GPT Infraprojects Limited

Corporate Presentation

February 2016

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“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase

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• Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects

that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance

and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties

include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the

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Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or

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Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements

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such third party statements and projections

Safe Harbor

2

Content

1. About GPT Infraprojects

2. Concrete Sleepers Division

3. Infrastructure Division

4. Customers

5. Management, Corporate Structure, Independent Directors & Auditors

6. Corporate Social Responsibility

7. Order Book

8. Growth Prospects & Focus Area

9. Key Financials

3

About GPT Infraprojects

4

Incorporated in 1980, GPT Infraprojects Limited is a fast-

growing civil construction and manufacturing company

based out of Kolkata

Employee strength of more than 1,000 including 100+

engineers

GPT’s businesses are divided into two segments:

» Infrastructure: Involved in civil infrastructure projects

for Railways, Roads, Airports, and Urban Infrastructure

» Concrete Sleepers: Involved in manufacture of

concrete sleepers for railways systems in India and

abroad

For FY 2015, GPT recorded gross revenues of INR 4000 mn

GPT has orders under execution of more than INR 18,000

mn

Key Milestones

2010

2012 2013

2015

PE investment by Nine Rivers Capital

Ltd

Partnered with Govt. of Namibia for

setting sleeper plant in Namibia

Entered road construction with BOT

order from NHAI

Turnover surpassed

INR 4,500 mn

Average order size crossed INR

500 mn

Recorded highest ever revenue

of INR 4,860 mn

Average order size is INR 780 mn

Bagged order worth INR 2,465

mn from GMR Infrastructure

2011

2014

Production capacity at

Ladysmith doubled

1980

2004

Incorporated

Entered

infrastructure

construction Turnover surpassed INR 1,000 mn

Received Emerging India

award

Shares listed on BSE

2007

1999

2006

2009

First foreign venture

with Bangladesh

railways

Won a concrete sleeper

order from Mozambique

Commercial production

begins in South Africa

1986

Shares listed on CSE

5

Guiding Principles

CORPORATE VALUES

Delivering value & true worth to client

through cost-efficiency, timely delivery, technical

expertise & quality.

Integrity & transparency in all

dealings with stakeholders,

including clients, employees and

associates.

Treating employees like family &

motivating them to develop their

talents & grow with us.

Always striving to expand our

horizons by higher growth and continuous

improvement.

Acting as socially responsible

corporate citizens by giving back to society & country.

6

Concrete Sleepers Business Commenced production in 1982 and became one of the earliest entrants in

concrete sleepers for Indian Railways

Key facility located at Panagarh, 160 km from Kolkata:

» Plant production capacity of 480,000 sleepers is one of the largest in India

» Manufacture concrete sleepers for mainline, curves, bridges, level crossings,

points & crossing

» Manufactured more than 10 Million concrete sleepers for Indian Railways,

IRCON, RITES, SAIL, NTPC, Tata Steel, DVC, etc.

Received INR 2,465 mn worth order from GMR Infrastructures Limited in

November 2015 for supply of 1.45 mn Sleepers for Eastern Dedicated Freight

Corridor Contract (World Bank funded)

A pioneer in export of concrete sleepers / plants for foreign railway systems:

» Pioneered use of indigenous “stress-bench” production system in foreign

countries, where manpower is available

» GPT’s capabilities cover entire value chain

7

Concrete Sleepers: Global Footprint

•Two orders for turnkey installation of concrete sleeper plants

•Transfer of production technology, training and track design

MYANMAR

•Supplied Dual Gauge Concrete Sleepers for prestigious Jamuna Bridge Rail Project

•Recently supplied 300,000 MG sleepers and 200 sets turnouts

BANGLADESH

•Manufactured 750,000 sleepers for World Bank funded Sena Line Project

•Installed 2 plants in Mozambique in record time of 6 months

MOZAMBIQUE

•Supplied 160,000 sleepers for Sri Lankan Railways and 140 sets of turnouts

•Sleepers manufactured at Panagarh plant and exported in containers

SRI LANKA

•Supplied Transnet Freight Rail 1,000,000 sleepers over 5 years

•Incorporated subsidiary & established state-of-art plant at Ladysmith near Durban with technology from UK

