Ivrcl Trasncript

Company Name: IVRCL Infrastructures Market Cap: 19,224.
24 Bloomberg Estimates - EPS

Company Ticker: IVRC IN Current PX: 72 Current Quarter: N.A.
Date: 2011-02-14 YTD Change($): -56.55 Current Year: 9.090
Event Description: Q3 2011 Earnings Call YTD Change(%): -43.991 Bloomberg Estimates - Sales
Current Quarter: 20795.000
Current Year: 66717.750
Q3 2011 Earnings Call

Company Participants
• E. Sudhir Reddy, Chairman and Managing Director
• Corporate Participant
• S Chandra Sekaran, Executive Director, Hindustan Dorr-Oliver
• S. Chandra Sekaran
• Ram Kumar, Financial Controller
• Balarami Reddy, Director of Finance
Other Participants
• Rupa Shah
• Deepal Delivala
• Pramod Amthe
• Sanjeev Zarbade
• Ashutosh Narkar
• Abhinav Bhandari
• Vaibhav Jain
• Jitesh Bhanot
• Ashish Shah
• Atul Rastogi
• Analyst
• Vishal Sharma
• Madan Gopal
• Vibhor Singhal
• Naveen Jain
• Tina Virmani
• Shailesh Kanani
• Nimit Shah
Presentation
Operator
Ladies and gentlemen, good afternoon and welcome to the Q3 FY11 Results Conference Call for IVRCL, hosted by
Prabhudas Lilladher. As a reminder, all participants lines will be in the listen-only mode. And there will be an
opportunity for you to ask questions at the end of today's presentation. [Operator Instructions]. Please note that this
conference is being recorded.
Joining us on the call today from Prabhudas Lilladher are Ms. Amisha Vora and Mr. Dilip Bhat, Joint Managing
Director, along with Ms. Rupa Shah.
At this time, I would like to hand the conference over to Ms. Shah. Thank you and over to you.
Rupa Shah
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Company Name: IVRCL Infrastructures Market Cap: 19,224.24 Bloomberg Estimates - EPS
Yeah. Thank Farah. Good afternoon, everyone and welcome to the IVRCL's Group third quarter FY11 conference call.
We have with us, Mr. Sudhir Reddy, Managing Director; Mr. Balarami Reddy, Director, Finance; Mr. S.C. Sekaran,
HDO, Director and Mr. Ram Kumar, VP Corporate Affairs & Strategy.
We shall begin the call with a short briefing by Mr. Sudhir Reddy, and then proceed to Q&A. Over to you, sir.
E. Sudhir Reddy, Chairman and Managing Director

Thank you. Good morning everybody. This is Sudhir. I am joining you from Bangalore.
I know as far as the stock market is concerned, I guess it's a pretty bad times. But we can only watch what happens in
the stock market, but it's something we had there. But where we can really help you is probably put in our best efforts
to come out with the best possible results.
We tried and the last two quarters where the -- seem to have a bad and for the first time in the last two quarters, we're
heading in our company. We had a slow down in the growth, because we've been used to growing at about 40-45%, but
this particular quarter I think our revenues have match up, even though the monsoon got extended in a little bit more for
another -- some revenues there.
But that's not a worry at all for us. The good part is we have gone ahead and we bid for jobs for the last three quarters,
we are back close to about 10,000 crores below the walls which we are --, another 20,000 crores which was -- start to
be have to open.
And if you typically grow at -- you will get a fairly decent number to deal with this fiscal year. And I guess we will
even close out by somewhere anywhere between 24,000 to 26,000 crores -- which should typically give us a decent
earnings but having learned the lesson in the last two years of going by the uncertainties in the country, let it be the
right way or political uncertainty or too much of --, what have you not.
There is not one reason; there should be lot of reasons. On our own restructuring process which we are also looking
into. We have now managed to break into a couple of international countries there. We are not trying to be smart. We
are trying to do very, very low and very --, high volume kind of jobs, it's going to be typically...it might be just
advanced of --. It could be low-cost housing in those kind of -- what we are looking at.
We are maintaining our -- rate close to anywhere between 15 to 20%, depending on zone-to-zone. And next three
months to six months, I guess we'll comfortably meet anywhere between 30,000 to 40,000 crores. These are the kind of
works what we have...in fact this is excluding, it actually reminds, this is excluding BOT in IVRCL. These are just pure
play IVRCL game.
And IVRCL as you know, we have in the last week came out with certain numbers or for some of you who have missed
out, we get close for 1,412 crores of top-line revenue and we have 43 crores deals of profits.
And there is some provisions and all which I'll discussed my colleagues, if you -- the CFO of the company, Mr.
Balarami Reddy and Ram Kumar to brief you while when I hand over this particular thing to them. they'll gives you the
interest cost or the current working capital. These are the things which you normally have.
And Andhra Pradesh which is a Andhra Pradesh Government and for which was the source point when you look at
IVRCL, I guess all of you look at IVRCL Andhra Pradesh, and Andhra Pradesh is IVRCL. Unfortunately, everyone of
us in this country have works in Andhra Pradesh but we feel to have been, -- seems to be answering us --.
While in Andhra Pradesh in the last quarter, we did about 100 crores of revenue. And in the nine months, we have done
about Rs. 250 crore of AP total number, this is what we have projected. And if you go in AP, it's close to about Rs. 51
crore. The kind of orders which are still pending to be completed near about 3,000 crores which includes our own job
plus, the back to back contracted job.
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So again, there is store problems there. We are pretty comfortable in that particular --. So we will have this increasing
effect on the countries, government really picks up. -- the margins would be so much more better but we are not taking
that into consideration at all.
Moving back into order book again, out of this it should be 24 or 25,000 crores -- orders and this year we have to keep
on changing in water and we have got 15% in growth and 10% in power which includes -- 20% in industrial building
and industrial structure.
This is one area where again we are moving. When we used the term industrial structures, we are addressing in the last
couple of years into refineries, now I guess you will hear us, you will definitely hear us doing couple of large jobs for
couple of large steel plants which we are going to happen both in the south and in the east. We are hoping for some of
this work to come about like I said AP Government still about 3,000 crores, Government of Maharashtra, Maharashtra
will be about 30% of --.
Coming down to IVRCL, Assets and Holding had a fantastic year, good construction status right now. All the roads are
fantastic, freights available for construction and as far as the investment is concerned this year we just have to invest
about Rs. 27 crores. Next year we need to invest close about Rs. 350 crores --.
So there is no worry in that front. This are some of the doubts that we had and there is no worries in that. We are
looking into couple of revenues to raise money for next year. We have one full year for that.
And we are quite hopeful, we are working out which -- couple of this projects. And also in IVRCL as I said, our Super
Thermal Power Projects has really taken off. It's almost about 106 booking plots have been booked and advance is
collected.
The registration has started. It's just about three or four registration took place, but 80% of that plot sold will not come
under construction, this is the Phase I. Seeing the demand in the Phase I, we will be opening out the Phase II and Phase
III. And so we will continue, so we won't do any external fund rising in IVRCL or IVRCL SS or Hindustan Dorr -
Oliver in this next or in this quarter. We would all leave at that. We are very, very comfortable in that particular period.
And I would leave you with that. And I would like to take questions and I will have Mr. Balaram and Mr. Ram Kumar
answering you on the financial side. I'm available right through the call, Sekaran from HDO, he is available right
through the call.
Hindustan Dorr-Oliver again has done some fantastic work. You keep hearing lot of rumors of Hindustan Dorr-Oliver
sale, it is not for sale. Right now, we are moving well ahead and Hindustan Dorr-Oliver and -- in England have moved
quite well. There were will be some good news coming out from England, but for that, another two quarters are needed
for moving aggressively in nuclear.
Hindustan Dorr especially have more back -- Rs.104 crores for the work in the nuclear manufacturing side. Forget
the...I'm not talking about EPC. EPC is at -- people but in manufacturing, they are more than 350 crores.
So Hindustan Dorr has moved quite well in that. Hindustan Dorr is also known as now in Indian, we see iron ore
verification, that kind of verification. So, every year, we are adding a new qualification. Add to that, thanks to --. I
think we will do quite well and make a good entry into...in the nuclear side.
And again -- support, we will take it for the mining side, wherein we would be bidding for close to more than 100
mining points would required in this country in the next one or two years which about five, I think we are going to bid
for Hindustan Dorr, one we have already bid for...
Corporate Participant
-- operation.
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On the -- gold mines and those things will continue. So Sekaran can take a call separately on that and he will do it. And
I would appreciate and next time I think we would like to take a separate call and discussed for IVRCL Assets &
Holdings and for Hindustan Dorr-Oliver, all three are different companies. We can't really trap ourselves into one call
but this time, let's have it this way but next time onwards I guess, we would like to spend more time with you on each
of these companies separately.
Thank you very much.
Rupa Shah
Farah, can we get to Q&A.
Questions And Answers

