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1TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED
AN INVESTOR PRESENTATIONQuarter ended June 30, 2017
2TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED
TEECL Techno Electric & Engineering Company Limited
IREDA India Renewable Energy Development Agency
PGCIL Power Grid Corporation of India Limited
BHEL Bharat Heavy Electricals Limited
GBI Generation Based Incentive
REC Renewable Energy Certificate
CDM Clean Development Mechanism
CER Certified Emission Reduction
BOP Balance of Plant
BOOT Build Own Operate Transfer
BOOM Build Own Operate Maintain
EPC Engineering, Procurement, Construction
T&D Transmission & Distribution
ABBREVIATIONS USED
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 3
SNAPSHOT
TEECL is 3.5 decade old primarily power sector EPC company headquartered in Kolkata (India), listed on NSE, BSE
Completed and delivered 350+ projects in existence (up to 31 March 2017)
Employs 500+ professionals (engineering, commercial, graduates and post-graduates)
Core engineering team possesses average experience of 25+ years
Credit Rating by CRISIL & ICRA for last 3 years:
Long Term: AA-
Short term: A1+
Enjoyed a market capitalization of INR 41692 mn (as on 30th June, 2017)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 4
TECHNO’S OPERATING STRUCTURE
129.90
Techno Electric &Engineering Company
Limited
Generation
Transmission &Distribution
Industrial
Simran Wind
Projects Limited
Jhajjar KT
Transco PrivateLimited
Patran Transmission
Company LimitedKohima Mariani
Transmission Limited
129.90 MWWind Energy
Generation
Design, Build, Finance, Operateand Transfer a 400kV/1500MVA
Transmission Network in Haryana
capable of transferring 2,430 MW
Build a transmission network atPatran, Punjab on Build, Own,Operate and Maintain (BOOM)
basis for 35 years
Build & Transmission network at Kohima, Nagaland on Build, Own,
Operate and Maintain (BOOM)
basis for 35 years
Green Power
Linkages
100% 49% 49% 26%
EPC
5TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED
OVERVIEWTEECL, one of the most attractive proxies of India’s power sector
One of the largest in the power-infrastructure space in India
Engaged in three business types – EPC/Asset Ownership/Operations and Maintenance
Covers three power sector segments - generation, transmission and distribution
Lifecycle engagement - design to commissioning to handover to maintenance
CPSUs, State-run utilities and private sector customers (captive power plant and power distribution system for power intensive industries)
Addresses complete solutions for conventional and renewable sectors
Once a customer, always a customer
1980Launched EPC
services
2009Entered renewableenergy generation
2010Entered transmission
segment
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 6
RICH PROMOTER PROFILE & EXPERIENCETEECL led by Mr P. P. Gupta, Key promoter & Managing Director
Honours Graduate in Industrial Engineering; post-graduate in Management (IIM, Ahmedabad); working experience with BHEL; merchant banker with National Grindlays Bank
Partnered in Techno Electric and Engineering Company Ltd in 1980
Grew TEECL into prominent Indian EPC company engaged in power generation and transmission PPP linkages
Engaged with industry associations (IEEMA, Confederation of Indian Industry, IIPW and IIW; Vice President of Indian Electricals and Electronics Manufacturers Association)
Recognized as top 100 Indian CEO’s by Business Today – PWC 2016-17
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 7
ONE-STOP SOLUTIONS PROVIDER
BOOT and BOOM projects (providing annuity income)
EPC (T&D + rural electrification + captive waste heat recovery + solutions for power-intensive industries (88% of revenues, 67% of EBIDTA, FY17)
Green power generation (10% of revenues, 32% of EBIDTA, FY17)
PPP transmission: capital-intensive, modest ROE, stable multi-year income/cash flow, in-house EPC business, annuity O&M revenues
EPC: Less capital-intensive, high risk-reward ratio
Wind energy: Capital-intensive, modest IRR, multi-year stable income/cash flows
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 8
GROWING RESPECT AND RECOGNITION
Mr. P. P. Gupta receiving the best performance award, 2013
IEI Industry Excellence Award, 2016
National award for meritorious performancein the power sector from the
Ministry of Power, 2014
Best performance & Safety award 2016, 2015, 2014 & 2013 from Power Grid Corporation
Meritorious Performance in Power Sector in 2011-12 by Ministry of Power
Certificate of appreciation from North Bihar Power Distribution Co. Ltd. & Bihar State Power
(Holding) Company Limited
