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companylogoBharat Road Network Ltd

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BSE Code : 540700 | NSE Symbol : BRNL | ISIN : INE727S01012 | Industry : Construction |


Chairman's Speech

<dhhead>MESSAGE FROM CHAIRMAN</dhhead>

Over the last 10 years, approximately _10.38 lakh crores has been invested in constructing 54,858 km of national highways

Dear Shareholders,

I am delighted to present to you the Annual Report for Bharat Road Network Limited (BRNL) for the fiscal year 2023-24 at a time when the economic climate of the country is salubrious and the focus on infrastructure development remains central focus, both among government policymakers and beyond.

Over the past decade, the road sector has been on the expansion mode, thanks to the significant investments made by the government. Over the last 10 years, approximately _ 10.38 lakh crores has been invested in constructing 54,858 km of national highways. This substantial infrastructure initiative has laid a robust foundation for future growth and enhanced connectivity across the nation.

In the interim budget for 2024-25, the government further demonstrated its commitment to enhancing the country’s road infrastructure by increasing the allocation to the Ministry of Road Transport and Highways (MoRTH) by 2.8%, bringing it to _ 2.78 lakh crores. This increase reflects the strategic importance of our transportation network and the pivotal role they play in India’s development.

Looking forward, the roads and highway sector is poised for significant developments, particularly with the rationalisation of pricing for projects awarded under the new model concession agreements for build-operate-transfer (BOT) and tolling, operation and transfer (TOT) projects. The government’s amendments are designed to create a more sustainable and appealing investment environment for the private sector.

Overall, the government’s efforts to advance the roads sector, in partnership with the private sector, have been impressive. With proactive measures to spurt the growth in the roads and highways sector, there has been still the execution challenges in the ground that continue to hinder the progress. Disputes and litigation continue to be major challenges in the Indian highway sector, often arising from various complexities involved in the planning, execution, and management of highway projects. The Indian government and NHAI have shown their intent to streamline processes and reduce disputes resolution hurdles, through the introduction of schemes such as Vivaad se Vishwas and by emphasising on mediation and conciliation.

Driven by the principle of ‘Creation through Monetisation’, Government also made an concentrated effort for creating the National Monetisation Pipeline (NMP) in August 2021, to attract institutional investment and long-term patient capital into stable, mature assets, thereby generating financial resources for the development of new infrastructure. This approach is expected to spur economic growth, create employment opportunities, and improve prospects for the nation’s youth. By leveraging private sector investment for new infrastructure, the NMP was formulated with an aim to achieve an aggregate monetisation potential of _ 6.0 lakh crores through core government assets over four years from FY2021-22 to FY2024-25.

With all these initiatives taking place in the roads and highways arena, BRNL finds itself well poised to navigate through the current challenges to now focus on the growth opportunities, leveraging its experience and robust strategic positioning. In that respect, I hope and expect that the management and employees of Bharat Road Network Limited (BRNL) would continue their relentless efforts and dedication to achieving its business goals and driving the company forward, despite the mounting external challenges in the recent past. I take this opportunity to extend my heartfelt gratitude to all our stakeholders for their unwavering support during the challenging times and reposing the trust in BRNL’s vision.

Looking at the company performance for the past year, BRNL has managed to cut down the net loss before tax to _ 2,987.87 lakhs, significantly improving in comparison to a net loss of _ 9,715.98 lakhs in the previous financial year. Gross revenue for the current financial year decreased to _ 1,385.52 lakhs, down from _ 2,887.62 lakhs in the prior year, primarily due to a decline in income from EPC/construction activities.

On a consolidated basis, the Company reported a net loss of _ 12,103.56 lakhs for the year under review, a decrease from a net loss of _ 22,223.16 lakhs in the previous financial year. Gross revenue on a consolidated basis increased to _ 39,110 lakhs, compared to _ 35,008.90 lakhs in the previous financial year, due to an increase in toll revenue across subsidiaries.

Gross Revenue during the current Financial Year has shown some progress by reaching upto _ 39,110 lakhs as against _ 35,008.90 lakhs in the previous Financial Year due to increase in toll revenue across the subsidiaries.

I look forward to witnessing the company paving the way for a brighter future, building roads that connect communities, empower economies, and transform lives.

Thank you and Warm regards,

Brahm Dutt

 

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