PPP based Expressway Project in Hyderabad, TN

Cost Sheet
General Terms 2,000,000,000 E
Lenght 100 km of 2x2 lanes 600,000,000
Concession Duration 20 years
Construction Duration 3 years

Traffic and Toll

Average daily traffic 20,000
Yearly traffic increases 5%
Toll amt/vehicle ₹ 80.00

Project Cost (CapEx) Year 1

Land Cost 25% 500,000,000 -

Construction Cost 50% 1,000,000,000
Escalation 12% 240,000,000
Toll Facilities 1% 20,000,000
Design 1% 20,000,000 20,000,000
Supervision 6% 120,000,000
Contingency 5% 100,000,000
Total Cost of Project 100% 2,000,000,000

OpeEx Cost (Yearly) 280,000,000

Fixed Concessionaire Cost 15% 42,000,000
Fixed Operation Cost 30% 84,000,000
Fixed Light maintenance cost 10% 28,000,000
Heavy maintenance cost(20% of
20%
Construction cost/3yr) 56,000,000
Other maintenance cost(1% of
1%
Construction cost/yr) 2,800,000
Variable cost(depend on traffic) 24% 67,200,000
Total 100% 280,000,000
erabad, TN

D
1,400,000,000

Year 2 Year 3
71% 29%
- -
710,000,000 290,000,000
170,400,000 69,600,000
14,200,000 5,800,000
- -
85,200,000 34,800,000
71,000,000 29,000,000
1,420,000,000 580,000,000
Revenue
City Hyderabad
Toll price/vehicle ₹ 80.00
Yearly traffic increases 5%
Average Daily Traffic 20,000.00
Average Monthly Traffic 600,000.00 30 multiply by 10,000
Average Yearly Traffic 7,200,000.00 12 multiply by 3,00,000

Sr. No. Year Traffic Revenue

1 2020 0 0
2 2021 0 0
3 2022 0 0
4 2023 7,200,000 576,000,000
5 2024 7,560,000 604,800,000
6 2025 7,938,000 635,040,000
7 2026 8,334,900 666,792,000
8 2027 8,751,645 700,131,600
9 2028 9,189,227 735,138,180
10 2029 9,648,689 771,895,089
11 2030 10,131,123 810,489,843
12 2031 10,637,679 851,014,336
13 2032 11,169,563 893,565,052
14 2033 11,728,041 938,243,305
15 2034 12,314,443 985,155,470
16 2035 12,930,166 1,034,413,244
17 2036 13,576,674 1,086,133,906
18 2037 14,255,508 1,140,440,601
19 2038 14,968,283 1,197,462,631
20 2039 15,716,697 1,257,335,763
Total 186,050,638 14,884,051,021
Cash Flow/ Fin. Flow
PROJECT DETAILS
Length 100Km ₹ 200.00 Inflation
Equity 30% ₹ 60.00 Tax Holiday
Debt 70% ₹ 140.00 Tax rate
Increase in Traffic Cost/Yr variable cost 3%

Sr. No. 1 2 3
Year 2020 2021 2022
Date 1 April 2020 1 April 2021 ###
Revenue
Revenue - - -
Total Revenue
Operating Expenses
Fixed Concessionaire Cost
Fixed Operation Cost
Fixed Light maintenance cost
Heavy maintenance cost(20% of Construction cost/3yr)
Other maintenance cost(1% of Construction cost/yr)
Variable cost(depend on traffic)
Total Operating Expenses

EBITDA
Non Operating Expenses
Interest payment
Depreciation
Total Non-Operating Expenses
Income before taxes
Tax
Net Income
Cash Flow
Equity -60.0000
Net Income
Add back depreciation
Principal Payment (-)
Final Project Cashflow (Equity) -60.0000 - -

DSCR

Final Project Cashflow -200.0000 - -

ASSUMPTIONS RESULTS
6.5% Debt rate 7.3% Depreciation 8.00% Equity IRR
0 yrs Moratorium 2 yrs Discount 10% Min DSCR
25.00% Debt tenure 12 yrs Construction 3 yrs Avg DSCR
Project IRR

4 5 6 7 8 9 10
2023 2024 2025 2026 2027 2028 2029
1 April 2023 1 April 2024 ### 1 April 2026 1 April 2027 ### 1 April 2029

57.6000 60.4800 63.5040 66.6792 70.0132 73.5138 77.1895

57.6000 60.4800 63.5040 66.6792 70.0132 73.5138 77.1895

4.2000 4.4730 4.7637 5.0734 5.4032 5.7544 6.1284

8.4000 8.9460 9.5275 10.1468 10.8063 11.5087 12.2568
2.8000 2.9820 3.1758 3.3823 3.6021 3.8362 4.0856
5.6000 5.9640 6.3517 6.7645 7.2042 7.6725 8.1712
0.2800 0.2982 0.3176 0.3382 0.3602 0.3836 0.4086
6.7200 6.9216 7.1292 7.3431 7.5634 7.7903 8.0240
28.0000 29.5848 31.2656 33.0483 34.9394 36.9458 39.0746