IEI Industry Excellence Award 2016 from The Institution of Engineers (India) for demonstrating
Highest Order of Business Excellence
‘Best Under a Billion’ (according to Forbes) –Top 200 small and mid-cap companies
Named “Best Vendor in Eastern India” by Bharat Heavy Electricals Limited in 2010 - 11
TEECL BUSINESSES
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 9
Engineering, Procurement and Construction Services
Transmission projects under PPP model (BOOT and BOOM)
Renewable Energy Generation
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 10
OPTIMISTIC OUTLOOK: POWER SECTORThirteenth Plan Highlights (2017 – 2022) :
Total Generation capacity target: 450 GW
Total capacity in demand till 2022: 280 GW, Fresh Capacity addition: 85 GW
Total Transmission investments: INR 2,600 Bn, of which 1,600 Bn in 400 KV +, and 1,000 Bn in 220 KV
Target Substation Capacity – 5,00,000 MVA, Additional Capacity target: 1,30,000 MVA
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 11
~50% generation capacity growth in five years; transmission capacity growth only ~30% out of which 35% generation capacity is in private sector where as only 2% is in private sector in the transmission sector
(Contd.)
INR 1100 bnPower Grid spending
in 12th Five Year
INR 1500 bnPower Grid spending
in 13th Five Year
Techno is attractively poised & geared up to address the sizeable opportunity in forthcoming 13th Plan and bid for the projects that come in years ahead.
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 12
OUR BOOT AND BOOM BUSINESS
Leveraging EPC knowledge as transmission complements EPC
Long-term annuity incomes; annuity model enhances valuation and profitable encashment opportunity
Generates operations & maintenance revenues
Asset ownership; enhances scale and stability
Growing government preference for private sector role
Reduces requirement to bid aggressively and therefore decrease participation in unhealthy competition
Why transmission?
1
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 13
Techno’s transmission competitiveness
Extension of EPC capability - leveraged knowledge; extended from one segment to another
Competitiveness has translated into a higher strike rate in bagging projects
Active solutions orientation
• 400 kVA to 765 kVA substations
• Extensive vendor ecosystem - timely project delivery/excellent negotiation ability/quality control
500 professionals with diverse skills (EPC and support)
Low gearing; high credit rating; low-cost debt
Delivered most EPC and BOOT/BOOM projects on or before schedule
Increased global interest in our business model
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 14
PROJECT ONE: JHAJJAR KT – HARYANA Pioneering BOOT transmission model at state level.
TEECL first successful network bidder
Implementing agency Jhajjar KT Transco Pvt. Ltd. 51:49 JV of Kalpataru Power Transmission Ltd. and Techno Electric
JV commissioned 400 kV project (March 2012)
Project commissioned in record 15 months
First transmission project to receive viability gap funding support from Central Government
National award for meritorious performance from Ministry of Power, 2014
400 kV transmission system comprises Double Circuit Quad Moose Line
Extending from Jharli to Kabulpur, Rohtak (35 KM)
Extending from Kabulpur to Dipalpur, Sonepat (64 KM)
Two substations of 400/220 kV of 24 bays each at Rohtak and Sonepat
Transmission network designed to evacuate 2,400 MW
Will initially transmit 1,320 MW (2X660 MW) from Jhajjar Power Plant
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 15
JHAJJAR KT PROJECT DETAILS Using products/sub-systems from globally reputed manufacturers
INR 4440 mn project (debt and equity)
INR 2760 mn debt and combined equity (INR 760 mn) from JV partners
INR 920 mn grant by Central Government
INR 45 mn income/month without considering inflation
Current (post-inflation) revenue of INR 580 mn per annum
Implemented greenhouse concept
DBFOT arrangement for 25 years (extendable by 10 years)
Terminal value 60 months of revenue (after 25 years of concession period)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 16
PROJECT TWO: PATRAN, PUNJAB
400 kV transmission system commissioned in June 2016
Comprises LILO of both circuits
1,000 MVA evacuation capacity
INR 2000 mn project with Debt Equity ratio of 3
Build, Own, Operate and Maintain (BOOM) transmission network
Implementing company acquired by TEECL from PFC Consulting under PoC
mechanism of CERC
Designing, constructing, erecting, completing and commissioning responsibility
INR 1750 mn to TEECL EPC arm and expected revenue to O&M agency (TEECL) of
INR 20 mn annually
Annual revenue of INR 300 mn.
