Era Infra Engineering Ltd. - Indian Corporate ,Indian ...aceanalyser.com/Analyst...

Investor PresentationMay 2009

Era Infra Engineering Limited

• Vision

• Portfolio

1. Group Overview

Structure of presentation

3. Key Management Team

• Era Infra Engineering Overview

• Competitive strengths

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2. Era Infra Engineering Overview

5. Financials

• Construction & Contracts

• EPC & International

• Equipment Management

• Ready Mix Concrete

4. Strategic Business Divisions

Group vision

“To be the group of first choice in engineering, construction, real estate, entertainment & hospitality and project management through committed focus on quality, innovation, technology, stakeholders’growth and social responsibility”

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‐ a multi‐faceted engineering, construction and services conglomerateEra Group of Companies

Era Building Systems Limited

Activity: Pre‐Engineered Buildings

Era Landmarks (India) Limited

Activity: Real Estate

Development

Era E‐Zone (India) Limited

Activity: Hospitality & Entertainment

Cinemas & Food Courts

Hotels & Resorts

Two Strategic Divisions

Construction & Contracts

EPC & International

Equipment Management

Ready Mix Concrete

Four Strategic Divisions

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Era Infra Engineering Limited

The flagship company The flagship company

Activity : Infrastructure Activity : Infrastructure Development & Development & ConstructionConstruction

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Era Infra Engineering overview

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Flagship company of the Era group of companies

ISO 9001:2000 and ISO 14001:2004 certified company

Proven track record of 200+ completed projects. + 70 ongoing projects.

Four Strategic Divisions addressing different business verticals: Construction and Contracts, EPC & International, Equipment Management,Ready Mix Concrete

Servicing some of the most prestigious clients across both public and private sectors

Equity shares listed on the Bombay Stock Exchange Ltd. and the National Stock Exchange Ltd

Global Depository Receipts (GDRs) listed at the Luxembourg Stock Exchange

Foreign Currency Convertible Bonds (FCCBs) listed at the Stock Exchange of Singapore

Competitive strengths

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Holding Structure

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Shareholding pattern

25.86%

Era Buildsys Era E‐Zone

10.02%

Era Infrastructure(India) LimitedMaster SPV

100%

Era Infra Engineering Ltd.

Public sector clients

Airport Authority of India Ltd.

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Bharat Heavy Electricals Ltd.

Central Public Works Department

Delhi Metro Rail Corporation Ltd.

Delhi State Industrial & InfrastructureDevelopment

Corporation Ltd.

Hyderabad Growth Corridor Ltd.

Indian Oil Corporation Ltd.

Madhya Pradesh Road Development

Corporation Ltd.

National AluminiumCompany Ltd.

National Highway Authority of India

National Hydro-Electric Power Corporation Ltd.

National Thermal PowerCorporation Ltd.

Power Grid Corporation of India

Rail Vikas Nigam Ltd. Steel Authority of India Ltd.

Private sector clients

Adani Group Alps Industries Ltd.

Bajaj EcoTech Ltd.

Bajaj Hindustan Ltd.

Bharti Airtel Ltd. Birla Tyres CadilaPharmaceuticals Ltd.

Caparo Engineering India Pvt. Ltd.

Hindustan National Glass & Industries Ltd.

Jindal SAW Ltd. LancoInfratech Ltd.

Larsen & Toubro Ltd.

MagalEngineering Ltd.

Nectar LifesciencesLtd.

NRB Bearing Ltd. Panacea Biotech Ltd.

Penna Cement Industries Ltd.

Polar Industries RadicoKhaitan Ltd.

Sahara Group Sharus Steel Products (P) Ltd.

Soma Enterprises Ltd. Titan Industries Ltd.

Thermax Ltd. Unichem Laboratories Ltd.

Videocon Industries Ltd.

Vigneshwara Developers Pvt. Ltd.

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Management team

Senior management team is well‐experienced having held leadership positions

A K Mehta Is the Vice Chairman of the Era group of companies. With over 34 years of experience in management and administration, he has held leadership positions in reputed organizations

H S Bharana Is the Chairman & Managing Director of the Era group of companies. He is a Civil Engineering professional with over two decades of rich experience in the construction business

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T.D. Arora Is heading the Division as Chief Executive. A Civil Engineer, he has been with the Era group of companies for more than 21 years.

