THE ECONOMIC SCENARIO:
Global Situation:
The global economy in FY 2024-25 navigated a complex and uneven recovery path amidst several ongoing challenges. While inflationary pressures eased in advanced economies, central banks across the world remained cautious, maintaining a tight monetary stance. The United States experienced resilient consumer spending and a stable labor market, allowing it to avert recession fears, though growth remained modest. In the Eurozone, growth remained subdued due to high energy prices and geopolitical uncertainties stemming from the prolonged Russia- Ukraine conflict. Chinas post-pandemic recovery showed signs of fatigue, with sluggish domestic demand, real estate sector stress, and export headwinds weighing on growth momentum.
According to the International Monetary Fund (IMF), global GDP growth is estimated at 2.8% in FY2025 as compared to its projection of 3.2% for FY2024. Key downside risks include ongoing geopolitical tensions, volatility in commodity markets, and tighter global financial conditions. These factors have implications for capital flows, investment activity, and trade patterns across emerging markets, including India. From an infrastructure perspective, global investors continued to demonstrate keen interest in long-term sustainable assets such as affordable housing, renewable energy, and climate-resilient infrastructure. However, project financing remained constrained due to higher interest rates and cautious lending by global financial institutions.
India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships. India is expected to become the third-largest economy in the world with a GDP of $5 trillion in the next three years and touch $7 trillion by 2030 on the back of continued reforms. Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of $3.7 trillion. The government has, however, set a higher goal of becoming a developed country by 2047.
Domestic Situation in India:
Indias economy remained a bright spot in the global landscape, demonstrating resilience and strong fundamentals despite external headwinds. As per estimates from the Reserve Bank of India (RBI) and the Ministry of Finance, Indias GDP is expected to grow by 7.0-7.2% in coming years, supported by robust domestic demand, higher capital expenditure by the government, and a rebound in private investment.
Key drivers of this growth included:
• Strong infrastructure push under the PM Gati Shakti and National Infrastructure Pipeline (NIP), enhancing connectivity and logistics.
• Increased budgetary allocation towards affordable housing under the Pradhan Mantri Awas Yojana (PMAY - Urban and Rural), which continued to support housing demand in Tier 2 and Tier 3 cities.
• Improved financial inclusion and rising formalization of the economy, providing momentum to consumer spending.
• Digital infrastructure and urban development, promoting smart cities and planned real estate growth.
The Indian real estate and infrastructure sectors benefited from policy continuity, improved ease of doing business, and investor-friendly reforms. The governments commitment to achieving "Housing for All" and increasing urban homeownership through subsidies, interest subvention, and regulatory support has helped drive momentum in the affordable housing segment. Furthermore, the availability of low-cost construction technologies and enhanced participation of private players under the PPP (Public-Private Partnership) model boosted project execution.
Inflation, which was a concern in the early part of the year due to food and fuel prices, was brought under control through timely policy interventions. The RBI maintained a calibrated monetary policy, ensuring that interest rates remained conducive for long-term investments without stoking inflationary fears. India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity. With an improvement in the economic scenario and the Indian economy recovering from the Covid-19 pandemic shock, several investments and developments have been made across various sectors of the economy.
• Indias foreign exchange reserves reached $668.33 billion in FY2025 from $642.49. This rise reflects the countrys strengthened economic stability and global financial standing.
• In 2024, Indias PE-VC market rebounded, growing by 9% to $43 billion across approximately 1,600 deals. This resurgence was driven by increased venture capital and growth investments, positioning India as a key destination for PE-VC in the Asia-Pacific region.
• Indias merchandise exports for FY2025 total $437.42 billion, a slight increase from the previous fiscal year FY2024 which was $437.07.
• India improved its position in the Global Innovation Index 2024, moving up one spot to 39th globally. The country continues to lead within the Central and Southern Asia region and ranks 22nd globally in Knowledge and Technology Outputs.
• In March 2025, Indias GST revenue reached Rs1.96 lakh crore, marking a 9.9% increase compared to March 2024. This figure represents the second-highest monthly collection since the implementation of GST.
• India achieved a significant milestone by reaching $1 trillion in cumulative FDI inflows since April 2000. This underscores the countrys attractiveness as a global investment destination.
• The IIP growth rate for February 2025 stood at 2.9%, a decrease from 5.0% in January 2025. The manufacturing sector contributed significantly to this growth, while mining and electricity sectors showed moderate performance.
• Indias CPI-based retail inflation for December 2024 was 5.22%, with rural and urban inflation rates at 5.76% and 4.58%, respectively. This indicates a moderate inflationary environment, aligning with the Reserve Bank of Indias target range.
• During FY2025 net FII/FPI inflow in India was $3,891 Million which was $25,390 during FY2024.
Over the years, the Indian government has introduced many initiatives to strengthen the nations economy. The Indian government has been effective in developing policies and programmes that are not only beneficial for citizens to improve their financial stability but also for the overall growth of the economy. Over recent decades, Indias rapid economic growth has led to a substantial increase in its demand for exports. Besides this, a number of the governments flagship programmes, including Make in India, Start-up India, Digital India, the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation, is aimed at creating immense opportunities in India. In this regard, some of the initiatives taken by the government to improve the economic condition of the country are Pradhan Mantri Suryodaya Yojana, PM-VISHWAKARMA, Amrit Bharat Station Scheme, Atma Nirbhar Bharat and ‘Local goes Global, Production Linked Incentive Scheme, Pradhan Mantri Garib Kalyan Ann Yojana, Antodaya Ann Yojna, Amrit Bharat Station scheme, Credit Guarantee Scheme for Start-ups, Telecom Technology Development Fund and many more incentive schemes and projects in diverse sectors like Agriculture and Allied industries, IT and Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace, and Handloom & Textiles. Numerous foreign companies are setting up their facilities in India on account of various Government initiatives like Make in India and Digital India. The Government of India, under its Make in India initiative, is trying to boost the contribution made by the manufacturing sector with an aim to take it to 25% of the GDP from the current 17%. Besides, the government has also come up with the Digital India initiative, which focuses on three core components: the creation of digital infrastructure, delivering services digitally, and increasing digital literacy.
