Indifra Ltd Management Discussions

ANNEXURE - D

Financial Year 2024–2025

1. Industry Overview

FY 2024–2025 has been marked by sustained momentum in Indias infrastructure and engineering sector, underpinned by strong public investment, policy continuity, and growing private capital inflows. Large-scale programs in urban transformation, national sports facilities, and healthcare infrastructure have moved from planning to execution phases, reflecting the governments emphasis on both capacity creation and long-term asset quality.

Private developers have accelerated investment in commercial and mixed-use real estate, where global design trends and sustainability benchmarks are influencing specifications. This has elevated demand for advanced construction solutions that balance aesthetics, energy efficiency, and structural resilience.

In parallel, government-led expansion of the city gas distribution network is widening access to cleaner energy, opening scalable opportunities for qualified contractors in pipeline infrastructure. Across the sector, there is also a pronounced shift toward integrated delivery models — where utilities, electrical systems, and mechanical installations are consolidated into single contract packages — creating a competitive edge for companies with multi-disciplinary capabilities.

2. Our Business

This year, Indifra Limited diversified its revenue streams while deepening its presence in high-value niches:

• Aluminium and Glass Fa?ades: We secured multiple contracts for complex fa?ade works in stadiums, hospitals, and large commercial buildings, including projects for Indias largest construction company. These contracts not only strengthen our order book but also demonstrate our ability to deliver technically challenging, large-scale solutions under tight timelines.

• Gas Pipeline Expansion: We extended our operations to new geographies, leveraging our execution experience to enter discussions with multiple prospective clients. Our focus has been on safety, precision, and compliance — key factors in a regulated and high-stakes sector.

• Electrical Peripherals and Cables: We expanded the distribution for a range of electrical components, including industrial-grade cables and peripherals, enabling us to participate in bundled infrastructure contracts where multiple utility installations are required alongside core construction.

By combining these capabilities, we are positioning Indifra as a multi-specialty infrastructure partner rather than a single-service contractor.

3. Market Opportunities and Challenges Opportunities:

• Rising adoption of glass fa?ades in public infrastructure and high-rise commercial complexes.

• Increased allocation to city gas network expansion under the National Gas Grid.

• Demand for bundled services in large turnkey contracts, integrating electrical, mechanical, and fa?ade works.

• Higher emphasis on material innovation for sustainability and energy efficiency in buildings.

Challenges:

• Volatility in raw material prices for aluminium, glass, and copper affecting project margins.

• Extended payment cycles in large infrastructure contracts.

• Skilled labour shortages in specialized trades like fa?ade installation and pipeline welding.

• Coordination complexities in multi-disciplinary projects involving multiple subcontractors.

4. Competitive Positioning and Strategic Direction

Indifras competitive advantage lies in technical specialization, strong execution discipline, and the ability to handle complex, design-intensive projects. Our fa?ade division has built a reputation for precision engineering, while our pipeline business benefits from proven operational safety and compliance track records.

Our strategy for the coming years includes:

• Strengthening relationships with major turnkey and infrastructure players to secure recurring business.

• Building a dedicated business development team for gas pipeline projects to capture early-stage opportunities.

• Expanding our in-house manufacturing and pre-fabrication capabilities to reduce project turnaround times.

5. Innovation and Operational Improvements

In FY 2024–2025, we invested in:

• Digital Modelling for Fa?ade Engineering: Using advanced 3D design tools to minimize fabrication errors and improve installation efficiency.

• Pre-Assembly Methods: For pipeline sections to reduce on-site welding time and improve safety compliance.

• Vendor Quality Audits: To ensure consistent material standards in cables, glass, and aluminium supplies.

These initiatives have helped us shorten delivery schedules, improve quality control, and reduce project risk exposure.

6. ESG and Responsible Practices

While Indifras ESG initiatives remain at a developing stage, we have implemented:

• Waste segregation and responsible disposal at project sites.

• Mandatory safety training for all on-site workers.

• Governance practices ensuring contract compliance, timely statutory filings, and transparent reporting.

We aim to gradually expand ESG-linked activities, particularly in material recycling and energy-efficient construction.

7. Talent and Workforce

Specialized infrastructure execution relies heavily on skilled teams. This year, we:

• Conducted targeted training programs for fa?ade installation crews and pipeline engineers.

• Introduced cross-training for electrical teams to support multi-utility projects.

• Maintained a core network of trusted subcontractors to handle workload surges without compromising quality.

8. Outlook for FY 2025–2026

The outlook remains positive, with sustained government investment in public infrastructure and continued private sector demand for premium building solutions. We expect growth in:

• Large-format fa?ade projects in sports, healthcare, and commercial sectors.

• City gas distribution networks in Tier 2 and Tier 3 cities.

• Integrated infrastructure contracts requiring multi-specialty execution.

Our focus will be on scaling selectively, ensuring that growth is backed by operational capacity, financial discipline, and quality assurance.

9. Internal Controls and Their Adequacies

The internal control system is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. They have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transaction with proper authorization and ensuring compliance of corporate policies.

10. Ratio Analysis

PARTICULARS	F.Y. 2022-23	F.Y. 2023-24	F.Y. 2024-25
Revenue	1,001.69	1,005.46	1,213.33
EBIT	147.03	-117.47	0.59
PAT	99.81	-118.37	0.74
NETWORTH	170.43	1,815.66	1,816.40
CAPITAL EMPLOYED	170.43	1,816.60	1,817.73
ROCE	86.27%	-6.47%	0.03%
DEBT EQUITY RATIO	0.22	-	-
DEBT SERVICE COVERAGE RATIO	4.66	-2.93	-
DEBTOR TURNOVER RATIO	3.51	2.86	3.22

 

	For and on behalf of the Board	For and on behalf of the Board
	Sd/-	Sd/-
Date : August 14, 2025	Poonam Sandeepkumar Agrawal	Abhishek Sandeepkumar Agrawal
Place : Anand	Director	Director
	(DIN : 01712128)	(DIN : 07613943)