AFCONS INFRASTRUCTURE LIMITED UNLISTED SHARE
Founded on 22 November 1976, Afcons Infrastructure Limited is registered at the Registrar of Companies, Mumbai. It’s a group company of Shapoorji Pallonji Company Private Limited. Its authorized share capital is Rs. 10,00,00,00,000 and its paid-up capital is Rs. 71,97,02,38,000.
The principal activity of the Company and its subsidiaries and jointly controlled operations (the “Group”) are infrastructure development and construction.
Afcons have a presence in almost the entire spectrum of infrastructure activities in India and overseas. The Group is engaged in marine works, highways, bridges, metro works, powerhouses, tunnels, oil and gas, LNG tanks, and other general civil engineering projects both in India and overseas.
INCORPORATION DETAILS
|
CIN |
U45200MH1976PLC019335 |
|
Registration Date |
22.11.1976 |
|
Company Name |
Afcons Infrastructure Limited |
|
Email Address |
-- |
|
Category/Sub-category of the Company |
Public Company limited by Share Capital / Indian Non-Government Company |
|
Registration Number |
19335 |
|
Address of the Registered office & contact details |
Afcons House, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P.O., Andheri West, Mumbai-400053 Tel.: +91 22 67191000 Fax: +91 22 26730027 / 1031 / 0047 Website: www.afcons.com |
|
Company Secretary & Compliance Officer |
Gaurang M. Parekh |
|
Name, Address & contact details of the Registrar & Transfer Agent, if any |
Cameo Corporate Service Limited Subramanian Building, 1 Club House Road, Chennai-600002 Tel. no.: 044-28460390 Fax no.: 044-28460129 Email id.: afcons@cameoindia.com |
PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES
|
S.NO. |
Name Of the Company |
Category |
%Of Shares Held |
|
1. |
Hazarat and Company Pvt. Ltd |
Subsidiary |
100% |
|
2. |
Afcons Corrosion Protection Pvt. Ltd. |
Subsidiary |
100% |
|
3. |
Afcons Hydrocarbons Engineering Pvt. Ltd |
Subsidiary |
100% |
|
4. |
Afcons Oil & Gas Services Pvt. Ltd. |
Subsidiary |
74% |
|
5. |
Afcons Infrastructures Kuwait for Building, Road, and Marine Contracting WLL* |
Subsidiary |
49% |
|
6. |
Afcons Construction Mideast LLC* |
Subsidiary |
49% |
|
7. |
Afcons Gulf International Projects Services FZE |
Subsidiary |
100% |
|
8. |
Afcons Mauritius Infrastructure Ltd. |
Subsidiary |
100% |
|
9. |
Afcons Overseas Singapore Pte Ltd. |
Subsidiary |
100% |
|
10. |
Afcons Infra Projects Kazakhstan LLP |
Subsidiary |
100% |
|
11. |
Afcons Saudi Constructions LLC |
Subsidiary |
100% |
|
12. |
Afcons Overseas Project Gabon SARL |
Subsidiary |
100% |
BOARD OF DIRECTORS
|
S.NO. |
Name of the Directors |
Category |
|
1. |
S. P. Mistry - |
Chairman |
|
2. |
K. Subramanian |
Executive Vice Chairman |
|
3. |
P. S. Mistry |
Director |
|
4. |
N. D. Khurody |
Director |
|
5. |
P. N. Kapadia |
Director |
|
6. |
R. M. Premkumar |
Director |
|
7. |
U. N. Khanna |
Director |
|
8. |
R.M. Nentin (Ms.) |
Director |
|
9. |
S. Paramasivan - |
Managing Director |
|
10. |
Giridhar Rajagopalan |
Deputy Managing Director |
|
11. |
Akhil Kumar Gupta |
Executive Director (Operations) |
Principal Business Activities of the Company
|
Name & Description of main products/services |
NIC Code of the Product /service |
% of the total turnover of the company |
|
Construction Activities |
41001, 42101, 42102, 42201 |
100% |
SHAREHOLDING PATTERN (As of 31-03-2021)
|
S. No. |
Shareholder’s Category |
No. of Shares |
% of total Shares of the company |
|
1. |
Promoter’s holding |
||
|
Indian Promoters -Bodies Corporate |
62121581 |
86.32 |
|
|
Subtotal (1) |
62121581 |
86.32 |
|
|
2. |
Non-Promoters Holding |
||
|
Companies / Bodies Corporate |
8082620 |
11.23 |
|
|
Employees Trust |
1191370 |
1.66 |
|
|
Directors & their Relatives |
110057 |
0.15 |
|
|
Employees / Retired Employees / General Public |
461530 |
0.64 |
|
|
Subtotal (2) |
9845577 |
13.68 |
|
|
3. |
Investor Education & Protection Fund (3) |
3080 |
0.00 |
|
Total (1+2+3) |
71970238 |
100.00 |
INDUSTRY OUTLOOK
Afcons bagged new projects worth 7,800 crores in FY 2020–21. In addition to this, there are 3,360 crores of L1 orders. The pending order book position of the company as on 31st March 2021 stands at ` 29,608 crores (including above L1 orders of ` 3,360 crores). The competitive intensity continued to rise in the domestic market. The number of companies participating in tenders increased and several tenders witnessed intense underbidding compared to client estimates. While this may pose challenges to the profitability of the Company in the future, today it poses a challenge for bagging the job at the right price.
