#1ɅSHOк Ashoka Buildcon Ltd. Developing Infrastructure for Better Tomorrow INVESTOR PRESENTATION SEPTEMBER 2019#2Disclaimer ɅSHOкЛ This presentation and the accompanying slides (the "Presentation"), which have been prepared by Ashoka Buildcon Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. 2#3ɅSHOкЛ COMPANY OVERVIEW#4Company Overview 4+ decades Construction experience 10,000+ Presence Lane kms constructed Working in 18 States ɅSH KA In-house capabilities Equipment bank of 2,500 Nos. 23 Operational + Under 15 INR 90,378 Mn* 4,000+ construction BOT projects PPP projects Completed & Handed over Order Book (as on 30th June 2019) Employed in Ashoka Family Business Verticals Road EPC Power Distribution Roads BOT |Annuity | HAM City Gas Distribution *Including HAM Tumkur-Shivamoga IV (LOA received) 4#5Our Journey 4 Well Established & Integrated Infrastructure Player (2012-2014) Up the value chain to larger BOT projects (Dhankuni in 2012) SBI Macquarie invested Rs 8,000 mn in ABL's subsidiary, ACL 4 2012-2014 5 2015 & Beyond 1 1978-1995 2 1996-2005 3 2006-2011 5 0000 ɅSHOKA Successful QIP - Rs 5,000 mn Won 8 Road HAM projects Completed Hulhumale city road project in Republic of Maldives Investment Commitment of Rs 1,500 mn by Morgan Stanley India Infrastructure in City Gas Distribution Business 3 21 Ventured into development of State Road and Bridge Projects on BOT (1996-2005) Won first BOT project (Dhule Bypass) in Maharashtra in 1997 0 Executed East Coast Road- declared as a model road by Govt of India Began manufacturing of RMC for EPC biz and for sale to third parties 1/ Started as Civil Construction Player (1978-1995) 0 Incorporated as a private limited company in 1993 Constructed multiple residential/commercial and industrial & institutional buildings Started operations as a civil contractor for Government agencies, MNCs, etc. Evolved into a Leading National Highway Developer (2006-2011) 00 Ventured into NHAI BOT projects; won first NHAI project, Bhandara in 2006 IDFC managed funds invested in ABL and two National Highway projects of ABL Listed on NSE and BSE through an IPO Bagged first power transmission and distribution EPC contract UT#6Management Team ɅSHOкЛ Ashok Katariya Chairman ✓ Responsible for the strategic direction of the company ✓ A Civil Engineer with 42 years experience ✓ Recipient of "Udyog Ratna" award from Indian Economic Council and Lifetime achievement award from Association of Consulting Civil Engineers Satish Parakh Managing Director ✓ Responsible for the overall management of the company ✓ Associated with the company since 1982 ✓ A Civil Engineer with 37 years experience ✓ Recipient of "Industry Doyen" Award from CIDC in 2015 Sanjay Londhe CEO (Projects) ✓ Heads Execution of Highway Projects ✓ A Civil Engineer working with the company for 30 years ✓ Recipient of "Engineer of the year 2014" award, Asia Pacific from FEIAP (Federation of Engineering Institutions of Asia & the Pacific) Ashish Katariya MD