Operator
Sure. Ladies and gentlemen, we will now begin with the question-and-answer session. [Operator Instructions]. Our first
question is from the line of Deepal Delivala from CITI. Please go ahead.
Deepal Delivala
Yeah. Good afternoon, everyone. My first question is on order inflow till date. How much have we got so far in
IVRCL?
In IVRCL, we have around 7,500 crores of orders backed till date, this includes L1 also.
Deepal Delivala
And this includes all your BOT orders as well?
Yeah, only to the extent of a construction portion in that.
Deepal Delivala
Okay. So 7,000 and what is our target for this year?
We should probably close this year anywhere around 24 to 25,000 crores of order book side.
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Deepal Delivala
Okay. Sir, in terms of your guidance for the current year, what kind of top-line growth should we look for over last
year?
This year in the sense, you are talking for...
Deepal Delivala
FY11.
FY11? We continue to maintain our guidance. We should close this year around to 6,250.
Deepal Delivala
Okay. Sir, in terms of our current gross debt. How much is the gross debt?
2,200 crores.
Deepal Delivala
2,200 crores?
Yeah.
Deepal Delivala
And any view on the margins?
Margins at EBITDA level?
Deepal Delivala
Yes.
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It should range between 9.5 to 10%, depending on the projects mix, the margins could vary a little bit.
Deepal Delivala
Okay. If you could just give the broad balance sheet numbers in terms of the working capital?
Working capital will be around 2,000 crores, excluding the tax to the other subsidiaries which we would have given.
Deepal Delivala
So, how much would be the debt of the subsidiary?
450 crores.
Deepal Delivala
Okay. This is net current working capital?
Correct.
Deepal Delivala
And cash on book?
It will be around 75 to 80 crores.
Deepal Delivala
Okay. So from IVRCL, we won't see any investments into the BOT subsidiaries over the next two years, right?
Absolutely not. That is one of the reasons why we de-merged and made a separate company out of it. So you won't see
any investment from IVRCL. Probably, some short-term debt will be provided or something like that, but there won't
be any investment from IVRCL.
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Deepal Delivala
Okay, sir. Thank you so much. I'll come back with more questions if I have any.
Operator
Thank you. Our next question is from the line of Pramod Amthe from RBS. Please go ahead.
Pramod Amthe
Hi. This is with regard to the...your guidance again on the top-line. Would you give some confidence why you are
looking at such a...even though this quarter you have done almost a 30% quarter-on-quarter rise. What is the confidence
driving the fourth quarter rise of almost over 100% on a quarterly basis?
If you look at last year fourth quarter, we almost did around 2,000 crores of revenue. And if you look at why we were
not able to do in the previous quarter, that is the second quarter, it's mainly because of rains.
So, typically fourth quarter is a pre-shift period where you are not effected by rains, and the weather is more favorable
where you won't find costings come everywhere for laborers not to work. So, typically fourth quarter is the better
quarter compared to the other quarters.
Pramod Amthe
And would you give, how much was lower contribution in this quarter and nine months. And how it could shape up,
might be going forward, as you have more BOTs?
Growth contribution will be around 225 crores in this quarter.
Pramod Amthe
And nine months?
In the nine month, just a second, I'll give you the number. Yeah, around 450 crores.
Pramod Amthe
And any thought, how it should shape up considering the BOTs which you have in-hand?
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See, in the initial period of any road, the first six months is more of planning which has to go in. so you won't find
much of revenues coming in. which is a period which we normally try and ensure that this is the same period in which
we do the financial closure. Subsequent to that, it's a low value job which is network and stuff like that will happen.
Towards the middle of the project, there should be higher revenue which will come in. And the end of the project
almost 20-25% of the revenues will start coming in which is high value item which is the Bitumen portion of the
project. So, this is how typically a road project will start up in terms of revenues. So, we are in three projects, we are in
the first phase currently.
Pramod Amthe
Okay.
And three other projects, we are in the very initial stages where the planning is happening currently where only the
financial closure portion is being started now. So probably, next year will be a better year for roads overall. And
towards the end of next year, we will start seeing the Bitumen also being led.
Pramod Amthe
So because last two, three years you have been ranging in the...from 13-14% of your total sales coming from roads?
No, we have done only less than...we have been doing around single-digits numbers in roads, because most of the BOT
projects have been backed only in the last one year. Last year, road contribution was very minimal for us.
Pramod Amthe
Do you think that changing drastically?
It may not changed drastically but maximum you will end up seeing is around 17 to 18% of the contribution will come
from roads, because other sectors are also growing equally well.
Pramod Amthe
And last question is even though you're sales traction is going to improve. What's the thought on receivables
considering the fourth quarter is usually the budget clearance and all happens. So, any relief expected or you feel
more...it will be worst than the current quarter in terms of receivable side?
See, the receivables are almost similar levels at the previous quarter. So there is nothing which has changed drastically.
And see it should not be generalized that one client could lead to the same similar kind of a thing everywhere.
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And in fact, the best client for us is actually Andhra, we have been able to see the receivables very low there. So it's all
about risk management. So, you have to ensure that you do projects faster where the clients have money. And there
could be some locations or some regions or some projects specifically where we might not have pre-qualifications.
So, we might, little bit aggressively, we might take up work in such a way that it could be backed in that kind of
receivables for us. So, it's a balancing game which we need to take for growth also.
It will be 75 to 90 days of the third quarter turnover will be receivables, not more than that.
Pramod Amthe
Okay, sure. Thanks and all the best.
Operator
Thank you. Our next question is from the line of Sanjeev Zarbade from Kotak Securities. Please go ahead.
Sanjeev Zarbade
Hi. Yes, sir. My question is for Mr. Sekaran for Hindustan Dorr-Oliver. Basically in our last previous con-call, in
second quarter, you had guided for around 15 to 20 billion kind of a order backlog as an exit order backlog for FY11.
So how are we positioned as of now given that almost 1.5, the quarter is already behind?
S Chandra Sekaran, Executive Director, Hindustan Dorr-Oliver