Construction and Contracts Division

J L KhushuIs the Chief Executive of the Division. He is a Civil Engineering professional with Masters in Structural Engineering and possesses extensive experience of about 43 years in this field

EPC & International Division

Pradeep Kathuria Is the Chief Executive of the Division. A Mechanical Engineer from MACT, Bhopal, he holds 32 years of experience in managing all major streams of the industry and understands various successful equipment management and rental business modules.

Equipment Management Division

Ashok Kumar Is heading the Division as a Chief Executive. A Fellow Chartered Accountant, he has over 25 years of varied experience in the industry including handling of large infrastructure projects

Ready Mix Concrete Division

Strategic business divisions

With the objective of capitalizing on the prospects unfolding in the infrastructure development space and simultaneously increasing the efficiency in executing its own large projects, Era has set up strategic business divisions representing well structured, robust and scalable business lines:

Result: A clear demarcation of strengths and responsibilities. Synergising the best of Era’s in‐house partnerships and bringing about lateral integration of specialised resources.

Era Infra Engineering


Construction & Contracts Division



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Era Construction and Contracts Division

Construction & Contracts Division

Executes infrastructure development contracts

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Industry overview

USD 380bn infrastructure spending in the 11th plan and USD 640bn in the 12th plan

Demographic FactorsRising Population Increasing urbanization

GlobalIntegrationRising internationaltrade and travel

EconomicFactorsGrowing economy Raising disposable incomes

Inadequate road width,poor riding quality,low speeds

Delays, congestion,fuel wastage in air travel

10‐14 % power shortages, frequentbrown outs

High turnaround time, poor connectivity at ports

Massive under capacityin railways for freightand passenger traffic

Poor WSS is majorcontributor to diseases

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Key projects executed

Power

National Thermal Power Corporation Ltd.

• TG Area Civil Works‐II Package for Talcher Super Thermal Power Project 3rd & 4th Unit of Stage‐II (4x500 MW)

• TG Area Civil Works‐1 Package for Talcher Super Thermal Power Project Ist & 2nd Unit of Stage‐II (4x500 MW)

Bharat Heavy Electricals Ltd.• Civil, structural, architectural work for CW systems at 1x500 mw SGTPS Birsinghpur Thermal Power Project, Madhya Pradesh Power Generating Co. Ltd.

Housing

Delhi State Industrial Development Corporation Ltd.

Construction of Houses with cost effective technologies Pocket A & B (3164 dwelling units) composite work at Bawana Industrial Complex, New Delhi

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Industries

Bajaj Hindustan Ltd.

Construction of RCC framed structure building including electrical work and external development works like roads, drains etc. for 10,000 TCD sugar plant at Barkhera Pilibhit

Birla TyresConstruction of RCC framed structure building including electrical work and external development works like roads, drains etc. at Uttarakhand.

Alps Industries Ltd.Construction of RCC framed Structure Building and building of new spinning unit at Haridwar (Uttaranchal)

Videcon Industries Limited.Civil and structural works for main factory building, at Kashipur

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Commercial Complexes

• Construction of Galaxy World Multiplex, Ambala, Haryana for Ganpati Shopping Mall Pvt. Ltd.

• Construction of Gold Souk Wedding Souk,Village Kadian, Jalandhar Bypass, Ludhiana for Aerens Goldsouk International Ltd.

• Construction of a centrally air conditioned shopping mall cum 3 screen cineplex at Meerut for Era Landmarks (India) Limited

• Multiplex shopping mall "SRS WORLD" at Sector‐12, Faridabad for S.R.S. Commercial Company Ltd.

• Construction of Army Institute Army Welfare Education Society, Greater Noida (U.P.) for Central Government Employees Welfare Housing Organisation

• Construction of District Administrative Complex at Hoshiarpur for Punjab Urban Planning & Development Authority

• Construction of building for Rama Denim (Phase‐I) in Patiala, Punjab for Rama Petro Chemicals Ltd

SRS World ‐ Faridabad Gold Souk Mall, Ludhiana

Hospital projects

• Construction of general ward and special ward block At Lok'nayak Hospital for Public Works Department, New Delhi.