of ACL ✓ Heads Ashoka Concessions - responsible for execution and management of highway projects. ✓ A Civil Engineer and MBA with 15 years experience in the construction industry Paresh Mehta CFO ✓ Heads Finance, Taxation and Accounting ✓ He is a Chartered Accountant with 28 years of experience. ✓ Has been working with the company for last 18 years#7ɅSHOкЛ EPC BUSINESS HIGHLIGHTS#8EPC: Road ɅSH KA Overview Involved in rehabilitation, upgradation, widening and strengthening of roads and highways Constructed 10,000+ lane kms of roads & highways Current Order book of Rs 62,357* mn; Captive - Rs 41,696 mn & third party - Rs 20,661 mn Major projects completed: Eastern Peripheral Expresswy (EPE) - Rs 7,890mn Phalodi Pachpadra road - Rs 1,620mn Westerly Bypass - Rs 1,413mn Chittorgarh Bypass road - Rs 1,175mn East Coast Road in Tamilnadu - Rs 417mn * Excludes LoA received for HAM Tumkur - Shivamoga IV Roads Order Book (Rs Mn) 67,440 62,357 * 51,140 42,558 Mar'17 Mar'18 Mar'19 Jun'19 Project-specific awards for EPC of roads Organization EPC World Construction Week Limca Book of Records Indian Institute of Bridge Engineers Awards ABL Infra company for the year; awarded on 7th Feb 2019 Runner's Up at the Roads & Highways Project of the Year Dhankuni Kharagpur 90 m bridge constructed in 38 days 100 m bridge constructed in 65 days Most Outstanding Bridge-Thor bridge 8#9EPC: Power Distribution & Railways Overview ɅSHOк Power Distribution, CGD & Railways EPC order book (Rs Mn) Power: Involved in modernizing and setting up new power distribution lines Started with projects in Maharashtra, expanded into states of Bihar, Tamil Nadu & Chattisgarh Executed 25+ power distribution works with 19,000+ kms distribution line network Current order book of Rs 8,280 mn; all of which are third party orders Railways: Involved in construction of civil and electrical work Received orders from Rail Vikas Nigam Limited in Jharkhand, Madhya Pradesh and Punjab Current order book of Rs 10,950 mn City Gas Distribution: Current order book of Rs 96 mn 18,908 19,326 15,930 16,500 Clients Mar'17 Mar'18 Mar'19 Jun'19 MAHAVITARAN Maharashtra State Electricity Distribution Co.Ltd ELECTRICITY NADU AMIL Tamil Nadu BOAR NB NORTH BIHAR POWER DISTRIBUTION COMPANY LTD GOVERNMENT OF BIHAR C/PDCL webe der fagh Ata R रेल विकास निगम लिमिटेड भारत सरकारका उम Rail Vikas Nigam Limited A Government of India - Enterprise) RVNL Rail Vikas Nigam Limited 9#10EPC order backlog, 2.1x FY19 Revenue Order backlog of Rs 81.6 bn as on 30th June, 2019 ɅSHOкЛ Segment Roads BOT Rs. Mn 62,357 Segment Others 41,696 Power T&D Rs. Mn 19,326 8,280 HAM: Khrar - Ludhiana, Punjab HAM: Anandpuram 4,398 Maharashtra 95 4,989 Bihar 3,974 HAM: Vadodara Kim, Gujarat 7,297 Uttar Pradesh 1,951 HAM: Tumkur - Shivamoga I, Karnataka 5,815 HAM: Tumkur - Shivamoga II, Karnataka 7,843 Telangana 221 HAM: Belgaum - Khanapur, Karnataka 5,491 Jharkhand 2,040 HAM: Khairatunda - Barwa Adda, Jharkhand Others 5,415 Railways 