Yeah. I mean see during the year now, I mean, we have got orders worth about 750 crores. Out of which, L1 orders are
about 300 crores. So, even as on date, after taking the revenue of about 750 crores what we have done, still our order
book is around 1,300 crores.
Sanjeev Zarbade
Yeah. And how...for this current quarter the order...?
S. Chandra Sekaran
Current quarter again, definitely as on date, our pending grids to the various customers on the various segment is to the
tune of around 6,000 crores. So, we are very positive in the next 1.5 months. We should be getting orders, I mean worth
about at least minimum. So, we have 700 to 800 crores.
And some good orders, -- probably you need to also talk about your manufacturing getting some...
Page 9 of 46
S. Chandra Sekaran
Yeah, in the manufacturing front, we have been able to make a big headway on that. Last year for example, 1st of
April, we opened our order book was around 80 crores. Probably this year, we have already backed about 160 crores of
orders, only for direct manufacturing for -- which is inclusive of Nuclear for Corporation. We got orders worth about
85 crores.
Sanjeev Zarbade
Okay. In this 1,300 crore, how much is the manufacturing shares, sir?
S. Chandra Sekaran
That is approximately around 215 crores is the manufacturing orders.
Sanjeev Zarbade
215 crores.
S. Chandra Sekaran
Yeah.
Sanjeev Zarbade
Okay. So basically what we are seeing is that in the first nine months, our order intake on a quarterly basis average
around 250 to 220 crores. So, in the fourth quarter that we are currently in, it should be substantially better.
Yeah, it will be, definitely be better, because we have pending bids, some of the projects got delayed like Uranium
expansion project got delayed. Uranium, Gogi project got delayed. All of them all are likely to break open in this year,
in this quarter. At least one of the Uranium projects will get opened this quarter.
Over and above, we have bidded for the nuclear jobs and with some more jobs with the I mean Vedanta, Zambia we
have bidded for a job. Vietnam, we have bidded for a paper and pulp job. So, all these things should get analyzed
before the year end.
Sanjeev Zarbade
And, sir the other expenditure is down for the quarter. Even on a sequential basis, it is substantially lower. Any reason
particular, sir?
Ram?
Page 10 of 46
Sanjeev Zarbade
Other expenditure.
Yeah I mean, Ram.
Ram Kumar, Financial Controller

