GAYAPROJNSE17 August 2019

Gayatri Projects Limited has informed the Exchange regarding Investor Presentation

Gayatri Projects Limited

Date : 17th August, 2O1g

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To, The General Manager, The DepaÊment of Corporate Relations, Ilg B_:rnUay Stock Exchange Limited, 25tn Floor, phiroz Jeejeebhãy towers, Dalal Street, Mumbai- 4OO OOl.

To, The Secretary, National Stock Exchange of India Ltd, sth Ftoor, Exchange pl{za, Plot No,C/1, G Blocþ B_andra Mumbai -4OO OS1.

_Kurla Comptex, Bandra (East),

Dear Sir/Madam.

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with reference to above subject, please find enclosed presentation to Analysts and Market on results for the quafter ended June 30, 2019.

For your information and necessary dissemination please.

Thanking you,

Yours truly, FoT GAYATRI PROJECTS LIMITED

,\Nèryy2 (cs *v. LAKSHMT) Company Secretary and Compliance Officer Membership No. 17607

Regd. & Corp. Office : Gayatri Projects Limited, 81 , 6-3-1090, TSR Towers Raj Bhavan Road, Somajiguda, Hyderabad 500 082. T.S CIN : L99999TG 1 989PLC057289

T +91 40 2331 0330 I 4284 I 4296 F +91 40 2339 8435

E gplhyd@gayatri.co.in www.gayatri.co. in

Gayatri Projects Limited

Earnings Presentation Q1FY2020

Disclaimer

The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company’s equity shares.

This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “predicts”, “aims”, “foresees”, “plans”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward- looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Neither the Company, nor its Directors, Promoter & Promoter Group, affiliates or other advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person’s officers or employees gives any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation. As a result, the Company expressly disclaims any obligations or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company actual results of operations, financial condition and liquidity, and the development of the sector it operates in, may differ materially from those suggested by the forward-looking statements contained in this Presentation. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods.

The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. None of the Company, its Directors, Promoter and Promoter Group or affiliates, nor any of its or their respective employees, advisors or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omission or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred however arising, directly or indirectly, from any use of its documents or its contents or otherwise in connection with this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. This presentation has been prepared based on the information available in the public domain and internal management information and estimates. The information contained herein is subject to change without notice. Past performance is not indicative of future results.

Agenda

Gayatri Projects – An Introduction

Q1 FY2020 Highlights

Top Work Orders – Status update

FY 2020 Key Priorities

Order Book Diversification

Key Investment Highlights

Slide No. 4

Slide No. 5 - 6

Slide No. 7 - 8

Slide No. 9 - 11

Slide No. 12

Slide No. 13

Digital Project Management Roll-out

Slide No. 15-25

Appendix – Core Business Highlights

Slide No. 26 onwards

GPL: Among India’s Asset – Light EPC Companies

 One of India’s leading construction and infrastructure companies with dedicated focus on asset-

light EPC work

 5 decades of experience in execution of major civil works, diversified across

geographies &

infrastructure segments

o Pan India operations spread across 19 states o Transportation, Waterworks & Industrial construction projects o Marquee client list: NHAI, KNNL, PWD (Mizoram), MSRDC, BSRDC, CIDCO (Maharashtra) I &

CAD (AP, Telangana) etc.

 Strong Execution track record

o o o

Completed more than 6,850 lane km of road construction over the last 25 years Completed ~44 projects aggregating to INR 106 billion+ value in last 5 years Own extensive fleet of more than 2,355 pieces of construction equipment

 Leading technology-led transformation in Indian construction space

o o

Technology-driven efficient execution: IOT, Computer vision, UAVs, cloud-computing Real-time reporting, higher transparency & faster execution using end-to-end digital project management

 High medium term revenue growth visibility driven by large order wins

o o

Order book of INR 152 bn Book-to-Bill of 4.2x: high growth visibility for next 3-4 years

 Re-focused business on “Asset-Light” Model over last 4 years

o o

Reduced, restructured, monetized exposure to Asset Development Business Significant improvement in balance-sheet leverage (2.4x to 1.16x in last 4 years), return ratios (FY2019 RoE & RoCE at 17% ) and free cash flow generation (FCF of Rs 1.5 Bn, post interest payment, generated for the first time in last 10 years) On track for mid 20s RoE & RoCE, strong cash-flow generation and D/E below 0.5x in next 2-3 years

Business Segments

Core Business - EPC (Order Book: INR 152 Bn+)

Transportation National and State Highways

Water Works Canals, Dams, supply & Dist.

