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1TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED

AN INVESTOR PRESENTATIONQuarter ended June 30, 2017


TEECL Techno Electric & Engineering Company Limited

IREDA India Renewable Energy Development Agency

PGCIL Power Grid Corporation of India Limited

BHEL Bharat Heavy Electricals Limited

GBI Generation Based Incentive

REC Renewable Energy Certificate

CDM Clean Development Mechanism

CER Certified Emission Reduction

BOP Balance of Plant

BOOT Build Own Operate Transfer

BOOM Build Own Operate Maintain

EPC Engineering, Procurement, Construction

T&D Transmission & Distribution

ABBREVIATIONS USED

TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 3

SNAPSHOT

TEECL is 3.5 decade old primarily power sector EPC company headquartered in Kolkata (India), listed on NSE, BSE

Completed and delivered 350+ projects in existence (up to 31 March 2017)

Employs 500+ professionals (engineering, commercial, graduates and post-graduates)

Core engineering team possesses average experience of 25+ years

Credit Rating by CRISIL & ICRA for last 3 years:

Long Term: AA-

Short term: A1+

Enjoyed a market capitalization of INR 41692 mn (as on 30th June, 2017)


TECHNO’S OPERATING STRUCTURE

129.90

Techno Electric &Engineering Company

Limited

Generation

Transmission &Distribution

Industrial

Simran Wind

Projects Limited

Jhajjar KT

Transco PrivateLimited

Patran Transmission

Company LimitedKohima Mariani

Transmission Limited

129.90 MWWind Energy

Generation

Design, Build, Finance, Operateand Transfer a 400kV/1500MVA

Transmission Network in Haryana

capable of transferring 2,430 MW

Build a transmission network atPatran, Punjab on Build, Own,Operate and Maintain (BOOM)

basis for 35 years

Build & Transmission network at Kohima, Nagaland on Build, Own,

Operate and Maintain (BOOM)

basis for 35 years

Green Power

Linkages

100% 49% 49% 26%

EPC


OVERVIEWTEECL, one of the most attractive proxies of India’s power sector

One of the largest in the power-infrastructure space in India

Engaged in three business types – EPC/Asset Ownership/Operations and Maintenance

Covers three power sector segments - generation, transmission and distribution

Lifecycle engagement - design to commissioning to handover to maintenance

CPSUs, State-run utilities and private sector customers (captive power plant and power distribution system for power intensive industries)

Addresses complete solutions for conventional and renewable sectors

Once a customer, always a customer

1980Launched EPC

services

2009Entered renewableenergy generation

2010Entered transmission

segment


RICH PROMOTER PROFILE & EXPERIENCETEECL led by Mr P. P. Gupta, Key promoter & Managing Director

Honours Graduate in Industrial Engineering; post-graduate in Management (IIM, Ahmedabad); working experience with BHEL; merchant banker with National Grindlays Bank

Partnered in Techno Electric and Engineering Company Ltd in 1980

Grew TEECL into prominent Indian EPC company engaged in power generation and transmission PPP linkages

Engaged with industry associations (IEEMA, Confederation of Indian Industry, IIPW and IIW; Vice President of Indian Electricals and Electronics Manufacturers Association)

Recognized as top 100 Indian CEO’s by Business Today – PWC 2016-17


ONE-STOP SOLUTIONS PROVIDER

BOOT and BOOM projects (providing annuity income)

EPC (T&D + rural electrification + captive waste heat recovery + solutions for power-intensive industries (88% of revenues, 67% of EBIDTA, FY17)

Green power generation (10% of revenues, 32% of EBIDTA, FY17)

PPP transmission: capital-intensive, modest ROE, stable multi-year income/cash flow, in-house EPC business, annuity O&M revenues

EPC: Less capital-intensive, high risk-reward ratio

Wind energy: Capital-intensive, modest IRR, multi-year stable income/cash flows


GROWING RESPECT AND RECOGNITION

Mr. P. P. Gupta receiving the best performance award, 2013

IEI Industry Excellence Award, 2016

National award for meritorious performancein the power sector from the

Ministry of Power, 2014

Best performance & Safety award 2016, 2015, 2014 & 2013 from Power Grid Corporation

