IRB Infrastructure Developers Ltd. – Initiating Coverage – Antique Stock Broking

On the right path

Investment rationale

Robust order book provides visibility

IRB Infrastructure Developers Ltd. (IRB) has an order-book of INR91.3bn as on Dec 2011, executable over the next 3-4 years. The order-book comprises INR33.9bn worth of EPC contracts on ongoing BOT projects, INR36.8bn on BOT projects where construction is yet to commence, and INR20.6bn on projects in O&M phase. High order-book coverage (~4.1x TTM EPC revenues) provides enough visibility for the next few years.

Largest operational BOT portfolio

IRB has the largest operational road BOT portfolio in the country at 4,097 lane kms. It also has some of the most commercially remunerative projects like the Mumbai-Pune expressway, Surat-Dahisar, etc. In FY11, IRB earned a daily gross toll collection of INR26m, which we expect to go up to INR36m in FY13e and INR50m in FY15e.

Robust revenue mix

On a consolidated basis, while EPC operations will drive the revenue growth for the next 2-3 years, BOT operations will start contributing significantly to revenues post that with the commissioning of Jaipur-Tonk-Deoli, Amristar-Pathankot, Talegaon – Amravati and NH-8 section of Ahmedabad-Vadodara (from FY16e).

Integrated and efficient project execution capabilities

IRB has an in-house construction business under its wholly-owned subsidiary Modern Road Makers (MRM) which undertakes EPC work for its BOT projects. In-house execution of the entire project with minimal subcontracting and ownership of aggregate mines has enabled MRM to enjoy high margins (9MFY12 margins stood at 26.8%).

Valuation and outlook

At the CMP of INR170, the stock trades at a P/E and EV/EBIDTA of 12.4x and 7.3x, discounting its FY13e numbers respectively. Given the size, scale and ability to bid for large projects, IRB is well placed to capitalise on the potential robust order awarding by NHAI going forward. We initiate coverage on the stock with a BUY recommendation and arrive at an SOTP based target price of INR217.

Source: www.equitybulls.com

KJMC downgrades IVRCL to `Hold`

3i invests in Supreme’s BOT Road Projects

3i India Infrastructure Fund has entered into an agreement for an investment of around US$61 million. The investment is for a minority stake in a portfolio of road BOT companies of Supreme Infrastructure India Limited (“SIIL”). SIIL is a construction and infrastructure company in India, focused on roads, bridges, power, water, railways and civil construction and infrastructure among other activities, with its primary focus firmly in the roads and highway sector along with other verticals of infrastructure. Since it was set up in 1983, SIlL has established a strong track record in this sector, having built over 400km of highways, and with an order book currently standing at Rs5,700 crores of which unexecuted order book is Rs3,750 crores .SIIL was founded by Bhawani Shankar Sharma and is currently managed by his sons Vikram Sharma (MD) and Vikas Sharma (Whole Time Director).
Anil Ahuja, Managing Director and Head of 3i Asia, commented on the transaction: “SIBHPL offers us the opportunity to expand our presence in the road sector in India through a portfolio of high quality road BOT projects.

Source: www.constructionweekonline.in

Project of six laning of Vijaywada –Gundugolanu section of NH 5 in Andhra Pradesh

The Cabinet Committee on Infrastructure today approved the implementation of the project of six laning of Vijaywada –Gundugolanu section of NH 5 in Andhra Pradesh under NHDP Phase V on DBFOT basis in BOT (Toll) mode of delivery.

The total project cost estimated will be Rs.2011 crore out of which Rs.327 crore will be for the land acquisition, rehabilitation, resettlement and pre-construction.

The total length of the project will be 103.590 kms.

The project, on completion, will reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Vijayawada – Gundugolanu. It will also increase the employment potential for the local labourers for the project activities.

The main objective of the project is to expedite the improvement of infrastructure in Andhra Pradesh, increase the capacity of Golden Quadrilateral corridor and also to reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Vijayawada- Gundugalanu. The National Highway No.5 is an important link connecting Kolkata to Chennai, which is part of the Golden Quadrilateral Corridor. This will facilitate road users, particularly traffic on Chennai-Kolkata section of Golden Quadrilateral passing through Guntur, Krishna and West Godavari districts and Chennai- Hyderabad and Kolkata – Hyderabad section.

The project is covered in the districts of Guntur, Krishna and West Godavari in Andhra Pradesh.

Background:

Cabinet Committee on Economic Affairs in the meeting held in October 2006 approved six laning of 6500 km of four-lane National Highway comprising 5700 km of Golden Quadrilateral and 800 km of other sections at a cost of Rs.51,210 crore under NHDP Phase V. Of the total investment required, Rs.35,692 crore is expected to come from private sector and the balance Rs.5,518 crore from Government funding for bridging the viability gap and for the cost of land acquisition, utility shifting, consultancy etc. The average cost per km after acceptance of the recommendations of B.K. Chaturvedi Committee by the Government is now Rs.10 crore /km for NHDP Phase-V projects.