Mining U/G Mechanised

Railways DFC

Industrial Steel & Power Plants, T&D, Conveyor

Other Civil Site Levelling, Bldg EPC

Asset Development

Power (GEVL) 4,300 MW Power Capacity– Stake in Sembcorp Energy India Ltd. (SEIL)

Highways 4 Annuity + 3 Toll national & state highways

DRHP filed by SEIL for IPO

Demerged into a separate entity; Listed on BSE & NSE

Q1FY2020 – Strong Operating Performance

Revenue (INR Mn)

EBITDA (INR Mn) & EBITDA Margin

Key Highlights

9,841

8,228

17.2%

1,418

15.5%

1,527

Q1FY19

Q1FY20

Q1FY19

Q1FY20

PBT (INR Mn)

708

634

PAT (INR Mn)

504

548

Q1FY19

Q1FY20

Q1FY19

Q1FY20

• Revenue growth of 20% led by strong execution in road

•

projects; in line with our full year guidance EBITDA Margin slightly lower due to weaker execution in irrigation projects across 3 states (Telangana, Karnataka & AP), impacted by political uncertainty; Site mobilisation completed & expenses booked while revenue ramp-up was impacted, resulting in lower EBITDA margins. Maintaining full year EBITDA margin guidance, expecting catch up in following quarters.

• Bigger projects (Purvanchal and Mumbai-Nagpur Expressways) are progressing as per schedule

• With General Elections falling in the middle of Q1FY20, new bids & tendering process saw an industry-wide pause. NHAI’s bidding & tendering process expected to kickstart from H2FY20 onwards

• Nagaland JV Project won an arbitration claim worth more than INR 9 Bn taking GPL’s economic interest in arbitration awards to over INR 10 Bn +

• Monetisation process of power assets and arbitration

awards have made material progress

Q1 FY2020 Snapshot

INR MnQ1FY20Q1FY19YoY(%)Q4FY19QoQ(%)Revenue9,8418,22820%11,511-15%Expenses8,313 6,811 22%9,876 -16%EBITDA1,5281,4178%1,635-7%EBITDA Margin15.5%17.2%14.2%Depreciation19216020%16814%Finance Cost643 626 3%526 22%Other Income16316PBT70863412%957-26%PBT Margin7.2%7.7%8.3%Tax Expense16013023%36344%PAT548 504 9%921 -40%PAT Margin5.6%6.1%8.0%Basic EPS2.92.84%5.3-45%Top Work Orders – Status Update

Project Name

Location

Contract Value (INR Cr)

Balance work as on 01.07.2019 (INR Cr)

Mobilized on Site

Revenue Booking Start

Purvanchal Expressway Package 1

Purvanchal Expressway Package 2

Ghaghra Bridge to Varanasi Package 2

Ghaghra Bridge to Varanasi Package 3

Sultanpur - Varanasi Package 1

Sultanpur - Varanasi Package 2

Eastern UP

Varanasi, UP

1,483

12,76

741

558

986

806

Angul - Sambalpur Road work

Angul, Odisha

1,255

Cuttack - Angul PKG 1

Cuttack - Angul PKG 2

Rajamunda - Barkote

Bihar Road (Patna - Gaya)

BSRDC Package 5

BSRDC Package 6

BSRDC Package 7

Jammu Ring Road

Cuttack

Barkote, Orissa

Patna, Bihar

Kadirganj, Bihar

583

529

394

971

126

127

151

Jammu

1,339

1,143

1,372

1,105

193

380

288

964

492

431

384

569

126

107

137

Yes

Q3 19

Q3 17

Q3 18

Q3 19

Q1 20

Q4 17

Q1 20

Q1 19

INR Crores

Expected Completion of Project End of Q & Year

Q3 22

Q3 20

Q3 22

Q1 21

Q3 22

Q1 22

Q2 23

Top Work Orders – Status Update

Project Name

Location

Contract Value (INR Cr)