Meritorious Performance in Power Sector in 2011-12 by Ministry of Power

Certificate of appreciation from North Bihar Power Distribution Co. Ltd. & Bihar State Power

(Holding) Company Limited

IEI Industry Excellence Award 2016 from The Institution of Engineers (India) for demonstrating

Highest Order of Business Excellence

‘Best Under a Billion’ (according to Forbes) –Top 200 small and mid-cap companies

Named “Best Vendor in Eastern India” by Bharat Heavy Electricals Limited in 2010 - 11

TEECL BUSINESSES


Engineering, Procurement and Construction Services

Transmission projects under PPP model (BOOT and BOOM)

Renewable Energy Generation


OPTIMISTIC OUTLOOK: POWER SECTORThirteenth Plan Highlights (2017 – 2022) :

Total Generation capacity target: 450 GW

Total capacity in demand till 2022: 280 GW, Fresh Capacity addition: 85 GW

Total Transmission investments: INR 2,600 Bn, of which 1,600 Bn in 400 KV +, and 1,000 Bn in 220 KV

Target Substation Capacity – 5,00,000 MVA, Additional Capacity target: 1,30,000 MVA


~50% generation capacity growth in five years; transmission capacity growth only ~30% out of which 35% generation capacity is in private sector where as only 2% is in private sector in the transmission sector

(Contd.)

INR 1100 bnPower Grid spending

in 12th Five Year

INR 1500 bnPower Grid spending

in 13th Five Year

Techno is attractively poised & geared up to address the sizeable opportunity in forthcoming 13th Plan and bid for the projects that come in years ahead.


OUR BOOT AND BOOM BUSINESS

Leveraging EPC knowledge as transmission complements EPC

Long-term annuity incomes; annuity model enhances valuation and profitable encashment opportunity

Generates operations & maintenance revenues

Asset ownership; enhances scale and stability

Growing government preference for private sector role

Reduces requirement to bid aggressively and therefore decrease participation in unhealthy competition

Why transmission?

1


Techno’s transmission competitiveness

Extension of EPC capability - leveraged knowledge; extended from one segment to another

Competitiveness has translated into a higher strike rate in bagging projects

Active solutions orientation

• 400 kVA to 765 kVA substations

• Extensive vendor ecosystem - timely project delivery/excellent negotiation ability/quality control

500 professionals with diverse skills (EPC and support)

Low gearing; high credit rating; low-cost debt

Delivered most EPC and BOOT/BOOM projects on or before schedule

Increased global interest in our business model


PROJECT ONE: JHAJJAR KT – HARYANA Pioneering BOOT transmission model at state level.

TEECL first successful network bidder

Implementing agency Jhajjar KT Transco Pvt. Ltd. 51:49 JV of Kalpataru Power Transmission Ltd. and Techno Electric

JV commissioned 400 kV project (March 2012)

Project commissioned in record 15 months

First transmission project to receive viability gap funding support from Central Government

National award for meritorious performance from Ministry of Power, 2014

400 kV transmission system comprises Double Circuit Quad Moose Line

Extending from Jharli to Kabulpur, Rohtak (35 KM)

Extending from Kabulpur to Dipalpur, Sonepat (64 KM)

Two substations of 400/220 kV of 24 bays each at Rohtak and Sonepat

Transmission network designed to evacuate 2,400 MW

Will initially transmit 1,320 MW (2X660 MW) from Jhajjar Power Plant


JHAJJAR KT PROJECT DETAILS Using products/sub-systems from globally reputed manufacturers

INR 4440 mn project (debt and equity)

INR 2760 mn debt and combined equity (INR 760 mn) from JV partners

INR 920 mn grant by Central Government

INR 45 mn income/month without considering inflation

Current (post-inflation) revenue of INR 580 mn per annum

Implemented greenhouse concept

DBFOT arrangement for 25 years (extendable by 10 years)

Terminal value 60 months of revenue (after 25 years of concession period)


PROJECT TWO: PATRAN, PUNJAB

400 kV transmission system commissioned in June 2016

Comprises LILO of both circuits

1,000 MVA evacuation capacity

INR 2000 mn project with Debt Equity ratio of 3

Build, Own, Operate and Maintain (BOOM) transmission network

Implementing company acquired by TEECL from PFC Consulting under PoC

mechanism of CERC

Designing, constructing, erecting, completing and commissioning responsibility

INR 1750 mn to TEECL EPC arm and expected revenue to O&M agency (TEECL) of

INR 20 mn annually

Annual revenue of INR 300 mn.

