Your Company?s rich legacy and heritage spanning across fourdecades of nation building is a testimony to our sustainable business model. Since ourInitial Public Offer (IPO) in 2008 worth Rs 71.50 crore we are today a Rs 2087 crore networth company. I take this opportunity to thank all of you for the continued faith reposedin us.
For an infrastructure company to deliver double-digit growth acrossmajor financial and operating metrices in a challenging year is nothing short of aremarkable feat. Your Company successfully crossed the pre-Covid levels in terms ofrevenues order inflows and improved profitability. Like everybody I am equally pleasedto report a notable decline in gross debt levels with an improvement in interest coverageratio. Despite multiple headwinds we clocked an impressive order book backed by robustexecution capabilities.
Greater push towards infrastructure
This comes at the backdrop of renewed focus on infrastructure sector bythe government of India. the recently launched central government?s ambitious policyprogramme GatiShakti
National Master Plan for MultiModal Connectivitypromises anenhanced focus on infrastructure development. In addition projects under BharatmalaSagarmala and UDAAN and other economic development schemes are focusing on development ofindustrial clusters and infrastructure corridors. Ease of doing business and simpleradministrative procedures are fast-tracking the investment allocation and execution ofthe infrastructure projects.
The unlocking of domestic economic growth is already happening withliquidity being pumped into right sectors especially infrastructure sector. Rapidurbanisation and rising population has made it imperative to invest in building a strongerinfrastructure within the cities. There is no doubt that infrastructure spending has amultiplier effect on the entire economy. Infrastructure projects catapult increased demandfor labour and construction materials while also promoting greater connectivity resultingin movement of goods and people.
Performing amidst challenges
An infrastructure company is primarily known by its successful projectcompletion run-rate. Your Company has continued its growth rate backed by its strongexecution capabilities. Our ability to leverage the flexibility and scalability of ourbusiness model expand into newer geographies undertake complex projects and build astrong portfolio of in-house equipment is driving sustained performance year-on-year. Ina challenging year we once again outperformed. Revenue from operations for FY22 grew by37% to Rs 3527 crore as compared to Rs 2571 crore in FY21. EBITDA for FY22 stood at Rs 505crores as compared to Rs 311 crore in FY21 with a strong EBITDA margin of 14.3% ascompared to 12.1% in FY21. PAT for FY22 grew by 222% to Rs 206 crore as compared to Rs 64crore in FY21 with an improved PAT margin of 5.8% as compared to 2.5% in FY21. This hasalso enabled us to close orders worth Rs 3685 crore during the year taking our orderbook to Rs 11936 Crore as on March 31 2022.
While the headwinds of Covid-19 put most of our strategies to test ourpeople have proven their resilience and commitment to deliver on our ambitions. Even asthe initial part of the fiscal year put to test our execution capabilities the teamnavigated the challenges to deliver on project timelines. As a company we strengthenedour working environment improving the safety standards and working protocols. We arecommitted to empowering our people by investing in training to meet current and futurebusiness needs. In addition we believe that highly skilled and motivated employees arevital to our value-creation philosophy.
India in sweet spot
Even as we live in uncertain times with aftermath of Covid-19 andcontinued geopolitical uncertainties policymakers in the country are leaving no stoneunturned to keep up the country?s steady economic growth rate. Reforms and policiescontinue to be structured to battle unprecedented inflationary and recessionary pressures.As the world looks forward to adopt China Plus One strategy India is clearly in afavourable spot. As an emerging economy infrastructure continues to be the cornerstone ofthe nation?s future. Proposed metro projects worth Rs 3 trillion between 2022-2027and H ~2 trillion expenditure allocation for roads and highways for FY23 will createsignificant opportunities for your company in the medium-term.
On behalf of the Board I would like to acknowledge the incredibleefforts of J.Kumar?s management team and employees in an incredibly challenging year.I sincerely thank them for their unwavering commitment and passion towards guiding thecompany to deliver sustained success. My gratitude also goes out to my fellow Boardmembers whose supervision and guidance continue to drive the Company forward in thisendeavour. Knowing the exciting times ahead of us I am truly honoured to be leading theCompany that plays such a significant role in nation?s future infrastructuredevelopment.
|Jagdishkumar M. Gupta |
|Executive Chairman |