Indias FDI inflows have increased more than 20 times from 2000-01 to 2024-25. According to the Department for Promotion of Industry and Internal Trade (DPIIT), Indias cumulative FDI inflow stood at US$ 1,033.40 billion between April 2000-September 2024, mainly due to the governments efforts to improve the ease of doing business and liberalization of FDI norms. The total FDI inflow into India from April 2024 to December 2024 stood at US$ 40.67 billion, and FDI equity inflow for the same period stood at US$ 28.35 billion. From April 2000 to September 2024, Indias service sector attracted the highest FDI equity inflow of 16.3%, followed by the computer software and hardware industry at 15.1%, trading at 6.5%, telecommunications at 5.6%, and automobile industry at 5.3%.
Nominal GDP or GDP at Current Prices in the year 2024-25 is estimated at Rs324.11 Lakh crore (US$ 3.89 trillion), against the Provisional Estimates of GDP for the year 2023-24 of Rs295.36 lakh crore (US$ 3.54 trillion). The growth in nominal GDP during 2024-25 is estimated at 9.7% as compared to 10.5% in 2023-24. Real GDP or GDP at Constant (2011-12) Prices in the year 2024-25 is estimated at Rs184.88 lakh crore (US$ 2.22 trillion), against the Provisional Estimates of GDP for the year 2023-24 of Rs173.82 lakh crore (US$ 2.09 trillion). The growth in real GDP during 2024-25 is estimated at 6.4% as compared to 8.2% in 2023-24.
Inflationary pressures have further eased in early 2025. As of April 2025, the Consumer Price Index (CPI) inflation stood at 4.8%, down from 5.1% in January 2024 and 6.5% in the same period the previous year. This rate remains comfortably within the Reserve Bank of Indias target range of 2% to 6%, reflecting relative price stability amid evolving economic conditions.
INDUSTRY SCENARIO:
Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling Indias overall development and enjoys intense focus from Government for initiating policies that would ensure time- bound creation of world class infrastructure in the country. Infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. In other words, the infrastructure sector acts as a catalyst for Indias economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure, and construction development projects.
Infrastructure Industry
Infrastructure is the backbone of industrial and agricultural output, as well as international and domestic commerce. It is the fundamental organisational and physical structure required to run a successful firm. Communication and transportation, sewage, water, education, health, safe drinking water, and monetary systems are all examples of basic infrastructure in an organisation or for a country. The infrastructure of a country has a direct impact on its economic and social growth. Because of the massive expansion of economic and social infrastructures, many developed countries have made significant developments. A good infrastructure facilitates the work process, resulting in increased productivity. Infrastructure is a key enabler in helping India become a USD $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. The Government also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors.
The governments focus on building infrastructure of the future has been evident given the slew of initiatives Launched recently. The US$ 1.3 trillion national master plan for infrastructure, Gati Shakti, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown a significant headway. Infrastructure support to the nations manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical. The "Smart Cities Mission" and "Housing for All" programmes have benefited from these initiatives. Saudi Arabia seeks to spend up to US$ 100 billion in India in energy, petrochemicals, refinery, infrastructure, agriculture, minerals, and mining. The infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling Indias overall development and enjoys intense focus from the Government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. In other words, the infrastructure sector acts as a catalyst for Indias economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure, and construction development projects.
India to reach a US$ 5.7 trillion economy by 2028, infrastructure development is the need of the hour. The government has launched the National Infrastructure Pipeline (NIP) combined with other initiatives such as ‘Make in India and the production-linked incentives (PLI) scheme to augment the growth of the infrastructure sector. Historically, more than 80% of the countrys infrastructure spending has gone toward funding for transportation, electricity, and water, and irrigation. While these sectors still remain the key focus, the government has also started to focus on other sectors as Indias environment and demographics are evolving. There is a compelling need for enhanced and improved delivery across the whole infrastructure spectrum, from housing provision to water and sanitation services to digital and transportation demands, which will assure economic growth, increase quality of life, and boost sectoral competitiveness. The government has launched the National Infrastructure Pipeline (NIP) combined with other initiatives such as ‘Make in India and the production-linked incentives (PLI) scheme to augment the growth of infrastructure sector. Historically, more than 80% of the countrys infrastructure spending has gone toward funding for transportation, electricity, and water& irrigation. While these sectors still remain the key focus, the government has also started to focus on other sectors as Indias environment and demographics are evolving. There is a compelling need for enhanced and improved delivery across the whole infrastructure spectrum, from housing provision to water and sanitation services to digital and transportation demands, which will assure economic growth, increase quality of life, and boost sectoral competitiveness.
In the Union Budget 2024-25, the capital investment outlay for infrastructure has been further increased by 15% to Rs11.5 lakh crore (US$ 140 billion), accounting for approximately 3.4% of GDP. The capital outlay for Railways in 2024-25 has been set at Rs2.75 lakh crore (US$ 33 billion), marking the highest-ever allocation and reflecting continued strong focus on rail infrastructure development. The National Infrastructure Pipeline (NIP) project count has expanded to 9,500 projects spanning 35 sub-sectors, according to recent reports. Of these, 2,750 projects are currently under development, with an estimated total investment of around US$ 2.1 trillion. Nearly half of these projects are in the transportation sector, with approximately 4,100 projects in roads and bridges alone.
The Indian Railways anticipates achieving a total revenue of Rs2,90,000 crore (US$ 35 billion) by the end of 202425. Indias logistics market, estimated at US$ 460 billion in 2024, is projected to grow at a CAGR of 8.4%, reaching around US$ 680 billion by 2029. The government aims to improve Indias ranking in the Logistics Performance Index to 24 and reduce logistics costs from 14% to 8% of GDP over the next five years, potentially cutting costs by approximately 40%. Under the NIP framework, Indias infrastructure investment budget stands at US$ 1.5 trillion, with allocations distributed as follows: 25% for renewable energy, 19% for roads and highways, 17% for urban infrastructure, and 13% for railways, highlighting the governments commitment to sustainable and balanced infrastructure growth.
Affordable Housing:
The affordable housing sector is expected to maintain its positive momentum in FY2026, marking a potential upswing for the rate-sensitive segment that has seen restrained growth in recent years. Affordable housing primarily comprises of houses for Economic Weaker Section (EWS), Middle Income Group (MIG) and, Low Income Group (LIG). In a developing country like ours, it become prudent to provide income-friendly housing options for various sections of society. The Indian government has been pushing for creating more affordable home options for the EWS, MIG and LIG of the society.
Estimates suggest that over 600 million people will be Living in urban India by 2031. This appreciable growth of 51% since 2011 indicates a dire need to roll out cost-effective housing options, ensuring the underprivileged sections can afford a house while giving a boost to the Indian real estate sector. India has been going through an economic transition for the last few years. This has widened the gap between the rich and the poor. Moreover, home loan mainly cater to the more financially robust section of the population. As such, there is a need for the government to push affordable home loans in India and create other opportunities to house the growing migrant population from rural to urban areas.