The other expenditure, last quarter if you take, we had some provisions which we were making in the books earlier.
They were no longer required. So that is not done in the books now. That's all.
Sanjeev Zarbade
And sir, the interest expenses are also up sequentially from 4 crore to 6 crore without much increase in turnover?
Two reasons. One is our...the number has been going up. So, we are now fully utilizing our working capital limit to the
extent of 200 crores. Our interest rates has gone up from 9.5 to 10.5% in HDO.
Sanjeev Zarbade
Okay. Okay, sir, that's it from my side. And all the best. Thank you.
Thank you.
Operator
Thank you. Our next question is from the line of Ashutosh Narkar from HSBC. Please go ahead.
Ashutosh Narkar
Yeah, hi. I have two questions on the working capital. One is out of this 2,000 crores, can I get a sense about what is
the debtors?
1,900 crores.
Ashutosh Narkar
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Yeah. Ram just one more question. In Q1, you guys have said that around, your total exposure to Andhra was around
3,700 crores and right now it is close to 3,000. So have you seen any order cancellations in the Andhra segment?
No, there is no cancellation in the Andhra Pradesh. It was not 3,700, it was around 3,200 or 3,300.
Ashutosh Narkar
Okay.
And around 100 is what we have completed in this quarter.
250 is in this nine months.
Ashutosh Narkar
Okay. Pprobably my number were wrong then. One last question on IVRCL assets, if you can give some, throw some
light on one, the Sion-Panvel and the Goa Highway? What's the current status?
Sion-Panvel, we have already signed the construction agreements.
Ashutosh Narkar
Okay.
We will, financial closure is in the final stages which should get launched or get closed shortly. We will announced
that. Panvel I mean Goa-Maharashtra is in the similar stages. We should be signing the construction agreement
probably in a week or 10 days time frame. And subsequently, we will go our financial closure in that project.
Ashutosh Narkar
On the Goa Highway, has the alignment been changed in the result of that, any cost increased?
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There are no cost increase. There could be little bit of cost saving actually there. But that's not very...that's very
marginal. With some places where land acquisition was slightly modified, there could be some allignment changes.
Ashutosh Narkar
Yeah.
That's a part of any road projects for that matter.
It's not the alignment shifting, it is only reduction of the -- of the road, total road.
Ashutosh Narkar
Okay. Just last question again on the Sion-Panvel. So if you signed the...you've recently signed right. So what is our
date to complete the financial closure?
March ending.
Ashutosh Narkar
End of March. Okay, thanks a lot.
Operator
Thank you. Our next question is from the line of Abhinav Bhandari from Elara Capital. Please go ahead.
Abhinav Bhandari
Hi sir. I had a few questions. On IVRCL, what kind of CapEx have we done now in nine months?
Nine months, it is around 110 crores.
Abhinav Bhandari
Okay. And can you give a break up of order book from our own in-house projects and roads?
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It will be around 6,000 crores will be in-house projects.
Abhinav Bhandari
Okay. And can you give some color on the toll collections for the quarter from the projects which are operational?
Around 25 to 27 lakhs per day is what is coming in the toll collection per day.
Abhinav Bhandari
All three put together?
All three put together.
Abhinav Bhandari
Okay. And what's the construction stage for Baramati-Phalta and Indore-Gujarat?
Baramati-Palta almost 25% of the construction, 25 to 30% of the construction is completed in terms of financial
progress.
Abhinav Bhandari
Indore-Gujarat, sir?
Indore-Gujarat is just starting. And there again, around 17% is completed in Indore-Gujarat project.
Abhinav Bhandari
Anything on Chengapalli and Chandrapur projects?
Chengapalli around 7% is completed. Chandrapur is yet to start.
Page 14 of 46
Abhinav Bhandari
But we have signed the agreement in case of Chandrapur or we are still waiting for that?
We have signed.
Abhinav Bhandari
Okay. And how is this IOTL project going on any update on that?
65% of the project in terms of our portion of construction is coming through that. And once our portion is completed,
there are some fabrication work also which has started. So, you can take that the overall project is around 30-35%
completed as a BOT.
Abhinav Bhandari
Okay. Just I mean since you've said that you've started booking some revenues from the real estate front. Would you
give some color as what's going to be our strategy now on the projects where we are working?
See, we continue to do the same thing. Sriperumbudur is one project which we have launched. So their plotting and as
well as villas have started sold now. Phase I is where we have started selling the plots there. Probably by March or
April, we will start seeing the greenery which is more like the golf course will be ready therein Sriperumbudur.
In other projects, we have not gone to this extent of launching. Jigani is one project which we launched much earlier
and probably we will continue to complete the projects and handover to the existing bookings what we have done.
There are a few projects where we have seen good investor interest coming both in terms of Bangalore where we have
around 14 acres of land near Bannerghatta Road, Udaipur as well as for Noida. So we are evaluating what would be our
best option either at the -- or outright sales.
Abhinav Bhandari
And any good news that we can hear in the near term on the plot selling thing that you are earlier sort of interested in?
We have done that in Sriperumbudur, we have done around 106 plots sold already.
Abhinav Bhandari
Page 15 of 46
Okay. And just one question on Hindustan Dorr. Just wanted to understand that if this 700-800 crores of new orders
what we had think might come by let's say Q1 FY12. Would it put any pressure on our sort of next year projections for
FY12. Would we be still be growing at around 35 odd percent?
Yeah. We will be still continue to grow around 25 to 30%.
Abhinav Bhandari
Okay. And could you provide the break up of the order book sir? You said manufacturing is around 250 crore, what...?
Yeah. On the general front, the order book is around 40%. Water is about 32%, and the other projects we have about
13%, and the manufacturing is about 15%.
Abhinav Bhandari
Okay. And can you just quickly give the...some of the balance sheet items. Debtors, loans and advances, creditors?
Yeah.
Yeah. Our debtors is 250 crores, and loans and advances are around 130 crores and net working capital is 355 crores.
Abhinav Bhandari
Gross loss sir?
Gross loss is 110 crores.
Abhinav Bhandari
Okay. That's it from my side. Thanks.
Yeah.
Page 16 of 46
Operator
Thank you. Our next question is from the line of Vaibhav Jain from Religare Capital Markets. Please go ahead.
Vaibhav Jain
Good afternoon, sir. Sir, my question is on the working capital side. Given the fact that, the proportion of road projects
and overall revenues will move up in next year. Do you think there could be some respite on the working capital side?
See, two things about working capital is working capital is a very seasonal one. One is in the middle of the year, more
probably towards the second and third quarter. You will see a higher working capital, probably fourth quarter you will
see working capital easing out.
So this is the overall working capital. And again within roads, it's also depends on what level of roads, what portion of
road you are constructing. Like if you for example if you are doing Bitumen portion of the road, probably you may end
up paying some advances for Bitumen purchase for your working capital will vary accordingly. So, it also depends on
which type of roads et cetera and the location also varies a lot.
Like for example, if you take Paradip Refinery Project which we are doing, I mean of course it's not a road project. But