Projected INR 10,000 mn income over the complete concession period of 35 years
Financial closure achieved at competitive rates; Commissioned in June, 2016
Patiala-Kaithal 400 kV double circuit triple snow bird line at Patran
400/220kV substation with 14 bays in Patran
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 17
PROJECT THREE: KOHIMA – NAGALAND Build, Own, Operate and Maintain (BOOM) transmission network.
INR 13000 mn project with Debt Equity ratio of 3
Implementing agency REC Ltd. 74:26 Kalpataru Power Transmission Ltd. and Techno Electric
Designing, constructing, erecting, completing and commissioning responsibilityINR 2500 mn to TEECL EPC arm and expected revenue to O&M agency (TEECL) of INR 60 mn annuallyAnnual revenue of expected INR 2000 mn.Projected INR 70,000 mn income over the complete concession period of 35 years.Financial closure to be achieved by September; Expected date of Commissioning in July, 2020
400 kV transmission system
Extending from Imphel to New Kohima, (34 KM)
Extending from New Kohima to Mariani (119 KM)
Seven substations of 400/220 kV at New Kohima
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 18
Projected portfolio of4-5 projects, 2020
Execute 1-2 projectannually
From 20% of EPC orders from PPP projects in 2012 to 10% in
2015 to 20% (est.) by 2020
Generate increasing insourcing of EPC contracts
Increased competitiveness is translating into project selectivity
(high IRR)
Increasing expertise and focus in setting up substations
Diversified incomes; annuity and upfront fees
Building efficient evacuation facilities for the nation
ROAD FORWARD
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 19
Transmission and distribution
Power generation
Industrial sector (including power intensive industries, aluminium smelter, refineries)
Turnkey solutions to captive power plants
Balance of Plant
EHV substations
•EHV substations up to 765 kV (AIS / GIS)
•STATCOM installation upto250 MVaR
Distribution
•Distribution systems management (APDRP)
•Rajiv Gandhi GraminVidyutikaran Yojna
(RGGVY)
• Power distribution systems to power intensive industries
• Offsite piping systems
• Naphtha and diesel system for turbine based power plant
• Oil handling plant for power station and process industries
• Water and allied systems
• Fire protection systems
• Plant electrical and illumination systems
OUR ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) SERVICES BUSINESS2
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 20
Techno’s EPC competitiveness
Promoter-driven for 35 years
Three-decade experience (including BOP packages)
Respected for project management, timeliness, completion and cost-effectiveness
Partnership with large International manufacturers
Management of customer expectations and contractual obligations
Respected for graduating to next technology and embracing challenges
Robust vendor eco-system
Pioneered power distribution solutions for aluminium smelters (360 kA busbar
systems, 2013)
Quicker project completion than industry standard
60% share of 765 kV EhV substation segment
Efficient working capital management
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 21
Techno’s operating philosophy
Focus on PAT/retained cash (not size of order book)
Cash rich; high liquidity; low gearing; income mix (lumpy and annuity)
Project execution synced with project cash cycle; zero penalty record; realized retention money within 6 months of project completion
Marginal working capital outlay
De-risked: bid with own cash; work for CPSUs or bilaterally/multi-laterally funded SEB projects
Conservative accounting policy
90-day receivables, quicker than industry standard (without considering retention)
Quality assets for national benefit
No-penalty record
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 22
Core business (EPC)
90% of overall FY17
revenues
105% ROCE of EPC
as on 31 March, 2017
Order book
INR 24,500 mn
(as on June 30, 2017)
Revenue visibility of
24months
Annual cash surplus of more than
INR 2500 mn
Currently receivables
