List of Top 30 Infrastructure Companies
India’s infrastructure sector continues to be a key driverof the nation’s economic progress. Despite battering through an ever growinggauntlet of challenges like rising interest rates, inflation, sluggish orderinflows and squeezed profitability, the infrastructure sector continues toperform convincingly better, thanks to a number of companies who stood up thetest of time and are creating a legacy for others to emulate. Construction WeekIndia takes this opportunity to acknowledge the top 30 performing companies inthe infrastructure sector shaping the India of tomorrow, today. This storypresents a bright constellation of some of the top performing companies,analysing their growth story on how they have managed to ride out of the sunsetand are at the top, by a mile. It zooms in on companies which are ahead of thelot, with impressive market capitalisation, order book standing and diversityof projects on about a year’s horizon (April 2010 to June 2011).
Primarily, our quest was to delve into the performance of the infrastructureindustry and hunt for India’s most admired companies in this space andhighlight the critical role played by these true ‘nation builders’.
The rationale behind the selectionof companies was simple, but with a mix of evaluative methodologies.
Construction Week India editorial team relied on the prowess of equity researchreports, corporate filings, market perceptions, to name a few to decide on thecream of the crop companies. Initially, 50 companies were picked out.Subsequently, we had to count out some of the companies as they did not matchup with our performance-based prerequisites. How did we do it? We collatedinformation on the 50 shortlisted companies. To this illustrious list, a filterwas applied on the statistics, which was culled out through in depth researchand examination of company filings. The process threw light on the strong pointas well as the Achilles’ heel of every company. Subsequently, the informationwas analysed and subjected to a formula in order to figure out which 30 infracompanies were best performing.
The final ranking of the ‘Top 30’ infrastructure companies was based on acomprehensive quantitative and qualitative analysis of the overall businessperformance of every company. It comprised peer comparison, order bookanalysis, assessment of the diversity of projects as well as executioncapabilities of these companies.
So join us in this endeavour and see how these companies are contributing toIndia’s growth story.
No 1: Larsen & Toubro
With well-capitalised balance sheetcoupled with robust execution mechanism, a wide array of capabilities,integrated operations, strong portfolio of assets and a colossal order book ofover Rs1,30,000 crore makes Larsen & Toubro a proxy to India'sinfrastructure story and Construction Week’s top pick in the sector.
The group continues to hold a unique place in the Indian E&C space as adiversified and leading engineering player, with exposure in the areas ofpower, defense, nuclear and equipment.
During 1QFY2012, it posted decent numbers and stands tall on an order backlogof Rs1,36,172 crore. Its order inflow for 1QFY2012 stood at Rs16,190 crore, up3.6% year-on-year. Similarly, over 90% of its order book came from the domesticsector, while Middle East barely accounted for 6%. The share of the publicsector orders in Q1FY12 order book compared to Q1FY11 declined from 47% to 38%,while the private order backlog rose from 40% to
The recent order wins (excluded in the order book) by the group are fromdifferent sectors, such as oil & gas, power, roads, etc. Some of the keyorders won by the group include Rs3,500 crore gas-based power plant EPC orderfrom PPN Power, Rs1,400.5 crore GSPC contract for offshore process platform inthe KG Basin and Rs4,100 crore for buildings and factories IC.
During FY11, the group had registered an impressive performance on allimportant parameters. Its order inflow witnessed a growth of 15%, and the orderBook position stood at Rs 130,217 crore, which was in excess of two years ofbacklog. According to reports, its order inflows were also marginally affecteddue to holdups in the tendering process, which included environmentalapprovals, land acquisition and political issues. The company is alsowitnessing good traction on the international front and sees a huge pipeline.
The group expects to clock 25% revenue growth for FY2012 despite severalheadwinds which are plaguing the sector. On the order inflow front, the companyexpects 15–20% growth which appears to be achievable in view of its leadershipposition and project diversification.
No 2: JaiprakashAssociates
Jaiprakash Associates (JAL) reporteda muted set of numbers for 1QFY2012. The company’s top line was 0.8%year-on-year to Rs3,097 crore, thanks to the high interest cost, tax rate andpersistent pessimism surrounding the sector.
Its order book stands at Rs55,000 crore, including Rs30,000 crore of realestate, Rs25,000 billion of Arunachal Pradesh hydro power projects. Its volumeswould be well diversified as its operations in new regions scale-up. Currently,its market mix is concentrated in North and Central India.
The company’s top line revenue declined by 1.1% year-on-year to Rs3,178 croredue to the decline in construction and real estate revenue by 11.3% and 5.2%,respectively. Its bottom line came in at Rs107 crore.
According to reports, its cement division reported revenue growth of 6.0% toRs1,527 crore. Further, the increase in coal prices at the domestic andinternational level adversely affected the company’s margin. Similarly, itsconstruction division registered an 11.3% year-on-year decline in revenue toRs1,275 crore. The decline was due to problems faced by the Yamuna Expresswayproject and the current slowdown in the real estate segment.
After a stunning performance since the last few quarters, its real estatedivision reported a 5.2% year-on-year and 41.8% quarter-on-quarter decline toRs347 crore.
