november 2013 - jaypee group infratech/jil-presentation-nov...with 530 mn sq ft real estate...
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November 2013
2
Agenda
Company Overview
Yamuna Expressway Progress
Section 1 Section 2 Section 3 Section 4 Section 5
Key Highlights Section 6
Financial Overview
Jaypee Group Overview
Real Estate Development
Section Jaypee Group Overview 1
3
4
Jaypee Group at a Glance
Jaypee Group is a leading integrated infrastructure conglomerate in India with exposure to the power generation,
cement, construction and real estate sectors
Power Generation
Real Estate &
Expressways
Cement
Engineering &
Construction
JAL has participated in
projects that have
contributed to 27% of
India’s total Hydro Power
Capacity
3rd Largest
Cement Group
with 33.3 MTPA
capacity
operational & 35.9
MTPA by FY 2014
Thermal Power
2x250 MW at Bina (Operational)
2x660 MW at Nigrie with captive coal
3x660 MW Bara Project
Largest Private Hydropower
Group
1700 MW operational
165 km Yamuna
Expressway
(Noida to Agra)
Real Estate Development
Yamuna expressway:
530 Mn. Sq feet
expected to be
developed 33.3 MTPA capacity in operation
Jaiprakash Associates Limited (JAL) E&C
Cement – 21.8 MTPA
Real Estate & Hospitality
5
Corporate Structure
BOO Power Infrastructure
71.75%
100%
60.72%
Cement
Cement JVs
(4.3 MTPA)
Coal Mining
(Cement)
Mandla (N) - JAL
Mandla (S) – JV of
JAL & MPSMCL
Coal Mining
(Power)
JVs of JAL &
MPSMCL
(For Nigrie Thermal)
Jaypee Infratech Limited
(JIL) #
165 Km long expressway
with 530 mn sq ft Real
Estate Development
(Yamuna Expressway)
Himalayan Expressway
Limited #
(NHAI BOOT Project)
Jaypee Sports Int’l
Limited
(Formula-1) #
90.5%
Listed company
Jaiprakash Power Ventures Ltd (JPVL)
300 MW Baspa – II HEP #
400 MW Vishnuprayag HEP #
1,000 MW Karcham Wangtoo HEP #
1200 MW Bina TPP (500 MW) #
1,320 MW Nigrie TPP (UI)*
Jaypee Powergrid Limited
214 KM Long Transmission System
* UI - Under Implementation # In Operation
89.1%
Jaypee Fertilizers & Industries
Limited (JFIL) *
(Fertilizer Plant at Kanpur)
100%
Jaypee Cement
Corporation Limited
(9.8 MTPA)
100%
74%
3 SPVs for executing an aggregate capacity of
5900 MW
Prayagraj Power Generation Co. Ltd.
3300MW Bara TPP – 1980MW (UI)(1)*
(1) JAL has a right to subscribe up to 26% Equity in this Project
74%
Market Cap. (31st October 13) – JAL INR 105.74 Bn (USD 1.82 Bn); JPVL INR 54.50 Bn (USD 0.94 Bn) ; JIL INR 24.93 Bn (USD 0.43 Bn)
6
Demonstrated Execution Capability
JAL is the leader in the construction of multi-purpose river valley and hydropower projects and has
been involved in construction of major engineering projects over the last 4 decades
Largest Concrete
Dam In India –Sardar
Sarovar
Proud To Participate In
Largest Rockfill Dam
In India –Tehri
Largest Underground
Powerhouse In India–
Nathpa-Jhakri
Second Largest
Surface Powerhouse
In India –Indira-Sagar
Projects completed between 2002-2011
Chamera II**
300 MW
Sardar Sarovar
1,450 MW
*BOO projects
**EPC contracts
B A Y O F
B E N G A L
Dulhasti
390 MW
Baspa-II*
300 MW
Vishnuprayag*
400 MW
Tehri
1,000 MW
Omkareshwar**
520 MW
Indira Sagar
1,000 MW
Tala
1,020 MW
BHUTAN
Baghalihar I **
450MW
Teesta
510 MW
JAL has participated in projects that have added 9840 MW to the national grid between 2002 and 2011
Karcham Wangtoo 1000 MW
Nathpa Jhakri
1,500 MW
Section
7
Company Overview 2
8
Jaypee Infratech – Unique Balance of Toll & Real Estate
Jaiprakash Associates Ltd.