10,950 448 Jharkhand 6,880 EPC 20,661 Madhya Pradesh 135 NH-32, Rajgunj 2,960 Punjab 3,935 Islampur Bypass, West Bengal 1,389 CGD 96 Jalgaon Bhadgaon 1,439 Bhadgaon Chalisgaon 682 JNPT NH-48 Sub-Total 335 TOT EPC 8,092 HAM: Tumkur - Shivamoga IV, Karnataka * 5,764 Total 81,683 8,696 90,378 Others * LOA received for HAM Tumkur - Shivamoga IV 10#11Order Book- Break-up (As on June 30, 2019) 70,047 Robust Order Book (in Rs. Mn) 58,487 83,940 81,683* ɅSHOкЛ Order Book Break-up (%) 10.1% 25.3% 13.4% 0.1% 51.0% Mar'17 Mar'18 Mar'19 Jun'19 ■Road BOT Road EPC Power T&D EPC Railways CGD * Excludes LoA received for HAM Tumkur - Shivamoga IV 11#12EPC Business Financial Performance Revenue# EBITDA and EBITDA Margin 39,363 25,461 20,245 20,852 ɅSH KA Figures in Rs Mn 14% 17% 15% 15% 16% 6,309 3,912 3,383 3,146 9,110 1,437 FY16 FY17 FY18 FY19 Q1FY20 PAT and PAT Margin 8% 5% 8% 9% 7% 2,862 2,370 1,761 1,189 FY16 FY17 #Includes other income and RMC income 647 FY16 FY17 FY18 FY19 Q1FY20 Order Book 83,940 81,683* 70,047 58,487 41,680 FY18 FY19 Q1FY20 Mar'16 Mar'17 Mar'18 Mar'19 Jun '19 *Excludes LoA received for HAM Tumkur - Shivamoga IV 12#13ɅSHOкЛ DEVELOPMENT BUSINESS#14BOT Portfolio Overview ABL Owned BOT Ashoka Concessions Limited (ACL) ɅSH KA BOT Projects ABL Stake BOT Projects ACL Stake 1 Belgaum Dharwad Road 100.0% 1 Ahmednagar Aurangabad Road 100.0% 2 Dhankuni Kharagpur Road 100.0% 3 2 Katni Bypass 99.9% Sambalpur Baragarh Road 100.0% 4 Bhandara Maharashtra Road 51.0% 3 Wainganga Bridge^^ 50.0% 5 Durg Chattisgarh Road 51.0% 6 4 6 Foot Over Bridges in Mumbai # 100.0% Jaora-Nayagaon Road 37.7% 7 Chennai ORR¹ (BOT Annuity) 50.0% 5 Anawali Kasegaon Road 100.0% 8 Kharar Ludhiana (HAM) 100.0% 9 6 Nashirabad Railway Over Bridge ## 100.0% Ranastalam Anandpuram (HAM) 100.0% 10 Ankleshwar Manubar Expressway (HAM)* 100.0% 7 Mudhol Nipani (BOT Annuity) 71.0% 11 Mallasandra Karadi Road (HAM)* 100.0% 12 Karadi Banwara Road (HAM)* 100.0% 8 Bagewadi Saundatti (BOT Annuity) 100.0% 13 Belgaum Khanapur Road (HAM)* 100.0% 9 Hungud Talikot (BOT Annuity) 100.0% 14 Khairatunda Barwa Adda Road (HAM)* 100.0% 15 Bettadahalli Shivamogga Road (HAM)^ 100.0% # Out of 6 FOBs, 4 are handed over ## Nashirabad ROB handed over in Calendar Year ^^Toll is being collected under Court Order 1. Chennai ORR - ABL owns 50% equity currently. Will be transferred to ACL in due course *New HAM Projects won during the year 2018 ^ Receipt of Letter of Award (LOA) in March 2019 14#15ABL Owned BOT Projects Financials Concession Terms Project Details Particulars Ownership (%) State Client Lanes/Lane kms Signing Date Type Concession Period Grant/Revenue Share Project Cost Contract Ending Date Wainganga ^ Katni Bypass * ɅSHOкЛ Ahmednagar- Aurangabad 50% 99.89% 100% Maharashtra Madhya Pradesh Maharashtra MORT&H 2 Lane / 26.00 16-Nov-98 Toll PWD PWD 2 Lane / 35.20 19-Aug-02 4 Lane / 168.00 18-Dec-06 User Fee User Fee 11.76 yrs 12 yrs 18.75 yrs 410 710 1,030 15-Feb-18 22-Feb-20 22-Dec-19 •Katni: Toll collected under High Court order for extension of period on account of claims, not recognized as Revenue ^Toll is being collected under Court Order 15#16ACL Projects Financials Concession Terms Project Details Rs. Mn ɅSHOкЛ Bhandara Durg - Jaora Nayagaon Belgaum Dharwad Ownership (%) 51% 51% 37.74% 100% State Maharashtra Chhattisgarh Madhya Pradesh Karnataka Client NHAI NHAI Lanes/Lane kms 4 Lane 376.80 4 Lane 368.20 Signing Date Туре Concession Period 18-Sep-07 23-Jan-08 User Fee User Fee 20 yrs 20 yrs 100 (10) One time in 13th year MPRDC NHAI 4 Lane / 543.1 20-Aug-07 6 Lane 454.05 29-Jun-10 User Fee User Fee st 25 yrs 1 yr : (153) 5% increment pa 8,650 30 yrs 1st yr: (310), 5% increment pa 6,940 Grant / Revenue Share Project Cost 5,280 6,310 Contract Ending Date 15-Mar-28 21-Jul-28 19-Sep-33 03-May-41 16#17Financials ACL Projects Concession Terms Project Details Rs. Mn Ownership (%) State Client ɅSHOк Chennai ORR Dhankuni- Kharagpur Sambalpur Baragarh 50% 100% 100% Tamil Nadu West Bengal Orissa Govt. of Tamil Nadu NHAI NHAI Lanes/Lane kms CA Date Type 6 Lane/183.00 18-Sept-13 Annuity (Semi annual annuity of Rs. 1200 6 Lane/840.50 4 Lane/408.40 29-Jun-10 20-Jun-11 Toll Toll Concession Period Grant/Revenue Share mn) 20 Yrs 1,970 Project Cost 14,400 Contract Ending Date 18-Mar-34 25 yrs 1st yr : (1,260.6) 5% increment pa 22,000 30 yrs 1st yr : (13.3) 5% increment pa 11,420 31-Mar-37 13-Nov-41 17#18ACL HAM Projects Concession Terms Project Details ɅSHOкЛ Ankleshwar Manubar Khairatunda Barwa Adda Rs. Mn Ownership (%) State Client Kharar Ludhiana Ranastalam Anandpuram 100% 100% Punjab Andhra Pradesh NHAI NHAI Lanes / Lane kms 6 Lane/ 503.73 CA Date Туре Concession Period 22-Sept-16 Hybrid Annuity Contract Ending Date 17.5 Yrs 14-Aug-2034 6 Lane / 282 21-Mar-17 Hybrid Annuity 17.5 Yrs 15-Apr-2035 Expressway 100% Gujarat NHAI 8 Lane/104.00 11-May-18 Hybrid Annuity 17.5 Yrs 17.5 yrs from Appointed Date Road 100% Jharkhand NHAI 6 Lane/242.00 04-May-18 Hybrid Annuity 17 Yrs 17 yrs from Appointed Date Grant 6,400 4,788 6,748 3,440 Financials Project Cost 14,500 10,399 14,831 7,117 Estimated Equity including PIM 2,100 1,502 2,083 976 Estimated Debt 6,000 4,150 6,000 2,700 Equity Invested including PIM # 1,701 1,011 779 288 # As on 30th June 2019 18#19ACL HAM Projects Concession Terms Project Details ɅSHOкЛ Rs. Mn Ownership (%) State Client Lanes / Lane kms CA Date Туре Concession Period Contract Ending Date Grant Mallasandra Karadi Road Karadi Banwara Road Belgaum Khanapur Road 100% Karnataka NHAI 4 Lane/219.96 24-Apr-18 Hybrid Annuity 17 Yrs 17 yrs from Appointed Date 100% Karnataka NHAI 4 Lane/226.82 24-Apr-18 Hybrid Annuity 17 Yrs 17 yrs from Appointed Date 100% Karnataka NHAI 4 Lane/123.20 24-Apr-18 Hybrid Annuity 17.5 Yrs 17.5 yrs from Appointed Date Bettadahalli Shivamogga Road* 100% Karnataka NHAI 4 lane / 317.92 Hybrid Annuity 17 Yrs 17 Yrs from Appointed Date 5,528 10,717 3,668 4,874 3,425 Financials Project Cost 7,406 