45 daysof turnover;
industry’ s lowest
Selective project bidding
Brightoutlook fornext 5 years
Prestigious Clients Power Grid, BHEL, Indian Oil, NTPC, Reliance, Vedanta, NTPC, Hindalco, GE among others
Well-planned projects executed in sync with cash flow and contractual obligations
Conservative & prudent management approach to EPC business
Timely projects closure and retention money inflow
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 23
TECHNO’ S EPC ORDER BOOKSegment - wise order book as on 30 June, 2017
As on 31 Mar, 2015
INR
20000million
As on 31 Mar, 2016
INR
26000million
INR
24500million
As on 30th June, 2017
GenerationINR 1871 million
TransmissionINR 17405 million
DistributionINR 5224 million
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 24
ORDER BOOK as on 30th June, 2017
Name of the client Amount %
Power Grid Corporation of India Ltd. 13,000 53.13
Jharkhand Bijli Vitran Nigam Ltd 4,860 19.85
NERSS, Nagaland (BOOT Project) 2,500 10.21
NTPC Ltd 1,871 7.65
Rajasthan Rajya Vidyut Prasaran Nigam Ltd 1,169 4.78
North Bihar Power Distribution Co Ltd 364 1.49
Others 710 2.89
Total 24,500 100.00
(INR mn)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 25TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 25
TECHNO’S IMPRESSIVE CLIENTELEHelped build 50% of India’s National power grid
Historically engaged with more than 50% NTPC projects (various capacities)
Multi-year engagements with Power Grid Corporation, BHEL, Indian Oil, NTPC and Hindalco
Associated with power distribution solutions for major oil refineries (Bina, Paradip, Bhatinda, Panipat among others) and aluminium smelters (Hindalco, Nalco among others)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 26
EPC FINANCIALS2012-13 2013-14 2014-15 2015-16 2016-17
Revenue 5,158.90 5,705.10 6,680.90 10,142.75 12,109.45
EBIDTA 572.90 601.60 938.30 1,449.40 1,812.25
PAT 392.10 500.50 662.60 946.29 1,237.90
Cash surplus 400.20 509.60 675.40 1,000.00 1,500.00
ROCE (%) 52.50 62.40 80.50 108.00 105.00
(INR in mn.)
Increasing order book 15-20% in the
next 2-3 years (external and
captive)
Growing EPC business 15-20% annually till 2020
• Leveraging transmission expertise
• Focusing on high-value, high IRR projects
• Building India’s national grid; reducing power deficit
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 27
EPC – ROAD FORWARD
FLUE GAS DESULFARISATION (FGD)
Pursuant to Govt. of India, Gazette notification of 7th December, 2015 allThermal Power Plants need to limit the Sulphur emission.
India having more than 200 GW of thermal power plants, translates to a capitalinvestment of more than INR 8,00,000 mn towards retrofitting plant with FGD.
The upcoming market for installation of FGD in new Power plant is approximatelyINR 2,00,000 mn in next 5 years.
Techno is expected to take 1-2 orders per year with an order size of INR 2000-5000 mn.
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 28
STATCOM INSTALLATION
Government plans to install 50 nos of STATCOM having a total investment of INR80 bn over a period of 3-5 years.
Techno won the first STATCOM installation at 400 kV substation at Solapur, Satna& Aurangabad in joint biding with Chinese Company RONGXIN. Techno’s scope ofwork is worth INR 2680 mn.
Techno being the pioneer in installation of STATCOM will have first moveradvantage.
EPC – EMERGING OPPORTUNITIES
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 29
INDUSTRIAL
IOC, BP, HP plan to spend more than INR 12,00,000 mn on refinery expansions in the next 5 years.
Vedanta and NALCO plan to invest around INR 4,00,000 mn on expansion of its capacities in the next 3-5 years.
Expertise in certain niche areas in handling complex projects, which includes high precision fabrication and machining skills in power guzzling industrial units.
TEECL’s specialization extends to installation of high end (360KA) aluminum bus bar system for aluminum smelters.
Its capability extends to plant’s electrical and illumination, cabling project, water & allied system, installation of fire protection system.
