 x 213] intentionally omitted <==

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

HOSPITAL PROJECT
----- End of picture text -----

==> picture [224 x 214] intentionally omitted <==

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

AFFORDABLE HOUSING PROJECT
----- End of picture text -----

==> picture [224 x 213] intentionally omitted <==

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

BRIGADE INTERNATIONAL
FINANCIAL CENTRE AT GIFT CITY
----- End of picture text -----

==> picture [224 x 214] intentionally omitted <==

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

GOVERNMENT PROJECT
----- End of picture text -----

33

©2021 – PSP Project Ltd., All Rights Reserved.

==> picture [194 x 116] intentionally omitted <==

Key Strategies

www.pspprojects.com

34

©2021 – PSP Project Ltd., All Rights Reserved.

Key Strategies

Building is my passion

Mr. Prahaladbhai Patel

Chairman, MD and CEO

Strengthen our human capital

Expand our geographical footprint, projects in UP, Rajasthan, Karnataka and Maharashtra

Focus on Building construction (commercial, residential, industrial & institutional)

==> picture [251 x 272] intentionally omitted <==

Leverage our position as a fast-growing construction company in India

Enhance our project execution capabilities – In Sync with the latest Technology

Augment customer relationships and optimize our project mix

==> picture [165 x 9] intentionally omitted <==

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

©2021 – PSP Project Ltd., All Rights Reserved.
----- End of picture text -----

35

==> picture [194 x 116] intentionally omitted <==

Awards and Recognition

www.pspprojects.com

36

©2021 – PSP Project Ltd., All Rights Reserved.

Awards and Recognition

==> picture [439 x 171] intentionally omitted <==

An award for the ‘Best Commercial Project of Gujarat’ by Realty Plus Excellence Award for our Surat Diamond Bourse Project

==> picture [208 x 172] intentionally omitted <==

PSP Projects Ltd has been awarded National Safety Awards 2022

==> picture [439 x 172] intentionally omitted <==

PSP Projects Ltd has been awarded as Fastest Growing Construction Company (below 2000 Cr Category) for 3[rd] consecutive year in a row during the Construction World Annual Awards 2022

==> picture [439 x 173] intentionally omitted <==

PSP Projects Ltd has been awarded as India’s Top Challengers during the Construction World Annual Awards 2022

37

©2021 – PSP Project Ltd., All Rights Reserved.

Awards and Recognition

PSP Projects Ltd has been awarded as 2nd Fastest Growing Construction Company (below 2000 Cr Category) during the Construction World Annual Awards 2021

ICI-Ultratech Outstanding Structure Awards 2020 (State) in the category – Commercial awarded to our project “ONE42"

Patidar Udhyog Ratna Award by Sardardham 2020

ICI-Ultratech Outstanding Structure Awards 2020 (Regional) in the category – Institutional awarded to our project – “Lilavati Library at CEPT"

Times Inspiring Entrepreneur Award for the Fastest Growing Construction Company of the Year 2020

ICI-Ultratech Outstanding Structure Awards 2020 (Regional) in the category - Mass Housing awarded to our project “GHB Naranpura"

38

©2021 – PSP Project Ltd., All Rights Reserved.

==> picture [194 x 116] intentionally omitted <==

Shareholding and Governance

www.pspprojects.com

39

©2021 – PSP Project Ltd., All Rights Reserved.

Shareholding and Governance

==> picture [463 x 231] intentionally omitted <==

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

66.22%
PROMOTER
2.69%
MF
June
24.21%
PUBLIC
2023
4.20%
FPI
2.68%
OTHERS
----- End of picture text -----

NSE Ticker	PSPPROJECT
BSE Ticker	540544
Share Price (₹)^	713
Market Cap (₹ Mn)^	25,681
% Free Float^	33.78%
Free float market cap (₹ Mn)^	8,675
Shares outstanding^	3,60,00,000
3M ADTV (Shares)	1,08,479
3M ADTV (₹ Mn)	79

Source: NSE, ^As on 30 June 2023

Governance Structure

==> picture [369 x 217] intentionally omitted <==

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

Business Level Project Level
ESG Steering
CSR Committee Responsibility Responsibility
Committee
Committee Committee
BOD SMPs
Departmental Project
Heads Managers
KMPs Sustainability
Coordinates
SMPs
----- End of picture text -----

Cor orate Sustainabilit p y

Ke Policies y

Key Functions

• ✓ EHS Policy

• ✓ Corporate Secretarial and legal Compliances

• ✓ CSR Policy

• ✓ Human Resources Management

• ✓ Stakeholder’s Engagement Policy

• ✓ Planning

• ✓ Employee Wellbeing Policy

• ✓ CSR Implementation

• ✓ Human Rights Policy

• ✓ Supply Chain Management

• ✓ Policy on Sexual Harassment at Workplace ✓ Internal SOPs

• ✓ Health & Safety of Workmen

• ✓ Policy on orderly succession for appointments to the BOD and senior management

Task Forces

• ✓ Whistle-blower Policy

• ✓ EHS

• ✓ Anti-Bribery & Anti-Corruption Policy ✓ HR Policy

• ✓ Procurement

• ✓ Secretarial & Legal

• ✓ Human Resource

Safe Harbor Statement

This document does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or its joint ventures or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice.

This document has been prepared by the Company based on information available to them for use at a non-deal road show presentation by the Company for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company or any of its subsidiaries or its joint ventures or affiliates. The information has not been independently verified. No representation, warranty, guarantee or undertaking (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein and, accordingly, none of the Company, its advisors and representative and any of its or their affiliates, officers, directors, employees or agents, and anyone acting on behalf of such persons accepts any responsibility or liability whatsoever, in negligence or otherwise, arising directly or indirectly from this document or its contents or otherwise arising in connection therewith.

The Company may alter, modify or otherwise change in any manner the contents of this document, without obligation to notify any persons of such change or changes.

This document contains certain supplemental measures of performance and liquidity that are not required by or presented in accordance with Indian Accounting Standards or Indian GAAP, and should not be considered an alternative to profit, operating revenue or any other performance measures derived in accordance with Indian Accounting Standards or Indian GAAP or an alternative to cash flow from operations as a measure of liquidity of the Company.

The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements.

By accessing this presentation, you accept that this disclaimer and any claims arising out of the use of the information from this presentation shall be governed by the laws of India and only the courts in Ahmedabad, Gujarat, India and no other courts, shall have jurisdiction over the same.

41

©2021 – PSP Project Ltd., All Rights Reserved.

==> picture [960 x 198] intentionally omitted <==

For more information please contact:

==> picture [54 x 40] intentionally omitted <==

PSP Projects Limited

Ernst & Young LLP

Hetal Patel

Krishna Patel / Vikash Verma

• ✉ krishna.patel2@in.ey.com

• ✉ grievance@pspprojects.com

Thank You

• ✉ vikash.verma1@in.ey.com

PSP Projects Limited

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

NSE: PSPPROJECT | BSE: 540544 | ISIN: INE488V01015

© 2020 PSP Projects Limited, All Rights Reserved.

“PSP Projects” and The PSP Projects Logo are trademarks of PSP Projects Limited. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.

42

©2021 – PSP Project Ltd., All Rights Reserved.