Currently, the housing shortage in urban areas is estimated at 19 million units, according to a study conducted by the Ministry of Housing and Urban Poverty Alleviation (MHUPA). The gap is projected to widen further to around 38 million units by 2030 due to continued population growth and increased urbanization. In 2015, Indias “Housing for All” project called Indira Awas Yojana was launched in an effort to address the housing shortage amongst low-income households in cities. The later version of the scheme has two components, Gramin (rural) and Urban.
Affordable housing witnessed consistent attention post-2015 of PE inflows and investments, reflecting a shift in investor focus toward value-driven and government-supported segments. The sector peaked in 2016 with USD 2,964 million, driven largely by traditional housing, before witnessing a sharp decline and then stabilizing post- 2020.
Industrial Park & Logistics:
The warehousing, industrial, and logistics (WIL) sectors continue to be pivotal in Indias ambition to become a US$ 5 trillion economy by FY25 and beyond. Post-pandemic, the warehouse and logistics industry has sustained strong momentum, with its contribution to the economy stabilizing around 20% of the logistics market share. The surge in e-commerce demand during the COVID-19 pandemic accelerated structural changes, pushing the industry towards digitization and greater operational efficiency.
This sectors growth is further supported by a robust macroeconomic environment, government initiatives to enhance infrastructure, and policies that improve ease of doing business. Indias rapidly expanding consumer base and rising retail penetration are driving the growth of organized retail and e-commerce. The Indian retail sectors market size is forecasted to surpass US$ 2 trillion by 2030, growing at a CAGR of approximately 9%. Significant inflows from global institutional investors and multinational corporations into warehousing developers and logistics operators have enhanced the sectors reach and capacity across tier 1, 2, and emerging tier 3 cities. Government efforts have been instrumental in strengthening infrastructure, highlighted by the ongoing development of dedicated freight corridors, expansion of national highway networks, and improvements in rail connectivity. Digital initiatives like the National Logistics Portal, Bharat Net, and Digital India are driving the sectors transformation through increased transparency and efficiency. Additionally, the government has announced the creation of multiple logistics parks and multimodal hubs to improve last-mile connectivity and storage solutions. The National Logistics Policy, introduced recently, aims to reduce logistics costs from approximately 13-14% of GDP to single digits by 2030, thereby boosting competitiveness.
Warehousing is now recognized as a core element of Indias supply chain infrastructure. The Indian warehousing market is projected to grow to around US$ 40 billion by 2027, with a CAGR of over 16%, driven by modern infrastructure and technology adoption. Key players, including third-party logistics (3PL) providers and e-commerce companies, are expanding aggressively into secondary and tertiary cities, boosting regional distribution networks.
Businesses are increasingly adopting a hub-and-spoke Logistics model supported by digital solutions for enhanced efficiency and sustainability. Grade A warehouses — modern, technology-enabled facilities with optimal Locations and infrastructure — are gaining prominence, while older Grade B assets are being retrofitted or replaced to meet current demand. The government continues to promote warehousing zones through public-private partnerships to reduce logistics costs and improve supply chain effectiveness.
Investment in infrastructure, logistics development, and multimodal connectivity remains robust, with the government allocating around US$ 100 billion (Rs8 Lakh crore) for FY24-25. Regulatory reforms such as GST and e-way bills have streamlined transportation and warehousing operations, driving consolidation and efficiency. The emergence of tech-driven logistics startups is catalyzing innovation across the value chain, integrating IoT, AI, robotics, and automation into warehouse management. Changing consumer behaviour, including the rise of Direct-to-Consumer (D2C) brands and omni-channel retailing, is increasing the demand for multiple warehouse locations to enable last-mile delivery, returns, and value-added services.
Foreign investors are aggressively tapping into Indias strategic logistics and warehousing sector, attracted by the countrys expanding market and improved business environment. Industrial and logistics parks, alongside data centers, have become hotspots for real estate investments. In 2023, these sectors attracted over US$ 2 billion in private equity and venture capital funding, reflecting a growing investor appetite. The logistics and industrial segments saw investment levels surge by approximately 30% year-on-year in 2023, with cumulative institutional investment surpassing US$ 7 billion over the last five years (2019-2023).
Warehouse assets have consistently been among the top real estate investment classes, accounting for around 32% of institutional investments in 2023, outpacing other sectors like residential and retail. Geographically, Western India — especially Mumbai, Pune, and emerging hubs like Becharaji in Gujarat — continues to attract significant institutional capital, representing nearly 40% of total warehousing investments over recent years. This trend highlights increasing confidence in tier II and III cities as vital nodes in Indias logistics network.
NILA INFRASTRUCTURES - The Company
As a pure-play Urban Infrastructure contractor/developer, your Company works on developing urban infrastructure projects by leveraging its core competency. The management is optimistic about the growth of our economy in general and construction sector in particular. Your Company has on hand meaningful Affordable Housing development orders to the tune of the highest order-book in the history of your Company and providing a visibility of a multi-year growth. Hence, it envisages that on back of enhanced pre-qualifications/bidding capacities, its business will grow sustainably. There are lakhs of people in India who do not have a home of their own, inducing the government to plan more aggressively to provide houses to these people who dont have housing at this point of time.
Your Company has also built significant PPP based order-book where the remuneration is superior for a longterm sustainable growth. Your Company is now a sort of a Specialist in Affordable Housing Infrastructure and pure-play Urban Infrastructure player
Strategic Focus of NILA:
Unique Business Model - Diversified and Flexible:
Your company has developed a unique business model of construction contracts on EPC/LSTK, EPC+PPP and PPP mode for Affordable Housing projects as well as Urban Infrastructure Projects. Your Company has successfully Leveraged the construction expertise to grow into construction contracts from government authorities and reputed corporates. Your Company holds commercial properties in the prime Location of Ahmedabad and such Lease rent ensures continues revenue.
This diversified business model for Transforming Lives has shown great strength in the past years of challenging business environment. Leasing ensures steady cash flow income while construction contracts of Government assure timely and confirmed recovery of dues, whereas the PPP projects ensure better profitability margins. Your Company has developed in-house expertise in the entire gamut of construction and execution - including design, planning & estimation, project preparation, project execution, interior designing, integration of project management.