Listed companies
Jaypee Infratech Limited
Expressway Real Estate Development
along Yamuna Expressway#
Noida (NCR) – 1,235 Acres*
Jaganpur (NCR) – 1,235 Acres
Mirzapur (NCR) – 1,235 Acres
Tappal – 1,235 Acres
Agra – 1,235 Acres
83.1%
Development of
Expressway On BOOT Basis
(165 km Yamuna
Expressway)
Unique Infrastructure company with balance of Toll & Real Estate revenues
* JIL has sold/ sub-leased 367 acres of the Noida land and plans to develop the remaining 868 acres
# As of Sept 30, 2013, JIL had signed lease deeds and taken possession of approximately 6,072 acres (98.3%) for Real Estate Development
PROPOSED
NIGHT
SAFARI
9
JAYPEE SPORTS INT’L
- DIST. GAUTAM BUDH
NAGAR
(1000 Ha) JAYPEE GREENS
JAGANPUR - DIST.
GAUTAM BUDH NAGAR
(500 Ha)
JAYPEE GREENS
TAPPAL
(500 Ha)
165 km 6 LANE YAMUNA
EXPRESSWAY
JAYPEE GREENS
NOIDA
LAND PARCEL
(500 Ha)
JAYPEE GREENS MIRZAPUR
- DIST. GAUTAM BUDH
NAGAR
(500 Ha)
JAYPEE GREENS
G.NOIDA (182 Ha)
PROPOSED EASTERN
PERIPHERAL EXPRESSWAY
NO
IDA
-GR
EA
TE
R N
OID
A E
XP
RE
SS
WA
Y
Ch
5km
Ch
15 k
m
Ch
20 k
m
Ch
25 k
m
Ch
30 k
m
Ch
35 k
m
Ch
40 k
m
Ch
45 k
m
Ch
50 k
m
Ch
52 k
m
ZERO POINT
(0 KM)
JAYPEE
GREENS
AGRA
(500 Ha)
115 km
MAP NOT TO SCALE
1
2
3
4
5
M
M
PROPOSED
METRO LINK
PROPOSED
METRO LINK
SDZ D
ISTA
NC
E:
14
km
6 km
NCR
BOUNDARY
JAYPEE
GREENS -
AMAN
Real Estate under development
Ch
10 k
m
Amongst the Largest Land Banks in Nat. Capital Region
New Delhi
NOIDA
Section Yamuna Expressway Project 3
10
11
Project Expenditure & Funding
Project Expenditure
Funding
Description Total Incurred till June
2013
Project Cost 13,300 13,283
Description Total Incurred till June
2013
Equity from Promoters and Others 1,250 1,250
IPO proceeds* 1,500 1,500
Accruals from real estate development incl.
advances & sales of land 3,550 3,669
Debt 7,000 6,657
Total 13,300 13,283**
All figures in Rs. Crs
All figures in Rs. Crs
*IPO of Jaypee Infratech Ltd. successfully completed in May 2010. Total proceeds raised by Jaypee Infratech Ltd.– INR 1,650 Crs (US$ 284 Mn)
** Includes Rs 207 Cr (USD 36 Mn) of outstanding liabilities FX: 1US$ = INR 58
Toll Rates. Rs.
