Sadbhav Infra

Sadbhav Infrastructure Projects Ltd. (SIPL), a subsidiary of SEL, was incorporated as an asset holding company for road and other Infrastructure BOT projects in 2007. The fundamental function of SIPL is development, operation and maintenance of road infrastructure assets. It undertakes the comprehensive contract works, other than civil construction, of the projects. Also, the financial closure & financial management for the SPVs is handled by SIPL. It currently has 12 BOT Projects under its control of which 8 are fully operational, 1 is partially operational and others are under various stages of construction. All these projects are Special Purpose Vehicles (SPVs) controlled by SIPL.  In Q4FY16, toll received from these 8 operational SPVs was at Rs.202 crore, up from Rs.155 crore (YoY).

We do a QoQ comparison as YoY, the number of operational SPVs have a wide gap. Thanks to the tax write back of Rs.9 crore, the company managed to reduce its consolidated net loss to Rs.2 crore compared to PBT of Rs.11 crore. And then it had a write back from subsidiary of Rs.2.29 crore and that helped the company eke out a net profit of Rs.17 lakh compared to net loss of Rs.101 crore in Q3Fy16.

On the topline front, the company posted a good 47% (QoQ) jump at Rs.282 crore. Operating expense shot up by 40% and there was an exceptional expense of Rs.6 crore.

The company’s debt currently stands at Rs.7951 crore, up 28% (YoY) and interest outgo for the quarter was at Rs.185 crore while that for entire FY16 stood at a huge Rs.640 crore. It ended Fy16 with a net loss at Rs.260 crore v/s loss of Rs.343 crore in FY15.