29.6000 30.8952 32.2384 33.6309 35.0737 36.5681 38.1149

-10.1500 -9.5909 -8.9912 -8.3481 -7.6584 -6.9186 -6.1252

-4.0000 -3.6800 -3.3856 -3.1148 -2.8656 -2.6363 -2.4254
-14.1500 -13.2709 -12.3768 -11.4629 -10.5240 -9.5550 -8.5507
15.4500 17.6243 19.8616 22.1680 24.5498 27.0131 29.5643
-3.8625 -4.4061 -4.9654 -5.5420 -6.1374 -6.7533 -7.3911
11.5875 13.2182 14.8962 16.6260 18.4123 20.2598 22.1732

- - - - - - -
11.5875 13.2182 14.8962 16.6260 18.4123 20.2598 22.1732
4.0000 3.6800 3.3856 3.1148 2.8656 2.6363 2.4254
-7.7119 -8.2710 -8.8706 -9.5137 -10.2035 -10.9432 -11.7366
7.8756 8.6273 9.4112 10.2270 11.0744 11.9529 12.8620

1.44 1.48 1.53 1.57 1.62 1.67 1.72

7.8756 8.6273 9.4112 10.2270 11.0744 11.9529 12.8620

RESULTS
15.78%
1.44
1.70
4.29%

11 12 13 14 15 16 17
2030 2031 2032 2033 2034 2035 2036
1 April 2030 ### 1 April 2032 1 April 2033 ### 1 April 2035 1 April 2036

81.0490 85.1014 89.3565 93.8243 98.5155 103.4413 108.6134

81.0490 85.1014 89.3565 93.8243 98.5155 103.4413 108.6134

6.5267 6.9510 7.4028 7.8840 8.3964 8.9422 9.5234

13.0535 13.9020 14.8056 15.7680 16.7929 17.8844 19.0469
4.3512 4.6340 4.9352 5.2560 5.5976 5.9615 6.3490
8.7023 9.2680 9.8704 10.5120 11.1952 11.9229 12.6979
0.4351 0.4634 0.4935 0.5256 0.5598 0.5961 0.6349
8.2648 8.5127 8.7681 9.0311 9.3021 9.5811 9.8685
41.3336 43.7310 46.2756 48.9766 51.8440 54.8883 58.1207

39.7154 41.3704 43.0809 44.8477 46.6716 48.5530 50.4927

-5.2743 -4.3617 -3.3830 -2.3333 -1.2074 - -

-2.2314 -2.0529 -1.8886 -1.7376 -1.5985 -1.4707 -1.3530
-7.5057 -6.4146 -5.2716 -4.0708 -2.8060 -1.4707 -1.3530
32.2097 34.9558 37.8093 40.7769 43.8656 47.0824 49.1397
-8.0524 -8.7390 -9.4523 -10.1942 -10.9664 -11.7706 -12.2849
24.1573 26.2169 28.3570 30.5827 32.8992 35.3118 36.8548

- - - - - - -
24.1573 26.2169 28.3570 30.5827 32.8992 35.3118 36.8548
2.2314 2.0529 1.8886 1.7376 1.5985 1.4707 1.3530
-12.5875 -13.5001 -14.4789 -15.5286 -16.6544 - -
13.8011 14.7696 15.7667 16.7916 17.8433 36.7824 38.2078

1.77 1.83 1.88 1.94 2.00

13.8011 14.7696 15.7667 16.7916 17.8433 36.7824 38.2078

18 19 20
2037 2038 2039
1 April 2037 ### 1 April 2039

114.0441 119.7463 125.7336

114.0441 119.7463 125.7336

10.1425 10.8017 11.5038

20.2849 21.6035 23.0077
6.7616 7.2012 7.6692
13.5233 14.4023 15.3385
0.6762 0.7201 0.7669
10.1646 10.4695 10.7836
61.5531 65.1983 69.0698

52.4909 54.5479 56.6638

- - -
-1.2448 -1.1452 -1.0536
-1.2448 -1.1452 -1.0536
51.2462 53.4028 55.6102
-12.8115 -13.3507 -13.9026
38.4346 40.0521 41.7077

- - -
38.4346 40.0521 41.7077
1.2448 1.1452 1.0536
- - -
39.6794 41.1973 42.7612

39.6794 41.1973 42.7612

Debt Repayment Schedule

Debt Amount ₹ 140.00 Period No. Date (EoQ)

Debt rate 7.25% 0 1-Apr-2023
Moratorium 2 yrs 1 1-Apr-2024
Term 12 yrs 2 1-Apr-2025
Payment Periods 12 3 1-Apr-2026
4 1-Apr-2027
5 1-Apr-2028
6 1-Apr-2029
7 1-Apr-2030
8 1-Apr-2031
9 1-Apr-2032
10 1-Apr-2033
11 1-Apr-2034
12 1-Apr-2035
Int. Pmt. Prin. Pmt. Total Pmt. Prin. Balance
10.15 0 10.15 150.15
10.15 7.71 17.86 142.44
9.59 8.27 17.86 134.17
8.99 8.87 17.86 125.30
8.35 9.51 17.86 115.78
7.66 10.20 17.86 105.58
6.92 10.94 17.86 94.64
6.13 11.74 17.86 82.90
5.27 12.59 17.86 70.31
4.36 13.50 17.86 56.81
3.38 14.48 17.86 42.33
2.33 15.53 17.86 26.80
1.21 16.65 17.86 10.15