10,519 7,457 Estimated Equity including PIM 998 1,340 1,082 Estimated Debt 2,750 3,850 2,950 Equity Invested including PIM# 353 387 312 # As on 30th June 2019 *Receipt of Letter of Award (LOA) in March 2019 19#20ɅSH KA CITY GAS DISTRIBUTION#21City Gas Distribution - tapping the vast opportunity ɅSHOкЛ Large opportunity in the country as the segment is underpenetrated Cost effectiveness of CNG as a fuel compared to petrol and diesel Potential growth in the number of households using PNG which is cheaper than subsidized LPG Diversification into asset class which has stable yields ◇ Enter new segment with a smaller pilot project Maintain hurdle rate on margin and return on equity ◇ Continued focus on core business of infrastructure Successful precedent set by building a sizeable T&D business in the last decade Cautiously Expanding CGD Portfolio CGD Network in Ratnagiri, Maharashtra CGD Network in Chitradurga & Devangere, Karnataka LOI Received (Commissioned) CGD Network in Latur & Osamanabad, Maharashtra 21 21 Morgan Stanley India Infrastructure (MSII) committed to make Investment up to Rs.1,500 mn in CGD business through Private Equity route, of which first tranche of Rs.350 mn is received on 31st January, 2019.#22ɅSHOкЛ FINANCIAL HIGHLIGHTS#23Gross toll collection (Rs. Mn) ɅSHOк Q1 FY 20 Q1 FY 19 Y-0-Y (%) Q4 FY 19 Q-0-Q (%) ACL BOT Projects Belgaum Dharwad 236.8 229.9 3.0% 234.6 0.9% Dhankuni - Kharagpur 904.5 892.5 1.3% 883.8 2.3% Bhandara 174.3 167.1 4.3% 177.8 -2.0% Durg 198.3 195.1 1.7% 206.8 -4.1% Jaora Nayagaon 459.8 516.4 -11.0% 489.7 -6.1% Sambalpur 171.4 179.6 -4.5% 183.9 -6.8% Sub-total 2,145.3 2,180.6 -1.6% 2,176.6 -1.4% ABL BOT Projects Ahmednagar - Aurangabad 83.6 93.7 -10.7% 74.6 12.0% Wainganga Bridge 76.5 74.7 2.4% 78.7 -2.8% Katni Bypass 59.9 58.1 3.0% 53.8 11.3% Others # 8.0 6.0 32.9% 5.3 50.4% Sub-total 228.0 232.5 -1.9% 212.4 7.3% Others * (Fix Term Toll Collection 117.0 Contract) Grand Total 2,373.2 2,530.1 -6.2% 2,389.0 -0.7% Notes: 1. # Pandarpur Bypass & 3 Foot Over Bridges in Mumbai and Short-Term Toll Collection Contract 2. Katni project: Toll collection under High Court order for extension of period on account of claims, not recognized as Revenue 3. * Includes Hebbalu, Hattargi, Laxmipuram and Bellupada 23#24Gross toll collection (Rs. Mn) ɅSHOкЛ FY19 FY18 FY17 ACL Projects Belgaum Dharwad 915 878 699 Dhankuni - Kharagpur 3,510 3,176 2,557 Bhandara 674 648 570 Durg 794 785 700 - Jaora Nayagaon 2,010 2,029 1,638 Sambalpur Sub-total 718 633 477 8,621 8,149 6,642 ABL Owned Projects Ahmednagar - Aurangabad 317 278 272 Indore -Edalabad 1,036 Wainganga Bridge 298 303 276 Katni Bypass 215 209 183 Others # 305 798 720 Sub-total 1,135 1,588 2,487 Grand Total 9,756 9,737 9,129 Notes: 1. # - Pandarpur Bypass & 3 Foot Over Bridges in Mumbai and Short-Term Toll Collection Contract 2. Katni project: Toll collection under High Court order for extension of period on account of claims, not recognized as Revenue 