before even we got the LOI, we had almost 25 to 30% of the aggregate requirement already stacked up. So, the working
capital certainly goes up because of this kind of things which you need to plan in advance.
This is just to ensure that one of the key raw material which is aggregate is taken care of. So in a road, where you don't
have right away where the quarries are not close by probably you will end up spending more money on the quarries or
the aggregates et cetera. So it is just road dependent is what we would say.
Vaibhav Jain
Okay, sir. The reason I'm asking is that in terms of the fact that these are your own road projects. As far as planning of
work is concerned that is more or less in your hands unlike other government funded projects.
Correct.
Vaibhav Jain
So I was just thinking if there could be some respite on the working capital side whereas as you said it's difficult to
predict even for you right now?
See simple fact is we need to borrow in only one company, either in IVR Assets or in IVRCL.
Vaibhav Jain
Page 17 of 46
Correct.
So, if we are borrowing in IVR Assets, probably that much of payment will automatically be done for IVRCL. So it
could be a good respite for IVRCL. But at the same time, IVRCL may have to pay us for some advances et cetera for
Bitumen purchase et cetera. So it's just dependent on specific roads and assets which we are looking at.
Vaibhav Jain
Okay,sir. Sir, my second question is on the margin side, will it impact your margins, improve or may have a negative
impact on margins? Especially the fact that you have a large number of road projects which will be done by you.
No, it won't effect our margins. It will still range between 9.5 to 10% because road as a percentage, is overall revenue
will still be around 15% or so only.
Vaibhav Jain
Okay.
So, it will not have a major impact on the margins.
Vaibhav Jain
Unless there is a sharp rise in commodity prices, correct? Because in that case, your overall project cost on the IVRCL
asset side is more or less fixed.
More or less fixed. But the other way of looking at it is when we take the projects in IVRCL, even though it might be a
part of that project could have been given on the fixed price basis, the escalation is already built into that.
Vaibhav Jain
Okay.
As a construction company, nobody will take a risk on commodities either you will have a price escalation clause or
you will have escalation clause already built into that price.
Page 18 of 46
Vaibhav Jain
Okay sir. Sir, that's it from my side. Thank you.
Operator
Thank you. Our next question is from the line of Jitesh Bhanot from Emkay Global. Please go ahead.
Jitesh Bhanot
Hello?
Yeah.
Jitesh Bhanot
Yes. Sir, my question is on IVR Asset, if I remember it correctly, to execute the current portfolio, you required about
1,350 crores of equity.
Right.
Jitesh Bhanot
Whereas, the mobilization or the money which is already there is 150 crores from -- capital and 250 crores for IFCL.
So how would be the balance 950 crores be tied up, if you can throw some color on that?
See, what will end up happening is, there are few projects where we are trying to get invested. So that means we will
sell minorities taken those in these projects. So that means, our portion of investment which needs to be done will come
down through that.
And three roads in Tamil Nadu, we have already received couple of term sheets. So, we are evaluating which would be
the best option to look at that. Probably, if that is going to happen, probably that will also ensure that we have taken
care as far as cash flows are concerned.
And out of the 950 which you are talking, there is another 250 crores which will be done at CCD for the balanced three
projects which are under financial closure, which is Panvel-Sion, Goa-Maharashtra, and Chandrapur-Ghuggus.
So effectively, it is an amount of 700 to 750 crores in the next 2.5 years which needs to be invested. And there are some
banks like Central which have already approached us in terms of CCDs or any structured finance which is available in
these projects?
Page 19 of 46
Jitesh Bhanot
Okay. Just to build-up on that, let's say if you evaluate which the options which are evaluating of diluting at the SPV
level. So, 1,350 which recently was your contribution would come down to how much?
It might come down to 300 to 350 crores.
Jitesh Bhanot
1,350, will come down?
No, no, 1,350...let's not start with again 1,350 number. 1,350 minus for 950.
Jitesh Bhanot
Okay.
And, balance out of 950 minus another 250 for CCDs, which will do for the balance three projects.
Jitesh Bhanot
Correct.
We'll make it around 700 crores.
Jitesh Bhanot
Yeah.
And if we sell the three projects, our equity will come back to us, and there could be a premium also attached to that.
So, that means effectively it will take care of major portion of this number.
I know, what you assume this number now. So, this is where it will start-up. And, any real estate which will get sold in
the next two years will also add to this same cash flow.
Page 20 of 46
Jitesh Bhanot
Okay. And, just wanted to know the financial closures with your -- for some of the projects? What are the tentative
interest rate you're getting the core fact?
Around 11%.
Jitesh Bhanot
Okay. And, one last question. Can you give us the break-up of revenues for the segment for the nine month, water
transportation?
Buildings around 300 crores.
Jitesh Bhanot
Okay.
Water 650. Power 80.
Jitesh Bhanot
Okay.
Transportation 180.
Jitesh Bhanot
Okay.
Oil and Gas and others 220.
Jitesh Bhanot
This, you've given me for quarter three?
Page 21 of 46
This is for Q3.
Jitesh Bhanot
Can you give me for nine months numbers?
Nine months is 3,600 is the total.
Jitesh Bhanot
Okay.
Buildings is around 850 or 875. Water will be around 1,700.
Jitesh Bhanot
Okay.
Oil and gas and others will be around 500. Transportation around 450.
Jitesh Bhanot
Okay. Yeah.
Power is 150.
Jitesh Bhanot
Okay. That's it from my side, sir. Thank you.
Operator
Thank you. [Operator Instructions]. Our next question is from the line of Ashish Shah from IDFC Securities. Please go
ahead.
Page 22 of 46
Ashish Shah
Sir, couple of questions. One, could you indicate what is the L1 for the quarter, at the end of the quarter? L1 orders?
Around 2,000 crores.
Ashish Shah
Okay. And sir, what is the advance that you've received in your Sriperumbudur project or what is the realization from
abroad sales? Anything on that front?
Around total booking, if they were to be I mean converted into cash, probably that should be equal to around 30 crores.
I think we would have received around 5 to 6 crores of advances currently.
Ashish Shah
Okay. And over what period will this entire 30 crore come in as cash?
Next one year. Because this number which I am giving you is only for the plot.
Ashish Shah
Okay.
And as the registrations and other things starts, the money is payable. In fact balance, I mean, second phase of money is
already payable now for most of the plots.
Ashish Shah
Okay. And how is this progressing. So, in the next let's say quarter or two. How do you expect the cash from this
project to stack up?
This project will not give any cash flow to the parent company because this project is in a separate SPV where we have
a real estate investor there which is Kotak Reality with us.
Page 23 of 46
Ashish Shah
Right.
So effectively what will happen is this project will get self-funding and what we have started as the first phase of the
project is 240 plots. And this is only the first phase and 160 acres of golf course is what we are developing there. So the
cash flows will be sufficient for the developments there in that project itself.
Ashish Shah
Okay. So nothing from the parent company needs to go there?
No. Nothing from parent company will go there.
Ashish Shah
Okay sir. That's all. Thank you.
Operator
Thank you. Our next question is from the line of Atul Rastogi from Daiwa Capital. Please go ahead.
Atul Rastogi
Yeah. Good afternoon, sir. Just one small question, you've IVRC parent has bought these alcohol, petrol and IVRC
building products.
Yeah.
Atul Rastogi
What was the consideration there?
Around 20 crores or 22 crores something like that.