• Construction of casualty block at Lok Nayak Hospital for Public Works Department, New Delhi

Airport

Construction of Integrated Cargo Complex (Phase‐1) at NetajiSubhash Chandra Bose International Airport, Kolkata


Office Complexes

• Development of campus and construction of office complex of National Institute of Open Schooling (NIOS), Noida (U.P.)

• Construction of auditorium and academic buildings at Shri Mata Vaishno Devi University Kakrial, Udhampur(J&K)

• Construction of Punjab Urban Development Authority Office Complex in Sector‐62, Mohali

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Current order book size: Rs 7353 crores*

Current order book

Segment wise order book breakup (in %)Client-wise order break up (in %)

*As on May 2009

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Projects under execution – Power projects

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Name of Client Description of Work Order Value (Rs Cr)

NTPC Ltd. All civil & structural Work of 980 MW at Dadri 188.08

NTPC Ltd. All civil & structural Work at Samadhari 136.38

Bharat Heavy ElectricalsLtd.

Civil, structural & architectural work for Main Power Block along with its auxiliaries and BOP for 1 x 500 MW Thermal Power Station, Extension Unit # 6, Gujrat State Electricity Corporation Limited at Ukai

145.07

Lanco Infratech Limited ‐EPC Division

General Civil Works – I & III Packages for 2 X 600 MW LancoAnpara Thermal Power Project, Anpara, Sonebhadra District, U.P

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NTPC ‐ Dadri Lanco, AnparaBHEL Jhansi

Projects under execution – Power projects

Name of Client Description of WorkOrder Value

(Rs Cr)Bharat Heavy Electricals Ltd. (BHEL)

Complete civil, structural & architectural works for Main Plant,Balance of Plant and Various Buildings at Bawana, Delhi

199.01

NTPC Ltd. Main plant and offsite civil works package for Mauda Super Thermal Power Project, Mauda (2X500 MW), Maharashtra

222.98

Aravali Power Company Pvt Ltd. (A JV of NTPC Ltd.)

All civil & structural Work of Thermal Power Plant at Jhajjar 284.95

NTPC ‐ Jhajjar

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BHEL Bhilai

Projects under execution – Infrastructure projects

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(Rs Cr)

Mumbai Railway Vikas Corporation Ltd.

Construction of EMU maintenance carshed between Nallasopara & Virar stations of Western Railway

85.20

Central Public Works Department (CPWD)

Construction for Commonwealth Games 2010 in J N Stadium Sports Complex, New Delhi. SH: Internal space planning of main stadium building including repair work of upper tier

111.27

Rail Vikas Nigam Ltd. Notification of award of contract No. RVNL/RPR/BYT‐URK/01 for the provision of a third track on the Bhatapara‐Urkurasection of the South East Central Railway

114.78

Airports Authority of India Construction of a new expandable modular integrated terminal building at Raipur Airport

129.66

RVNL ‐ BhataparaRVNL ‐ Samadri Raipur Airport

Projects under execution – Infrastructure projects


(Rs Cr)

Airports Authority of India Construction of a new expandable modular integrated terminal building at Indore Airport

113.03

Central Public Works Department

(CPWD)

Up‐gradation, Renovation and New Construction for Commonwealth Games ‐ 2010 in Dr. Karni Singh Shooting Range, Tuglakabad, Delhi. Sub Head: Construction of Ranges of 10 Mtr., 25 Mtr., 50 Mtr. Trap, Skeet Final Range and Armory Building including Development of Complex (Civil and Electrical)

70.76

Rail Vikas Nigam Limited All civil engineering and associated general electrical works for Palwal‐Bhuteshwar’s 3rd Line (81 KM)

62.06

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RVNL ‐ Rewari JLN Stadium

Projects under execution – Housing & Industrial projects


(Rs Cr)NTPC Ltd. Energy Technology Centre Package for Energy

Technologies Complex, Greater Noida21.91

Sahara India Commercial Corporation Ltd.