Project Selection and Execution:
Your Companys comprehensive evaluation of opportunities in infrastructure projects includes the following parameters:
• Principal: Constitution, financial strength, bureaucratic structure, involvement of any bilateral/multilateral agency, track record on other projects, contract management strength, appropriateness of design for local market, etc.
• Pre-development: Financing flexibility to fund the early design work, community/political participation/ opposition, government stability over the Life of the project, environmental problems, site selection and regulatory approval delays, land acquisition, etc.
• Finance: Commercial viability of the project and financial arrangement.
• Construction: Viability of the design/technology, availability of labour and raw-material, outlook of raw- materiaL cost, contractor failure, developers access to funds on a timely basis for construction, etc.
• Market: Local economic conditions, demand-supply outlook, interest/inflation rate scenario, etc.
Throughout this process, your Company has to identify and mitigate inherent risks that can adversely affect the project. It is broadly evaluated in three parts: 1) preliminary considerations, market analysis, financial analysis, tender analysis, and strategic marketing; 2) site due diligence, tender due diligence, entitlements, permissions, etc.; and 3) planning and design, construction management, operations and property management. Hence, with sufficient due-diligence the project is bided and execution is carried-out accordingly by your Company. Your Companys Quality Management System is ISO 9001: 2015 accredited by INTERCERT that include Project Management, Site Development and Construction activities for Infrastructure, Industrial, ResidentiaL and CommerciaL projects.
Project Management and Monitoring:
Your Company has adopted an integrated system for planning, scheduLing, monitoring and controL of the approved project under implementation. To coordinate and synchronise all the support function of Project Management it relies on an Integrated Project Management Control System which integrates its project management, contract management and controL function addressing aLL stages of project impLementation from concept to commissioning.
All projects have project monitoring centres which facilitate monitoring of key project milestones and also act as a Decision Support System for the management. It is used as integrated web based coLLaborative system to faciLitate consoLidation of project reLated issues and its timeLy resoLution.
Various features for information delivery of ERP facilitate project tracking, issues resolution and management interventions on a regular basis. Integrated ERP platform for monitoring and controlling of critical project activities spread across various functions - projects, contracts, finance and execution. This helps in decision support through timely identification of critical input and provides a holistic approach towards project implementation and major project milestones.
Financial Resources:
The foremost source of finance of your Company has traditionally been internal accruals and borrowings from banks.
Joint Ventures:
In order to share risk and cost, experience and expertise your Company develops certain projects in association with other renowned corporates and has formed associates and joint ventures. This provides a larger scale to your Company to work on specific operations. In such a scenario, the construction work is invariably carried- out by your Company. Your Company looks upon them as partners in its progress and shares with them the rewards of growth. It is your Companys endeavour to build and nurture strong links with the trade based on mutuality of benefits, respect for and cooperation with each other, consistent with consumer interests.
OPPORTUNITIES AND OUTLOOK:
Your Company primarily focuses on the State of Gujarat, widely regarded as the Growth Engine of the Nation. Gujarats Gross State Domestic Product (GSDP) has maintained a strong growth trajectory over the past decade, averaging around 13.2%, outperforming the national average. The growth rates for 2022-23 and 202324 are estimated at 15.7% and 14.3%, respectively, reflecting the states robust economic performance. At current prices, Gujarats GSDP is projected to reach approximately Rs26.10 lakh crore (US$ 320 billion) in FY24- 25, contributing nearly 8.9% to Indias overall GDP.
Gujarat is strategically positioned to play a defining role in shaping Indias economic future. With its GSDP projected to reach Rs26.10 lakh crore (US$ 320 billion) in FY 2024-25, the state has shown a steady and strong compound annual growth rate (CAGR) of 10.49% since 2015-16. If this momentum continues, Gujarats GSDP is estimated to cross Rs42.80 lakh crore (US$ 525 billion) by FY 2029-30, significantly expanding its contribution to the national GDP and cementing its leadership in industrial and economic development.
The affordable housing segment in Gujarat is entering a phase of accelerated growth, backed by strong policy support, rapid urbanization, and increasing demand for quality yet economical housing solutions. With over 45% of Gujarats urban population residing in low-income or informal settlements, the need for affordable and inclusive housing infrastructure is both urgent and economically viable. Government initiatives such as PMAY-Urban, Gujarat Slum Rehabilitation Policy, and state-backed PPP-based housing models are catalyzing large-scale development in this segment, creating significant opportunities for private sector participation.
Gujarats urban population is projected to reach nearly 4.5 crore by 2030, intensifying the demand for affordable and mid-income housing, particularly in fast-growing cities such as Ahmedabad, Surat, Vadodara, Rajkot, Bhavnagar, and emerging industrial towns around DMIC (Delhi-Mumbai Industrial Corridor) and GIFT City. The estimated shortfall of over 1 million affordable housing units in urban areas presents a large, unmet demand base. Additionally, the rising aspirations of the urban lower-middle class, supported by improving access to home finance through priority sector lending and credit-linked subsidies, make this segment highly scalable.
Overall, Gujarats economic outlook till 2030 remains highly promising, supported by visionary policymaking, structural strengths, and the states consistent ability to align with global economic megatrends.
For forward-looking investors and enterprises, Gujarat offers a compelling and resilient platform for Longterm opportunity.
Affordable Housing Opportunities
Access to adequate housing is a fundamental human right, as shelter forms the cornerstone of human dignity and well-being. Recognizing this, the government has placed immense emphasis on ensuring the availability of affordable housing for all sections of society. However, rising costs of land, construction materials, labor, and essential infrastructure have made affordable housing increasingly unattainable for economically weaker sections, low-income families, and even the middle class. This makes government intervention critical in bridging the gap.
Achieving sustainable human development is closely tied to providing adequate and affordable homes. Housing for the masses is not just a matter of technology or funding; it involves addressing a complex interplay of social, economic, and policy factors in a coordinated way. The rapid pace of urbanization, migration from rural to urban areas, and a widening gap between housing demand and supply have intensified the need for affordable shelter and supportive urban infrastructure across the country. Several key drivers are fueling the growth of the affordable housing sector, which require focused attention and strategic action.
Rising middle class Population enhances the affordable housing market:
The rising demand for affordable housing in India is largely propelled by the countrys rapidly growing middle- class population. According to estimates by the National Council of Applied Economic Research (NCAER), Indias middle class has expanded from approximately 47 million in 2010 to an expected 200 million by 2025. As this segment of the population grows, more individuals are seeking homes that fulfill their basic needs at reasonable costs. In response to this increasing demand, both the government and private developers are intensifying their efforts to construct affordable housing projects across the country.