Projected INR 10,000 mn income over the complete concession period of 35 years

Financial closure achieved at competitive rates; Commissioned in June, 2016

Patiala-Kaithal 400 kV double circuit triple snow bird line at Patran

400/220kV substation with 14 bays in Patran


PROJECT THREE: KOHIMA – NAGALAND Build, Own, Operate and Maintain (BOOM) transmission network.

INR 13000 mn project with Debt Equity ratio of 3

Implementing agency REC Ltd. 74:26 Kalpataru Power Transmission Ltd. and Techno Electric

Designing, constructing, erecting, completing and commissioning responsibilityINR 2500 mn to TEECL EPC arm and expected revenue to O&M agency (TEECL) of INR 60 mn annuallyAnnual revenue of expected INR 2000 mn.Projected INR 70,000 mn income over the complete concession period of 35 years.Financial closure to be achieved by September; Expected date of Commissioning in July, 2020

400 kV transmission system

Extending from Imphel to New Kohima, (34 KM)

Extending from New Kohima to Mariani (119 KM)

Seven substations of 400/220 kV at New Kohima


Projected portfolio of4-5 projects, 2020

Execute 1-2 projectannually

From 20% of EPC orders from PPP projects in 2012 to 10% in

2015 to 20% (est.) by 2020

Generate increasing insourcing of EPC contracts

Increased competitiveness is translating into project selectivity

(high IRR)

Increasing expertise and focus in setting up substations

Diversified incomes; annuity and upfront fees

Building efficient evacuation facilities for the nation

ROAD FORWARD


Transmission and distribution

Power generation

Industrial sector (including power intensive industries, aluminium smelter, refineries)

Turnkey solutions to captive power plants

Balance of Plant

EHV substations

•EHV substations up to 765 kV (AIS / GIS)

•STATCOM installation upto250 MVaR

Distribution

•Distribution systems management (APDRP)

•Rajiv Gandhi GraminVidyutikaran Yojna

(RGGVY)

• Power distribution systems to power intensive industries

• Offsite piping systems

• Naphtha and diesel system for turbine based power plant

• Oil handling plant for power station and process industries

• Water and allied systems

• Fire protection systems

• Plant electrical and illumination systems

OUR ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) SERVICES BUSINESS2


Techno’s EPC competitiveness

Promoter-driven for 35 years

Three-decade experience (including BOP packages)

Respected for project management, timeliness, completion and cost-effectiveness

Partnership with large International manufacturers

Management of customer expectations and contractual obligations

Respected for graduating to next technology and embracing challenges

Robust vendor eco-system

Pioneered power distribution solutions for aluminium smelters (360 kA busbar

systems, 2013)

Quicker project completion than industry standard

60% share of 765 kV EhV substation segment

Efficient working capital management


Techno’s operating philosophy

Focus on PAT/retained cash (not size of order book)

Cash rich; high liquidity; low gearing; income mix (lumpy and annuity)

Project execution synced with project cash cycle; zero penalty record; realized retention money within 6 months of project completion

Marginal working capital outlay

De-risked: bid with own cash; work for CPSUs or bilaterally/multi-laterally funded SEB projects

Conservative accounting policy

90-day receivables, quicker than industry standard (without considering retention)

Quality assets for national benefit

No-penalty record


Core business (EPC)

90% of overall FY17

revenues

105% ROCE of EPC

as on 31 March, 2017

Order book

INR 24,500 mn

(as on June 30, 2017)

Revenue visibility of

24months

Annual cash surplus of more than

INR 2500 mn

Currently receivables

45 daysof turnover;

industry’ s lowest

Selective project bidding

Brightoutlook fornext 5 years

Prestigious Clients Power Grid, BHEL, Indian Oil, NTPC, Reliance, Vedanta, NTPC, Hindalco, GE among others