Balance work as on 01.07.2019 (INR Cr)

Mobilized on Site

Revenue Booking Start

INR Crores

Expected Completion of Project End of Q & Year

Nagpur - Mumbai Expressway

6 lane tunnel at Khambataki Ghat

Dimapur - Kohima Package 3

Hyderabad Elevated Corridor

Andhra Pradesh / Tamilnadu border

Shirdi

Satara

Nagaland

Hyderabad

Chittoor, AP

Kempwad Lift Irrigation Scheme (INR 1,363.5 Cr)

Karnataka

Chintalapudi PKG 1

Chintalapudi PKG 2

Kaleswaram Project (INR 1,482.75 Cr.)

PLIS Package 18 (MEIL - HES JV)

Iqubalgarh to Vadodara : 4744

TOP WORK ORDERS

PROPORTION OF TOTAL ORDER BOOK

Pattisema, AP

Jangannagudem

Siddipeta

Jadcherla

Vadodara

1,312

1,253

493

340

425

306

990

989

683

600

700

425

493

185

398

172

573

780

509

600

700

376

18,588

13,816

91%

Yes

Q1 20

Q2 20

Q4 16

Q1 20

Q1 19

Q2 18

Q3 19

Q1 20

Q2 22

Q4 22

Q2 20

Q2 21

Q2 20

Q4 20

Q2 21

Q1 23*

Awaiting for Appointed Date

Expecting Q3 22

Yes

Q4 18

Q1 22

* expected completion have been delayed by one quarter, due to weaker execution in irrigation projects, impacted by political uncertainty.

FY20 Priorities: Continued De-leveraging & Business Return Improvement

1. Strong Operating Free Cash Flow

2. EBITDA to cash flow conversion

o Business focus on construction services o Strong growth driven by high book-to-bill ratio o Tight control on working capital to drive EBITDA

conversion into free cash flow

65%

97%

Last 5 Year Average

FY 2019

3. Monetisation of Investment in Power Assets

4. Monetisation of Arbitration Awards & Claims

o GPL has a potential economic exposure of about 12%

o GPL has been awarded, by different arbitrators/courts, a

pre-IPO stake in SEIL.

o SEIL filed a DRHP in Feb 2019 with SEBI, for an IPO. Given the delay in IPO process, the DRHP was withdrawn in July 2019 with an intent to update and re- file asap.

o GPL is actively looking at ways to monetise its stake and

generate liquidity/de-leverage its balance sheet.

total of INR 10 Bn+

o In addition GPL/ its JVs have claims outstanding of more than INR 18 Bn in different arbitral tribunals/courts. o GPL is exploring avenues to generate liquidity against

these arbitration awards/claims

Maintaining Guidance: FY2020

Strategic Priorities

Maximise Free Cash Flows

Strengthen Asset Light Business Model

Operational efficiencies through Tech Interventions

Strong Order Inflows…

o Avg. Annual New Order Intake of INR 60-65 bn o Book to Bill to be maintained in excess of 3.5x

…Translating into Stable Growth..

FY20 Guidance (INR Mn)

Revenues

25%+ Growth

EBITDA Margin

PAT

16%+

30%-40%

Significant Deleveraging Despite Continued Strong Revenue Growth

Net Debt/Equity (x)

Net Debt (INR Mn)

2.4

2.1

2.5

16,337

17,399

18,612

17,016

15,443

1.5

1.2

FY15

FY16

FY17

FY18

FY19

FY15

FY16

FY17

FY18

FY19

Debt Maturity Profile (INR MN)

2,090

1,986

2,316

2,139

Working Capital Days

105

680

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24 & Beyond

Receivable Days

Payable Days

Inventory Days

Net Working Capital

Growing Order Book : Current Book to Bill of 4.2x

Growing and De-Risked Order Book (INR Bn)