EPC – EMERGING OPPORTUNITIES
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 30
OUTLOOK
Wind power 8.5% of India’ s power capacity
6000-8000 MW to be commissioned annually
21,136.40 MW installed capacity
Targeted 100 GW capacity (2022, National Wind Energy Mission)
RENEWABLE ENERGY GENERATION3
GOVERNMENT ROLE
India first to commission a Ministry of Non-Conventional Energy Resources (early 1980s)
Wind energy exceeded 10th Plan (2002-2007) and 11th Plan (2007-2012) targets
MNRE reference capacity addition target 15,000 MW, realistic target 20,000 MW and aspirational target 25,000 MW for the 12th Five Year Plan
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 31
GOVERNMENT CATALYSTS
RENEWABLE ENERGY
CERTIFICATES
1000 units of green
electricity sold generates
one REC which can be sold
in the Power Exchange with
a floor price of INR 1,500
and forbearance price of
INR 3,300
TECHNO SOLD 165000 RECs IN 2016-17 AT AN AVERAGE REALIZATION OF Rs 1,500 EACH
TECHNO HAD A TOTAL OF INR 119 mn INFY 2016-17 ATTRIBUTABLE TO GBI
GENERATION-BASED
INCENTIVES
INR 0.5/unit produced
available to wind power
producers over base tariff
upto a maximum of INR 6.2
mn/MW upto a period 10
years from commercial
operations
CLEAN DEVELOPMENT
MECHANISM INCENTIVES
Projects in developing
countries can earn Certified
Emission Reduction credits
(CERs) which can be sold to
developed countries to
meet their emission
reduction targets
TECHNO IS ENTITLED TO 325,000 CERs ANNUALLY
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 32
CURRENT ASSET OVERVIEW
Sold 44.45 MW of wind power assets at an effective valuation of INR 2150 mn during the Q1 FY 2016.
Sold 33 MW of wind energy assets at an effective valuation of INR 1650 mn in Jan 2017.
Exited the assets at the same price at which investment was made.
12 MW of wind energy asset sold to subsidiary.
Intend to divest balance portfolio of 129.9 MW wind assets to improve strength for bidding more PPP projects in transmission sector, improve ROCE & focus on core EPC vertical.
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 33
CURRENT ASSET OVERVIEWSimran Wind Project Limited
Capacity 18 MW 111.90 MW
Date of
Acquisition/Com
missioning
During 2009-10 March 31, 2011 - February 24, 2012
Location Karnataka Tamil Nadu (111.90 MW)
Capacity 12 turbines * 1.5 MW each 48 turbines * 1.5 MW each
19 turbines * 2.1 MW each
PLF 18% - 26% 19% - 26%
Tariff INR 3.40 (Karnataka) APPC tariff – INR 3.35** (TN) for 111.90 MW
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 34
Simran Wind Project Limited
Capacity 18 MW 111.90 MW
Project cost – INR 6650 mn*
O&M Free for first 5 years; 5% escalation
from INR 1 mn/MW
Free for first 4.5 years; 5% escalation from INR 1
mn/MW
GBI benefit - 111.9 MW registered with IREDA
*IFC had originally invested 3.38% in Simran Wind Project Ltd. for $5 million at INR 40/share in lieu of 5,625,000 equity shares (buyback done by Techno in FY 2016); Project debt of $85 mn (INR 4165 mn) raised at average 6.5% from IFC, DBS and Standard Chartered Bank. One of the longest (10.5 years) non-recourse project financing undertaken for a wind energy project in India (without credit guarantees or credit insurance).
.
(Contd.)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 35
Note – FY 2016 & FY 2017 Financials are not comparable with that of previous year as the Company had divested 44.45 MW of wind assets during FY 2016 & 33MW in FY 2017.