The company has a plethora of bigticket projects in its kitty. It has two contracts worth Rs2,079 crore toconstruct the 990MW Punatsangchhu II Hydro- Electric Project, Bhutan. Thishydro-electric project will be jointly implemented by the Royal Government ofBhutan and the Government of India. Its first contract pertains to constructionof diversion tunnel, dam intake and delisting arrangement includinghydro-mechanical works and highway tunnel for a contract value of Rs1,224crore. The second project involves construction of head race tunnel from surgeshaft end, surge shaft, butterfly valve, chamber, pressure shafts, power houseand tailrace tunnel including hydro-mechanical works for a contract value ofRs855 crore.
No 3: Lanco Infratech
The group has been on a growthtrajectory having a total order book value of Rs 31,016 crore, of which about85-90% of its revenues sprouting from the captive business--thermal and solarpower.
In Q1FY12, it won the EPC orders worth Rs365.3 crore from Akaz Power to develop2 x 125 MW gas based power plant in Al-Anbar province, Iraq. Currently, itspower portfolio consists of an installed capacity of 3,292 MW.
The construction and EPC division of the group has several orders in its kittylike the development of around 440 km of National Highway on BOT basis and therecent mandate to be a mine developer and operator (MDO) of Gare Pelma-II coalblock of Maha Tamil Collieries Ltd (MTCL). The group’s construction verticalbagged the first metro project for engineering, procurement and construction fromChennai Metro Rail Limited.
Its solar vertical achieved the financial closures of the 30 MW PV project inGujarat, the 5 MW PV and the 100 MW Solar Thermal projects in Rajasthan. An 80KW grid-connected solar photovoltaic power plant built by Lanco Solar at theIndian parliament complex was recently inaugurated.
No 4: RelianceInfrastructure Limited
Reliance Infrastructure is one ofIndia’s largest private sector infrastructure developers and part of theReliance Group with revenues of overall assets of Rs 26,050 crore
As of 1QFY2012, the group holds a consolidated net worth of Rs 24,000 crore andan EPC order book of RS 28,000 crore.
It has in its kitty about 27 infrastructure projects with an overall investmentoutlay of Rs 45,000 crore. The major projects are: The Reliance Delhi AirportLine, which is a 23 km line with six stations connecting New Delhi Railwaystation via Connaught Place to Airport (T3) & extends to Dwarka; MumbaiMetro I ---a Mass Rapid Transit System(MRTS) project, which connects Versova-Andheri-Ghatkoparcorridor and expected to be completed in 2012; four road projects atHosur-Krishnagiri, Pune-Satara, Namakkal- Karur and Dindigul-Samynallore tollroads and distribute 5,000 MW power which will cover 5.4 million customers inMumbai & Delhi. The projects are expected to be executed over the next 2-3years.
Its power generation units at Dahanu, Samalkot, Goa and Kochi continue todemonstrate significant improvements across major operational, environmentaland safety performance parameters. The group is developing five transmissionprojects worth about Rs 7,000 crore, making it the largest private player inthe transmission sector. It has completed two transmission lines of 440 ckt kmsassociated with the Western Region System Strengthening Scheme-II with linelength of 116 km. These are the first set of 100 per cent privately owned extrahigh voltage transmission line in India to achieve commercial operation.
The group also made substantial progress in the remaining transmission projectsincluding the Parbati Koldam 40 kV transmission line currently being executedby our joint venture company with Power Grid Corporation of India Limited andin which it holds 74% equity stake.
Reliance Energy Trading Limited (RETL), the trading arm of the group hasemerged as a favoured trader for trading of power from captive/ independentpower plants and has been ranked among the top five trading licensees in termsof volume.
No 5: GMR Infrastructure
For 1QFY2012, the group posted netrevenue growth of 51% to Rs2,082 crore with a total order book size of Rs24,000crore. Its EPC revenues stood at Rs168 crore, up 415%.
Similarly, its net revenue of Male International Airport, which was taken overin November2010 stood at Rs 225 crore. It earned higher revenues from theenergy sector, which stood at Rs103 crore, up 18%.
The quarter started on a strong note as its airport assets experienced a robusttraffic growth and the energy assets turned out quite healthy. The secondtranche of USD 131 million was concluded in the airports sector, thusconcluding a total private equity investment of USD $331 million in theAirports Holding Company.
It also embarked on a wide range of projects during the quarter--achievedfinancial closure of 800 MW Island Power at Singapore and 25 MW solar projectat Gujarat, started construction for the 1370 MW Chhattisgarh thermal powerproject and 25 MW solar power project, commissioned 2.1 MW Gujarat wind powerproject, achieved higher PLF than planned in the 388 MW Vemagiri plant and the 220MW barge-mounted Kakinada plants due to enhanced gas availability.
No 6: Punj Lloyd
For 1QFY2012, the group posted 30.5%year-on-year top-line growth to Rs2,263 crore. The group received orders worthRs5,627 crore as against Rs9,978 crore in FY2011 and its current order backlogstood at Rs23,938 crore.
According to reports, the group’s order book is mainly dominated by theinfrastructure (37.8%) and pipeline (25.6%) segments. Geographically, SouthAsia contributes 49.7% to the company’s order book, followed by Asia Pacificand Africa, which contributes 23.6% and 16.6%, respectively.
However, on the earnings front, it reported loss of Rs12.7 crore compared tothe loss of Rs30.6 crore in 1QFY2011 due to high interest cost and tax.