Atul Rastogi
Page 24 of 46
Is that reflected in IVRs numbers, IVR Assets numbers anything?
That is only investment will move. It is a cost moving from IVRCL Assets to IVRCL.
Atul Rastogi
So, there is no loss or gain on this?
No loss or gain. Basically, what happened is these were subsidiaries of the same entities which got merged. We were
waiting for the whole process to be completed. Once the process was completed, these assets have nothing to do with
IVR Assets and Holdings. So, we transferred back into IVRC.
Atul Rastogi
And just one thing, could you give us some idea of consolidated numbers, if possible?
No, on a quarterly basis, we don't do consolidated.
Atul Rastogi
Okay.
Probably it will take another 15 to 20 days for even to come out with that kind of a number.
Atul Rastogi
Okay. And just an idea if how much were to, I mean if you were to adjust the poor performer consolidation, how much
would get knocked off or anything from IVR Assets?
IVR Assets, probably you can remove 498, may be you can remove around 325 from the IVR Assets and almost
nothing from HDO, because we don't do anything, may be 20-25 crores you can remove from HDOs top-line. We
move roughly around 350 crores between these two entities.
Atul Rastogi
Page 25 of 46
And in terms of EBITDA?
This will be added. Pardon?
Atul Rastogi
And that's revenues, but in terms of EBITDA, anything you can?
May be around 9 to 10%, you can remove on that.
Atul Rastogi
Okay. Thanks.
Operator
Thank you. Our next question is from the line of Rishi Iyer from Citigroup. Please go ahead.
Analyst
Hello, sir. Sir, you mentioned the order inflows is around 7,500 crores, hello?
Yeah, tell me.
Analyst
Income -- side, there have been some announcements at the tune of around 9,700 crores. Has there been any
cancellations or something?
No, there are no cancellations.
Analyst
Okay, sir. Okay. Thank you.
Page 26 of 46
Okay. Atul, one more answer which I need to give is the 320 need not be removed it seems, because most of the work
has been done for -- itself, which is only a 37% associates company. So, in consolidation that need not be reported.
Operator
And sir, can we move on to the next question?
Rupa Shah
Yes, Farah.
Operator
Thank you. Our next question is from the line of Vishal Sharma from BNP Paribas. Please go ahead.
Vishal Sharma
Yes, sir. Sir, just going back sometime, I think you're billing rate in October was somewhere about 500 crores. And we
were expecting a ramp up in November-December.
What was the reason or any shortfall because it looks like it was about flattish in November-December also. So, is there
anything that we should be taking from here and what kind of billing rates can we expect in January?
See, monthly billing rate is not the right way to see. Because like for example, if there are any supply portion which
will be there that could skew your billing completely. So, in fact quarterly is also is not the right way to look at billing
because each project depends on what phase it is and what supply it is happening.
Just to give an example, we are doing hydro power plant project now. Probably 350 crores to 400 crores will be the
supply of electric mechanical index. So if that billing happens to the client on supply, you will add 400 crores of
revenue in that single month itself. So that's not the right way to check out about billing rate etcetera.
Vishal Sharma
Okay. And in your -- which you have bought back, was there any P&L impact or was there any non-recurring, any
non-recurring items in this quarter's P&L?
No P&L at all.
Vishal Sharma
Okay. From any other non-recurring, nothing at all?
Page 27 of 46
There is one non-recurring item in the P&L, 5 crores of provision we have done which is a claim which was done three
years back in one of the Tamil Nadu project. We continue to get this follow up done, probably hopefully we should get
the claim also but since it is more than three years as a policy, we have provided for that in the books. So that's the
one-time item which we have taken at the EBITDA level.
Vishal Sharma
And so will this be any tax adjustment will be there on this particular item? Or we can simply add it to the product list?
Yeah, current and deferred tax and EBITDA adjusted between these two.
Vishal Sharma
Okay. So simply I can just add 12 crores to the bottom line?
Yeah.
Vishal Sharma
Just in case to come up with some recurring number.
Every 10 crores you can add back to the bottom line.
Vishal Sharma
Okay. And on your Alkor Petroo transaction, there will be no change in the IVRCL stack and IVRCL assets?
No change in IVRCL assets on that.
Vishal Sharma
Okay, perfect. Thank you very much, sir.
Operator
Page 28 of 46
Thank you. Our next question is from the line of Madan Gopal from Sundaram Mutual Fund. Please go ahead.
Madan Gopal
Good afternoon, sir.
Good afternoon.
Madan Gopal
Sir, I just wanted to know you said 150 crores of the pending investments will be made from real estate sale or
something but the money is not coming from the first project industry --. So probably what is that, can you give some
color on which are the projects that we are targeting for this?
No. This money is not going to come from real estate. This is going to come from the existing BOT projects itself.
Madan Gopal
BOT projects.
Yeah. It could be a sale of existing BOT project or investment from investors into other new BOT projects. So, it could
be a combination of these two.
Madan Gopal
Okay. The second question is, we have three projects which are awaiting financial closures in the BOT side. Of this,
how much has been the order book that has been booked?
It will be around 2,500 crores.
Madan Gopal
2,500 crores, am I right?
3,500 to 3,600 crores.
Page 29 of 46
Madan Gopal
Okay. Of this, we have signed concession agreement for the Sion-Panvel, right?
Yeah. Sion-Panvel and Chandrapur-Ghuggus.
Madan Gopal
Okay. The other project is, when we can expect to be complete?
Another one week, 10 days maybe, two weeks.
Madan Gopal
So all the three will be completed by this year itself?
Yeah, correct.
Madan Gopal
So what kind of execution would happen next year in this in these projects?
What kind of?
Madan Gopal
Execution that we can see in these projects like will 10 or 15%, 20% of the project would be completed in FY12 itself?
See, these three projects are in Maharashtra. So if at all any revenue comes, it has to happen before say June-July kind
of a number. Otherwise, if you miss that, the revenue will start coming only in the second half of next year.
Madan Gopal
Okay. Thank you very much. Thanks for taking my questions.
Page 30 of 46
Operator
Thank you. Our next question is from the line of Vibhor Singhal from Alchemy Shares. Please go ahead.
Vibhor Singhal
Good afternoon sir. Just a couple of quick questions. What would be the cash at the IVRCL asset level?
May be around 15 to 20 crores.
Vibhor Singhal
15 to 20 crores?
Yeah.
Vibhor Singhal
And what will be the gross debt at the IVRCL asset level excluding the debt that we have for the SPVs?
IVRCL asset level?
Vibhor Singhal
Yeah.
IVRCL asset level will be around 400 which is NCDs and the borrowings which we will have.
Vibhor Singhal
Right.
And on the parent, it will be around 300 crores.
Page 31 of 46
Vibhor Singhal
300 crores?
Yeah.
Vibhor Singhal
So basically, this does not include the exact year for the three SPVs that we are working on?
SPV debt will not be taken.
Vibhor Singhal
Yeah, right, that will not be taken.
Yeah.
Vibhor Singhal
Okay. And, basically, sir, what you mentioned was not out of your 30-50 crores that we required as an equity for the
projects, the numbers comes out to 700 crores, right?
Correct.
Vibhor Singhal
Right. So, that 700 crores, I mean, we are looking to raise that money by selling our stake into the, in may be the
existing project or the new projects as well?
Yeah, correct.
Vibhor Singhal
Page 32 of 46
So, is it like we are looking to the get entire funding by those deals or is it like, we would still have to pump in a bit a
money from our side as well?
It could be possible that we can entirely fund it through this.
Vibhor Singhal
Okay.