Increasing working population:
The demand for cheap housing is driven by Indias growing working population. By 2050, India is expected to have one of the largest employment markets in the world with a population of over 1 billion people who are of working age. As this population expands, there will be an increasing need for housing, especially in metropolitan cities, where most of the job possibilities are located. This will create immense demand of housing units in these cities fand affordable housing will play pivotal role to cater this need.
High cost of land and construction material:
The high cost of land and construction material in India is a key obstacle in delivering affordable houses to its population. Due to a lack of available land, population expansion and urbanization, land prices in India have been growing quickly. This has made it a problem for developers to secure land at inexpensive costs, which in turn raises the cost of raw materials such as cement, steel, and bricks made it difficult for developers to execute affordable housing.
The Government of Gujarat came out with “Gujarat Affordable Housing Policy 2014” had been announced vide order dated 15-01-2014 under “Mukhya Mantri GRUH Yojana. It focuses on provision of housing at affordable price to Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle-Income Group (MIG) urban families, The state aims to involve both public institutions as well as private developers in such projects. The policy comprises three model for development of affordable housing in Gujarat.
• Model-I: Public Agency on Public Land (Green Field Development)
• Model-II: Private Developer on Public Land through PPP
• Model-III: Private Developer on Private Land
Slum Rehabilitation in PPP
According to the Government of Gujarat about 7,00,000 families reside in slums in the urban areas of Gujarat. State Government aims to accord priority to rehabilitate such slum dweller families in-situ. Eligible slum dwellers families will be provided houses of minimum 30 sq. mtr. Carpet area with basic civic amenities free of cost in lieu of their hutments with main objectives being:
• In-situ rehabilitation of the slums situated on public land in urban areas of the State
• Provision of pucca houses with basic amenities having two rooms, kitchen, bath room and latrine for slum dwellers families
• Ownership rights of the house to the beneficiaries after 15 years
• Provision of hygienic and healthy life style especially for urban poor
• Qualitative improvement in socio-economic and environmental conditions of towns and cities of Gujarat
• Attracting private investment by PPP for this purpose
• Simple and transparent policy framework to rehabilitate slums in-situ on public land through PPP
The beneficiaries get basic civic facilities of drinking water, sewerage line, electricity connections, Anganwadi/ Health Centre. The beneficiaries are responsible for payment of operational and maintenance cost, property tax and any other tax levied by LSG. The beneficiaries will be initially granted lease-hold rights for the houses allotted to them for first 15 years and thereafter will be granted ownership rights. However, the ownership of the land will remain with the LSG. The developer gets certain incentives including additional FSI, TDRs, free-hold rights on balance vacant land for development and free sale, exemption on developmental charges, relaxation in construction. Private developer is selected through established, open and transparent procedures.
Your Company is at forefront in slum rehabilitation projects in Gujarat and possesses sizable chunk of market share within the segment. Looking at the size of opportunity, the scalability of operation is very high and the Company has developed all necessary expertise to execute slum projects involving complexity of varied nature.
Urban Infrastructure:
Your Company has, over a period of time, developed a niche for itself by executing unique and pioneering projects e.g. BRTS bus-shelters, Multi-level parking facility, Slum Rehabilitation and Redevelopment, Medical college campus, etc. Through execution of such projects, your Company has built proprietary knowledge and it places your Company favourably with employers of such projects. Your Company expects that number of large sized urban infrastructure projects in Gujarat will start taking shape on the basis of investments committed vide 28,360 MoUs executed during the latest Vibrant Gujarat. In the backdrop of the announcement of GIFT, MEGA, Dholera SIR, Mega cities, Million plus cities, etc., your Company is favourably poised to replicate such experience. Apart from this, there are also other opportunities that your Company can participate into, such as:
• Transportation infrastructure for better mobility through public transport, improved waLkabiLity, parking
• Sewerage, drainage and water supply
• Solid waste management
• Social infrastructures such as parks, playgrounds and leisure spaces
• Preservation of heritage precincts
• Community Halls
Your Company is confident to benefit from this.
Bus Ports in PPP
A typical SRTC is a state -owned corporation for passenger transport providing bus services both interstate and intra-state. As part of this endeavour, various SRTCs have decided to develop state-of-the-art Bus Terminals with an iconic structure and design as well as modern facilities. To improve the urban transport infrastructure, SRTC will undertake development and operation & maintenance of bus terminals with commercial facilities on DBFOT basis.
SRTC normally adopts a single stage three step online tendering process for selection of the Concessionaire for award of the Project(s). GoIs guidelines for qualification of bidders seeking to acquire stakes in any public sector enterprise through the process of disinvestment apply mutatis mutandis. The selected bidder i.e. the Concessionaire is responsible for designing, engineering, financing, procurement, construction, operation and maintenance of the Project(s) under and in accordance with the provisions of a long term Concession Agreement to be entered into between the Concessionaire and SRTC.
The scope of work broadly include rehabilitation, demolition of existing bus terminals with designing, financing, construction of new bus terminals along with associated amenities & facilities, development and construction of commercial facilities and the operation and maintenance thereof of bus terminal and commercial facilities. The commercial facilities to be developed by the Concessionaire shall be available on a long-term lease basis.
Your Company has already got a couple of orders directly as well as in joint venture with other reputed corporates for Amreli and Modasa Bus Ports at Gujarat. Your Company is confident to gain positively from execution of such projects.
Health and Medical
Your Company has already executed 3,00,000 sq ft bua facility of a Medical College campus for 100 MBBS admission annually as per applicable MCI norms at Barmer, Rajasthan. This Project will provide additional opportunities to your Company into Medical and Health related construction business, which has abundant prospect - moreso post COVID-19 pandemic. Your Company is confident to gain positively from execution of such project. Your Company is also seriously evaluating options to provide and/or construct Health Community Centres at land allotted in consideration for slum rehabilitation at various locations in Gujarat.
Industrial and Logistics:
The logistics value chain comprises three units - transportation, warehousing and administration. Transportation involves the end-to-end movement of freight from the manufacturer/retailer to the customer. This transfer can span across borders and across different modes of transport. Warehousing is the intermediate storage of goods that happens during a products journey from the factory to the consumer. Administration is supply chain management.