Further, PL Engineering entered into an asset purchase agreement through its UKsubsidiary, Simon Carves Engineering Ltd. (SCEL), for the transfer of certainassets, contracts and employees of Simon Carves to SCEL. On the pendingarbitrations and auditor qualification on various projects, there was noprogress during the quarter.
/> Punj Lloyd inked pact withQatar Solar Technologies to set up first Polysilicon plant worth US$1 billionin the Ras Laffan Industrial city of Qatar. The project is expected to becommissioned by mid 2013.The project involves manufacturing 8,000 MTPY of highpurity of solar grade Polysilicon.
Punj Lloyd Group also won the thermal power contract worth Rs1,195 crore fromthe Haldia Energy Limited, West Bengal. The project involves building the 2X300MW capacity power plant.
No 7: IVRCL
IVRCL Infrastructure reported 6%year-on-year top-line growth to Rs1,124.3 crore, which is considered quitedisappointing its 1QFY2012 performance. On the operating margin front, thecompany also posted a cheerless margin of 7.6% owing to commodity pricepressures, high labour charges and ineligibility to pass on escalations inwater projects primarily in Tamil Nadu region.
Further, IVRCL reported a shocking 85.0% year-on-year decline on the earningsfront to Rs4.2 crore primarily on account of low margin and higher interestcost.
What is heartening is that the company’s order book stands at Rs21,550 croreincluding L1 projects worth Rs3,300 crore. The projects are diversified acrosssix segments. Additionally, the company has not included Rs1,900 crore projectfrom Saudi Arabia in its order book during the quarter as it was not yieldingresults from some time. After adjusting for projects of Rs3,300 crore andGoa-Maharashtra road project, the order book stands at Rs15,150 crore.
On the execution front, the growth seems to be marred by headwinds due to theslowdown in the execution. This is because both IVRCL’s suppliers and thesub-contractors are facing funding issues. As far as the top line growth isconcerned, the company reported 1.6% growth year-on-year to Rs1,124.3 crore.
No 8: HindustanConstruction Company
Although HCC’s Q1FY12 net profitdeclined 89.87% in the quarter ended June 2011 on the back of the higher debtlevel and increased interest rates, it has its in kitty order inflows worthRs17,007 crore excluding two L1 contracts worth Rs. 2,077 crore.
The order book consists of an assortment of projects, such as hydro (42%),transport (22%), water (20%), nuclear and others (16%). Although, higherinterest cost has made a dent into its bottom line, the group registered topline of Rs1,0579 crore.
On the project front, HCC Infrastructure Company---a 100% subsidiary of thegroup planned to raise Rs2.40 crore by diluting a 14.5% stake in its whollyowned subsidiary, HCC Concessions. The transaction value of HCC Concessions Ltdstands at Rs1,650 crore and has Rs5,500 crore portfolio, which includes sixNHAI concessions comprising an annuity project and five toll roads.
/> The group in a joint venturewith Alstom was awarded a contract worth Rs 18.43 billion from THDC India(THDCIL) to construct Tehri Pumped Storage Plant in Tehri, Uttarakhand. It alsoreceived a letter of acceptance- cum-work order from Sardar Sarovar NarmadaNigam, Gandhinagar, for construction of canal earthwork, lining, structures andservice roads of the distributaries and minors of Limbdi Branch Canal atLimbdi, Gujarat.
No 9: NCC
The group posted a decent turnoverof Rs1,612 crore during the 1st quarter of 2011-12 as against Rs1,404.8 crorein the corresponding quarter of the previous year, registering a growth of 15%over the previous period.
Despite reeling under pressures like increasing debt levels and delays infinancial closure for its power plant, its current orders aggregate at Rs1,359crore and the overall order book stands at Rs16,189 crore. The projects arespread across nine verticals and the major contributors include building, waterand power segments. During the last fiscal, its order book stood at Rs17,000 crore.
The group won awards aggregating to Rs629 crore in various segments. The firstorder worth Rs399 crore was from the Water Resources Division Raigarh,Chhattisgarh for the construction of Saradih Barrage with vertical lift gates.The second order worth Rs159 crore came from Maharashtra State ElectricityDistribution Co. Ltd (MSEDCL), Mumbai, which involved turnkey contracts forsingle phasing scheme. The last order valued at Rs71 crore was from the BharatCoking Coal Ltd, Dhanbad for removal of over burden, extraction andtransportation of coal.
According to reports, the group is also in the process of wining EPC ordersworth Rs5,000 crore in FY12 from the Nelcast power project. Through itssubsidiary, NCC Power Projects, it picked up a 55% equity stake in the NelcastEnergy Corporation Ltd (NECL), which is developing a 1,320 MW thermal powerproject at Krishnapatnam worth Rs7,000 crore.
No 10:Gammon India
The company which posted an impressive profit of 69.21% in thequarter ended March 2011 now seems to be buffeted with some headwinds as itsnet profit declined 4.21% in the quarter ended June 2011.
Surprisingly, the company is reported to be weighed down with quite a fewwoes—low-margin legacy orders, working capital needs which increased debt, depressedFY11 order intake and earnings.
However, the company seems to be confident to face all challenges, thanks itsstrong order book position of around Rs 15,100 crore as on June 2011. Thecompany also has a stimulating basket of ongoing infrastructure projects worthRs 95,369 crore in the road, port and the energy sectors.