•Annual capacity: 500,000 sleepers

•Production commenced in April 2009

SOUTH AFRICA

•Entered into agreement with TransNamib Holdings for setting up sleeper plant

•Commercial production commenced in 2011, manufactured 375,000 sleepers till date

•Annual capacity: 200,000 sleepers

NAMIBIA

8

Infrastructure: Value Proposition

• Executing work of 38 major road bridges under Tripura PWD on turnkey basis, i.e. including survey, design, engineering and construction

• BOT Annuity project from NHAI on Design & Build basis, including own design and engineering

CONCEPT-TO-COMMISSIONING

OF COMPLEX INFRASTRUCTURE

PROJECTS

• Completed rehabilitation of Dona Ana Bridge over River Zambezi in Mozambique involving replacement of corroded steel components

• Construction of washed-away Railway Bridge on Howrah-Chennai route completed 21 days ahead of schedule

TIMELY DELIVERY OF TECHNICALLY &

LOGISTICALLY CHALLENGING

PROJECTS

• Used “slipform” shuttering for construction of tall substructures for Railway Bridge over River Barakar

• Innovative erection methods to replace old girders in running traffic conditions

• “Cantilever” method of erection adopted for large span steel structures

ENGINEERING & TECHNOLOGICAL

INNOVATION

9

Infrastructure: Core Areas GPT’s Infrastructure Division executes civil infrastructure projects

mainly in roads, railways and industrial infrastructure sectors for

government sector clients

Expanded execution capabilities and widened client base since

commencement of infrastructure activities in 2004

» Achieved phenomenal growth in order bookings & turnover with

CAGR of ~60% in last 5 years

» Focusing on contracts of larger magnitude with high value addition

Core expertise in infrastructure works includes:

» Construction of riverine bridges on deep well or pile

foundations, with steel or concrete superstructure of large

spans

» Structural steel fabrication and launching of large span steel

superstructures over perennial rivers or in running traffic conditions

» Capability to undertake turnkey rail & road infrastructure works,

including construction of embankment, rigid & flexible pavements,

flyovers, ROBs, and rail track

10

Market Segments: Bridges

11

GPT‟s Core Strengths

» Capable of executing projects from foundation to finish on turnkey basis

» Awarded Certificate of Excellence for Contract Execution by Eastern Railway in 2007-08 and

2008-09 for innovative construction methods

» Expertise in construction of all major types of foundations and superstructure

Important Projects

» 31 Bridges for Tripura PWD - approx INR 2,500 mn

» Bridges for RBDCK in Cochin, Kerela

» Bridge over River Barrakar for Eastern Railway

Market Segments: Steel Bridges GPT‟s Core Strengths

» One of only 3-4 companies involved in construction of

mega bridges with steel superstructure for Indian

Railways

» One of the largest order books for steel bridge

construction

» Capable of executing projects involving challenging

erection / construction methodologies, including in

difficult terrain, flowing rivers and running traffic

Important Projects

» Double Decker Rail-cum-Road Bridge over River Ganga at

Patna, the longest steel bridge in India – INR 2,420 mn

» 1.8 km long Railway Bridge over River Kosi at Nirmali in

Bihar for East Central Railway – INR 580 mn

» 980m long Railway Bridge over River Mahanadi in Orissa

for RVNL – INR 400 mn

12

Market Segments: Rail & Road

13

GPT‟s Core Strengths

» Ability to offer end-to-end solutions for road and railway infrastructure including planning,

design, construction & maintenance

» Experience in construction of elevated metro & light rail systems

» Expertise in construction of heavy duty concrete pavements for airports

Important Projects

» Gauge conversion of railway track between Bardhaman - Balgona (26 km) including earthwork,