Geographical Diversification

West Bengal 1%

Andhra Pradesh 12%

Bihar 6%

Uttar Pradesh 22%

GPL’s Growth in EPC order book over the last 5 years

129

132

163

FY15

FY16

FY17

FY18

FY19

Segmental Diversification

71%

22%

Telangana 13%

0.2%

0.8%

Odisha 16%

ROAD

IRRIGATION

LAND DEVELOPMENT

MINING

RAILWAY

WATER GRID

Gujarat 2%

Jammu & Kashmir 8%

Jharkhand 2% Karnataka 4%

.Madhya Pradesh 0.05%

Maharashtra 12%

Mizoram 1%

Nagaland 1%

Key Investment Highlights

Strong presence in high growth construction sector

Healthy and diversified pure EPC un-executed order book with good revenue growth visibility

Highly efficient operations with strong execution capabilities

Balance-sheet improvement on track for industry leading metrics in next 3 years

Significant value unlocking through business restructuring

Digital Project Management Roll-out at GPL

End-to-end Digital Project Management

Weigh-bridges

Plants

Crushers

Dump Trucks

Heavy Machinery

• Reconciliation of Work Done vs. Costs

(Material and Machinery usage)

• Automated reports for easy monitoring

Material Tracking

Machinery Tracking

and management

IoT Plant Unit

IoT Vehicle Unit

• Custom notifications for smooth coordinating and communication

• Benefits to all departments

Project Reporting

Web / Mobile Apps

Insights

Angul Project – Case Study

167 Vehicles & Machines

6 Weigh bridges

5 Concrete Plants

162 Daily Project users

115 Downtime Logs

1,405 Equipment Requests

6,263 Concrete Requests

18,456

Work reports submitted

58,751

Material transactions

74,713

Machine hours tracked

1,70,983

Cubic meters of concrete produced & tracked

9,05,823

Kms travelled by vehicles & equipment

68,11,476

Liters of Diesel tracked

Insights, Reports & Notifications

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

•

Validate Hired Equipment Bills Debit Notes on diesel in real time Tentative expenses for repairs

• • • •

Validate Vendor payments Bulk Material Reconciliation and Stock Generate P&L immediately at the end of month Subcontractor debit notes for fuel issued and equipment used

•

• • •

•

Track Variation from Tender BOQ Qtys vs. Progress Validate Invoice vs. RFI Qtys Actual Work Done Vs Invoice raised Reconciliation of Concrete produced Vs Reported Subcontractor Bill creation made easy with detailed backup

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

•

Improves Equipment Utilization& Availability %

• Resource allocation between Projects • Monitor Maintenance Schedule to

increase performance

• Monitor Fuel filling rate to maintain

working capital Tentative spare requirement & cost

• • Validate Weighbridge Calibration • Real time information on Hired assets

Equipment Productivity

• • Asset Turnover Ratio in real time • Equipment Usage vs. work completed

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

• Compare Equipment performance

of different manufacturers

• Real time stock details • Monitor Fuel filling rate • Monitor Realtime receipt of material at site • Material allocation across projects • Weighbridge calibration anomalies protect from

vendor invoice qty discrepancies

•

Schedule procurement of long lead items based on progress

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

•

Equipment Utilization

• Reconciliation of Concrete, Bitumen, GSB,WMM w.r.t to Progress report

Instant MIS reports Track Variation from Tender BOQ

• Monitor progress vs. Schedule • • • Asking rate for work execution • • • Work done Vs Invoice

Electronic documentation of RFI Equipment Productivity

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

• Digital Backup for Claiming Idle charges

of equipment

• Backup for periodical

material receipts to claim Price Escalation

• Maintain Evidence of RoW issues • • Claim new Items not included in Tender

Track delays due to unforeseen conditions

Scope

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

Benefits of Digital Project Mgmt

Accounts

P&M

Purchase

PMC

Legal

Tender

• Compare Equipment productivities in different geographical and climatic conditions