Out of the eight projects in the road sector, three are toll based projectsincluding new Mattancherry bridge, which has been in operation since September2001; Vadape-Gonde project under development; Mumbai Nasik Expressway inoperation partly since end May 2010 and has completed the entire highwaystretch from Vadape to Gonde by end May 2011 and Godavari Bridge project, whichis currently in the construction stage.
The three projects in the portsector are Visakhapatnam port project—development of two berths atVisakhapatnam Port; Mumbai offshore container terminal, which is underdevelopment and Paradip iron ore berth project which is development.
The three projects in the energy sector are 66 MW Rangit II hydroelectric powerproject, which is now in the process of finalizing the construction contractor;30 MW Pravara cogeneration power project and 261 MW Youngthangkhabhydroelectric project.
No 11:SimplexInfrastructures Limited
During the quarter, the group’srevenue grew 7% to Rs1,260 core, from Rs1,174 crore in the same quarter lastyear. Interestingly, its order book stood at Rs1,4348 crore, which ismarginally lower than its March 2011 position.
Similarly, its consolidated net sales were at Rs1,130.9 crore and itsconsolidated operating profit was Rs1,16.1 crore, while the net profit stood atRs28.4 crore.
Its order inflow during the quarter stood at Rs873 crore. Additionally, thereis L1 position of Rs1,898 crore as of June, out of which, Rs936 crore wasconverted into orders during July 2001, which recorded inflow of Rs1,269 crore.
The largest pure play civil construction and engineering contractorsuccessfully completed over 2,400 projects in India and abroad. It also haspresence across various construction verticals, including piling, industrialplants, power plants --- thermal, nuclear, hydel, power transmission, urbaninfrastructures and utilities ---metro rails, airports, urban sewerage andwater systems, buildings and housing, marine ports, roads, railways, bridges,elevated road and rail corridors.
It recently completed the 11.5 KM longest elevated expressway road corridor atHyderabad. It also won several prestigious contracts comprising construction of12 KM long flyover from Prince of Wales Museum to Anik Panjarapole, Wadala andLalbaug, in Mumbai, the 12.5 KM long largest flyover of India in Chennai,Jatrabari -Gulsitan flyover in Bangladesh and similar projects in the MiddleEast countries like Oman, Qatar and Dubai.
No 12: GVK Power &Infrastructure Limited
The group posted a net loss of Rs34crore for the quarter ended June 30, 2011, as compared to net profit of Rs9.73crore for the quarter ended June 30, 2010.
Interestingly, the company which builds roads, airports and power plants has anorder book of around Rs 12,000 crore.
Last fiscal, its total income increased by 7% to Rs1,943.19 crore fromRs1,815.82 crore in the previous year. Its power assets contributed an incomeof Rs1,712.93 crore (88.15% of the total income), compared to Rs1,603.28 crorein the previous year. This was mainly attributable to the full year operationof Jegurupadu Phase II and Gautami Power Plants in the current year. Itstransportation asset contributed an income of Rs189.16 crore (9.73% of totalincome) compared to Rs170.75 crore in the previous year. Other segmentscontributed Rs41.10 crore (2.12% of the total income), compared to Rs.41.79crore in the previous year. the airport assets (Mumbai and Bangalore airports)contributed to its net profit of Rs110.93 crore as compared to Rs51.68 crore inthe previous year.
No 13: IRB Infrastructure
On a consolidated basis, IRBInfrastructure reported a stellar performance on all fronts. Its top linegrowth was led by a whopping 80.9% year-on-year jump, and the bottom line alsoreported an impressive performance on account of the robust top-line growth,and other higher income.
Further, the company has a robust order book excluding O&M orders to thetune of Rs11,171 crore, which lends a high revenue visibility in the next twoto three years. It has also reported a robust top line growth of 56.5% toRs801.3 crore.
This performance was led by a stupendous 80.9% year-on-year growth to Rs597.2crore. In the construction segment, the company posted robust numbers due tosignificant contribution (50–60%) from the Surat-Dahisar project, which isnearing completion, and pick up in execution of other under-constructionprojects, such as the Amritsar-Pathankot, Talegaon-Amravati and Jaipur-Deoliprojects.
During the current fiscal, IRB bagged the first mega project floated by NHAI---six laning of Ahmedabad to Vadodara section of NH-8, and improvements of NE-1Ahmedabad to Vadodara expressway. The approximate cost of the project is to thetune of Rs3,500 crore.
With an order backlog of Rs11,500 crore, IRB is well placed to lead theinfrastructure sector.
The Surat-Dahisar project which involves 240 km of six laning is one of themost complex highway projects, which involves task of development of differentstructures, including 26 flyovers, two RoBs, 39 pedestrian under-passes and 15vehicular under passes, and is expected to be completed in 30 months.
Being one of the leading players, the company is expected to gain from thehighway projects of the NHAI. The company also expects a little over 15-20%growth in FY2012, in spite of 1QFY2012’s robust performance, and indicated thatit may improve its performance in 3QFY2012. This is as a sequel to thecompletion of Surat-Dahisar and Kolhapur project.
No 14: AfconsInfrastructure Ltd
The group posted Rs2,893.02 crorefor the year compared to the previous year’s Rs2,322.57 crore, thereby showingan increase of over 24.56% year-on-year. On the other hand, its order bookstood at Rs8,174 crore, as compared to its previous year order book of Rs.5,753crore.