Two Wheeler 150
Car/Jeep 320
LCV 500
Truck/Bus 1,050
MAV 1,600
Toll Rate for G Noida-Agra (Single Journey)
Period Average Annual
Daily Traffic (PCUs)
Total Revenue (` in Crores)
Apr’13 –Sept’13 11,902 59.20
Total Concession Period: 36 Years
Toll revenues
12
150 200
353
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
-
50
100
150
200
250
300
350
400
FY 14 (E) FY 15 (E) FY 16 (E)
Revenue (Rs. In Crores)
Annual Avg. Daily Traffic
Section Real Estate Development 4
13
14
Land Acquisition completed for all 5 land parcels
Locations
Area
(Acres)
Saleable
Area (Mn
Sq Ft)
Land Leased
as at Sept
2013 (Acres)
Remaining Land
as of Sept 2013
(Acres)
1. Noida 1,235 78 1,232* 3
2.
District Gautam
Budh Nagar
(parcel 2)
1,235 116 1,223 12
3.
District Gautam
Budh Nagar
(parcel 3)
1,235 116 1,188 47
4. District Aligarh 1,235 116 1,225 10
5. District Agra 1,235 103 1,225 10
TOTAL 6,175 530 6,093 82
Out of Total 530 Mn Sq Ft developable area, 311 Mn Sq Ft is in NCR alone
* Includes 359.56 acres that was sold as undeveloped land and 8.20 acres that was sub-leased.
Located
In NCR
15 15
Infrastructure Initiatives in the Region driving Demand
Development Location
Distance from
Jaypee Greens
NOIDA
In KM (Appx.)
Yamuna Expressway Noida – Greater
Noida 15
Formula 1 Greater Noida 30
Jaypee Greens Championship Golf
Course (5 Star Resort & Six Senses Spa) Greater Noida 17
Planned Metro Rail Link Noida – Greater
Noida 5
Planned Bodaki Railway Station and
Transport Hub
Noida – Greater
Noida 28
Planned Night Safari Greater Noida 25
Proposed Amusement Park Greater Noida 18
Proposed International Airport TBD
First Race
held in 2011
Commissioned
Operational
Approved
16
61 Mn Sq ft of Residential Development – Strong Sales Momentum
PARTICULARS (As on 30thSeptember 2013) LAUNCHED (Mn Sq Ft) SOLD (Mn Sq Ft)
NOIDA
Aman 4.60 4.43
Klassic Apartments 5.59 5.43
Kosmos Apartments 8.50 7.88
Kensington Park Apartments 2.86 2.83
Kensington Boulevard Apartments 2.87 2.83
Kingswood Oriental 0.19 0.17
Kasa Isles Apartments 2.38 2.31
Kube Apartments 1.56 1.34
Krescent Homes 4.74 4.62
Orchard 2.77 2.65
Pebble Court 0.30 0.27
Garden Isle 5.18 4.59
Residential Plots 4.14 4.07
Commercial Plots 7.54 7.54
Institutional Plots 0.04 0.04
Mirzapur (Parcel 3)
Residential Plots 3.19 1.87
Naturvue Appartments 0.78 0.15
Buddha Studio Appartments 0.94 0.90
Sports City: Built Up 1.12 0.26
TOTAL 59.3 54.2
17
Real Estate Performance
PERIOD Area Sold
(Mn Sq Ft) Average Net Rate
(Rs / Sq Ft)
Net Sales Value
( Rs Mn)
Advances Received
(Rs Mn)
2008-09
(Dec. ’08 – Mar’09) 0.95 3,328 3,162 630
2009-10
(Apr. ’09 – Mar’10) 20.35 2,540 58,165 16,699
2010-11
(Apr. ’10 – Mar’11) 12.38 3,308 40,953 31,455
2011-12
(Apr’11- Mar’12) 10.92 4,162 45,450 29,378
2012-13 Noida 6.80 4,381 29,792 34,761
2012-13 Mirzapur 1.30 2,236 2,907 1,103
Subtotal (2012-13) 8.10 4,037 32,699 35,864
2013-14 (Apr-Sept) Noida 0.28 4,054 1,135
12,600 2013-14 (Apr-Sept) Mirzapur 1.22 3,840* 4,685*
Subtotal (2013-14) 1.50 3,880 5,820 12,600
TOTAL 54.20 3,436 186,249 126,626
* Sales & Collection do not include bulk land sales of 302 acres having sale value of Rs 1,529 Cr
18
Real Estate Performance: Noida
3,162
58,165
40,953 42,704
29,792
3,328
2,858
3,308
4,170 4,381