Well-planned projects executed in sync with cash flow and contractual obligations

Conservative & prudent management approach to EPC business

Timely projects closure and retention money inflow


TECHNO’ S EPC ORDER BOOKSegment - wise order book as on 30 June, 2017

As on 31 Mar, 2015

INR

20000million

As on 31 Mar, 2016

INR

26000million

INR

24500million

As on 30th June, 2017

GenerationINR 1871 million

TransmissionINR 17405 million

DistributionINR 5224 million


ORDER BOOK as on 30th June, 2017

Name of the client Amount %

Power Grid Corporation of India Ltd. 13,000 53.13

Jharkhand Bijli Vitran Nigam Ltd 4,860 19.85

NERSS, Nagaland (BOOT Project) 2,500 10.21

NTPC Ltd 1,871 7.65

Rajasthan Rajya Vidyut Prasaran Nigam Ltd 1,169 4.78

North Bihar Power Distribution Co Ltd 364 1.49

Others 710 2.89

Total 24,500 100.00

(INR mn)

TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 25TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED 25

TECHNO’S IMPRESSIVE CLIENTELEHelped build 50% of India’s National power grid

Historically engaged with more than 50% NTPC projects (various capacities)

Multi-year engagements with Power Grid Corporation, BHEL, Indian Oil, NTPC and Hindalco

Associated with power distribution solutions for major oil refineries (Bina, Paradip, Bhatinda, Panipat among others) and aluminium smelters (Hindalco, Nalco among others)

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EPC FINANCIALS2012-13 2013-14 2014-15 2015-16 2016-17

Revenue 5,158.90 5,705.10 6,680.90 10,142.75 12,109.45

EBIDTA 572.90 601.60 938.30 1,449.40 1,812.25

PAT 392.10 500.50 662.60 946.29 1,237.90

Cash surplus 400.20 509.60 675.40 1,000.00 1,500.00

ROCE (%) 52.50 62.40 80.50 108.00 105.00

(INR in mn.)

Increasing order book 15-20% in the

next 2-3 years (external and

captive)

Growing EPC business 15-20% annually till 2020

• Leveraging transmission expertise

• Focusing on high-value, high IRR projects

• Building India’s national grid; reducing power deficit


EPC – ROAD FORWARD

FLUE GAS DESULFARISATION (FGD)

Pursuant to Govt. of India, Gazette notification of 7th December, 2015 allThermal Power Plants need to limit the Sulphur emission.

India having more than 200 GW of thermal power plants, translates to a capitalinvestment of more than INR 8,00,000 mn towards retrofitting plant with FGD.

The upcoming market for installation of FGD in new Power plant is approximatelyINR 2,00,000 mn in next 5 years.

Techno is expected to take 1-2 orders per year with an order size of INR 2000-5000 mn.


STATCOM INSTALLATION

Government plans to install 50 nos of STATCOM having a total investment of INR80 bn over a period of 3-5 years.

Techno won the first STATCOM installation at 400 kV substation at Solapur, Satna& Aurangabad in joint biding with Chinese Company RONGXIN. Techno’s scope ofwork is worth INR 2680 mn.

Techno being the pioneer in installation of STATCOM will have first moveradvantage.

EPC – EMERGING OPPORTUNITIES


INDUSTRIAL

IOC, BP, HP plan to spend more than INR 12,00,000 mn on refinery expansions in the next 5 years.

Vedanta and NALCO plan to invest around INR 4,00,000 mn on expansion of its capacities in the next 3-5 years.

Expertise in certain niche areas in handling complex projects, which includes high precision fabrication and machining skills in power guzzling industrial units.

TEECL’s specialization extends to installation of high end (360KA) aluminum bus bar system for aluminum smelters.

Its capability extends to plant’s electrical and illumination, cabling project, water & allied system, installation of fire protection system.