During last five years, the group executed projects in Abu Dhabi, Algeria,Dubai, Qatar, Mauritius, Madagascar, Oman and Yemen. Currently, it is workingin Oman, Jordan and Liberia.
In India, it carried out significant projects, including relocation of 220 MWfloating power plant from Mangalore to Kakinada for GMR Energy, Bangalore; BaitAl Barakah–Maritime facilities for guarding restricted area in Oman for theRoyal Court Affairs, Oman; Site grading work at the Kochi LNG terminal, Keralafor Petronet LNG Limited and improvement for the outer ring road from IIT gateto NH-8 Intersection for the Public Works Department, New Delhi.
During the same period, the group won several major contracts, such as rehabilitation,strengthening and four laning of Jammu–Udhampur section worth Rs1,598 crore;design and construction of container berth (625 m length) at Hazira for AdaniHazira Port Private Limited worth Rs97 crore; civil and erection work formingpart of DSO phase of Iron Ore Mining in Liberia for SNC-Lavalin and ArcelorMittal worth Rs250 crore; EPC Marine facilities for standby jetty at Dahej LNGterminal, Gujarat for LNG Petronet worth Rs533 crore; UG Package 1– design andconstruction of underground stations at Washermanpet, Mannadi, High court,Chennai central and Egmore and associated tunnels for Chennai Metro RailLimited worth Rs.1566 crore in joint venture with Transtonnelstroy Ltd, Russia;UG Package 5–design and construction of underground stations at Shenoy Nagar,Anna Nagar East, Anna Nagar Tower and Thiruman Galam and associated tunnels forChennai Metro Rail Limited worth Rs.1,030 crore and drivage of two punchentries aligning from RG OC II high wall to No.1 seam of Adriyala Shaft blockat Adriyala Shaft project for Singareni Collieries Limited worth Rs.21 crore.
No 15: Patel Engineering
For 1QFY2012, the group posteddisappointing numbers and growth of 7.7% year-on-year primarily due to realestate revenue booking and good performance of its subsidiaries.
Its order inflow for the quarter stood at meager Rs500 crore, therebycontinuing the weak trend of order inflow in the earlier quarters which wasmajorly in the road segment. The overall order book stood at Rs9,500 croreincluding L1 orders of Rs1,500 crore Kotli-Behel project pending since the lastfew quarters.
Its real estate segment and the E&EPC subsidiaries—ASI RCC and MichiganEngineers reported decent revenues for the quarter at Rs60 crore and Rs150crore, respectively. On the other hand, its core C&EPC business iscurrently facing headwinds as large projects are facing delays due todisappointing order inflows. Further, the longer gestation nature of its orderbook, macro headwinds and increasing debt levels have put its growth visibilityfor the next few quarters little bewildered.
Going ahead, the group is expected to reel under pressure given that majorsegments of PEL (power and irrigation) are facing major headwinds. On theproject front, it has invested equity of Rs270 crore in its power ventures. Theland for the first phase (1,050MW plant in Nagapatnam district, Tamil Nadu hasbeen acquired and coal linkages have been put in place from the Mahanadi coalfield. The work was likely to commence in 2QFY2012, however, due to the pendingfinal clearance from the Tamil Nadu government, the project has witnesseddelays and can only be expected to be completed in 2HFY2012.
Its real estate is gaining sharper focus. The work is on a full swing withSmondoville-1 completely sold out (total 1,123 apartments). It booked Rs60crore from real estate projects. Phase II and III of Smondoville and serviceapartments have been nearly sold out.
Meanwhile, the company also forayed into transmission business. The firstassignment received was from the Government of India to establish 765 KVtransmission system in association with Krishnapattam UMPP through atariff-based competitive bidding process. The project is being executed jointlywith Simplex Infrastructure and BS Transcomm through a special purpose vehicleviz Raichur Sholapur Transmission Company.
No 16: Gayatri ProjectsLtd
For the year ended March 31, 2011,the group logged a net profit of Rs 61.01 crore, up 14.38%. Interestingly, itsorder book stood at Rs11,850.68 crore.
Recently, the group decided to invest Rs993.53 crore in the proposed 1,320 MW(2x660 MW) thermal power project being developed jointly with NagarjunaConstruction Company Ltd. It had taken up this project for execution fromNelcast.
Its clientele includes NHAI, state governments, SPV constituted by the companyfor execution of BOT projects, public sector undertakings and private sectorcompanies. It’s currently executing projects worth nearly R 5,900 crore forNHAI, state governments and private sector companies, in which road worksconstitute Rs 6,852.80 crore worth project. Similarly, irrigation ( Rs 4,313.63crore), transmission (Rs 273.30 crore) and other works (Rs410.95 crore).
Some of its projects include, four laning from Bijni to WB Border Section ofNH-31C in Assam worth Rs186.52; 4-laning from Bijni to WB Border Section ofNH-31C in Assam worth Rs149.56 crore; rehabilitation and upgrading of NH-25 to4 lane configuration in Uttar Pradesh worth Rs373.92 crore; MPRDC Program Phase- II Road No.19, SH-26, Khargone - Barwani Project Road No.20, SH-31, Khargone– Bistan worth Rs70 crore; upgradation of roads from Ramanathapuram toTuticorin worth Rs82.13 crore and rehabilitation and upgrading of Ambikapur toSernersot section in Chattisgarh worth Rs65.18 crore.