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
08-09 09-10 10-11 11-12 12-13
Sales Value (in Mn) Average Realization (Rs / Sq Ft)
Rs Mn Rs / Sq Ft
Note: Sales Value & Average Rate for Noida
Parcel 2 Parcel 3 Parcel 5 Total
Area (in Acres)
1235 1235 1235 3705
Saleable Area (in Mn Sq Ft)
116 116 103 335
Average Selling Price
(per Sq Ft)
INR 4000
INR 3000~3500
INR 2750~3000
INR 2900~3300
Potential Sale Value (INR Cr)
54000 35000~40000 28000~30000 98000~110000
Valuation of Land Parcel
(assuming 30% EBITDA margin) (INR Cr)
16000 10000~12000 8500~9000 34500~37000
Source: JIL – Company Current Prices
Indicative Sales Value / Valuation for Parcel 2, 3 & 5
19
20
0
2
4
6
8
10
12
14
16
Delivered FY 14 FY 15 FY 16 FY 17 FY 18
11.4
3.7
12.1
14.8
8.9
2.2
Delivery (in Mn Sq Ft)
Real Estate Delivery Schedule: Noida
Section Financial Overview 5
22
Profit & Loss Account
Particulars
For the
Year Ended
March 31,
2009
For the Year
Ended
March 31,
2010
For the
Year Ended
March 31,
2011
For the Year
Ended
March 31,
2012
For the Year
Ended
March 31,
2013
For the 6M
Ended
Sept 30, 2013
Revenues 5,563 6,529 27,787 31,559 32,743 15,658
Expenditure 2,387 493 9,840 15,715 18,125 8,918
EBITDA 3,176 6,035 18,134 16,492 14,946 8,765
Depreciation 140 162 86 16 149 153
Profit /(Loss)
before Tax 3,036 5,874 18,146 15,974 8,682 2,338
Tax 369 999 3,796 3,077 1,737 490
Net Profit/(Loss)
after tax 2,667 4,875 14,351 12,897 6,945 1,848
EPS 2.76 4.33 10.48 9.29 5.00 1.33
All figures in Rs. Mn
Shareholding Pattern
23
S.N. Category JIL
1 Promoters 71.75
2 FIIs 5.17
3 Mutual Funds 1.23
4 Bodies Corporate 5.64
5 Public Financial Institutions & Banks 11.27
6 Public 4.94
TOTAL 100
No. of Shares (in Mn) 1,389
Face Value (Rs) 10
All figures in %
* Shareholding Pattern as on 8th November, 2013
Section Key Highlights 6
25
Jaypee Infratech Limited – USPs
India’s LONGEST Six Lane (expandable to Eight lanes) Access Controlled Expressway with Concrete
Pavement connecting NCR to Agra.
Agra is amongst the top destinations for tourists in the country
Reduction in travel time between New Delhi and Agra from present 4 hrs to 2 hrs
Expected Ribbon Development along the expressway by Yamuna Expressway Authority
Special Development Zones for IT, Industries, Biotechnology, Service Sectors & Commercial
Five integrated townships with total real estate development of 530 mn sq ft of which 311 mn sq ft is
in NCR.
Unique Infrastructure Company enjoying 80 I(A) tax benefit with two revenue streams - toll income and real
estate revenues.
Real Estate Demand 2009-13 – NCR is expected to have 2nd highest Real Estate Demand in this period
NCR – 1.02 mn units for residential and 24.9 mn sq ft for office space*
Mumbai – 1.64 mn units for residential and 23.7 mn sq ft for office space* * Source : Cushman & Wakefield India Real Estate Investment Report 2009
Jaypee Infratech has successfully sold 54.20 mn sq ft in 58 months (Dec 08 – Sept 13)
Developing integrated townships (a city in itself) Offering a bouquet of products catering to high-mid
segment
Walk to work concept with world class institutional, recreational & commercial facilities within walking
distance of residential options.
Section THANK YOU
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