blanketing, major & minor bridges, track linking – INR 700 mn

» Concrete tram pavements in Kolkata – INR 380 mn

» Tram Track at Ripon Street & Rafi Ahmed Kidwai road in Kolkata

Market Segments: Industrial & Power

14

GPT‟s Core Strengths

» Given GPT’s expertise in foundation works & structural

fabrication for bridges, industrial infrastructure work is a

natural progression

» Track record of timely execution gives an edge in this

sector, where delivery schedules and deadlines are strictly

enforced

» Large industrial infrastructure works generally also require

investment in railway sidings, merry-go-round (MGR)

railways, roads, etc. where GPT has significant

competencies

Important Projects

» Industrial Infrastructure and allied works for carriage cum loco repair workshop at Harnaut

for EC Railway

» Industrial Infrastructure for MGR line for NTPC in Kahalgaon, Jharkhand

» Construction of Civil Infrastructure for HVDAC terminal for BHEL in Agra – INR 1,450 mn

Key Customers

Railways & PSUs NHAI, State PWDs, & Dept. Other Key Customers International customers

RICON

(a JV of RITES & IRCON)

15

Core Management Team

16

Name Designation Background

DP Tantia Chairman 35 years experience in the infrastructure sector

Leads Company's international initiatives

Hony. Consul of Ghana in Kolkata

SG Tantia Managing

Director

28 years experience in infrastructure and civil construction sector

Strong team building and project execution capabilities

Responsible for marketing and business development functions

Atul Tantia Executive

Director

BS in Economics & Systems Engg. from Wharton School, UPenn

Responsible for international businesses, incl. operations & business development

AK Dokania Chief Financial

Officer

B. Com, FCA with over 25 years experience in accounting, finance and banking for infrastructure sector

Strong background in audit, taxation and legal matters

Vaibhav Tantia Director & Chief

Operating

Officer

BS in Economics & Civil Engg. from Wharton School, UPenn

Responsible for execution of infrastructure projects and tendering

Subrata Ray Sr. Vice

President

(Technical)

B. Tech in Civil Engineering from Bengal Engineering College, having rich experience of over 35 years,

with leading construction companies as well as consultancy firms

Responsible for technical and design-related matters in construction projects, tendering and contract

management

US Singh Sr. Vice

President

(Planning & HR)

B. Tech in Mechanical Engineering from IIT Kharagpur

Post Graduate in HRD & Certified Management Consultant

Leads HR initiatives, incl. training, recruitment, performance management

DB Patra General Manager

(Projects)

B. Tech in Civil Engg. with 15 years’ experience in large civil infrastructure projects

Niraj Sinha Head (Africa

Operations)

B. Tech in Mechanical Engineering with over 8 years experience working in Africa

Heads GPT’s African Operations based in South Africa

GPT INFRAPROJECTS LIMITED

BOARD OF DIRECTORS

Mr. D. P. Tantia

Chairman

Mr. S. G. Tantia

Managing Director

Mr. Vaibhav Tantia

Director & COO

Sr. Vice President (Technical)

Vice President (Structures)

General Manager (Tender & Contracts)

Vice President (Projects)

Project Co-ordination Group

Resources & Material Procurement Group

Mr. Atul Tantia

Executive Director

Vice President

(Domestic Operations)

DGM

(Exports)

Finance and Treasury Group

Head (Africa Operations)

Vice President (IT)

Mr. Arun Kr. Dokania

Chief Financial Officer

Vice President

(Finance & Accounts)

Company Secretary

Vice President

(Internal Controls)

DGM (Direct Taxes)

DGM (Indirect Taxes)

Mr. U. S. Singh

Sr. VP (Planning & HR)

DGM (Quality Control)

General Manager (HR)

DGM (Health & Safety)

