Kridhan Infra Limited

rs,

Kridhan Infra Limited zzndfeb-ruary,2019 To, The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001. Ref: Scrip Code: 533482 To, • National Stock Exchange of In

41.47%

d Prestigious L6 Certification from BCA Bid for unlimited value of projects in Foundation Engg. 41.47% 48.98% 100% Strategic Acquisitions Expand Opportunities VNC – 35+ years of operations in Indi

48.98%

igious L6 Certification from BCA Bid for unlimited value of projects in Foundation Engg. 41.47% 48.98% 100% Strategic Acquisitions Expand Opportunities VNC – 35+ years of operations in India Swee H

100%

6 Certification from BCA Bid for unlimited value of projects in Foundation Engg. 41.47% 48.98% 100% Strategic Acquisitions Expand Opportunities VNC – 35+ years of operations in India Swee Hong –

INR 86

ness; o PAT MI includes VNC numbers as an associate *Q3 cost of goods sold includes 1.63mn SGD$ (INR 86 mn) back charge for a job which was completed last year but accounts were finalised in this quarter

27%

was a piling job executed for client “Chip Eng Seng” at Woodlands, Singapore. This contributed to 27% YoY drop in EBITDA for Q3 FY19.  Consolidated Order book for Kridhan Infra stands at INR 38 Bn  S

INR 38

ibuted to 27% YoY drop in EBITDA for Q3 FY19.  Consolidated Order book for Kridhan Infra stands at INR 38 Bn  Strong bid pipeline of INR 50+ Bn 6 Q3 FY19 Financial Performance 7 INR MnQ3FY19Q3FY18Y-o-

INR 50

r Q3 FY19.  Consolidated Order book for Kridhan Infra stands at INR 38 Bn  Strong bid pipeline of INR 50+ Bn 6 Q3 FY19 Financial Performance 7 INR MnQ3FY19Q3FY18Y-o-Y%Revenue2,353 1,379 71%Expenses2,

71%

ine of INR 50+ Bn 6 Q3 FY19 Financial Performance 7 INR MnQ3FY19Q3FY18Y-o-Y%Revenue2,353 1,379 71%Expenses2,163 1,120 93%EBITDA190 259 -27%EBITDA Margin8%19%-57%Depreciation95 88 8%Finance Cost63 67

93%

Q3 FY19 Financial Performance 7 INR MnQ3FY19Q3FY18Y-o-Y%Revenue2,353 1,379 71%Expenses2,163 1,120 93%EBITDA190 259 -27%EBITDA Margin8%19%-57%Depreciation95 88 8%Finance Cost63 67 -6%Other Income54 18 2

8%

INR MnQ3FY19Q3FY18Y-o-Y%Revenue2,353 1,379 71%Expenses2,163 1,120 93%EBITDA190 259 -27%EBITDA Margin8%19%-57%Depreciation95 88 8%Finance Cost63 67 -6%Other Income54 18 200%Exceptional Items- PBT85 122 -

19%

R MnQ3FY19Q3FY18Y-o-Y%Revenue2,353 1,379 71%Expenses2,163 1,120 93%EBITDA190 259 -27%EBITDA Margin8%19%-57%Depreciation95 88 8%Finance Cost63 67 -6%Other Income54 18 200%Exceptional Items- PBT85 122 -30%

Proforma calculation

1

Proforma calculation

• Proforma numbers are calculated using line by line consolidation of Revenue and EBITDA. 9MFY18 Actuals are Kridhan numbers pre-VNC acquisition, the transaction was closed in Feb 2018 Pre – exceptional PAT (of Kridhan) which is attributable to shareholders is net of minorities • • Proforma (INR Mn)9MFY18 (Actual)9MFY19 (PF)Y-o-Y%Revenue5,353 13,151 146%EBITDA807 1,494 85%EBITDA Margin15.1%11.4%PAT MI (Pre-exceptional)344 470 37% Status on VNC Stake Kridhan Infra vigorously pursuing the issue of NOC by VNC lenders so as to be able to increase its stake in VNC beyond 50% ▪ 5 of 9 VNC Lenders have already issued the NOC to allow Kridhan Infra to raise its stake to beyond 50%, subject to all others lenders agree. ▪ IDBI Bank, current lead bank of the VNC banking consortium, has been delaying issue of NOC as it doesn’t want to continue as the lead bank. ▪ IDBI has cited RBI's Prompt Corrective Action framework as the reason for it wanting to avoid being lead bank in infrastructure sector b