Afcons is recognized as a credible construction company in international markets. Afcons is ranked 7th largest international marine and port facilities contractor and 13th largest Bridge contractor in the world as per ENR’s (Engineering News-Record, USA) 2020 Top International Contractors Rankings.
The existing pending order book provides Afcons with revenue visibility for the next 3 years. Afcons projects are well spread across countries – India, Africa, the Middle East, and South Asia. Even in India, projects are located across different states.
Afcons businesses are managed across business units and sub-segments, the projects are diversified and there is no dependence on a single business unit. At the core of its strategy, the Company aims to become a Knowledge Enterprise. On its journey towards becoming a Knowledge Enterprise, Afcons has made substantial progress. Afcons won the MIKE (Most Innovative Knowledge Enterprise) award for three levels – Global, Asian, and Indian in 2020 as well. This is the fifth successive year when Afcons has won this prestigious award at all three levels – the MAKE award (Most Admired Knowledge Enterprise, now discontinued and followed by MIKE award) in 2016 & 2017 and MIKE award in 2018, 2019 & 2020.
In the current year, Afcons worked with utmost priority to chart growth plans and maintain focus on operations to deliver projects ahead of schedule or on time. Afcons would continue its strategy to expand in overseas markets and would further strive to increase international operations. The Company would continue its journey of becoming a Knowledge enterprise.
CONSOLIDATED PROFIT & LOSS STATEMENT OF AFCONS INFRASTRUCTURE LIMITED (Amount in Crore)
(As of 31-03-2018 to 31-03-2021)
|
Particular |
2021 |
2020 |
2019 |
2018 |
|
Income |
|
|
||
|
Revenue from Operations |
9,375.57 |
9,934.19 |
8,726.82 |
6,551.09 |
|
Other Income |
145.56 |
196.50 |
148.86 |
136.64 |
|
Total Income |
9,521.13 |
10,130.69 |
8,875.68 |
6,687.73 |
|
Expenses |
|
|
||
|
Cost of Materials Consumed |
2,544.56 |
2,676.88 |
2,115.81 |
1,941.82 |
|
Cost of construction |
4,112.64 |
4,731.12 |
4,371.47 |
2,424.10 |
|
Employee Benefits Expense |
924.16 |
971.37 |
823.39 |
754.18 |
|
Finance Costs |
467.57 |
390.79 |
284.68 |
306.21 |
|
Depreciation and amortization expense |
249.97 |
240.30 |
248.56 |
200.61 |
|
Repair and Maintenance |
|
|
||
|
Other Expenses |
931.73 |
744.61 |
712.51 |
816.67 |
|
Total Expenses |
9,230.63 |
9,755.07 |
8,556.42 |
6443.59 |
|
Profit/Loss before tax |
290.50 |
375.62 |
319.26 |
244.14 |
|
Tax Expenses |
|
|
||
|
Current tax |
115.46 |
129.97 |
116.28 |
56.56 |
|
Deferred tax |
3.05 |
(7.28) |
(35.96) |
26.02 |
|
Tax expense/(income) relating to prior year (net) |
2.10 |
5.24 |
4.50 |
(2.56) |
|
Total Tax |
120.61 |
127.93 |
84.82 |
80.02 |
|
Profit Of the year |
169.89 |
247.69 |
234.44 |
164.12 |
|
Other comprehensive income |
|
|
||
|
