Institutional Equities - Online Share Trading

Institutional Equities
Exhibit 13: BOT toll revenue trend
(Rsmn) (%)
3,000
30
2,500
25
2,000
20
1,500
15
Exhibit 14: Project- wise toll revenue trend (1QFY12)
Pune - Solapur; 1.5
BOT Revenue (%)
Pune - Nashik; 2.0
NKT; 1.3 Kharpada; 0.8
Thane - Ghodbunder;
MMK; 0.7
2.5
Tumkur-Chitradurg; 4.1
Mumbai - Pune; 35.4
TBB - 4 (Mumbra); 5.6
1,000
500
10
5
Bharuch-Surat; 12.1
-
1QFY11 2QFY10 3QFY10 4QFY10 1QFY12
BOT revenue
%YoY
0
Surat-Dahisar; 33.8
Source: Company, Nirmal Bang Institutional Equities Research
Source: Bloomberg, Nirmal Bang Institutional Equities Research
Exhibit 15: State-wise market share
IRB Infrastructure is top beneficiary of traction in road segment
NHAI is expected to tender road projects of around 24,000km in the next three years, of which around
6,000km is expected to be awarded in the next six months. During the past six months (April 2011 onwards),
NHAI has awarded projects worth Rs164bn (around 1,851km) and has given a clear timeline (with project wise
details) to award projects worth around Rs483bn in the next six months. Out of the recently awarded projects,
the company has already secured one mega project worth Rs49bn (construction cost Rs36bn) with a
concession period of 25 years. The company is targeting incremental orders worth Rs25bn to Rs30bn in
FY12, which translates into 13% of projects that will be awarded by NHAI during the year. As one of India’s
largest integrated players in the road space, the company would be a natural beneficiary of the multi-fold
opportunity in the sector.
States Maharashtra Gujarat Rajasthan Punjab Karnataka Goa
NH/SH NH 3,4,8,9,17,50, SH,141,149 NH 8 , NE-1 NH12 NH15 MH 4 NH 4A
Total km 633 390 146 102 114 69
Total lane km 2672 2095 585 410 684 276
Road Portfolio as per lane km (%) 47 19 10 7 12 5
GQ length in km (comprising 11.07% of total GQ length) 246 287 - - 114 -
Source: Company, Nirmal Bang Institutional Equities Research
Exhibit 16: NHDP project status
Phase
I II III IV V VI VII
Total length (KM) 7,609 7,300 12,109 14,799 6,500 1,000 700 50,017
Completed till date (KM) 7,076 5,683 2,294 0 596 - - 15,649
Completion rate as a % of total 93.0 77.8 18.9 - 9.2 - - 31.3
Completion from 30 April 2010- 31 March 2011 (KM) 97 616 645 - 353 - - 1,711
Under implementation (UI) (KM) 513 1,038 5,805 765 1,918 0 41 10,080
UI as a % of total 6.7 14.2 47.9 5.2 29.5 0.0 5.9 20.2
Balance length for award (BFA) (KM) 20 421 4,010 14,034 3,986 1,000 659 24,130
BFA as a % of total 0.3 5.8 33.1 94.8 61.3 100.0 94.1 48.2
Investments ($ bn) 1.26 6.60 9.97 8.85 3.71 3.71 34.09
Source: NHAI, Company, Nirmal Bang Institutional Equities Research
Total
32 IRB