Corporate Office Organogram

17

Directors & Auditor

Independent & Nominee Directors on the Board

Name Designation Background

Viswa Nath Purohit Independent Director

Fellow Member of the Institute of Chartered Accounts of India

Has LLB and FICA qualification

55 years of experience in Accounts, Finance and Taxation

Nitindra Nath Som Independent Director Renowned expert in Soil Mechanics in the country

Was Head of Civil Engineering, Jadavpur University, Kolkata

Sunil Patwari Independent Director CFA, MBA-Finance(IIM)

Wide experience in the area of business management, accounts, taxation and finance

Mamta Binani Independent Director President of The Institute of Company Secretaries of India

15 years of experience in corporate consultation & advisory

Shankar Jyoti Deb Independent Director

Bachelors in Science and B.E. in Civil Engineering from I.I.T. Roorkee

Completed programme in Finance Management from I.I.M., Calcutta

Wide experience in designing, engineering and implementation of several civil projects

Kunal Kumthekar Nominee Director Nominee Director of Nine Rivers Capital

Rich experience in financial markets and was associated with JM Financial

Statutory Auditor

S R Baltiboi & Co., Member firm of Ernst & Young

18

Corporate Social Responsibility

19

Given our long association with Panagarh since 1980, GPT has

undertaken initiatives for establishment of quality education

facilities:

» Sponsored construction of new wing at Panagarh High School

including classrooms, computer & science labs

» Commissioning of sanitation facilities & new computers

» GPT has also committed to take up another expansion project of

a school catering to students of tribal & backward class in the

area

GPT is an active contributor to Group’s charitable trust,

Govardhan Foundation, which is involved in charitable initiatives

in education, health & social sectors:

» Free treatment of patients in need, especially with life

threatening diseases like thalessemia

» Development of sanitation system for villages

» Education facilities for poor children in geographic regions where

it operates

Diversified Order Book

Order-book Break-up

INR mn

20

FY '16*

13,941

4,346

Infrastructure Sleeper

*So far in the fiscal

24%

76%

Infrastructure Order-book

Concrete Sleepers Order-book

India 61%

South Africa 20%

Namibia 19%

Industrial 16%

Railways Steel

Bridges 14% Railways

Track & Bridges

49%

Roads & Roads

Bridges 21%

INR 18, 287 mn

Top 10 Orders

Healthy book-to-bill ratio of more than 4 based on TTM Revenue 21

Sl No. Project Description Client Unexecuted Order

Value (INR mn)

1 RDSO approved monoblock sleeper supply under project 201 & 202 in UP GMR Infrastructure Limited 2,465

2 Approach bridge for Burdwan ROB Rail Vikash Nigam Limited 1,143

3 Sankrail - Santragachi Link Line- Execution of Fly Over South Eastern Railway 1,133

4 Steel girder bridge, along with foundation, sub-structure in UP Rail Vikash Nigam Limited 1,007

5 Bridge over River Fulahar on Sankaritola Ghat of Malda, WB North Bengal Development

Department 935

6 Bridge over River Katakhali for linking Taki Road with Hasnabad

Hingalganj Road in North 24-Parganas, West Bengal

Southern Highway Circle, P.W.

(Roads) Directorate 813

7 Bridges with viaduct in Sunderban and districts of South 24 Parganas Hoogly River Bridge Corp 725

8 Development work of Lohiya Botanical garden in Kanpur Kanpur Development Authority 710

9 Civil, Structural & Architectural Works for Intake Well, Intake Pump House

and Approach Bridge for Raghunathpur Thermal Power Station Damodar Valley Corporation 641

10 Construction of open web through Girder Bridge Eastern Railway 583

• Increase in capital allocation for infrastructure & railway by Government of India. More than INR 8,500 bn to be

invested in railways in next 5 years

• Investment of INR 65,810 mn for constructing 917 RUBs and ROBs to substitute 3,438 railway crossings

• Around 350 Bridges and ROBs construction on highways under Setu Bharatam scheme presents opportunity

• Rehabilitation of old operational steel girder bridges, and increased spending on doubling, tripling and new lines

