MADHUCON PROJECTS LIMITED
ANNUAL REPORT 2008-2009
Your company, during the Financial Year 2008-09 has surpassed the major
milestone of Rs.1000 Crores in revenue, with improved net profit. At the
end of 2008-09 your company's order book position stands at Rs.5300 Crores
which would translate into improved performance in revenue and profit for
the Financial Year 2009-10.
Inspite of deteriorating global economic condition and ever threatening
financial meltdown in 2008-09, the resilient Indian economy could witness
a GDP growth rate of 6.7%. The infrastructure projects continue to get
fillip from the Government in the form of ambitious investment plan of 65%
of the total capital budgeted over the next five years in the sectors of
Roads, Power, Ports, Airports, Railways and Mining and are adequately
supported by the private sector by their participation in infrastructure
Your company is well poised to gain from the favourable infrastructure
development taking place in different sectors and would pave the way for
substantial growth of the company. Your company's strategic decision in
reorganizing the business models to create value and assets for the
shareholders has paid rich dividends. Your company is successful in
creating assets in BOT Roads, Power, Coal Mine and Real Estate in the
shape of Hotel, Mall and Office complex. Your company has commissioned one
BOT NHAI road project viz., Madhucon Agra - Jaipur Expressways Limited to
commercial operation. Other 3 BOT Highway projects are expected to be
commissioned before the end of this Financial Year. Your company hopes to
earn a total toll revenue of approximately Rs.60 Lakhs per day, once all
the 4 BOT projects are commissioned. Projects under the EPC divisions such
as Irrigation, National and State Highways are progressing satisfactorily.
The first phase of 540 MW Thermal Power Plant at Krishnapatnam is
progressing well. Your company has increased Equity participation in the
Power project to 74% and is planning to increase the capacity to 1600 MW.
Feasibility report in this respect is under preparation.
Your company has achieved Financial Closure of the four star hotel project
being planned in Hyderabad with service apartments and the construction
shall be commencing shortly, along with the office complex.
Your company's coal mining project in Indonesia is progressing well and
during the Financial Year 2009-10, the coal production and commercial
operations shall commence.
With the onset of stability in the Indian economy, the thrust given by the
Government towards infrastructure development and improved business
environment, your company will have a greater role and opportunity to play
as a major player in the infrastructure development of the country.
I wish to express my sincere gratitude and appreciation for the strong
commitment shown by the employees in achieving the growth of the
organization. I thank the customers, banks, business associates and above
all, our shareholders for their continuous support to and faith in the
N. Nageswar Rao