Items that will not be reclassified to profit or loss |
|
|
||
|
Changes in fair value of equity investments measured at FVTOCI |
0.26 |
(0.31) |
0.21 |
7.86 |
|
Re-measurements of defined benefit plans |
1.32 |
(8.94) |
(3.84) |
(0.85) |
|
Tax relating to above |
(0.46) |
3.12 |
1.34 |
0.30 |
|
Items that may be reclassified to profit or loss |
|
|
||
|
Exchange differences in translating the financial statements of a foreign operation |
3.84 |
6.32 |
2.35 |
17.34 |
|
|
4.96 |
0.19 |
0.06 |
24.65 |
|
Total comprehensive income |
174.85 |
247.88 |
234.50 |
188.77 |
|
Profit for the year attributable to |
|
|
||
|
Owners of the Company |
166.97 |
245.59 |
240.10 |
173.61 |
|
Non-controlling interest |
2.92 |
2.10 |
(5.66) |
(9.49) |
|
Other comprehensive income for the year attributable to |
|
|
||
|
Owners of the Company |
4.96 |
0.19 |
0.06 |
24.65 |
|
Non-controlling interest |
- |
- |
|
|
|
Total comprehensive income (net of income tax) for the year attributable to |
|
|
||
|
Owners of the Company |
171.93 |
245.78 |
240.16 |
198.26 |
|
Non-controlling interest |
2.92 |
2.10 |
(5.66) |
(9.49) |
|
Earnings Per Equity Share |
|
|
||
|
Basic & Diluted |
23.60 |
34.41 |
32.57 |
22.80 |
|
Basic & Diluted (excl. extraordinary item) |
4.99 |
7.27 |
6.88 |
4.82 |
CONSOLIDATED BALANCE SHEET OF AFCONS INFRASTRUCTURE LIMITED (Amount in Crore)
(As of 31-03-2018 to 31-03-2021)
|
PARTICULARS |
2021 |
2020 |
2019 |
2018 |
|
Equity and Liabilities |
|
|
||
|
Share Capital |
521.97 |
521.97 |
521.97 |
521.97 |
|
Other Equity |
1,868.04 |
1,721.35 |
1,500.82 |
1,269.08 |
|
Equity attributable to shareholders of the Company |
2,390.01 |
2,243.32 |
2022.79 |
1791.05 |
|
Non-controlling interest |
(10.53) |
(10.53) |
(15.55) |
(9.89) |
|
Total Equity |
2,379.48 |
2,229.87 |
2,007.24 |
1,781.16 |
|
|
|
|
||
|
Non-Current Liabilities |
|
|
||
|
Financial Liabilities |
|
|
||
|
Borrowings |
472.64 |
572.82 |
650.35 |
755.72 |
|
Trade payables |
- |
- |
- |
|
|
Total outstanding due to micro and small enterprises |
4.57 |
- |
- |
|
|
Total outstanding due to creditors other than micro and small enterprises |
447.69 |
557.12 |
381.29 |
195.75 |
|
Lease Liabilities |
13.12 |
16.47 |
- |
- |
|
Other financial liabilities |
248.59 |
129.46 |
107.73 |
209.92 |
|
Contract liabilities |
1,576.73 |
1,942.73 |
1,615.63 |
763.09 |
|
Provisions |
28.80 |
33.27 |
24.38 |
7.76 |
|
Deferred tax liabilities (net) |
211.90 |
212.75 |
180.42 |
163.29 |
|
Total Non-Current Liabilities |
3,004.04 |
3,464.62 |
2,959.80 |
2095.53 |
|
Current Liabilities |
|
|
||
|
Financial Liabilities |
|
|
||
|
Borrowings |
833.63 |
953.16 |
855.05 |
769.37 |
|
Trade Payables |
|
2,495.93 |
1,843.47 |
|
|
Total outstanding dues of micro-enterprises and small enterprises |
344.69 |
55.56 |
3.67 |
- |
|
Total outstanding dues of creditors other than micro-enterprise and small enterprise |
2,767.27 |
3,305.65 |
2492.26 |
- |
|
Lease Liabilities |
14.53 |
29.23 |