3. Closed toll operations of Indore-Edalabad project post expiration of the concession period from Feb 18, 2017 24 24#25Adjusted Annual Gross toll collection (Rs. Mn) ACL Projects Belgaum Dharwad Dhankuni - Kharagpur Bhandara Durg Jaora Nayagaon - Sambalpur ɅSHOк FY19 FY18 FY17 * 915 878 746 3,510 3,176 2,729 674 648 608 794 785 747 2,010 2,029 1,748 718 633 509 8,621 8,149 7,088 Sub-total ABL Owned Projects Ahmednagar - Aurangabad 317 278 290 Indore -Edalabad 1,106 Wainganga Bridge 298 303 295 Katni Bypass 215 209 195 Others # 305 798 768 Sub-total 1,135 1,588 2,654 Grand Total 9,756 9,737 9,742 * Toll collection adjusted for 23 days in FY17 25#26Debt Profile as of June 2019 ɅSHOкЛ Consolidated Debt (Rs. Mn) ■Project Debt ■Standalone Debt 7,199 5,810 49,591 50,529 Mar'19 Consolidated Debt beak-up (Rs. Mn) Standalone debt Project debt Total Jun'19 Standalone Debt beak-up (Rs. Mn) 5,810 Equipment loan - Working capital 50,529 56,339 - NCDs Total 2,372 1,938 1,500 5,810 26#27Standalone Profitability Highlights (as per IND-AS) ɅSHOKA Rs mn Total Income from Operations Other Income REVENUE Operating Expenses Q1 FY20 8,768 Q1 FY19 Y-0-Y(%) 6,837 Q4 FY19 13,074 Q-0-Q(%) 342 366 380 9,110 7,203 26.5% 13,454 -32.3% 7,673 6,025 11,259 EBITDA 1,437 1,178 21.9% 2,195 -34.5% EBITDA margin 15.8% 16.4% 16.3% Interest 214 171 367 Depreciation 266 136 260 Profit before Exceptional Items and Tax 957 871 1,568 Exceptional Items 73 PBT 957 871 1,496 Tax 310 232 516 Profit After Tax 647 639 1.2% 980 -34.0% PAT Margin 7.1% 8.9% 7.3% Other Comprehensive Income -1.0 -0.7 -0.9 Total Comprehensive Income 646 638 979 27 22#28Standalone Profitability Highlights (as per IND-AS) Rs mn FY19 FY18 Y-0-Y(%) Total Income from Operations 38,206 24,483 Other Income 1,157 978 REVENUE 39,363 25,461 54.6% Operating Expenses 33,055 21,548 EBITDA 6,309 3,912 61.3% EBITDA margin 16.0% 15.4% Interest 907 485 Depreciation 763 532 Profit before Exceptional Items and Tax 4,639 2,894 Exceptional Items 470 PBT 4,169 2,894 Tax 1,307 524 Profit After Tax 2,862 2,370 20.7% PAT Margin 7.3% 9.3% Other Comprehensive Income -4 -4 Total Comprehensive Income 2,857 2,366 ɅSHOкЛ 28#29Standalone Balance Sheet (as per IND-AS) ɅSHOкЛ Rs mn Mar-19 Mar-18 Rs mn Mar-19 Mar-18 Shareholder's Fund 22,120 19,263 Non-current assets 29,665 21,162 Share capital Reserves & Surplus 1,404 936 Fixed assets 3,855 2,324 20,716 18,327 Other Non-current assets 25,810 18,838 Non-current liabilities 7,770 3,207 Current assets 23,421 18,107 Long term borrowings 3,592 1,214 Inventories 1,527 1,459 Other non-current liabilities 4,178 1,993 Current liabilities 23,196 16,799 Trade receivables 12,791 8,600 Short term borrowings 3,714 37 Cash and bank balances 550 1,235 Obligation towards investor in Subsidiary 1,899 1,740 Other current assets 8,553 6,813 Other current liabilities 17,583 15,022 TOTAL EQUITIES & LIABILITIES 53,086 TOTAL ASSETS 53,086 39,269 39,269 29 29#30Consolidated Profitability Highlights (as per