• Deriving average Fuel norms of

•

equipment’s based on type of work Fuel Mileage can be considered separately for Loaded and empty trips

• Compare actual costs and inputs Tender vs. Actuals

IOT on Vehicle

Downtime logger

Equipment Request

IOT on Weighbridge

IOT on Plants

Fuel Logger

DPR

RFI

Equipment Monitoring

Material Monitoring

Progress Monitoring

PMC @ HQ

PMC Project Coordinator-1

Project-1

Project Coordinator-2

Project Coordinator-3

PMC Site Representative

Project-2

Project-3

Equipment Management

Material Management

Operation Management

Progress Monitoring

Attaching & Detaching Asset

Fuel logger

Material Request

Progress DPR

Own-P&M H.O Hire- P&M, Site Through ERP

Tagging IOT Device

Own- P&M, H.O Hire- P&M, Site

Device Maintenance

P&M Site, Einsite team

Store In charge

Quality In-charge

Planning In-charge

Weighbridge Operation

Equipment Request

Plant DPR

Store In charge

Construction In- charge

Plant In-charge

Concrete Production

Request for Inspection

Quality Incharge

Construction In-charge & Planning Incharge

Angul Project: Milestones

▪ Based on Tare Weight Anomalies found, Calibration at 2 Weighbridges is corrected ▪ Equipment Odometer which are not working highlighted and were repaired ▪ Qtys used in Diversion work and Indirect works are recorded ▪ Realtime concrete production information reduced communication issues ▪ Increased transparency in operations ▪ Concrete production against BOQ is recorded with Material Request ▪ Progress details at finger tips ▪ Found Scope variation Earthwork BOQ’s ▪ Miscellaneous categories in Fuel issues are restricted to 4 to monitor effectively

Implemented DPR Module with Sophisticated work codes

At Weighbridge replaced PC with Embedded IOT device

Implemented

Fuel Logger Equip Req Downtime logger RFI Module

▪

Schwing Stetter B/P Telemetry Integration

▪ VMU Upgraded to have backlog & Inertial data ▪ Devices on Hired Equipment’s

Integration of GPL legacy ERP with EINSITE o Workorders o Material Codes

Fuel logs

o o Weighbridge logs o DPR Details

▪ Replaced Paper

reporting ▪ Instant reports ▪ Transparency in Operations ▪ Real Time Monitoring ▪ Insights ▪ Alerts

Appendix

Robust Upcoming Bid Pipeline

Significant Traction in NHAI Ordering

Significant NHAI Bid Pipeline of INR c.800 Bn

2,222 km

Highway Projects Awarded in FY2019

HAM, 440

3,400 km

EPC, 360

Highway Projects constructed in FY2019

Highway Construction km/day

11 5

FY13

FY14

FY15

FY16

FY17

FY18

FY19

Morth km/day

NHAI km/day

Awards Coming in GPL’s Sectoral and Geographical Strongholds

Andhra Pradesh, 4%

Telangana, 3%

Others, 15%

Rajasthan, 12%

Maharashtra, 17%

Kerala, 5%

GPL’s Strongholds

Uttar Pradesh, 16%

Delhi, 4%

Gujarat, 14%

Haryana, 5%

Karnataka, 6%

 NHAI awards bid pipeline at 6,500 km in FY20 vs 2,222

km awarded in FY2019

 Highway projects completed by NHAI target at 9 km/day

in FY2019, vs 8 km/day in FY2018

Source: NHAI; Industry Reports

Strategy – Focusing on ‘Asset Light’ EPC segment

Asset light EPC model o Pure EPC company with no asset-heavy

BOT or HAM project work.

o Diversified

across

geographies

and

practice areas o Deleveraging

and monetizing non-core assets to improve visible Return on Capital

balance-sheet

o Focused on cash flow generation

Explore new opportunities in EPC o Further enhance engineering capabilities in order to pursue new EPC contracts

o Enter

specialized

sectors with

low

competition and high margins

o Opportunity

underground includes mining, water supply, lift-irrigation, high speed railways, urban infrastructure, pre- fab buildings etc