- |
- |
|
Other financial liabilities |
485.57 |
284.84 |
205.93 |
- |
|
Contract liabilities |
2,522.17 |
2,674.72 |
1,844.28 |
696.05 |
|
Provisions |
43.33 |
23.64 |
15.58 |
32.61 |
|
Current tax liabilities (net) |
46.10 |
17.33 |
12.17 |
11.26 |
|
Other Current Liabilities |
49.14 |
58.16 |
61.19 |
968.58 |
|
Total Current Liabilities |
7106.43 |
7402.29 |
5,490.13 |
4,321.34 |
|
Total Liabilities |
10110.47 |
10866.91 |
8,449.93 |
6,416.87 |
|
Total equity and liabilities |
12489.95 |
13096.78 |
10,457.17 |
8,198.03 |
|
Assets |
|
|
||
|
Non-Current Assets |
|
|
||
|
Property, Plant, and Equipment |
1,975.80 |
1,888.17 |
1,684.28 |
1,594.09 |
|
Capital work-in-progress |
145.52 |
17.94 |
30.54 |
21.74 |
|
right-of-use assets |
26.22 |
43.47 |
- |
- |
|
Goodwill |
0.14 |
5.55 |
5.32 |
5.16 |
|
Other Intangible assets |
0.46 |
0.64 |
1.19 |
1.73 |
|
Financial assets |
|
|
||
|
Investments |
0.40 |
0.15 |
3.15 |
2.94 |
|
Trade receivables |
474.36 |
536.40 |
234.21 |
125.04 |
|
Other financial assets |
273.87 |
278.77 |
134.72 |
787.71 |
|
Contract assets |
1,493.02 |
1,723.94 |
1369.29 |
- |
|
Non-current tax assets (net) |
110.65 |
155.01 |
122.96 |
71.65 |
|
Other non-current assets |
181.11 |
187.79 |
160.86 |
90.00 |
|
Total Non - current Assets |
4,681.55 |
4,837.83 |
3,746.52 |
2,700.06 |
|
Current Assets |
|
|
||
|
Inventories |
938.39 |
1,067.16 |
857.00 |
557.86 |
|
Financial assets |
|
|
||
|
Investments |
- |
- |
- |
- |
|
Trade Receivables |
2,575.04 |
2,475.19 |
2053.62 |
1,431.38 |
|
Cash and Cash Equivalents |
612.52 |
522.54 |
317.44 |
126.27 |
|
Bank balances (other than above) |
98.42 |
116.10 |
25.10 |
28.09 |
|
Loans |
50.13 |
40.58 |
63.94 |
91.02 |
|
Other financial Assets |
114.20 |
58.44 |
202.48 |
2,955.37 |
|
Contract assets |
2,455.38 |
3,149.76 |
2678.54 |
- |
|
Other current assets |
964.32 |
829.18 |
512.53 |
307.98 |
|
Total Current Assets |
7,808.40 |
8,258.95 |
6,710.65 |
5,497.97 |
|
Total Assets |
12,489.95 |
13,096.78 |
10,457.17 |
8,198.03 |
DIVIDEND AND RETAINED EARNINGS (As of 31-03-2018 to 31-03-2021)
|
Particulars |
2021 |
2020 |
2019 |
2018 |
|
Dividend |
Rs.3.5 per share |
Rs.3.5 per share |
Rs.3.5 per share |
Rs.3.5 per share |
|
Retained Earnings (In Rs. Crore) |
1,695.13 |
1,543.79 |
1,339.27 |
1,091.05 |
PERFORMANCE OF THE COMPANY
Revenue from Operations decreased from Rs. 9,934.19 Crore in FY 2020 to Rs. 9,375.57 Crore in FY 2021, showing a decline of 5.62% as compared to the previous financial year.
Finance Cost has been increased from Rs. 390.79 Crore in FY 2020 to Rs. 467.57 Crore in FY 2021.
In FY 2021, Company’s Net Profit stood at Rs. 174.85 Crore, 29.46% less than the Net Profit of Rs. 247.88 Crore in FY 2020.
The current Ratio of the company as of 31st March 2021 was 1.10.
The debt-to-equity ratio of the company as of 31st March 2021 was 4.25.
In the financial year 2020-21, the company paid a dividend of Rs.3.5 Per Share.
