Dear Shareholders,
It is my privilege to address you, our valued shareholders, and present the Integrated
Annual Report of Power & Instrumentation Gujarat) Limited for the financial year
2023-24. This year has been transformative for us, marked by numerous milestones that
underscore our unwavering commitment to growth, innovation, and excellence.
Our portfolio continues to grow robustly, now including approximately 34 airport
projects, the successful execution of a 66 KV substation for Central CoalFields, and
extensive engagements in power generation, transmission, and distribution. These
accomplishments have reinforced PIGL's standing as a key player in the power
infrastructure sector.
Our active participation in key initiatives like the Revamped Distribution Sector
Scheme underscores our commitment to shaping India's energy future. With a pan-India
operational footprint, we have established a strong presence in Rajasthan, recently
commenced operations in Himachal Pradesh, resumed activities in Jharkhand, and are
continuing our projects in Assam. This broad geographical reach enables us to leverage
regional opportunities, driving our strategic growth and expanding our influence across
the nation.
"Our strides in power infrastructure and sustainability are crafted to meet the
pulse of India's dynamic energy landscape"
The emphasis on renewable energy, smart infrastructure, and technological advancements
is setting the stage for a future where sustainability and efficiency go hand in hand. As
we align our strategies with these trends, PIGL is well-positioned to capitalize on the
opportunities that lie ahead.
India, the third-largest producer and consumer of electricity globally, has an
installed power capacity of 442.85 GW as of April 30, 2024. With a target of 450 GW of
renewable capacity, including 280 GW from solar by 2030, the country offers significant
investment opportunities in the renewable energy sector. The plan to increase operational
airports to 220 by 2025 will also drive demand for MRO facilities, with revenues expected
to triple by FY28. PIGL is strategically positioned to capitalize on these opportunities
through our focus on energy and infrastructure. Our support for initiatives like smart
meter installations and the PM Surya Ghar Muft Bijli Yojana aligns with our growth
strategy, enabling us to leverage our expertise and drive sustainable growth in the
sector.
Our financial performance this year reflects the strength of our operations and the
effectiveness of our strategies. We achieved total revenue of 510,203 Lakhs, representing
a year-on-year growth of 7.09%. Our EBITDA reached 51,236 Lakhs, a substantial increase of
44.53%, with an improved EBITDA margin of 12.12%. Profit After Tax stood at 5590 Lakhs, a
remarkable growth of 62.13%, resulting in a PAT margin of 5.81%. Earnings Per Share also
rose significantly, reaching 54.70, a growth of 65.49%.
"Solar and wind power are expected to become cost-competitive with thermal power
by 2025- 2030, aiming for 450 GW of installed renewable capacity by 2030, including 280 GW
from solar"
This year, we secured a major contract from Ajmer Vidyut Vitran Nigam Limited for the
development of distribution infrastructure in the Dungarpur Circle, Rajasthan, under the
RDSS scheme. This contract, valued at 512,171 Lakhs, is a testament to our capabilities
and strategic partnerships, such as our collaboration with M/s Espan Infrastructure
(India)
Limited. Additionally, we received an order from M.P. Poorv Kshetra Vidyut Vitaran Co.
Ltd., encompassing the supply, installation, testing, and commissioning of new 11 KV
lines, LT lines on AB cable, distribution transformer substations, and supporting works.
This project, in joint venture with M/s. Sakar Engitech Private Limited, holds a contract
value of 511,365 Lakhs.
Looking forward, PIGL's future is bright and full of promise. With a strong order book
valued at around 540,000 Lakhs, set for realization over the next 2 to 3 years, we are
building on a solid foundation that supports our ambitious growth plans. As we move beyond
2025, we are preparing to undertake larger value projects, which will open new avenues for
expansion and innovation.
"With a strong focus on advancing our execution capacity ana embracing new
opportunities. Our strategic initiatives, supported by government schemes, will drive our
growth ana enhance our market presence."
To realize our vision, we are enhancing our execution capacity through advanced
technology investments, process optimization, and improved project management. We are
expanding into the solar EPC market and smart meter installations, aligning with trends in
renewable and digital energy solutions.
Leveraging government initiatives like the RDSS scheme, we aim to secure projects that
boost power distribution and broaden our market reach.
Our commitment to scalable growth, operational efficiency, and effective project
delivery will support this expansion and exceed stakeholder expectations.
As we embark on this exciting journey, I want to extend my deepest gratitude to all our
stakeholders—our employees, customers, partners, and shareholders. Your trust and
support have been instrumental in our success, and I am confident that together, we will
continue to achieve great things.
Warm Regards,
Padmaraj Padmnabhan Pillai
Managing Director
Power & Instrumentation (Gujarat) Limited