EPC – EMERGING OPPORTUNITIES


OUTLOOK

Wind power 8.5% of India’ s power capacity

6000-8000 MW to be commissioned annually

21,136.40 MW installed capacity

Targeted 100 GW capacity (2022, National Wind Energy Mission)

RENEWABLE ENERGY GENERATION3

GOVERNMENT ROLE

India first to commission a Ministry of Non-Conventional Energy Resources (early 1980s)

Wind energy exceeded 10th Plan (2002-2007) and 11th Plan (2007-2012) targets

MNRE reference capacity addition target 15,000 MW, realistic target 20,000 MW and aspirational target 25,000 MW for the 12th Five Year Plan


GOVERNMENT CATALYSTS

RENEWABLE ENERGY

CERTIFICATES

1000 units of green

electricity sold generates

one REC which can be sold

in the Power Exchange with

a floor price of INR 1,500

and forbearance price of

INR 3,300

TECHNO SOLD 165000 RECs IN 2016-17 AT AN AVERAGE REALIZATION OF Rs 1,500 EACH

TECHNO HAD A TOTAL OF INR 119 mn INFY 2016-17 ATTRIBUTABLE TO GBI

GENERATION-BASED

INCENTIVES

INR 0.5/unit produced

available to wind power

producers over base tariff

upto a maximum of INR 6.2

mn/MW upto a period 10

years from commercial

operations

CLEAN DEVELOPMENT

MECHANISM INCENTIVES

Projects in developing

countries can earn Certified

Emission Reduction credits

(CERs) which can be sold to

developed countries to

meet their emission

reduction targets

TECHNO IS ENTITLED TO 325,000 CERs ANNUALLY


CURRENT ASSET OVERVIEW

Sold 44.45 MW of wind power assets at an effective valuation of INR 2150 mn during the Q1 FY 2016.

Sold 33 MW of wind energy assets at an effective valuation of INR 1650 mn in Jan 2017.

Exited the assets at the same price at which investment was made.

12 MW of wind energy asset sold to subsidiary.

Intend to divest balance portfolio of 129.9 MW wind assets to improve strength for bidding more PPP projects in transmission sector, improve ROCE & focus on core EPC vertical.


CURRENT ASSET OVERVIEWSimran Wind Project Limited

Capacity 18 MW 111.90 MW

Date of

Acquisition/Com

missioning

During 2009-10 March 31, 2011 - February 24, 2012

Location Karnataka Tamil Nadu (111.90 MW)

Capacity 12 turbines * 1.5 MW each 48 turbines * 1.5 MW each

19 turbines * 2.1 MW each

PLF 18% - 26% 19% - 26%

Tariff INR 3.40 (Karnataka) APPC tariff – INR 3.35** (TN) for 111.90 MW


Simran Wind Project Limited

Capacity 18 MW 111.90 MW

Project cost – INR 6650 mn*

O&M Free for first 5 years; 5% escalation

from INR 1 mn/MW

Free for first 4.5 years; 5% escalation from INR 1

mn/MW

GBI benefit - 111.9 MW registered with IREDA

*IFC had originally invested 3.38% in Simran Wind Project Ltd. for $5 million at INR 40/share in lieu of 5,625,000 equity shares (buyback done by Techno in FY 2016); Project debt of $85 mn (INR 4165 mn) raised at average 6.5% from IFC, DBS and Standard Chartered Bank. One of the longest (10.5 years) non-recourse project financing undertaken for a wind energy project in India (without credit guarantees or credit insurance).

.

(Contd.)


Note – FY 2016 & FY 2017 Financials are not comparable with that of previous year as the Company had divested 44.45 MW of wind assets during FY 2016 & 33MW in FY 2017.

2013-14 2014-15 2015-16 2016-17Revenue 1,379.80 1258.10 829.30 1,457.70

EBIDTA 1,323.60 1143.20 764.43 1,313.00

PAT (inc other income) 338.00 283.30 393.2 777.30

Cash generated 995.40 873.70 870.00 824.00

Units generated (in mn) 344.60 300.44 188.13 308.40

Realization / unit (INR) 4.00 4.19 4.41 4.73

(INR in mn.)GREEN ENERGY FINANCIALS


Standalone Consolidated

June-17 June-16 Change (%) June-17 June-16 Change (%)