Construction of independent and multistoried buildings at Sahara City Homes, Gwalior

51.50

Hindustan Latix Ltd. Construction of Hospital Building 62.50

Public Works Department (B&R), Govt. of Punjab & Punjab Infrastructure Development Board (PIDB)

Construction of Guru Gobind Singh Medical College, Senate Campus & Academic Campus for Baba FaridUniversity of Health Sciences

71.76

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Sahara HomesAster Court, JaipurDSIIDC, Narela



(Rs Cr)

Public Works Department Construction of 200 bedded hospital at Kokiwala Bagh, Ashok Vihar, Phase‐IV, Delhi Sub Head: Construction of OD, Ward, Services, Nurses & RMO Hostel Block including Internal Water Supply and Sanitary Installation & Internal Electrical Works

73.74

Central Park Estates Pvt. Ltd. Construction & Development of Central Park – II at Sector‐48, Sohna Road, Gurgaon

85.60

Delhi State Industrial Development Corporation Ltd.

Construction of 5888 EWS Houses (Composite Work) with Cost Effective Technologies at Samaspur Khalsa, Delhi

110.46

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Central ParkNALCO, DamanjodiSAIL, Bokaro



(Rs Cr)

National Buildings Construction Corporation Ltd.

Construction of CBI Head Office Building at Envelope‐5B, CGO Complex, Lodhi Road, New Delhi

115.13

Era Landmarks (India) Ltd. Construction of a residential complex at Gradenia Estate, Meerut

122.23

Vigneshwar Developers Ltd. Construction of IT park at Manesor, Gurgaon 151.00

Era Landmarks (India) Ltd. Construction of the Era IT Park at Greater Noida 170.46

Naya Raipur Development Authority (NRDA)

Construction of Head of Department building at Capitol Complex, Naya Raipur, Chhattisgarh

208.94

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IT Park, Greater NoidaCBI Headquarter, New Delhi

Future focus

• Further diversifying presence by addressing projects across newer infrastructure segments such as :

‐ refineries

‐ hydroelectricity

‐ irrigation

‐ ports

• Consolidating presence in the existing sectors by executing larger‐sized projects

• Further enhancing pre‐qualification strengths through strategic alliances

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Era EPC & International Division


• Focusing on Engineering (basic and detailed), Procurement (of man, material and machinery) and Construction (execution of works contracts)

• Era’s EPC contracts are based on:

‐ Turnkey and BOQ basis

‐ Long Term basis – Built, Operate and Transfer (BOT) / Built, Operate, Own and Transfer (BOOT) on Annuity and Revenue collection basis

• Forayed into power transmission and distribution

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Industry overview

Roads

• Roads will account for 15% of India’s infrastructure investment as per the 11th plan with a targeted spend of USD 76bn up from USD 35 bn in the 10th plan

• Over 40% of India’s road length is not surfaced

• 40% of Indian villages do not have access to all weather roads

• NHAI to garner a greater share of National Highways ‐ from 24% currently to over 70% by the end of the 11th plan

Railways

• The Indian Railways (IR) is expected to make large investments over the next five years in improving its dated network and augmenting capacity

• Estimated total investments of Rs. 2.55tn

Break‐up of Government Spend USD 76 bn

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Current BOT projects

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Gwalior Bypass Project Pvt. Ltd.• An order in consortium with Ramky Infrastructures and Shriram Chits from NHAI• Entails the construction of a 42.033 km four-lane bypass in the state of Madhya Pradesh (North-south corridor)

(NHDP Phase-II) on BOT basis.• To execute this project a special purpose vehicle has been formed in the name of Gwalior By-pass Project Pvt. Ltd.

Project Status Under construction

AuthorityNational Highway Authority of India (NHAI)

Project Length 42.033 km

Nature of Project BOT on Annuity Basis

Concession Period 20 years (including construction period)

Construction Period 30 months

Project Cost Rs. 332.10 crs

Expected AnnuityRs. 928.55 crs in 35 Annuities payable in every 6 months

Means of FinanceEquity Contribution: Rs. 92.10 crsDebt Contribution: Rs. 240 crs

Hyderabad Ring Road Project Pvt. Ltd.• Design, construction, development, finance, operation and maintenance of eight lane access controlled highway ,

jointly with Induni CIE & SA• Awarded under Phase-II A programme as an extension of Phase I of ORR to Hyderabad City for the package from

Narsingi to Kollur• Special purpose vehicle has been formed in the name of M/s Hyderabad Ring Road Project Pvt. Ltd.