In the road segment, it executed various projects, such as widening of4-6-lanes and upgrading of the existing 2-lane road in Andhra Pradesh worth Rs231.17 crore; widening and strengthening of Tallada–Devarapalli road worth Rs142.78 crore; Upgradation of road from Hungund to Belgaum worth Rs140.07 croreand widening and strengthening of Warangal–Khammam road and Khammam–Talladaroad worth Rs136.20 crore.
No 17: RamkyInfrastructure
The group’s net profit registered animpressive rise of 61.5% to Rs 44.84 crore, thanks to the 64.4% increase in itsnet sales to Rs 732.12 crore in Q1 June 2011. Its order book of Rs11,477.1crore also provides a high revenue growth. Surprisingly, its order inflow forthe first quarter of FY12 stood about Rs1,600 crore.
Its EPC business has six main areas of focus, which includes water and wastewater, irrigation, roads and bridges, building construction, industrial, powertransmission lines. In the developer business, it is focused on industrialparks, roads, transport terminal and building projects. It currently has 16 BOTprojects including seven industrial parks, five road projects, one transportterminal and three building projects.
On the EPC construction front, the group clocked about Rs12,000 crore oforders. Its revenue originated from various sectors. Roads and bridgesconstitute 35% of its revenue. Similarly, water and waste water 22%, building16%, irrigation 13%, industrial construction 9%, power transmission anddistribution 5%. Geographically, south zone constituted 37% of the revenue,north zone 25%, west and east zones 13% and central zone 12%.
The group secured new orders aggregating to Rs1,006 crore across India,including Tamil Nadu, Madhya Pradesh, Maharashtra, Karnataka, Gujarat, Orissa,Haryana, Rajasthan, West Bengal and Andhra Pradesh covering industrial, waterand waste water, power and buildings. It completed 112 water and waste waterprojects, 88 building construction projects, 15 irrigation projects, 30transportation projects, 34 industrial projects and 1 electrical project.Further, round Rs34 crore of the international operation revenue came fromRamky Engineering & Consulting Services based in Sharjah.
No 18: IL&FS
For 1QFY2012, IL&FS postedstrong numbers on the top-line and bottom line front. The growth was fuelleddue to the spur in the execution of under construction projects, but its bottomline witnessed moderate 10.6% year-on-year growth to Rs1,15.7 crore.
Its order book currently stands at Rs9,280 crore, which lends a decent revenuevisibility for the company over the next few years. The Rs1,500 croreUdampur-Ramban project has been kept out of the order book as it reportedlywent for rebidding. Further, its order book does not mention the Rs160 croreoutdoor stadium project in Kerala.
During 1QFY2012, the company surprisingly did not receive any orders primarilydue to high intensity of competition in the road sector. However, due to therenewed activity in the road development space in the last couple of months,ITNL is all out to leverage on the opportunities and clock a decent order bookportfolio. It reported top line of Rs1,093 crore, registering a 40.9%year-on-year growth, primarily due to the higher revenue from the C&EPCsegment.
The NHAI’s move of awarding projects of 1,000kms in April and May 2011 hasfurther added fillip to the company’s top line growth. ITNL’s standalonerevenue clocked a decent growth of 122.4% year-on-year to Rs521.6 crore. Thiswas owing to the rise in the execution of under construction projects andincreased fee income from Jharkhand road project and other projects.
No 19 : ConsolidatedConstruction Consortium Ltd
Consolidated Construction ConsortiumLimited (CCCL) has always commanded a premium over its peers for its superiorreturn ratios; however its bottom line appears to be reeling under pressure.Its net profit declined 97.02% in the quarter ended June 2011, as againstRs18.78 crore during the previous quarter ended June 2010.
The company provides integrated turn-key construction services in theindustrial, commercial, infrastructure and residential sectors. Its turnkeyconstruction services consists of a range of construction services includingconstruction design, engineering, procurement, construction & projectmanagement, besides construction allied services such as mechanical &electrical, plumbing, fire fighting, heating, ventilation and air conditioning.
Despite all odds, its order inflow seem to be showing signs of revival whichstands at Rs6,171 crore, which is 2.89 times its net sales of Rs 2136.66 crore,for the year ended March 2011. CCCL is positive to clock a revenue growth of12% for 2011-2012, however the critical execution leg may drag its overallgrowth. It had an order inflow of Rs1, 937 crore, during 1QFY2012, which wasthe only silver lining.
During 1QFY2012, CCCL posted flat top line to Rs506.9 crore, registering adecline of 0.2% year-on-year, thanks to the overall slow-moving infrastructureorders in the sector (metro and power projects). So far, its top line growthhas been not up to scratch during the last two quarters.
The company is also battling a gloomy situation due to inflationary pressures,increased competition, weak industrial production, high commodity prices andshortage of labour. Further, of the total order book of Rs6, 171 crore, ordersworth about Rs1, 500 crore (24%) are moving sluggishly. It might thereforebarely factor a growth of 4–5% year-on-year.
The company received orders aggregating Rs 1,938.76 crore in Q1 June 2011 andits executable orders till March 31, 2011 was Rs 4,967.54 crore. The companyalso received orders worth Rs1,160.43 crore in Q4 March 2011. In April 2011,the company booked additional orders worth Rs 1,445.06 crore, thereby providinga seemingly better revenue visibility.