Indian Government has increased thrust to improve the Logistics sector. Promising and futuristic Policy and Infrastructure environment for the Logistic sector exists in India today, and is creating the most encouraging impact in revolutionizing the logistics sector and taking it to the next level of evolutionary phase. The country is gradually improving its logistics positioning as seen in the LPI, wherein Indias rank has improved as mentioned earlier - also attributable to reforms undertaken by the government like the introduction of the SWIFT in the Customs Department.
The sector indeed has a potential to embrace lot more positive changes and has a long way to go. With the Logistics Sector getting Infrastructure status, the access to credit on Long term basis is at competitive rates from financial institution and access to funds as ECB, as well as access long tenure funds from insurance and pension funds. Further, the implementation of GST has made way for cost and operationally efficient Hub & Spoke Model of warehousing and has shifted the end user demand and developer supply from inefficient, low quality redundant warehouses to large box, good quality Grade “A” warehouses. Strong demand and investment are foreseen in short to medium term.
A warehouse is a fundamental part of business infrastructure and is one of the key enablers in the global supply chain. It is the fulcrum for procurement, manufacturing and distribution services which collectively build robust economies. Earlier, the incentives to enter Indias warehousing sector was minimal for organised players as the occupiers themselves were content to engage with fringe partners offering Low cost options with a network of small storage facilities near consumption centres. Multiple state and central level taxes made it sensible for companies to maintain smaller warehouses in each state. Further, this Limited the focus on automation and higher throughput. This attitude of occupiers of preferring to save on costs as their sole objective is changing. There has been a gradual transition in the mind-set of occupiers to use the services offered by organised segments. A plethora of factors are driving this wave of change such as: requirement from compliance regulators (in case of the pharmaceutical industry), quality consistency assurance required by clients/ regulators, statutory penalties on non-complaint warehousing facilities, economies of scaLe being achieved through Larger warehouses, safety and security of goods, efficiency in operations, quicker turnarounds, need for efficient warehousing designs and the advent of e-commerce and other muLtinationaL businesses that prefer to occupy onLy compLaint faciLities. This shift was further accentuated by the implementation of the GST. The warehousing market in India is highly fragmented as majority of the warehouses measure less than 10,000 square feet. Further, almost 90% of the warehousing space is controlled by unorganised players and comprises smaLL-size warehouses with Limited mechanisation. The present warehousing market in India can be categorised into three - lower stratum, middle stratum and higher stratum. The Lower stratum is just godowns of the past converted into warehouses. These are oLd buildings, mostly Reinforced Cement Concrete (RCC) structures and their only utility is storage. The middle stratum warehouses comprise simiLar structures as in the Lower stratum, but these are buiLt with preengineered slabs and are known as pre-engineered building (PEB) structures. Their planning and functioning is very basic, like that of the lower strata, but their buildings are in a comparatively better condition. Higher stratum warehouses are the modern and massive structures that perform a Lot of suppLy chain functions along with storage. Another practice in Indian warehousing market is the lack of attention to warehouse designing. This ignorance stems from lack of awareness and/or lack of willingness on the part of landowners and developers to cater to the requirements of end users. Most warehouses are built keeping in mind the developers perspective and not that of the end user. Hence, the focus is to save cost which results in the construction of a very basic structure for a warehouse. Such warehouses do not adhere to market standards and therefore, end users are frequently plagued with issues like lack of basic amenities and sub-standard infrastructure with lower longevity. Warehouses today take different forms - fulfilment centres, distribution centres, return centres, and even showrooms. Your Company, thus, focuses on the concept of BuiLt-to-Suit (BTS) warehouse incorporating the designing and end user centric facilities/ amenities. Demand for large warehousing spaces is likely to see steady increase as occupiers now prefer to move out of their smaller warehouses and consoLidate their activities in Larger faciLities, which are presentLy in short suppLy compared to the demand. This demand-suppLy gap is visibLe in the current premium commanded by organised pLayers owning these assets.
Such opportunity has attracted global corporations in Indian warehousing sector. The governments thrust to the sector such as giving infrastructure status to the Logistics sector, “Make in India”, “Digital India”, “Skill India”, India Brand Equity Foundation Trust, Multi-modal logistics parks, Dedicated Freight Corridors, signing of FTA/PTA, etc.; and initiatives to set up industrial corridors like DMIC, Delhi Kolkata Industrial Corridor and logistics parks have propelled the cause. Over the past few years, the government has undertaken several reforms to promote and provide an exit route to real estate investors via the REITs. Currently the market for REITs in India is at a very nascent stage and it would take time to evolve. Once the market for REITs matures, the institutional investors would be able to get a credible exit avenue to gain from their warehousing investments by listing their warehousing assets through REITs. These initiatives would go a long way in leveraging the true potential of the sector and bring down the overall costs linked to warehousing and logistics as well give credible exit opportunities to investors.
As more and more companies streamline their logistics networks, it would be observed that unorganised players or smaller organized players would consolidate or sell their assets to larger ones. The industry is expected to witness a structural shift over the next 3-5 years. The warehousing aspect in the logistics supply chain globally is going through a transformation. From being a mere storage space provider for goods, the segment is offering an array of value added services such as packaging, small scale manufacturing, cross docking, automation, algorithm based demand forecasting and distribution centres. This transition would only happen if economies of scale come into play and companies are able to consolidate their spaces and move into larger warehouses. The Indian warehousing industry, which was lagging behind its global counterparts due to its fragmented structure, would now enter the same league. Your Company is favourably located, being in the economically most vibrant state of India i.e. Gujarat, to participate in developing/constructing the industrial infrastructure. The MOU with the Kataria Group of Ahmedabad to work jointly for acquiring land and developing industrial and logistics parks, units, sheds, plots, residential colonies, and allied infrastructure at various locations situated near the upcoming automobile hub at Bechraji - about 90 kms from Ahmedabad at Gujarat; offers your Company a strategic advantage. Your Company has already delivered five (5) dormitories, commercial complex, and a couple of sizeable logistic warehouses under this initiative. Your Company is favourably placed to take the advantage of the expected spur in construction/development of new industrial facilities e.g. industrial park, warehouse/logistics Park, etc.
SEBI Notification on SM REITs:
SEBI has recently notified Small REIT structure to start real estate REIT fund starting from Rs 50 Crore by issuing units to a minimum of 200 investors. These funds are to be used for acquiring and managing real estate properties, generating income for the investors of the fund. This move aims to regulate the fractional ownership industry and safeguard investor interests, incorporating both commercial and residential properties within the new framework. Your Company possesses premium land bank near Bechraji Region at Gujarat capable to develop industrial parks / warehouses and other properties which can be offered to such funds. The opportunities are ample for such structures in future.