2013-14 2014-15 2015-16 2016-17Revenue 1,379.80 1258.10 829.30 1,457.70
EBIDTA 1,323.60 1143.20 764.43 1,313.00
PAT (inc other income) 338.00 283.30 393.2 777.30
Cash generated 995.40 873.70 870.00 824.00
Units generated (in mn) 344.60 300.44 188.13 308.40
Realization / unit (INR) 4.00 4.19 4.41 4.73
(INR in mn.)GREEN ENERGY FINANCIALS
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 36
Standalone Consolidated
June-17 June-16 Change (%) June-17 June-16 Change (%)
Revenues 3,681 2,383 54% 4,122 2,709 52%
Operating expenses 3,071 1,976 55% 3,106 1,998 55%
EBITDA 610 121 449% 1016 712 43%
EBITDA % 16.6% 17.1% -3% 24.6% 26.3% -6%
Other income 66.5 175 59% 113 83 38%
Depreciation 6 40 -84% 106 133 -20%
Interest 27 38 -30% 86 92 -7%
PBT 643 341 89% 939 569 65%
PBT % 20.6% 17.4% 18% 18.3% 11.2% 63%Exceptional Items - ( Income ) / Expenses
0 4 0 4
PBT after exceptional item 643 337 91% 939 565 66%
Taxes 221 71 210% 245 84 190%
Profit after tax 423 265 59% 693 480 44%
QUARTERLY FINANCIALS (INR mn)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 37
Consolidated Income Statement
2012-13 2013-14 2014-15 2015-16 2016-17
Revenues 7,001.25 7,084.85 7,938.93 10,972.02 13,567.18
Growth % (14.60) 1.19 12.05 38.21 23.65
Operating expenses 4,655.10 5,159.60 5,857.60 8,766.21 10,442.10
Other income 205.87 119.91 202.36 * 618.76 $ 491.53
EBIDTA 2,552.06 2,045.23 2,282.52 2,831.74 3,616.60
EBIDTA % 36.45 28.87 28.75 25.81 26.65
Depreciation 654.93 666.54 603.21 494.51 507.90
Interest 521.72 454.39 431.32 442.88 373.43
PBT 1,375.41 924.30 1,247.99 1,898.10 2,735.25
PBT % 19.65 13.05 15.72 17.25 20.15
Taxes 151.01 37.62 185.30 ** 720.70 $$ 836.70
PAT 1,224.40 886.68 1062.69 1,177.38 1,898.56
PAT % 17.49 12.52 13.39 10.73 14.00
EPS (Rs) 8.99 6.52 7.84 10.48 16.90
CONSOLIDATED FINANCIALS(INR mn)
* Includes extra ordinary income of INR 254 mn on account of sale of 44.45 MW of wind assets** Includes INR 215 mn tax on said extraordinary income of INR 254 mn. $ includes extra ordinary income of INR 233 mn on account of sale of 33 MW of wind assets$$ Includes INR 330 mn tax on said extraordinary income of INR 233 mn.
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 38
Consolidated Balance Sheet
2013 2014 2015 2016 2017SOURCES OF FUNDS
Shareholders’funds 7,700 8,371 9,147 9,279 11,070
Minority interest 188 193 199 --- ---
Loan funds 5,172 4,785 3,967 3,068 2,099
Deferred tax liabilities 7 9 7 1,025 1,161
Other liabilities and provisions 844 513 185 98 213
Total 13,910 13,871 13,505 13,470 14,543
APPLICATION OF FUNDS
Net fixed assets 11,036 10,728 10,248 8,236 6,487
Investments 384 384 380 635 789
Loans and advances 233 297 367 102 52
Current assets (a) 5,281 5,088 5,820 * 9,577 11,735
Current liabilities (b) 3,024 2,626 3,310 * 5,080 4,520
Net current assets (a – b) 2,257 2,462 2,510 4,497 7,215
Total 13,910 13,871 13,505 13,470 14,543
CONSOLIDATED FINANCIALS(INR mn)
* Includes receivables of INR 1200 mn from Patran Transmission & payable to equipment suppliers for the same project.
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 39
Consolidated revenue, EBIDTA, Profit after Tax and Earning Per Share
0
5
10
15
20
2012-13 2013-14 2014-15 2015-16 2016-17
EPS
0
2000
4000
6000
8000
10000
12000
14000
2012-13 2013-14 2014-15 2015-16 2016-17
Revenue (Rs/mn)
0
500
1000
1500
2000
2500
3000
3500
2012-13 2013-14 2014-15 2015-16 2016-17
EBIDTA (Rs/mn)
0
500
1000
1500
2000
2012-13 2013-14 2014-15 2015-16 2016-17
PAT (Rs/mn)
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 40
Ratios**
** Ratios are calculated based on consolidated figures
05
10
1520
25
3035
EBIDTA Margin %
0
5
10
15
20
25
PBT Margin %
0
5
10
15
20
PAT Margin %
0
20
40
60
80
100
120
Book Value Per Share
TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 41
THANK YOU!
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