IND-AS) ɅSH KA Rs mn Total Income from Operations Other Income REVENUE Operating Expenses EBITDA Q1 FY20 11,681 Q1 FY19 9,619 Y-0-Y(%) Q4FY19 15,968 Q-0-Q(%) 187 207 272 11,868 9,826 20.8% 16,240 -26.9% 8,133 6,559 12,040 3,735 3,267 14.3% 4,201 -11.1% EBITDA margin 31.5% 33.3% 25.9% Interest 2,816 2,480 2,692 Depreciation 756 602 704 Profit before Exceptional Items and Tax 163 185 804 Profit/(Loss) from Associates & JVs accounted for using Equity 35 68 -52 Method Exceptional Items 0 0 204 PBT 198 253 548 Tax 430 328 668 Profit After Tax -232 -75 -120 PAT Margin -2.0% -0.8% -0.7% Other Comprehensive Income -1 -1 -2 Total Comprehensive Income -233 -76 -122 30 50#31Consolidated Profitability Highlights (as per IND-AS) Rs mn REVENUE Operating Expenses EBITDA FY19 FY18 50,072 36,546 35,358 24,635 14,714 11,911 EBITDA margin 29.4% 32.6% Interest 10,213 9,938 Depreciation 2,582 2,914 Income/(Loss) from of associates & JVs -10 592 Exceptional Items 601 Profit Before Tax 1,306 -349 Tax Profit After Tax 1,709 837 -403 -1,187 Significant Accounting Treatment Unwinding of Premium Obligations 2,856 2,818 Premium Paid 2,226 2,190 Financial Liability on account of CCD of ACL 1,224 1,744 ɅSH KA IND-AS accounting treatment for CCDs in Ashoka Concession CCDs issued to SBI Macquarie treated as Financial Liability & Recorded as Fair Value in Financial Statement Current Liabilities - Obligation Towards investor in subsidiary of Rs. 14,816 mn created and reduced from Retained Earnings in FY19 FY18 & FY19 P&L statement charged Rs. 1,744 mn and Rs. 1,224 mn respectively 31#32Consolidated Balance Sheet (as per IND-AS) ɅSH KA Rs mn Mar-19 Mar-18 Rs mn Mar-19 Mar-18 Shareholder's Fund 2,869 3,159 Share capital 1,404 936 Fixed assets Non-current assets 96,849 91,686 79,319 79,212 Reserves & Surplus 1,465 2,223 Other Non-current assets 17,531 12,474 Non Controlling Interest 1,189 937 Non-current liabilities 83,629 78,788 Long term borrowings 54,099 48,704 Investments Current assets 34,165 23,817 1165 508 Other non-current liabilities 29,530 30,085 Inventories 4,265 4,194 Current liabilities 43,327 32,619 Trade receivables 10,483 6,890 Short term borrowings 3,259 632 Cash and bank balances 2,342 2,532 Obligation towards investor in Subsidiary 14,816 13,592 Other current assets Other current liabilities 25,251 18,395 TOTAL EQUITIES & LIABILITIES 1,31,014 1,15,503 TOTAL ASSETS 15,910 9,692 1,31,014 1,15,503 32 32#33For further information, please contact: Investor Relations Advisors : Company: ɅSHOKA Ashoka Buildcon Limited Ashoka Buildcon Ltd. Mr. Paresh Mehta [email protected] CIN L45200MH1993PLC071970 S. No. 861, Ashoka House, Ashoka Marg, Nashik - 422 011 Tel. No. 0253-6633705 www.ashokabuildcon.com STELLAR INVESTOR RELATIONS Stellar IR Advisors Pvt. Ltd. Mr. Gaurang Vasani / Ms. Hina Agarwal [email protected]/[email protected] CIN: U74900MH2014PTC259212 B-707, Kanakia Wall Street, Andheri (East), Mumbai 400 093 Tel. No. 022 6239 8019 www.stellar-ir.com