Achieving Milestones Creating Value
We promote sustainable water Management through our smart designs. With the increasing
focus on clean water supply and sanitation through initiatives such as the Jal Jeevan
Mission, it further opens avenues for companies like us, specialising in providing
effective solutions for water problems.
Dear Shareholders,
Established in 1986 with the vision to become a prominent construction company rooted
in the ethos of quality, safety and reliability, Vishnu Prakash R Punglia (VPRPL) embarked
on a journey. From humble beginnings, our unswerving determination and zeal to never
settle for the ordinary have always encouraged us to consistently stride towards new
heights of success, achieving significant milestones and delivering enhanced value to our
esteemed customers. As I present to you the Annual Report for the financial year 2023-24,
it gives me immense pleasure to share with you a yet another successful year for VPRPL. As
a leading integrated engineering, procurement and construction (EPC) company, we have
always honed our skills and leveraged our strengths to design and construct critical
infrastructure projects that uphold the highest standards of excellence. Our resilience
and expertise to turn challenges into opportunities have fortified our position in the
market, making us a preferred choice for our customers. As India is progressing towards
becoming an advanced nation, we are bolstering our capabilities to actively contribute to
India's infrastructure development. Our achievements in the reporting year further
reinforce our dedication to this mission.
Riding the wave
In FY 2023-24, the Indian economy clocked 8.2% GDP growth, marking a robust performance
at a time when the global economy is grappling with various headwinds. This growth can be
primarily attributed to stable consumption demand and steadily improving investment
demand. With the increase in capital expenditure for infrastructure development in the
country, it clearly demonstrates the Government's resolute focus on driving economic
growth through strategic investments in infrastructure. Key programmes such as the Smart
Cities Mission, Bharatmala and AMRUT (Atal Mission for Rejuvenation and Urban
Transformation) are driving advancements in urban development, aiding road construction
and promoting water supply projects. In addition to this, with rapid urbanisation, an
increasing demand for improved infrastructure is being observed. Furthermore, the Smart
Cities Mission has been extended to March, 2025. All these advancements present
substantial opportunities for us.
In a country like India, a proper transportation network plays a crucial role. With the
expansion of road networks and metro projects under the Bharatmala Pariyojana and the
Dedicated Freight Corridor, we aim to leverage our expertise in the sector to continue
accomplishing projects of varied complexities. At VPRPL, we promote sustainable water
management through our smart designs. With the increasing focus on clean water supply and
sanitation through initiatives such as the Jal Jeevan Mission, it further opens avenues
for companies like us, specialising in providing effective solutions for water problems.
In addition to this, the shift towards renewable energy sources along with the growing
demand for related infrastructure, strongly aligns with our strategic business goals. As
we have ventured into tunnel business, we believe that it will enable us to capture
lucrative growth opportunities and further accelerate our business development.
Highlighting our key achievements
Our robust financial performance It gives me immense joy to share that we have recorded
remarkable growth in both revenue and profitability. Our operational revenue reached
approximately H 1,474 crores, representing an impressive 26% increase compared to the
previous year. We also reported an EBITDA of around H 210 crores, a substantial 34%
year-on-year (YoY) rise with an EBITDA margin of 14.24%. Our net profit soared to around H
122 crores, reflecting an outstanding 35% growth YoY and achieving a PAT margin of 8.29%.
This strong performance highlights our financial acumen and prudence.
Providing our operational efficiency
In FY2023-24, we secured 18 new projects valued at approximately H 27,727 million. Our
integrated business model along with a proficient and capable in-house execution team and
a fleet of over 500 construction equipment have played a crucial role in driving our
organisation towards new heights of success. Owing to our robust operational capabilities,
we have steadily reduced our reliance on third parties for essential materials and
services required for project execution. Our prowess in successfully executing varied
projects of complexities have enabled us to gain the trust of our stakeholders and achieve
strong financial returns. Our current order book stands at approximately Rs 4,717 crores;
looking forward, we aim to maintain an order book to turnover ratio thrice our current
capacity. This order book spans all our business segments and is set to be executed over
the next two to three years. Moving ahead, our bid pipeline remains strong. Additionally,
we have already successfully secured three large-scale projects in Uttarakhand, Uttar
Pradesh and Madhya Pradesh. As we continue to foster a culture of continuous improvement
and adhere to the highest quality standards, we are optimistic of the upcoming
opportunities materialising in the next few months.
Exploring new horizons
VPRPL is strategically expanding its geographical footprint beyond Rajasthan. This
calculated move has proven beneficial for us and significantly contributed to our growth.
In FY 2023-24, we delivered our services to 10 states and one Union Territory, completing
seven projects worth H 2,488 crores. As we grow from strength-to-strength, we are steadily
progressing towards establishing our organisation as a pan-India company.
Paving our path forward Looking ahead, we are focused on ensuring liquidity,
business continuity and operational efficiency. Our strategy includes expanding our
project portfolio and enhancing our financial position to sustain revenue and
profitability growth. We remain committed to building a brighter future for our company
and the nation. Together, we look forward to a journey of excellence and success. At
VPRPL, we have always aspired to create a positive impact on the society while minimising
our ecological footprint. We also ensure to uphold ethical practices in all our
operations, creating a lasting and meaningful difference. Lastly, I would like to extend
my heartfelt gratitude to all our stakeholders. Your unwavering trust fuels us to achieve
unprecedented success and stride towards creating a better future for generations to come.
Warm Regards,
Vishnu Prakash Punglia Chairman