AuthorityNational Highway Authority of India (NHAI)

Project Length 12 KmNature of Project BOT on Annuity Basis.

Concession Period 15 years (including construction period)

Construction Period 30 monthsProject Cost Rs. 375.87 crs

Expected AnnuityRs.772.5 crs in 25 Annuities payable every 6 months.

Means of FinanceEquity Contribution: Rs. 71.79 crsDebt Contribution: Rs. 244 crsGrant from Huda: Rs. 60.07 crs

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Bahadurgarh‐Rohtak Project


Authority National Highway Authority of India (NHAI)

Project Length 63.49 Km

Nature of Project BOT on Toll Basis

Concession Period 25 Years (including construction period)

Construction Period 24 months

Project Cost Rs. 568.81 crs

Means of FinanceEquity Contribution: Rs. 172.81 crs

Debt Contribution: Rs. 396 crs

• Entails the constructing a 63.49 km stretch including a new four‐lane bypass for Bahadurgarh and Rohtak; and six‐laningstretch between Bahadurgarh and Rohtak, on BOT basis

• Project in consortium with KCT—from NHAI for executing the Delhi‐Bahadurgarh‐Rohtak stretch in Haryana

• .The bypass of Bahadurgarh would be 13 km long and bypass of Rohtak would be 25 km

• Work is executed through a Special Purpose Vehicle Company

Current EPC project

Delhi Metro Rail Corporation Ltd.• Secured a contract for construction of an underground metro railway station and underground tunnel from the Delhi Metro Rail Corporation

• Project bagged with ojint venture partner, KMB Ukraine• Involves designing and construction of the Dwarka Sector 21 underground station, approach cut and cover tunnel, and connected works.

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Future focus

• Metro Rail projects

• Automated parking lots

• Large scale housing projects

• Power transmission & distribution projects

• Railway Freight corridor projects routed through strategic joint ventures with European players

• Hydropower. Establishing JV alliances for complete execution of hydro projects

• Focusing on regional airports & ports. Formulating bidding strategies for the same

• Identifying opportunities and prospects for joint development partners in Africa and UAE

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Era Equipment Management Division


The main activities of this Division encompass:

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Industry overview

20% USD 1,498 mn

Potential Size of the rental equipment market by 2010

25% USD 1,873 mn

Current size of Indianequipment market

Potential size by 2010

Total size: USD 3.5 bn Total size: USD 7.5 bn

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Equipment bank

Operating under brand of “Era Machine Mart” the equipment bank shall consist of high‐end critical equipment such as:

• The Division currently has an equipment bank of more than Rs 2500 mn

• Used for internal as well as provided on rentals.

• The break‐up is as follows:

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• Hydraulic piling rigs• Pile driving equipment• Joint welding machines for rail tracks

• Road construction equpiment• Stone crushers• Batching plants

• Cranes• Transit mixers• Bituminous plants(Hot Mix Plants)

• Concrete equipment• Earthmoving equipment

Equipment bank

Crawler Tractor D7G Hydraulic Excavator PC200 Hydraulic Excavator S225LC7

Hydraulic Excavator S300LC‐7 Hydraulic Excavator SK210

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Equipment bank

Hydraulic Piling Rig ‐ B170

Hydraulic Piling Rig ‐ B180HD

Hydraulic Piling Rig ‐ HR130

Hydraulic Piling Rig ‐ HR180 Hydraulic Piling RIg ‐ SR40

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Equipment bank

Hydraulic Piling Rig ‐ SR50

Motor Grader 120H Motor Grader BG605

Motor Grader GD511A‐1Rock Breaker CP1150 (1)

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Equipment bank

Rock Breaker CP1150 (2)

Wheel Loader 833 Wheel Loader ‐ Liugong

Wheel Loader CDM855E Wheel Loader HM2021

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Clientele

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Ahluwalia Contracts (India) Ltd.

TRANSSTROY INDIA LTD.

Future focus

• Investment planned of Rs 5000 mn over the next 2 years

Future asset fleet expansion Fleet acquisition planned

Equipment category targeted:

Lifting / Material Handling Equipment• Lifting Equipment i.e. Cranes (All Terrain / Rough Terrain / Crawler / Tower Cranes), Rough Terrain Fork Lift, etc are in huge demand across all level of construction industry.