RISK, CHALLENGES AND THREATS:
As is typical in expanding business activities your Company has become a subject to a variety of risks, challenges, and threats. It is recognised that risks are not only inherent to any business but are also dynamic in nature. Further, the Company is susceptible to certain risks arising out of various activities undertaken in the normal course of business.
There are many constraints affecting the smooth functioning of the industry in which your Company operates.
The table below provides a brief overview of the most significant risks and your companys approach to managing them.
Your Company is operating in a business which is cyclic in nature. Timely supply of raw material Like cement, steel, bricks are essential for timely completion of the projects. Shortage of labour and raw material may delay the execution of projects of your Company. The infrastructure projects are capital intensive in nature. Your Companys business requires long-term commitment of capital to meet the financial requirement of longterm projects. Further, timely availability of skilled and technical personnel is also one of the key challenges. Infrastructure projects are mainly dependent on the economic scenarios and any adverse events affecting the whole economy may deteriorate the industry as well. Any significant change in government policy in promoting Affordable Housing and/or Urban Infrastructure could pose a threat. Further, the approval process and time for projects are generally uncertain which may delay the execution and thereby affect financials.
Your Company has in place an effective risk management mechanism to identify potential risk and its timely mitigation.
CORPORATE GOVERNANCE:
Your Companys Corporate Governance philosophy is based on the total transparency, integrity, fairness, equity, accountability and commitments to the values. Your Company is committed to the best governance practices that create long term sustainable shareholder value. With the object of your Company to conduct its business in a highly professional manner and thereby enhance trust and confidence of all its stakeholders, your Company has devised a complete compliance of Corporate Governance norms. Your Company firmly believes that definite Corporate Governance leads to the optimal utilization of resources and enhances the value of the enterprise and an ethical behavior of the enterprise leads to honoring and protecting the rights of all the stakeholders. Sound Corporate Governance practices and ethical business conduct always remain at the core of your Companys value system.
The Annual Return for the FY2025 is available at the website of your Company at www.nilainfra.com under the investor segment. A separate report on Corporate Governance is provided together with a Certificate from the Practicing Company Secretary of your Company regarding compliance of conditions of Corporate Governance as stipulated under Listing Regulations. A Certificate of the CEO and CFO of your Company in terms of Listing Regulations, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee is part of this Annual Report.
HUMAN RESOURCES, INDUSTRIAL RELATIONS AND WORK CULTURE:
The management believes in team work and a corporate environment which is self-motivating. Your Company has successfully developed a work force of highly motivated people over a period of time. The top management is acting as the governing force in creating and maintaining the corporate work culture. The businesses that your Company engages in are primarily people-driven. Our Vision is to raise our own benchmarks with every successive endeavour and it is possible only by making every employee a fully engaged and aligned team member. Your Company continues to remain focused on reinforcing the key thrust areas i.e. being the employer of choice, building an inclusive culture, building a strong talent pipeline, building capabilities in the organization and continuing to focus on progressive employee relations policies. Accordingly, our HR policies are centred around the creation of an environment that attracts, nurtures and rewards high-calibre talent. Young engineers gain the opportunity to operate on the frontlines of technology and associate with projects of scale and complexity. We drive sustainable growth and have been instrumental in bringing in thought leadership in building strong employee relations. There is no material development in HR. Your Company continued to build on the Diversity and Inclusion agenda through building leadership capability and recognizing line managers who provide a simple, flexible and respectful work environment for their teams. Your Company is developing future leaders and having the best people practices. A structured leadership development initiative has helped to build a robust talent pipeline at all levels. Our HR organisation is well- geared towards attraction and retention of qualified/potent talent in an ecosystem that provides long-cycle professional development opportunities in various facets of civil urban infrastructure and caters to career building aspirations of talent at all levels. The Company has employed 54 employees on the permanent roll as on 31 March 2025.
INTERNAL CONTROL SYSTEM:
The Board of Directors of your Company have prescribed Internal Controls for effective control system within the organisation. The Corporate Governance Policy guides the conduct of affairs of your Company and clearly delineates the roles, responsibilities and authorities at each level of its three-tiered governance structure and key functionaries involved in governance. The Code of Conduct commits management to financial and accounting policies, systems and processes. The Corporate Governance Policy and the Code of Conduct stand widely communicated across your Company at all times, and, together with the ‘Strategy of Organisation, Planning & Review Processes and the Risk Management Framework provide the foundation for Internal Financial Controls with reference to your Companys Financial Statements. Such Financial Statements are prepared on the basis of the Significant Accounting Policies that are carefully selected by management and approved by the Audit Committee and the Board. These Policies are supported by the Corporate Accounting and Systems Policies that apply to the entity as a whole to implement the tenets of Corporate Governance and the Significant Accounting Policies uniformly across your Company. The Accounting Policies are reviewed and updated from time to time. These, in turn are supported by a set of divisional policies and SOPs that have been established for individual businesses. Your Company uses ERP System as a business enabler and also to maintain its Books of Account. The SOPs in tandem with transactional controls built into the ERP Systems ensure appropriate segregation of duties, tiered approval mechanisms and maintenance of supporting records. The Information Management Policy reinforces the control environment. The systems, SOPs and controls are reviewed by divisional management and audited by Internal Audit whose findings and recommendations are reviewed by the Audit Committee and tracked through to implementation. Your Company has in place adequate internal financial controls with reference to the Financial Statements. Such controls have been tested during the year and no reportable material weakness in the design or operation was observed. Nonetheless your Company recognises that any internal financial control framework, no matter how well designed, has inherent limitations and accordingly, regular audit and review processes ensure that such systems are reinforced on an on- going basis. Your Company has also put in place comprehensive systems and procedural guidelines concerning other areas of business, too, like budgeting, execution, material management, quality, safety, procurement, asset management, human resources etc., which are adequate and necessary considering the size and level of operations of your Company. The management has been making constant efforts to review and upgrade existing systems and processes to gear up and meet the changing needs of the business. .
Discussion and Information of financial performance of the Company including various ratio analysis are given separately in Financial Discussion Analysis Report as a part of this report in continuation.
