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ASHOKA BUILDCON
Ashoka Buildcon (ABL) is an integrated road BOT player established in 1976. It was listed on the bourses in 2010.
• It has a portfolio of 23 projects, of which 18 are operational and 5 are under construction/ development. ABL has
already handed over three projects to the concessioning authorities.
• ABL posted revenues of Rs11bn and PAT of Rs757m in FY10 (standalone). The total order backlog was Rs30bn as of 15
January 2011.
• The company has its own EPC division and has constructed 44 roads and bridges on its own or through JVs/
associates. ABL has also constructed ~5.4m sqft of commercial, industrial and institutional projects. It is currently
executing Rs11.7bn worth of power EPC projects (T&D).
• ABL plans to increase its focus on the third-party EPC business in the power sector.
• It has a total debt of Rs1.5bn (including working capital debt of Rs1bn) apart from its BOT project debt of Rs11.5bn.
• The company has so far invested ~Rs3bn as its own share in road BOT projects and will need to invest a further
Rs4.5bn as equity in these projects over the next two years. ABL expects to meet the funding requirement through
internal accruals (Rs2bn-2.5bn) and the balance from securitization of toll collections in its operational projects.
• ABL expects IRRs of ~17% from its newer road assets, vis-à-vis 18-19% from older ones.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
ASHOKA BUILDCON
Ashoka Buildcon (ABL) is an integrated road BOT player established in 1976. It was listed on the bourses in 2010.
• It has a portfolio of 23 projects, of which 18 are operational and 5 are under construction/ development. ABL has
already handed over three projects to the concessioning authorities.
• ABL posted revenues of Rs11bn and PAT of Rs757m in FY10 (standalone). The total order backlog was Rs30bn as of 15
January 2011.
• The company has its own EPC division and has constructed 44 roads and bridges on its own or through JVs/
associates. ABL has also constructed ~5.4m sqft of commercial, industrial and institutional projects. It is currently
executing Rs11.7bn worth of power EPC projects (T&D).
• ABL plans to increase its focus on the third-party EPC business in the power sector.
• It has a total debt of Rs1.5bn (including working capital debt of Rs1bn) apart from its BOT project debt of Rs11.5bn.
• The company has so far invested ~Rs3bn as its own share in road BOT projects and will need to invest a further
Rs4.5bn as equity in these projects over the next two years. ABL expects to meet the funding requirement through
internal accruals (Rs2bn-2.5bn) and the balance from securitization of toll collections in its operational projects.
• ABL expects IRRs of ~17% from its newer road assets, vis-à-vis 18-19% from older ones.
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