• Era intends to acquire state‐ of‐ the‐art specialized, standardized, & newer machinery with experienced personnel to handle

Soil Improvement Equipment• Soil Improvement equipment i.e. Piling Rigs, Extractor, Pile Drivers, etc are used to build solid foundations for construction of all major Infrastructure Developments, Bridges, Metro Rails.

New fleet of equipment:

• High capacity All Terrain / Crawler Cranes (up‐to 100 ton)‐ More than 50 cranes to be inducted‐ More than 20 Piling Machines to be added

• Aerial Platform / Boom Lift of height (60’, 80’ & 120’)• New Motor Graders to be inducted • Rock Breakers for 20 T / 30 T excavators.• Concrete Machinery like Boom Pumps, Stationary• Pumps, Transit Mixers, Batching Plant, etc

Advantages• Era can offer brand new equipment on rent• Complete equipment solutions made available to customers

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Era Ready Mix Concrete Division


• Over the past two decades Era has been extensively manufacturing & using RMC for its own projects

• As a result, the company possesses :

Extensive wherewithal & understanding about the business

Technicalities & specific requirements of RMC

Understanding of the need for quality & speedy completion of diverse construction projects

• Leading to the establishment of a separate division catering to internal as well as external RMC requirements

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Industry overview

• India is the second largest cement producing country in the world

• Cement demand in the country grows at roughly 1.5 times the GDP growth rate

• The cement industry is poised to add 111 mn tonnes (mt) of annual capacity by the end of 2009‐10

• The installed capacity is expected to increase to 219 mtpa by end of FY 2009, and further up to 241 mtpa by FY 2010

Result: India's cement industry will record an annual growth at 10% in the coming years

• The RMC industry (a subset of the cement industry), is currently at an infancy stage in India (using only 4‐5% of the total cement production)

• Expected to go upto 45% of the total cement production by 2020, with the annual industry growth pegged at 30‐ 35%

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Operational details

Sahibabad

Secured prestigious contract for supply of 50,000 cum of RMC for the Commonwealth Games Village, behind Akshardham Temple, New Delhi

Greater Noida

Secured prestigious contract from JeetBuilders Pvt. Ltd. for 13,300 cum of RMC to develop a multi‐storied housing complex in Greater Noida

Sector – 78, FaridabadDedicated plant for M/s Era

Landmarks India Limited for its Redwood Residency project

In view of the infrastructure growth in the area, this plant is also expected to meet external RMC demand

IMT, Manesarplant

Set up with an initial capacity of 30 M³/HR, has now expanded capacity to 60 M³/HR

Faridabad (20 kmsfrom BPTP plant)

Expected to commence commercial operations soon with design, manufacturing and marketing of RMC under the brand name of ERA 60

Murthal(Sonepat)

With capacity of 56 M³/HR, expected to be operational shortly

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Strengths offered

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Future focus

• Plans to set up 60 RMC plants at an investment of Rs 4000 mn

• Currently the company’s plants are confined to the NCR

• Going ahead the Division plans to establish a pan – India presence

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Financials (QoQ comparison )

Q4 08‐09 Q4 07‐08 % age Change

Net Sales 952.58 625.06 52.40%

Other Income 64.28. ‐3.02

Total Income 1016.86. 622.04 63.47%

Profit Before Tax (PBT) 131.01. 75.67. 73.13%

Profit After Tax 107.62 36.76 192.75%

EBITDA 197.37 119.05 65.78%

% of EBITDA 20.72% 19.05%

% of PBT 13.75% 12.11%

% of PAT 11.30% 5.88%

EPS (Basic) 7.50 3.21

EPS (Diluted) 7.50 3.45

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(Rs Crs)

Thank youEra Infra Engineering Ltd.

370, 371/2, Sahi Hospital Road, Jungpura, Bhogal, New Delhi‐110014www.eragroup.co.in

Statements in this “Presentation” describing the company’s objectives, estimates, expectations or predictions may be “forward looking Statements” within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the company’s operations including demand supply conditions, cyclical nature of the company’s principal markets, changes in government regulations, tax regimes, economic developments within India and factors such as litigation and labour negotiations. The company assumes no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent developments, information or events, or otherwise.

Disclaimer

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