• Investment in decongestion of railway network by increasing track length by 20%

Growth Prospects: Revival in Railways

22

Railway Capex Plan (FY16-20) INR bn

Network decongestion (including DFC, electrification, doubling) 1,993

Network expansion (including electrification) 1,930

National projects (Northeastern & Kashmir connectivity projects) 390

Safety (track renewal, bridge works, ROB, RUB and signaling & telecom) 1,270

Rolling stocks (locomotives, coaches, wagons – production & maintenance) 1,020

Station redevelopment and logistic parks 1,000

Passenger amenities, High speed rail & elevated corridor, IT and Other 957

Total 8,560

• Ministry of Railway’s commitment to build nearly 2,800 km dedicated freight corridors by 2022

to result in more DFC contracts

• Sleepers manufacturing opportunity for GPT:

» 1 km of DFC requires ~1,600 sleepers (with 6,000 km length spanning both ways, the opportunity

is as huge as 10 million sleepers)

» GPT has already won order from GMR worth INR 2,465 mn for EDFC

• Bridges opportunity under DFCs (over 1,600 bridges/ ROBs/ RUBs):

» EDFC to include construction of 104 bridges, 368 ROBs, RUBs and 21 flyovers; also includes

reconstructing nine existing ROBs and extending ten existing RUBs

» WDFC to include 262 bridges, 33 flyovers, 505 ROBs and 200 RUBs; also includes the reconstruction

of 24 existing ROBs and lengthening ten existing RUBs

23

Growth Prospects: DFCC opportunities

• Strong presence in Africa, where transportation and infrastructure

demand is growing:

» One among three suppliers in South Africa

» Only supplier in Namibia

• Key Growth driver for African railways:

» Need for effective and integrated logistics to manage global supply

chain, especially South Africa

» Emergence of metropolitan cities need new urban transport system

» Increase in mining activities require high capacity rail infrastructure

to provide better economy than road transport

Growth Prospects: Presence in Africa

24

Key Focus Area

• Improving working capital cycle through better payments from customers

• Focus on trimming interest costs to improve EBITDA margin

• Striving for challenging contract that need high degree engineering skill and

offer higher margins

• Growing business proportionately by leveraging expertise to tap emerging

opportunities

• Improving capabilities in the EPC segment and expanding into industrial

projects

• Forming strategic joint ventures to share technical know-how and entering

new fields of work

25

A. Rails & Roads

Provide end-to end

solution

Expertise in

constructing

elevated metros,

concrete

pavements

Railway bridge projects expected under DFC

Bridges construction initiatives by NHAI &

State government

Elevated track and flyover projects expected

B. Bridges

Undertaking

turnkey projects

Expertise in

foundation and

superstructure

Innovative

construction

Big projects expected to come from NHAIs & State

PWDs

Flyovers & Metro projects expected to

come from government

C. Steel Bridges

Constructing mega

bridges with steel

superstructure

Executing projects

over difficult

terrain, flowing

river,

Railway board stresses to build steel girder bridges

Railways plan to rehabilitate old bridges

with steel girders

D. Industrial Infra

Capability in

foundation work &

structural

fabrication

Expertise in

executing railway

siding, roads

Heavy foundations, steel

fabrication work for power sector

Power plants and construction of

workshop/factories for railway captive use

Capitalizing on the Growth Core Strength

Opportunities

Investment from Airport Authority in Non-Metros

& Tier II cities

26

Key Financials – Revenue & EBITDA

• Revenue decline is due to difficult

market conditions

• Recovery in market and rising

infrastructure investment present

significant upside potential

• New orders to boost top line in the

next two years

• Continued focus on profitability and

operational efficiency

• Healthy EBITDA margin, maintained

in the range of 13%-15% even in

tough market conditions

INR mn

INR mn

27

4,853 4,550

3,920 3,253

2012-13 2013-14 2014-15 9M 2015-16

Consolidated Revenue

13.5% 13.4% 15.6% 16.4%

2012-13 2013-14 2014-15 9M 2015-16

EBITDA Margin

639

608 612

535

2012-13 2013-14 2014-15 9M 2015-16

EBITDA

• Around ¾ of the revenue is generated from

infrastructure, remaining comes from concrete

sleeper

• Both Infrastructure and Concrete revenues have been

strong for 9M 2015-16

• Received orders for more than INR 8,800 mn so far

through fiscal 2015-16

Key Financials – Revenue break-up INR mn INR mn

28

3,543 3,116

2,899 2,539

2012-13 2013-14 2014-15 9M 2015-16

Infrastructure

1,271 1,264

912

710

2012-13 2013-14 2014-15 9M 2015-16

Sleeper

0%

25%

50%

75%

100%

2012-13 2013-14 2014-15 9M 2015-16

Infrastructure Sleeper

Q3 FY16 Financial Highlights

29

INR Million Q3 '16 Q3 '15 YoY% 9M „16 9M „15 YoY%

Revenue 1,231.6 818.5 50.5% 3,248.5 2,552.2 27.3%

Other Operating Income 1.3 1.6 -17.8% 4.5 7.1 -36.8%

Net Sales 1,232.9 820.1 50.3% 3,252.0 2,559.3 27.1%

Operating expenses 1,024.5 662.9 54.5% 2,718.2 2,108.7 28.9%

EBITDA 208.5 157.2 32.6% 534.8 450.7 18.7%

EBITDA margin 16.9% 19.2% 16.4% 17.7%

Depreciation 56.5 46.9 20.4% 162.2 147.0 10.4%

Other Income 8.3 8.5 -1.8% 41.8 49.4 -15.4%

Interest 110.3 98.7 11.8% 293.9 304.9 -3.6%

PBT 50.0 20.1 148.7% 120.5 48.2 149.9%

Tax Expenses (Credits) 15.5 -0.1 25.6 5.0

PAT 34.5 20.2 70.4% 94.9 43.2 119.8%

Minorities -0.8 1.1 -178.9% 5.4 3.5 50.9%

PAT after Minorities 35.3 19.2 84.3% 89.6 39.7 126.0%

PAT Margin 2.9% 2.3% 2.7% 1.5%

Q3 FY16 Revenue Breakup

30

As per Businesses As per Geographies

INR mn

1003, 81%

229, 19%

Infrastructure Concrete Sleepers & Allied

111, 9%

28, 2%

1093, 89%

South Africa Namibia India

INR mn

Net Working Capital Days

31

Focus on working capital cycle..

Mar '14 Mar '15 Sep '15 Dec '15

191

239 234

199

Focus on improving WC:

Better & faster payments from clients

Consistent follow-up to reduce certification

time for project

Mobilization advance, 50% of which is interest

free

Working Capital (Days) Mar „14 Mar „15 Sep „15 Dec „15

Debtor 72 81 72 60

Other Current Assets 161 193 189 164

Inventory 61 81 83 72

Creditors 102 115 111 98

Net WC Days 191 239 234 199

32

.. And reducing finance charges

Interest & Finance Charges Finance charge (INR mn) FY 14 FY 15 9M FY16

Interest on borrowings 270 305 217

Interest on advances 65 70 46

Finance charges 44 32 31

Total 379 407 294

Debt repayments - INR 189 mn of debt

repaid in 9M FY16

Interest free mobilization advance

Reduction in interest rates by banks

Better working capital cycle

FY14 FY15 9M FY16

379 407

294

8% 10%

9%

As % of net sales

For any further information, please contact the following persons:

Contact Information

GPT Infraprojects Ltd. Stellar IR Advisors Pvt. Ltd.

CIN L20103WB1980PLC032872 U74900MH2014PTC259212

Name Atul Tantia Gaurang Vasani / Pooja Dokania

Email atul@gptgroup.co.in vgaurang@stellar-ir.com /

dpooja@stellar-ir.com

Company website www.gptinfra.in www.stellar-ir.com