Grow presence in core EPC segments o Actively bid for quality projects in core irrigation,

roads,

areas of expertise- industrials

o Maintain a healthy book-to-bill ratio o Adhere to geographical cluster approach while bidding for projects to optimize management & equipment utilization and maximize profitability

Focus on driving operational performance & execution efficiency o Integrate best practices from different sectors to improve performance and project execution

o Utilize advanced technologies, designs, engineering and project management tools in order to increase productivity o Strengthen IT systems and other internal processes to reduce manual intervention

Spotlight on Asset-Light Model

 2012-2015 : GPL numbers depressed due to asset

investments

 2016 onwards: Business restructuring and Shift towards

Asset-Light model

 Core Construction Services business is a high ROCE business;

At the bottom of cycle generated 18.2%

 In line with the Industry practice, Free cash flow from Core

Construction activities was used for funding asset acquisition prior to 2016

Historical ROE and ROCE

ROCE - Core Construction Business

20.2% 19.1%

ROE

ROCE

12.7% 10.8%

13.7%

11.2%

12.5%

7.4%

8.3%

3.3%

10.8% 8.9%

9.0% 7.7%

20.2%

17.3% 15.2% 16.8%

33.6%

23.8% 25.1%

27.2% 27.5%

25.3%

20.2%

18.4%

18.2%

2012

2011 * Core construction business ROCE calculated after deducting investment in power

2016

2018

2013

2015

2014

2017

and road BOT assets from the total capital employed

2019

2011

2012

2013

2014

2015

2016

2017

2018

2019

Strong Execution Capabilities & a Diverse Range of Projects

Projects executed in last 5 years

Segment

Roads Industrial Irrigation Site leveling Dams & reservoirs Railways Total

No. of projects executed

Value of contract (INR Mn)

12 17 10 2 2 1 44

64,587 23,535 10,727 2,382 448 3,845 105,524

Strong BG limits key competitive advantage Company’s existing BG limit provides additional o Company has existing BG limit of INR 44 bn advantage to expand order book & scope for further o Existing BG limit provides ability to maintain order book of growth

over INR 200 bn

o Ability to further increase the BG limits

Roads: Peak executed capacity at ~1,000 kms for the year 2007

S M K E N A L

1200

1000

800

720

600

400

200

991

680

553

364

362

232

210

827

652

498

1999 2000 2001 2003 2005 2006 2007 2009 2011 2013 2016

Required Lane Kilometers to be executed (as order)

YEARS

~700 Lane Kms

Capacity to execute

1,100 – 1,200 Lane kms/ year

Profit & Loss

All figures in INR Million

INR MnFY19FY18FY17Revenue34,63129,12321,154Expenses29,182 24,446 17,919 EBITDA5,4494,6773,234EBITDA Margin15.7%16.1%15.3%Depreciation659547432Finance Cost2,513 2,394 2,014 Other Income7989306PBT2,3571,825941PBT Margin6.8%6.3%4.4%Tax Expense249-55237PAT2,107 1,881 704 PAT Margin6.1%6.5%3.3%Basic EPS11.310.64.0Balance Sheet

All figures in INR Million

ASSETS (INR Mn)FY19FY18FY17EQUITY AND LIABILITIES (INR Mn)FY19FY18FY17EQUITYNON-CURRENT ASSETS(a) Equity Share capital 374 374 355 (a) Property Plant & Equipment 3,763 3,350 3,093 (b) Other Equity 12,922 10,856 7,056 (b) Capital Work in Progress 5 - 241 (c) Financial AssetsLIABILITIES(i) Investments 10,088 10,169 10,561 Non-Current Liabilities(ii) Loans 3,474 3,563 5,102 (a) Financial Liabilities(i) Borrowings 7,121 8,032 9,678 CURRENT ASSETS(ii) Other Financial liabilities 14,962 10,332 9,239 (a) Inventories 3,574 2,930 3,601 (b) Provisions 48 52 98 (b) Financial Assets(c) Deferred Tax Liabilities (net) 21 71 232 (i) Trade receivables 13,930 11,337 8,504 (ii) Cash and cash equivalents 1,265 569 1,970 Current Liabilities(iii) Other Bank Balances 2,002 1,857 (a) Financial Liabilities(iv) Loans 1,887 1,703 1,759 (i) Borrowings 9,499 9,591 9,596 (c) Current Tax Assets (Net) 1,447 1,385 407 (ii) Trade payables 10,508 8,043 6,608 (d) Other Current Assets 17,206 12,998 9,543 (iii) Other Financial Liabilities 2,293 2,042 1,489 (h) Other Current Liabilities 858 446 431 (c) Provisions 34 21 1 TOTAL 58,641 49,861 44,781 TOTAL 58,641 49,861 44,781 Board of Directors

