ajay munot experience 2011
TRANSCRIPT
Strictly Private & Confidential
Ajay Munot
Strong Investing and Operating
experience across Infrastructure and
Real estate sectors
1992-2010
Principal investing (Listed Equities)- Enam Holdings is one of India’s largest and
most successful principal investors in India with its book exceeding USD 1 Billion
and has generated an CAGR of over 25% p.a across several market cycles
through a disciplined and rigorous long only – style investing process in Indian
Equities involving hold periods of 3 – 5 years for multiple investments.
Assisted in Equity analysis and detailed understanding of Business models/
valuations of several companies/ sectors such as Power/Energy, Capital goods,
T&D, Construction/EPC, Infra Developers, Utilities, Cement, Sugar, NBFC etc
Real Assets-PE styled Investing – Responsible as JV Partner for raising Investing
vehicles focused on equity/ mezzanine investments into Infra & real estate Assets
and/or Enablers/Service providers across sectors such as Energy, Transportation,
etc. Met up with Placement agents and Distributors across
USA/UK/HK/Singapore.
Enam Group also runs a successful Investment/capital markets banking,
distribution and Institutional brokerage platform- Enam Securities that provided
Research (over 50 analysts), Deal/news flows and corporate access. Agreed to
be sold to Axis Bank for USD 450Mn by March 2011. Also runs a PMS/ AMC for
listed cash equities with USD 350 Mn AUM with 25% returns. www.enam.com
Investing Experience
Educational
Qualifications:
B. Com,(Distinction)
Rankholder in C.A
(17th all india) and
Bach of Law (1st Rank)
Stanford Exec Program
an d IIM (Ahmd) Middle
level Management
Wor k Experience:
Managing Director
ENAM Holdings
June 2009- present
Entrepreneurship/ Leadership: Kalpataru Power became the fastest growing
Indian Mid-cap company in 2006 with a 8 year CAGR of 50% pa from USD 30 Mn
in 2001 to USD 700 in 2009. At time of leaving, the Group had order backlog of
over US$ 1.5bn with 3,800 strong team and peak market capitalization of US$ 1
bn and strong 20% ROEs. www.kalpatarupower.com; www.jmcprojects.com
Organisation development: Was instrumental in setting up all new divisions/
ventures and building a strong Parivar (family) culture across the Group.
Deal-Making / Turnaround: Managed the acquisition of a 42% stake in JMC
Projects in Feb 2005 and successfully turned it around from a revenue of US$ 40
mn to US$ 300 mn in 4 years. Over 3x (300%) ROI in 3 years.
EPC Construction: Supervising EPC/construction projects in excess of US$ 2
billion across transmission & distribution projects, gas pipelines, civil construction
of factories/buildings, roads, bridges, power plants etc. Implemented T&D
projects across Africa, Middle East and exported towers. Travelled extensively.
Bidding / Asset development: Bidding for BOT projects in Transmission, City
Power distribution franchisees, Solar Thermal (50 mw) /PV as well as Roads &
Thermal sector. Led the sustainable development of 2 biomass plants of 8 MWs
Fund Raising / IR / Banking: Successfully managed India’s first QIP of US$ 75 Mn
in 2006, several Rights offers/ Investor Roadshows and syndication of project
finance/working capital and term loans of over INR 30 bn (US$ 650 mn)
Operating Experience
Kalpataru Power Group
Executive Director
2000– 2009
JMC Projects
Lead Group Director
2005-2009
Kalpataru Real Estate
and Industrial Group
1992-2000
39 Years
Member, Young
President’s Organization
Travelled extensively
across world
2 2 36
15
36 37
25
39
0
5
10
15
20
25
30
35
40
45
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
0
100
200
300
400
500
600
700
800
900
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
31 58 76 121187
355
588
718
886
5 9 16107
445
1,079
647
192
613
0
300
600
900
1,200
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
0
20
40
60
80
100
120
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10
4 6 8 14
30
63
79 81
108
Kalpataru Power – Infra/ Power experience 2001-2009
Source: Company Reports, Capitaline
Revenues ($ mn) EBITDA ($ mn)
Net Profit after tax ($ mn) Market Cap ($ mn)
Power Transmission | Power Distribution | Renewables | Real Estate | Oil & Gas Pipelines | Agri Logistics
Consolidated (incld JMC) Consolidated (incld JMC)
Consolidated (incld JMC)
•Over 3,800 professionals
•Over $1.5 bn order-backlog
•Projects in Africa, Middle East
Over $2 bn EPC and
Infra development
experience from
2001 - 2009
0
50
100
150
200
250
300
FY06 FY07 FY08 FY09 FY10
58
112
204
292 292
JMC Projects – Civil/ EPC experience 2005-2009
Source: Company Reports, Capitaline
Revenues ($ mn)
0
5
10
15
20
25
30
FY06 FY07 FY08 FY09 FY10
2
9
17
25 26
EBITDA ($ mn)
Kalpataru Power
JMC Projects
Power Transmission
& Distribution EPC
Infrastructure EPC/
Construction
Asset/ BOT
Development
TL Projects
(Domestic)
TL Projects
(International)
Rural
Electrification &
Distribution
Oil & Gas
Pipelines
Factories &
Buildings
Roads &
Bridges
Power Projects
– Civil Works
Water Pipeline
& Sewerage
Biomass
Energy /
Renewables
Agri Logistics /
Warehousing
Real Estate &
related Infra /
BOT projects
51%+
Factories & Buildings | Roads & Bridges | Civil Works (Power plants)
Kalpataru Power acquired controlling stake in JMC Projects, a loss making company in Feb 2005 at market Capitalization of
$5 Mn and Revenues of $40 Mn It represents one of the fastest and dramatic turnarounds in India
In short span of 7 years, became one
of India’s top # 10 Real Assets Player
Post Takeover-JMC become 6th fastest growing Small Cap company- BT
6
ENAM
Kalpataru has one of the world’s largest tower fabrication plant with the capacity of over
100, 000 MTs p.a . Also has state of the art design and testing facilities.
Since 2005 - completed the electrification of over 3,000
villages across India- For Distribution utilities.
Over 8,500 kms of TL lines (upto 800 kv) strung
Over 1,000 kms of pipelines laid across terrains- for GAIL, HPCL , Reliance, IOCL
Kalpataru Group- India’s
leading Infrastructure
and Real Estate Group
40 Years of Real estate
development in Mumbai
JMC Projects– one of India’s largest civil players
Bajaj Auto, Pune GE Capital, Uppal, Delhi Power Grid Corp, Gurgaon RITES, Gurgaon
Udaivillas / Oberoi Hotels,
Udaipur
Asian Heart Care Institute, Mumbai
Indian Institute of
Management, Ahmedabad
Infosys Technologies,
Hinjewadi, Pune
Wipro, HyderabadHewlett Packard, Bangalore Cognizant Technology, Pune Syntel International, Pune
Delhi Metro Rail / DMRC, Delhi GVKJ Power Plant for
Alstom ProjectsFlyover, Hyderabad
JMC has executed from 2005-09- Factories & Building projects for Welspun, Siemens, Dr
Reddys, Easai Pharma, Wipro, Delhi Metro, Mantri, Prestige, Tulsiani-Sumer, Stadiums for
CW Games, Jaypee, Bagmane, Kalpataru, Jaypee Greens; Road jobs for NHAI/MPRDC,
Bridges at Santacruz, Panvel, Pune; Power Projects for BHEL, NTPC, Alstom, Reliance