Source: pib.nic.in

Japan keen on Bangalore-Chennai highway project

The Government of Japan on Thursday evinced interest to build the proposed Bangalore-Chennai expressway.

Japan’s Minister for Land, Infrastructure, Transport and Tourism (MLITT) Takeshi Maeda, during his meeting with the Union Road Transport and Highways Minister C P Joshi here, said the country is keen on executing the project, especially with a Japan-based company being involved in preparing a detailed project report.

Speaking to reporters after the meeting, Joshi said: “We told them (Japan government) that we have a very transparent system, where you have to enter into the bidding process.

If Japan government is interested in taking up the project on government to government (G-G) basis, then you have to discuss it at the higher level.”  The project could be discussed at the Prime Ministerial level, he added.

However, G-to-G negotiations might deprive Indian entrepreneurs the opportunity to participate in the bidding, as projects are straightaway given to a country and would be executed by companies from there.

In the highways sector, 100 per cent foreign direct investment (FDI) is allowed and the Japanese companies can also tie-up with domestic companies to bid for the project, the Minister said. Currently, Egis-Secon, a private company, is preparing the Detailed Project Report (DPR) expected to be ready by March 2012.

“After getting the DPR, the government will decide how to implement the project -whether to go for competitive bidding or adopt any other method,” the minister said.

The expressway, first of its kind in the country, will be built with public-private participation on build-operate-transfer (BOT) basis.

The 100 per cent access-controlled road would cut down travelling time between Bangalore and Chennai to just three hours from the current five to six hours.

As per the proposal, the expressway will have six lanes and vehicles can travel at a speed of 120 km per hour.

The proposed road will run parallel to the existing National Highway–4 and pass through Kolar, Palamaner, Chittur and Ranipet.

Source: deccanherald.com

Vinayak Chatterjee: The high road to efficiency

For a historically capital-starved and infra-deficient nation, we have rightfully been obsessed with asset creation in the public-utility space. Little emphasis has been paid, however, on the maintenance of these assets or the delivery of pre-determined service levels from these assets. Take, for example, our roads and highways. Highway users continue to be a frustrated lot in spite of massive investments in this sector. Waiting-time at toll-plazas, safety aspects, ride quality and haphazard lane-management continue to bedevil even newly constructed roads.

Highway operators must eventually get prepared for regulatory raps as well as individual and “class action” litigation for failing to provide desired levels of service. They will have to wake up to the reality that toll cannot be charged merely for the privilege of being allowed to use a particular stretch of road. The “purchase consideration” inherent in charging a toll has to come bundled with the commitment of a smooth ride at a designated average speed, with full consideration of safety and highway amenities. Failure to ensure this should attract penalties and damages.

In this cauldron of frustrations and rising aspirations, it is interesting to note that the responsibility for operations, maintenance and tolling (OMT) is gradually shifting from the developer or the contractor group to independent and professional OMT service providers. Simultaneously, the focus is also shifting from merely reducing capital expenditure to optimising life-cycle cost, as well as, providing an accountable delivery of services.

My friend and colleague, Vivek Rastogi, who has a deep knowledge and insight on these issues, likes to draw out lessons from Brazil’s experience.

Brazil, with emerging-economy demographics much like India, has faced similar challenges in highway operations. Brazil embarked on its public-private partnership (PPP) highway development programme a decade ago. Its journey in developing national highways on a build-operate-transfer (BOT) basis has been equally successful. The operations and management (O&M) for these highways started the same way as where India is today — a toll revenue leakage as high as 25 per cent, below par patrolling and unsatisfactory maintenance and traffic management.

What is remarkable is that in the last 10 years Brazil has improved the O&M performance to reach close to world standards. There are four main reasons for this success:

Source: business-standard.com

Government approves road projects of Rs 5,388 crore in three states

NEW DELHI: The government on Thursday approved three road projects in the states of Himachal Pradesh, Haryana and Andhra Pradesh entailing a total investment of Rs 5,388.36 crore.

The Cabinet Committee on Infrastructure cleared widening of Kiratpur-Ner Chowk section in Himachal Pradesh at a cost of Rs 2,356.20 crore, six-laning of Vijaywada -Gundugolanu section in Andhra Pradesh worth Rs 2,011 crore and Rs 1,021.16 crore scheme for four-laning of Uttar Pradesh/Haryana border- Panchkula section in Haryana.

“The main objective of the project is to expedite the improvement of infrastructure in Himachal Pradesh and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Kiratpur and Ner Chowk,” an official statment said about the Himanchal Pradesh project.