No 20: Madhucon Projects
For 1QFY2012, the group reported asubdued performance largely on account of lower revenue booking in the roadsegment. However, its order book stood at Rs6,100 crore, which was dominated bythe roads (46.7%) and power (42.2%) projects. The balance was contributed by theirrigation, real estate and mining sectors.
According to reports, about 50% of its orders seem to be moving sluggishly(irrigation projects) or awaiting financial closures like the Ranchi-Jamshedpurand Barsasat-Krishnagar projects. As a result, it is expected to take some timeto start contributing to the group’s revenue. Also, funding and the overallliquidity are likely to play a big role in the group’s revenue growth, as about90% of its orders are mainly in-house.
The group has reported below expectation top line of Rs329.2 crore, down 19.2%year-on-year. It was mainly on account of lower revenue booking of Rs120crore–Rs150 crore in its captive BOT projects.
It is also surprisingly that the group’s order book witnessed a slight tractionin the road segment while winning the BOT projects. But with the renewedactivity at the NHAI level, it is expected to further rope in fresh projectsand add up to its already burgeoning order book.
Currently, there are two contracts in its kitty---Sardar Sarovar Narmada Nigam,Gujarat for constructing distributaries and minors for the command area underDhanrangadhra branch canal chainage. The orders are to be completed within 18months.
The group has also tied up the entire debt for the Barasat-Krishnagar NHAI BOTannuity road project costing Rs 980 crore and for Ranchi-Rargon-Jamshedpur NHAIBOT annuity project costing Rs1,655 crore.
It has a decent portfolio of road BOT assets--four operational and three underdevelopment power projects, besides coal mining projects. On the BOT front, thefour operational projects of the group witnessed a toll collection of Rs50 lakhper day, which is likely to improve further post monsoon. It has investedheavily (nearly 40%) over the years in its asset-owning arm, Madhucon Infra, whichis all set to generate returns. Further, the company is expecting completion ofits first power project (300 MW) by 2QFY2012 end. On the coal mining front too,the group expects an off take of nearly 0.5mn tonnes of coal production inFY2012.
No 21: Pratibha Industries
For the financial year ended June 30, 2011, the group’s net profitstood at Rs18.6 crore, registering a rise of 14.7%. It also closed the quarteron a robust order book position of about Rs5224 crore.
During the last quarter, the group was successful in closing a large order fromDMRC worth Rs467 crore. Additionally, it won two orders from Delhi Jal Boardstotaling Rs1249 crore.
Having developed a formidable presence in the domestic market, the group isfocusing to further expand its operations across India and in the Middle Eastwhere it is already executing a prestigious project for the Dubai Electricityand Water Authority worth Rs370 crore.
According to reports, the group has participated in bids of over Rs2,500 crore,which are in the pipeline.
Its average bidding per month stood in the range of Rs3,000 crore.
No 22: MARG Group
Despite the challenging times, the group posted quite impressiveresults for the quarter ended June 30, 2011. It registered a 76% increase inrevenue, which stands at Rs 308 crore in addition to the current EPC order bookof Rs3,000 crore. Its third party order comprises about 20% of the overallorder book.
On the project front, it won a work order valued at Rs237.85 crore fromBhavnagar Energy Company Limited (BECL), Gujarat in July. The project involveslaying five kilometre long submarine pipeline in the roughest sea of Gulf ofKhambhat, installing critical marine and civil structures, pumping stations,pipelines, substations and transmission lines.
The group’s marine infrastructure wing handled about 1.47 million tonnes ofmulti cargo during Q1 ending June 30, 2011, thereby earning revenue of Rs49.40crore.
One of the group’s subsidiaries--Karaikal Port Private Limited has finalizedits fund raising plans for its port’s phase 2A expansion. Bangalore-basedAscent Capital, a leading private equity firm will be investing Rs 200 crore.
No 23: Vascon Engineers
The engineering procurement and construction (EPC) services andrealty company on a consolidated basis posted a revenue of Rs184 crore forQIFY12 as against Rs206 crore in the corresponding quarter last year.Interestingly, its total order book stands at R5,165 crore with order backlogof Rs3,847 crore, out of which the third party EPC order backlog stands atRs2,824 crore.
During Q1 FY2012, It won its largest third party EPC order worth Rs1,100 crorefor construction of a logistic park with Renaissance Group in Mumbai. It alsosold residential area totalling 91,635 sq ft during FY2012. The group alsoholds 27.5% equity stake in Holiday Inn, Pune. It also plans to expand itsbusiness in terms of territory and scope of activities in the EPC segment. Forthe real estate part, it plans to commence eight residential projects withdevelopable area of around four million sq ft in FY2012.
No 24: ARSS Infrastructure Projects
With a unique business model, the group is one of the fastest growingconstruction companies in India. It is focussed on a three-prongedinfrastructure construction segment, which includes railways, buildings andhighways.
With government and private bodies as its clients all over India the companyhas registered a commendable growth, with a 13.50% rise in profit at Rs38.65crore.
Interestingly, the group’s order book stood at over Rs5,000 crore, whichcomprises a well diversified portfolio across various segments, such asrailways, roads and highways and road over-bridges (ROB), irrigation and dams.During the last fiscal, the group had a Rs3,221 crore order book. Currently,the group is in a strong footing and has achieved new benchmarks in terms ofrevenue and asset base.