Revenues 3,681 2,383 54% 4,122 2,709 52%

Operating expenses 3,071 1,976 55% 3,106 1,998 55%

EBITDA 610 121 449% 1016 712 43%

EBITDA % 16.6% 17.1% -3% 24.6% 26.3% -6%

Other income 66.5 175 59% 113 83 38%

Depreciation 6 40 -84% 106 133 -20%

Interest 27 38 -30% 86 92 -7%

PBT 643 341 89% 939 569 65%

PBT % 20.6% 17.4% 18% 18.3% 11.2% 63%Exceptional Items - ( Income ) / Expenses

0 4 0 4

PBT after exceptional item 643 337 91% 939 565 66%

Taxes 221 71 210% 245 84 190%

Profit after tax 423 265 59% 693 480 44%

QUARTERLY FINANCIALS (INR mn)


Consolidated Income Statement

2012-13 2013-14 2014-15 2015-16 2016-17

Revenues 7,001.25 7,084.85 7,938.93 10,972.02 13,567.18

Growth % (14.60) 1.19 12.05 38.21 23.65

Operating expenses 4,655.10 5,159.60 5,857.60 8,766.21 10,442.10

Other income 205.87 119.91 202.36 * 618.76 $ 491.53

EBIDTA 2,552.06 2,045.23 2,282.52 2,831.74 3,616.60

EBIDTA % 36.45 28.87 28.75 25.81 26.65

Depreciation 654.93 666.54 603.21 494.51 507.90

Interest 521.72 454.39 431.32 442.88 373.43

PBT 1,375.41 924.30 1,247.99 1,898.10 2,735.25

PBT % 19.65 13.05 15.72 17.25 20.15

Taxes 151.01 37.62 185.30 ** 720.70 $$ 836.70

PAT 1,224.40 886.68 1062.69 1,177.38 1,898.56

PAT % 17.49 12.52 13.39 10.73 14.00

EPS (Rs) 8.99 6.52 7.84 10.48 16.90

CONSOLIDATED FINANCIALS(INR mn)

* Includes extra ordinary income of INR 254 mn on account of sale of 44.45 MW of wind assets** Includes INR 215 mn tax on said extraordinary income of INR 254 mn. $ includes extra ordinary income of INR 233 mn on account of sale of 33 MW of wind assets$$ Includes INR 330 mn tax on said extraordinary income of INR 233 mn.


Consolidated Balance Sheet

2013 2014 2015 2016 2017SOURCES OF FUNDS

Shareholders’funds 7,700 8,371 9,147 9,279 11,070

Minority interest 188 193 199 --- ---

Loan funds 5,172 4,785 3,967 3,068 2,099

Deferred tax liabilities 7 9 7 1,025 1,161

Other liabilities and provisions 844 513 185 98 213

Total 13,910 13,871 13,505 13,470 14,543

APPLICATION OF FUNDS

Net fixed assets 11,036 10,728 10,248 8,236 6,487

Investments 384 384 380 635 789

Loans and advances 233 297 367 102 52

Current assets (a) 5,281 5,088 5,820 * 9,577 11,735

Current liabilities (b) 3,024 2,626 3,310 * 5,080 4,520

Net current assets (a – b) 2,257 2,462 2,510 4,497 7,215

Total 13,910 13,871 13,505 13,470 14,543

CONSOLIDATED FINANCIALS(INR mn)

* Includes receivables of INR 1200 mn from Patran Transmission & payable to equipment suppliers for the same project.


Consolidated revenue, EBIDTA, Profit after Tax and Earning Per Share

0

5

10

15

20

2012-13 2013-14 2014-15 2015-16 2016-17

EPS

0

2000

4000

6000

8000

10000

12000

14000

2012-13 2013-14 2014-15 2015-16 2016-17

Revenue (Rs/mn)

0

500

1000

1500

2000

2500

3000

3500

2012-13 2013-14 2014-15 2015-16 2016-17

EBIDTA (Rs/mn)

0

500

1000

1500

2000

2012-13 2013-14 2014-15 2015-16 2016-17

PAT (Rs/mn)


Ratios**

** Ratios are calculated based on consolidated figures

05

10

1520

25

3035

EBIDTA Margin %

0

5

10

15

20

25

PBT Margin %

0

5

10

15

20

PAT Margin %

0

20

40

60

80

100

120

Book Value Per Share


THANK YOU!

Documents

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