We have two years time for the total requirement, may be another 300 crores required in the next financial year, and
balance 400 is '12-'13. So about anyone will take the risk.
Vibhor Singhal
So, but that would be taken care by the NTCs and CCVs that we are trying to raise?

Yes.
Vibhor Singhal
By the max. Okay. Off profile sir, the last question, what would be the debt at the IVRCL Infrastructures for company
level project?
2,200 gross.
Vibhor Singhal
Sorry, how much?
2,200 as gross debt.
Vibhor Singhal
Okay, fine. Thank you sir. Thanks a lot.
Page 33 of 46
Operator
Thank you. Our next question is from the line of Naveen Jain from Indiabulls Securities. Please go ahead.
Naveen Jain
Yes sir. Thanks for taking my question. My question pertains to your IVRCL Assets. You in the first nine months you
have done about 425 crores of top-line in IVRCL Assets standalone level. What are you expecting to do for the full
year?
125 to 150 crores may be.
Naveen Jain
In the fourth quarter?
Yeah.
Naveen Jain
Okay. And so that will take it to overall to about 550 to 570 odd crores. So, of this 560 to 570 crores how much will be
your IOTI?
May be around 400, 425 crores.
Naveen Jain
Okay. So in the first half almost 300 odd crores is from IOTI?
Yeah.
Naveen Jain
Okay. And this margin, in the first half you were doing about -- 2.2% was your margin in the first half. And in third
quarter, is obviously much better at 6.8%. So, what is the kind of sustainable margin at this standalone level?
Page 34 of 46
Which company?
Naveen Jain
IVRCL Assets, standalone.
IVRCL what will happen is -- the standalone what will happen is it depends on the project-to-project, probably
sustainable will be around 4.5 to 5%.
Naveen Jain
4.5 to 5%?
Yes.
Naveen Jain
Okay. So how will it work since if I look at your current set of road projects. What proportion of your current road
projects will flow into a standalone revenue of IVRCL Assets in terms in EPC revenue or the fee revenue whatever it
is?
Fee revenue I mean whatever name you call it ultimately, will be around 25 to 30% of your road revenue will flow at
this entity.
Naveen Jain
Okay 25 to 30% and this will also be part of your IVRCL Infra, same revenue?
No need not be.
Naveen Jain
So, basically the EPC part is getting divided into two parts say 75% is going to IVRCL Infra and 25% is going to
IVRCL Asset standalone?
Page 35 of 46
Supply and supervision will be from assets and holdings and the execution will be from IVRCL.
Naveen Jain
Right and the mix could be about 75:25?
Yes 75:20 or 70:30 depending on location projects.
Naveen Jain
Okay. Sure sir. Thanks a lot.
Operator
Thank you. Our next question is from the line of Tina Virmani from Kotak Securities. Please go ahead.
Tina Virmani
Hi sir my question is regarding the FCCBs you have mentioned you've redeemed somewhere around $7 million during
the current quarter, these FCCBs were redeemed
Correct.
Tina Virmani
So the increase in the interest out go in the current quarter to around 59 crores vise-a-vi 48 crores seen in second
quarter of FY11, that is purely on account of your increase in borrowings or this FCCB?
No, there is no impact on the P&L.
Nothing is included about our FCCB in this. The only main thing is last year in the same quarter our average interest
rate is around 7.5 to 8%.
Tina Virmani
Right.
Page 36 of 46
Whereas in this quarter it is around 10 to 10.5%. That is the major impact it has taken.
Tina Virmani
And on a sequential basis also there is a significant jump from 48 crores seen in second quarter of FY11 we have seen
59 crore?
That is what, second quarter also it is not that much tight, third quarter is very tight. So there is no liquidity in the
system and all the bank rates has gone up.
Tina Virmani
Okay, okay. And my second question is regarding the full year guidance that you have given to be around 60 to 50
crores. If we look into 60 to 50 crore, that could basically translate into quarter four revenues of nearly 25 to 2,600
crore.
Yes.
Tina Virmani
And given that we have already past one and a half months in the quarter four, do you see that to be materializing the
easily?
Yes, yes. That is first month only we got the figures which is around 700 plus.
Tina Virmani
Okay.
So it will be progressively improve second and third months and we can easily achieve that...
Tina Virmani
Okay. And the last question from my side, I joined slightly late. Can I get the order book break up of the company in
terms of water building plants station oil and gas and power?
Page 37 of 46
Balarami Reddy, Director of Finance