No 25: JMC Projects (India)
The group, a 67% subsidiary of Kalpataru Power Transmission Limited(KPTL) posted a decent turnover of Rs373.89 crore, up by 44%.
It also clocked a net profit of Rs21crore, up by 9% from Rs19 crore in the lastfinancial year. On the whole, the company has a consolidated order book ofabove Rs10,600 crore. It constitutes Rs5,900 crore worth of orders of KPTL on astandalone basis and Rs4,700 crore worth of orders of JMC Projects.
Its revenue for the quarter increased to Rs584.58crore as compared toRs546.00crore in the corresponding quarter of the previous year, registering anincrease of 7%. During the quarter, its parent company won several projectsincluding turnkey contract to construct 750 KV and 353 Km transmission line inUkrain, Eastern Europe worth around Rs825 crore; turnkey contract to construct132 KV and 41 Km transmission line in Tanzania, East Africa worth Rs42 crore;turnkey contract to construct 400 KV and 204 km transmission line forMaharashtra State Electricity Transmission Co. Ltd (MSETCL) worth Rs457 croreand turnkey contract from Kharaammato construct 132 KV and 90 Km transmissionline in Qatar worth Rs85 crore.
No 26: Ashoka Buildcon
The group’s consolidated income stood of Rs388 crore during Q1FY12quarter and its net profit was Rs30.9 crore. Interestingly, its overall EPCorder backlog stands at Rs4,367 crore, out of which Rs4,100 crore were from thehighways and Rs267 crore from the power T&D segment.
Its construction revenue for the quarter stood at Rs302 crore and toll revenuesat Rs64 crore. It also has one of the largest numbers of toll BOT roadprojects. According to reports, around 20 projects are operational; six areunder construction and has completed around 3,000 lane kilometers of roads tillMarch 2011.
No 27: Unity Infraprojects
The group which is one of India’s major civil contracting firms registered anincrease in its operational income by 10.66% to Rs376.03 crore, as compared toRs339.79 crore. Interestingly, its total order book stands at Rs3,478 crore.
During the current fiscal, it has won several big ticket orders, includingconstruction of the main canal, its distribution network and service road inMadhya Pradesh worth Rs99.74 crore; concrete pavement of city roads in Nagpurby Nagpur Municipal Corporation worth Rs77.50 crore; two laning of road sectionfrom Chomu to Mahal via Renwal, Jobner from the Public Works Department, Jaipurworth Rs198 crore; construction of IRDA office complex from Andhra PradeshIndustrial Infrastructure Corporation worth Rs57.05 crore and construction ofnew buildings from the Ministry of Earth Sciences worth Rs32.24 crore.
No 28: SPML Infra
The group posted a turnover of Rs1,353.40 crore and its overallorder book stood at Rs3,800 crore. Being a leader in the infrastructure space,it has implemented over 400 projects across 27 states.
The key projects of the group include the integrated water supply project inAurangabad providing integrated water supply to over 12 lakh residents. It is ajoint venture project with Aqualyng—a global leader in the internationaldesalination and is expected to be operational at the end of the year. Theproject will be executed by its consortium comprising VA Tech and NationalWater & Sewerage Corporation of Uganda; the Pokaran-Falsoond-Balotra-Siwanalift project comprises three water treatment plants which provides clear waterto the downstream locations benefiting 580 villages and three towns of Pokaran,Balotra and Siwana of Rajasthan and the Mira Bhayandar underground seweragesystem in Mumbai spread across 24 Sq Km area.
No 29: Ahluwalia Contracts (India)
The group’s total income stood at Rs311 crore for the quarter ended June 302011 as compared to Rs394 crore in Q1 FY11. Its order book stands at Rs3700crore, which is expected to be executed over the next 24 months.
Similarly, during the year ended March 2011, its net profit declined 13.44% toRs70.79 crore as against Rs81.78 crore during the previous year ended March2010.
Its core business is into residential, commercial, power, water supply andindustrial construction projects. The business has been extended to offeringcomplete EPC.
It won new orders aggregating to Rs482 crore for construction of residential,institutional and hotel building including electrical plumbing &firefighting services. Also won orders aggregating to Rs306 crore forconstruction of residential building in major cities from leading developers.Orders worth Rs42 crore for construction of hotel and Rs10.27 crore forconstruction of institutional building were won recently. Orders in servicessegment (electromechanical, plumbing & firefighting) worth Rs123.95 crorewere also won during the period.
No 30: Shriram EPC
The group registered a decent profit growth of Rs300.47 crore in Q1FY12 with anstimulating order book size of over Rs3,400 crore. Its overall revenues fromturnkey contracts stood at Rs941.72 crore in FY2011. The order book for theturnkey contracts stood at Rs2,974.65 crore.
Gas cleaning plant at the Konkola Copper mines in Zambia for the Vedanta Group,3.2 million tonnes per annum cement plant for Sree Jayajothi Cement, AndhraPradesh, 3. 60 MLD sewage treatment plant for Ahmedabad Municipal Corporation,4. 80 MW thermal power plant for OPG Power in Chennai and 5.75 million litrediesel storage tank executed in the Port of Mackay, Queensland, Australia arethe five key projects of the group.