T. Indira Subbarami Reddy

Promoter and Non-Executive Chairperson, over 25 years of experience in the construction industry

T. V. Sandeep Kumar Reddy

Promoter and Managing Director, 20+ years of construction experience

J Brij Mohan Reddy

Executive Vice Chairman, Over 49 years of experience in Heavy Engineering Construction and the harbour engineering industries

Mr Birendra Kumar

Non-Executive and Nominee Director (Bank of Baroda)

Mr. J.N.Karamchetti,

Mr. Ch. Hari Vittal Rao Mr. Ch. Hari Vittal Rao

Non-Executive and Independent Director, rich experience in the field of engineering and steel

Non-Executive and Independent Director, 49 years of experience as a banker and was employed with Bank of Baroda and Naandi Foundation in the past

Ms. Gayathri Ramachandran

IAS (Retd.); has held important positions in the Government of India in the Ministries of Power, Petroleum, Industries, Chemicals & Fertilizers and Civil Aviation.

Mr. K. Jairaj

IAS (Retd.); has held key appointments in the Infrastructure, Energy, Transport and Urban Development sectors

Management Team - HQ

T Sandeep Reddy ▪ Managing Director ▪ Masters in Construction Engineering & Management

from University of Michigan, USA ▪ 20+ years of construction experience

J Brij Mohan Reddy ▪ Executive Vice Chairman ▪ Graduate in Industrial Engineering from Berkeley

University, USA

▪ 50 years of experience in construction and

engineering

P Sreedhar Babu ▪ Chief Finance Officer ▪ Fellow Member of Institute of Chartered

Accountants of India

▪ 18+ years of experience in finance and banking

D Sitaram ▪ President, Business Development ▪ In-charge of evaluating new business units,

identifying suitable Joint-Venture partners, and attending review meetings with clients and regulatory bodies

T Rajiv Reddy ▪ Vice President ▪ In-charge of overall Project Controls & Monitoring,

and head of Mining business unit

▪ Graduate in Industrial Engineering from University of

Illinois, Urbana-Champaign, USA

Management Team - Projects

K Sesha Reddy ▪ Senior Vice President, Transportation ▪ In-charge of project monitoring and controls ▪ Previously a Project Head at L&T ▪ Masters in Construction management from Birla

Institute of Technology

▪ 32+ years of experience in infrastructure

G Venkateshwar Rao ▪ Senior Vice President, Irrigation ▪ Oversees entire irrigation business unit ▪ Graduate in Civil Engineering ▪ 20+ years of experience in irrigation EPC

MV Suresh ▪ Vice President, Roads ▪ Oversees road construction projects ▪ Graduate in Civil Engineering ▪ 20+ years of experience in EPC

CH Ramakrishna Rao ▪ Senior Vice President, Roads ▪ Oversees road construction projects ▪ Masters in Construction management from Birla

Institute of Technology

▪ 20+ years of experience in infrastructure

Sudhakar Lolla ▪ Vice President, Mining ▪ Oversees underground mining projects ▪ Masters in Technology and Mining from Indian

School of Mines

▪ 18+ years of experience in mining

Contact Details

V V Chandra Sekhar Gayatri Projects Limited Tel: +91 40 23310330/23314284/4296 Email: vvcs@gayatri.co.in

Sheetal Khanduja Go India Advisors +91 9769364166 sheetal@goindiaadvisors.com

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