The widening of 84.38 km stretch on National Highway (NH) 21 in state will be implemented under NHDP phase III on design, build, finance, operate and transfer (DBFOT) basis in BOT toll mode of delivery, it said adding of the entire cost, Rs 537.37 crore will be spent on land acquisition, rehabilitation, etc.

The project, on completion, will reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Kiratpur and Ner Chowk. It will also increase the employment potential for the local labourers for the project.

NH 21 is not only an important link connecting national capital and tourist destination of Manali in Himachal Pradesh but is a major link to Leh in Ladakh.

About Andhra Pradesh project comprising 103.59 km, the statement said it will be implemented under NHDP Phase V on DBFOT basis in BOT (Toll) mode of delivery.

“The total project cost estimated will be Rs 2,011 crore out of which Rs 327 crore will be for the land acquisition, rehabilitation, resettlement and pre-construction,” it said.

It added, “The main objective of the project is to … increase the capacity of Golden Quadrilateral (GQ) corridor and also to reduce the time and cost of travel for traffic, particularly heavy traffic between Vijayawada- Gundugalanu.”

NH 5 is an important link connecting Kolkata to Chennai, which is part of the GQ Corridor. This will facilitate road users, particularly traffic on Chennai-Kolkata section of GQ passing through Guntur, Krishna and West Godavari districts and Chennai- Hyderabad and Kolkata – Hyderabad sections.

Out of the total cost of the 104.7-km Haryana project on NH 73 under NHDP Phase-III on DBFOT basis in BOT (Toll) mode, Rs 86.23 crore will be for land acquisition, rehabilitation, resettlement and pre-construction.

The project, on completion, will reduce the time and cost of travel for traffic, particularly heavy traffic, plying between UP/Haryana border – Yamunanagar – Saha – Bawala – Panchkula. It will also increase the employment potential for the local labourers for the project activities.

Source: articles.economictimes.indiatimes.com

‘No-way’ state mulls highway tax – Govt planning to levy user charges with private role in collection and maintenance

Calcutta, Jan. 4: The Mamata Banerjee government is working on a plan to levy user charges on vehicles plying on the 14 state highways in Bengal.

If the initiative is allowed to proceed unhindered, it will be a departure for a government that has been allergic to levying or increasing user charges and the first instance of decisive action from within to fight the financial crisis.

The success of the project will depend on a larger issue that is vexing Bengal: industrialisation. The more the industrial traffic, the more the state stands to earn as toll tax.

As the first step, the government is clearing the decks to set up a company under the public works department to look after all the 14 state highways, which in turn will get private players to maintain the roads.

“The company will invite private parties to maintain the roads under a build-operate-transfer (BOT) model. They will be allowed to charge toll tax to recover their investments,” said A.R. Bardhan, the state PWD secretary.

At present, the PWD spends around Rs 200 crore a year on all the 14 state highways. The state government doesn’t collect any toll tax from these highways.

The National Highways Authority of India (NHAI), however, follows the private-agency model to maintain national highways across the country. For example, the NHAI has engaged three private agencies to maintain NH2 between Howrah and Asansol. The three agencies levy toll tax at three points on the stretch — at Dankuni, Palsit and Asansol.

Senior officials at Writers’ Buildings told The Telegraph that the highway decision had been taken to ease some of the financial burden on the state government.

“The PWD spends one-third of its budgetary allocation, which comes to around Rs 200 crore, on maintaining the state highways. The pathetic state of the roads suggests that the department is facing trouble in maintaining the roads because of paucity of funds,” an official said.

As many of these highways will require re-laying, which calls for fresh investments, the government, according to the official, is banking on private players.

States like Maharashtra are also following a similar model for better maintenance and expansion of the road infrastructure.

“For example, Maharashtra has already developed a state road development corporation through which private agencies can play a role. Private agencies maintain state highways and roads and construct bridges and culverts. They are allowed to collect toll tax to recover their investments,” said a PWD official.

He added that Gujarat and Madhya Pradesh had also brought in private players for road maintenance.

The move to collect user charge on state highways has come after months of refusal by the chief minister to tax water and raise power tariff.

“It is a good sign… If she can collect user charges for use of roads, then why not levy water tax or raise power tariff?” asked a city industrialist.

Estimates drawn up by the power department reveal that the combined losses of the power utilities in this financial year will be around Rs 2,400 crore.

“We see a ray of hope in the government’s decision on levying toll tax. If the chief minister allows us to raise power tariff, our losses will come down. The question is whether she will accept the economic logic of raising power tariff,” said a senior power department official.

According to the PWD proposal, the West Bengal State Construction Corporation Ltd — with the chief minister as the chairperson and the PWD secretary as the managing director — will be set up to look after the maintenance of all the state highways.