Yeah sure. Water will be around 11,000 crores, buildings and industrial structures will be around 4,500.
Tina Virmani
Okay.

Power 1,700.
Tina Virmani
Okay.

Transportation 6,500, oil and gas and others around 300.
Tina Virmani
Okay. Thanks a lot, that's all from side.
Operator
Thank you. Our next question is from the line of Shailesh Kanani from Angel Broking. Please go ahead.
Shailesh Kanani
Sir, couple of questions from my side. Sir, what kind of the current -- figures like inventory, debtors or the other current
assets, loans and advances?

No, we don't discuss quarterly numbers, I mean, quarterly balance sheet numbers.
Shailesh Kanani
Okay sir. Sir, just one question on that front again, sir, has there been a reduction in working capital because of first
half of the working capital requirement was around 2800 crores, that is net current assets excluding cash. Has there
been an improvement in the working capitals item in third quarter?
Page 38 of 46
The capital remains the same.
Shailesh Kanani
It's the same.

Yeah.
Shailesh Kanani
So, basically the interest cost has gone up only because of the interest rate hardening.

Correct.
Shailesh Kanani
Okay sir. And sir one more question on the BOT front. How are the revenues planning out for all the operation
projects? Are they in line with our earlier estimates or they are... than that?

Pre-bid estimates no, we are not in line with that, we see that traffic improving, but it is not in line with that but, but
post-bidding whatever we have been seeing it is in line with whatever new numbers which we have seen. So it's more
or less okay now.
Shailesh Kanani
So, earlier I think our guidance was around 1 crore per day for all the four projects operational?

It was suppose to be around 85 to 90 lakhs.
Shailesh Kanani
85 to 90 lakhs. And right now it's what?

It's around that.
Page 39 of 46
Shailesh Kanani
It's around 85 to 90 lakhs. Okay sir, that's all from my end.
Operator
Thank you. Our next question is from the line of Nimit Shah from Daiwa. Please go ahead.
Nimit Shah
Hello. Good afternoon sir. Most of the questions have been answered, can I know the execution in this quarter, what I
have seen in the first one and a half months or in the January month?

We will discuss the number after we close the quarter, we can't give the numbers now.
Nimit Shah
Okay, okay. Thanks a lot.
Operator
Thank you. The next question is from the line of Ashutosh Narkar from HSBC. Please go ahead.
Ashutosh Narkar
Thanks Ram, all my questions have been answered.

Okay.
Operator
Thank you. Our next question is from the line of Gaurav Agrawal from Chrysler. Please go ahead.
Analyst
[Question Inaudible].

I think his voice is not clear.
Page 40 of 46
Operator
The line has been disconnected, shall we move on to the next question?
Sure.
Operator
The next question comes from the line of Ranjeet Shivram from B&K Securities. Please go ahead.
Analyst
Good afternoon sir. Most of my questions have been answered, I just wanted to know like in the HDO part like you
have, you are telling that you are expecting an order of 700 to 800 crores, so is this for the next financial year or what is
the timeframe?

See these orders we are expecting in the last quarter which is again January to March.
Analyst
Okay. And what is our order pipeline I just missed out on that.

It is about a 300 crores we are L1, 330 crores.
Analyst
330 crores you are L1?

Yeah.
Analyst
And another around 400 to 450 crores we are expecting.

Yeah.
Page 41 of 46
Analyst
Okay. And Sir like generally our EBITDA margins have been down compared to last year. Is it again because of the
sales mix getting more towards... project.

Yeah exactly same.
Analyst
Okay. So roughly around what percentage in our order is priced project, as our pipeline the project in the order pipeline
also we have mostly water related projects?

No now our -- existing of minerals and metals around 39%.
Analyst
Okay

Environmental is only 32% which is water.
Analyst
Okay. And in the order pipeline sir.

In the pipeline also the minerals and materials orders are more.
Analyst
Okay. So going forward we can safely assume that the EBITDA margins will be in a higher level compared to this
year?

Yeah. Definitely we are trying for that I mean we will be able to maintain and improve upon.
Page 42 of 46
Yeah those different project we need to tell them that... go up because of the manufacturing sector which is going up
and... expected is... and PBT. Now we have collected a fair amount of good... and manufacturing variety of project.
Some of these products are very high end which you will use in lot of exotic.

Materials yeah.
And our EBITDA margins is bound to go up.
Analyst
It is bound to go up.
Which is partly something which we will not be able to tell you. But the factory outlook is really good and the sixth pay
is getting ready and once that comes in we can vigorously clock more than 250 to Rs. 300 crores of turnovers only from
the factory.

Factory outlook. Yeah.
Analyst
Okay. And sir, in that sort of like value mix mark which we adapted, is it contributing substantially in our
manufacturing products...
Going forward, it will be doing, going forward. We are trying to integrate, some of the products for the Indian mining
sector.
Analyst
Okay.
Mining guys will be marketing this in India.
Analyst
Page 43 of 46
Okay.
So, going forward, which will definitely add value to our business.

The numbers which are been announced is standalone HDO, not consolidated.
Analyst
Okay.

Apart from this, we have around £15 million of revenue and they will mark that now.
Analyst
And, how much of profit, sir?

This full year -- profit on a quarterly basis is not relevant there, but this full year, we might end-up losing around
£500,000 there.
Analyst
500 and?

£500,000, may be around 3 crores.
Analyst
Okay. 3 crores of loss.

Yeah.
Analyst
Page 44 of 46
Okay. And, like what is our outlook in that nuclear job front which we have actually Davymarkham will be able to send
a lot of related projects because they have some...
Qualification, they have lot of pre-qualifications, probably with those qualifications we will be biding for projection
with Nuclear Power Corporation.
Analyst
Okay. So what progress is still in the initial stages or you are seeing some...?
See basically lot has gone into Nuclear Power Corporation business only quite recently. This year we have been able to
add with our own qualifications of the factory in Ahmadabad, we have been able to get orders worth about 85, 90
crores. And going forward now we will be come and more or more projects are coming up, tenders are coming up. So
for using the qualifications of Davymarkham we will be able to get sizable amount of business.
Analyst
Okay. Thank you sir.
Operator
Thank you. Ladies and gentlemen that was the last question. I would now like to hand the floor over to Ms. Rupa Shah
for closing comments.
Rupa Shah
Yeah, thanks Farah. On behalf of Prabhudas Lilladher I would like to thank the management and all the participants for
the call. Thank you and have a good day.

Thank you.
Operator
Thank you. On behalf of Prabhudas Lilladher, that concludes this conference call. Thank you for joining us. And you
may now disconnect your lines. Thank you.
This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. This transcript
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Page 45 of 46
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Company Name: IVRCL Infrastructures Market Cap: 19,224.

24 Bloomberg Estimates - EPS

Q3 2011 Earnings Call

E. Sudhir Reddy, Chairman and Managing Director

E. Sudhir Reddy, Chairman and Managing Director

Questions And Answers

S Chandra Sekaran, Executive Director, Hindustan Dorr-Oliver

Ram Kumar, Financial Controller

Is that reflected in IVRs numbers, IVR Assets numbers anything?

And in terms of EBITDA?

E. Sudhir Reddy, Chairman and Managing Director

E. Sudhir Reddy, Chairman and Managing Director

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

The capital remains the same.

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

Balarami Reddy, Director of Finance

E. Sudhir Reddy, Chairman and Managing Director

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