“The company will be allowed to take independent decisions. If its board of directors approves a decision, it will not require approval from the finance department. It will expedite the projects,” Bardhan said.

PWD officials said it had been decided that a formula would be drawn up along the lines of that of NHAI to determine toll tax rates.

“We are expecting the chief minister to clear the file as soon as possible as it has been drawn up after consulting her. We will start the process of setting up the company and inviting private players very soon,” said a PWD official.

The proposal may look fetching on paper, but implementing it will mean persuading Bengal to kick some of its habits.

“The state has to ensure proper security for the agencies that will collect toll tax. The NHAI had engaged a couple of agencies for maintenance of NH31 but when the agencies tried to collect the tax in North Dinajpur, local people chased them away and dismantled the toll tax plaza,” said a PWD official.

Infrastructure analysts pointed out that drawing private players might not be easy as the companies conduct viability studies before committing investment. “It has been observed that private companies lap up high-demand roads. Unless industrial activities go up in Bengal, getting private players will be difficult,” said an infrastructure finance analyst.

PWD officials said that of the 14 state highways, only five to six have significant industrial traffic, largely driven by natural factors such as coal, stone quarries and clay.

Source: telegraphindia.com

Depts lock horns over Ghaziabad FoBs

The public works department (PWD NH division) and Ghaziabad Municipal Corporation (GMC) are at loggerheads over the construction of two foot-over bridges (FoBs). While the PWD NH division has threatened to stop the construction of FoBs at high-pedestrian movement points near Vasundhara
and Vaishali over the NH-58e stretch, the latter claims to have initiated work.

The corporation has started the construction of two 105-feet-long FoBs, which will connect Sahibabad to Vasundhara and Dabur Crossing to Vaishali on NH-58e stretch, on a build-operate-transfer (BOT) basis. The FOBs, to be built at Rs 4 crore, are expected to be completed in two months.

However, PWD NH division officials maintain that no such work can be undertaken on BOT basis without a prior permission from the ministry of road transport and highways.

“We can’t allow them to proceed with the BOT work and put up posters on FoBs. Their structural safety should be certified,” said Ravi Dutt Kumar, executive engineer, PWD (NH division).

The department officials have even forwarded a complaint to the Indirapuram police, asking them to lodge an FIR against the agency carrying out the construction activity.

On the other hand, GMC officials claim that the PWD had been apprised about the construction in August 2010 and the civic body would proceed with the work at any cost.

“The FoBs fall under our jurisdiction. The construction is being carried out in larger public interest as the two points are congested and pose a threat to pedestrians. The Municipal Corporation Act allows us to undertake such work,” said AK Singh, executive engineer, GMC.

It is not the first time that such construction is being carried out on highway stretches passing through the city.

The Ghaziabad Development Authority (GDA) had recently carried out the widening of GT Road from Mohan Nagar to Dilshad Garden border. It has also completed the first phase of widening six to eight lanes from Dabur Crossing to Mohan Nagar.

Further, the work of widening six to eight lanes of GT Road from Mohan Nagar to new bus stand is on. GDA is also undertaking the construction of third bridge over Hindon river near GT Road. Sources said no prior permission had been obtained for the previous projects.

Source: hindustantimes.com

NHAI terminates Goa contract to IRB Infrastructure

IRB Goa Tollway Pvt. Ltd. will claim compensation as per Termination payment provisions of the Concession Agreement.

IRB Infrastructure Developers Ltd has announced that the National Highways Authority of India (“NHAI”) had issued Letter of Award (“LOA”) on January 05, 2010 to the Company for the Project of Four Laning of Goa/ Karnataka Border to Panaji – Goa stretch of NH-4A from Km 84.000 to Km 153.070 in the State of Goa on BOT Toll Basis on DBFO pattern (the “Project”). The Company had subsequently incorporated Special Purpose Vehicle (SPV) i.e. IRB Goa Tollway Pvt. Ltd. – wholly-owned Subsidiaries of the Company for implementation of this Project. IRB Goa Tollway Pvt. Ltd. had executed Concession agreement with the NHAI in February 2010 and subsequently the Project had also achieved financial closure in March 2010. Construction period of the Project was 30 months.

However, NHAI could not provide necessary Land for implementation of the Project. Considering substantial delay in providing the Land, the Company had removed the Project from its Consolidated Order Book as on September 30, 2011 as a measure of Good Corporate Governance and accordingly modified Order book was represented in the presentation uploaded on the Company’s website.

Now, the Company have received a formal letter from NHAI informing the Company, termination of this concession agreement of the Project due to their inability to provide necessary Land for implementation of the Project. In this regard, IRB Goa Tollway Pvt. Ltd. will claim compensation as per Termination payment provisions of the Concession Agreement.

Source: indiainfoline.com

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