FINANCIAL DISCUSSION AND ANALYSIS
Your Company is consistently REVAMPING LIVING AND CHANGING LIVES by developing urban infrastructure. The continual improvement in business profile of your Company has continued primarily due to focusing the available resources only on developing urban infrastructure business. Your Company has since been able to broad-base its offerings as well as expanded scale of operations in urban infrastructure activities. The summarized analysis of financial statements viz. Profit and Loss Account, Balance Sheet and Cash Flow are furnished further.
Total Revenue
| Particulars | For FY2025 | For FY2024 | YoY change | % change |
| Revenue from Operations on: (Refer Note 24) | 19,921 | 13,564 | 6,357 | 47% |
| Rental income | 132 | 123 | 9 | 7% |
| Other Operating Income | 4,635 | 4,824 | -189 | -4% |
| Total Operating Income (TOI) (A) | 24,688 | 18,511 | 6,177 | 33% |
| Other income (B) (Refer Not 25) | 1,572 | 1,411 | 161 | 11% |
| Total Revenue (A + B) | 26,260 | 19,922 | 6,338 | 32% |
The revenue of your Company comprises income from construction and development of Urban Infrastructure projects as well as certain income from rental, and share of profit from LLPs; other operating income includes revenue from sale of balance land received on completion of PPP project; while Other Income mainly comprises interest earned on investments such as term deposits with banks, and on loans given.
The overall revenue from operations during FY2025 increased by Rs 6,357 lakh (47%) as compared to the FY2024. As your Company has since swayed towards execution of higher margin PPP projects, the revenue from PPP basis projects has since increased by 17% during FY2025 as compared to FY2024, while the revenue from EPC basis projects has increased by 1364% during FY2025 as compared to FY2024. Geography wise, the revenue contribution from Gujarat has increased with corresponding reduction for Rajasthan as the earlier projects at Rajasthan were completed or near to completion stage. The total income for FY2025 is Rs 26,260 lakh as against Rs 19,922 lakh in the previous year registering an increase of 32%.
Each element of total revenue is discussed further.
Infrastructure Projects
Your Company undertakes construction and development of Urban Infrastructure projects for government/ semi-government agencies/departments as well as private entities of repute. Construction and development of Infrastructure project is carried-out pursuant to work order issued by/Agreement entered into with the client. Revenue of your Company from construction and development of Infrastructure project is driven by the success in selecting the right order (nature as well as size), executing it proficiently and building sufficient order-book.
On April 1, 2024, your Company had an unexecuted order-book of construction and development of Infrastructure projects worth Rs 137,580 lakh. During FY2026, your Company secured (net) work-orders amounting to Rs 17,590 lakh. On April 1, 2025, your Company had an unexecuted order-book of construction and development of Infrastructure projects worth Rs 135,285 lakh.
Rental
Your Company owns prime commercial office space of 88,000 sq ft in an upmarket locality of Ahmedabad. In order to generate regular sustainable income, your Company has leased certain prime commercial office space to reputed corporates on long-term basis. Income from rental for FY2025 is Rs 132 lakh that is 8% (Rs 9 lakh) higher as compared to FY2024 as certain office space has since been given on rent during FY2025. Meanwhile, your Company is looking-out for the new lessee with good credentials and is confident to find lessee/s in due-course for the remaining space.
Share of Profit/(Loss) from LLP
During FY2025, your Company has booked share of its Loss from a JV i.e. Kent Residential and Industrial Park LLP of Rs 273 Lakh, which is higher by Rs 229 Lakh from Rs 44 Lakh Loss during FY2024.
Other Income
Other income mainLy comprises interest income from bank deposits and others, Liabilities written back, and misceLLaneous income. Other income in FY2025 is Rs 1,572 Lakh that is 11% (Rs 162 Lakh) higher as compared to FY2024s Rs 1,411 Lakh. The break-up of other income is furnished further.
| Particulars | For FY2025 | For FY2024 | YoY change | % change |
| Interest income: (Refer Note 25) | 1,547 | 1,331 | 216 | 16% |
| • From Loan | 1,486 | 1,280 | 206 | 16% |
| • On Bank Deposits | 61 | 51 | 10 | 20% |
| Liabilities no Longer required to be paid written back | 5 | 42 | -37 | -88% |
| Profit on saLe of property, plant and equipment | 17 | 38 | -21 | -55% |
| Other Non-Operating Income | 0 | 0 | 0 | - |
| Net gain on fair vaLuation of mutuaL fund investments (FVTPL) | 3 | 0 | 3 | - |
| Total Other Income | 1572 | 1411 | 161 | 11% |
The increase in interest income from other parties to the extent of Rs 206 Lakh is from the advances extended mainLy to JVs and subsidiary companies. It may be mentioned that such advances are given in the routine course of business and it carry interest not lesser than the weighted average cost of your Companys funds. Interest income from bank deposits for FY2025 has increased by Rs 10 Lakh owing to pLacing of certain new Security Deposit as cash-margin towards utiLization of bank-guarantee Limits. OveraLL interest income during FY2025 has increased by 16% i.e. by Rs 216 Lakh as compared to FY2024.
Expenses
TotaL expenses in FY2025 is Rs 23,931 Lakh as compared to Rs 18,337 Lakh in FY2024 i.e. increase of 31% (Rs 5,594 Lakh), which is commensurate to 32% (Rs 6,338 Lakh) increase in totaL revenue. The breakup of the said expenses is furnished further.
| Particulars | For FY2025 | For FY2024 | YoY change | % change |
| Cost of material consumed and project expenses (Refer Note 26) | 17,494 | 12,106 | 5,388 | 45% |
| Purchase / aLLotment of Land, Change in Inventory (Refer Note 27 and 28) | 3,966 | 4,445 | -487 | -11% |
| EmpLoyee benefit expenses (Refer Note 29) | 509 | 428 | 82 | 19% |
| Finance costs (Refer Note 30) | 387 | 781 | -394 | -50% |
| Depreciation and amortization expense (Refer Note 4, 5 & 6) | 141 | 135 | 7 | 5% |
| CSR Expense (Refer Note 31A) | 22 | 12 | 10 | 82% |
| Share of Loss from LLP (Refer Note 31) | 273 | 44 | 229 | 523% |
| Other Expenses (Refer Note 31) | 477 | 387 | 90 | 23% |
| Total Expenses | 23,270 | 18,337 | 4,933 | 27% |
Cost of material consumed and project expenses (Refer Note 26) and Changes in inventories (Refer Note 28)
The expenditure incurred on projects for FY2025 has increased to Rs 17,494 Lakh, in proportionate to the increase in revenue from operations, by 45% over the previous years expenditure of Rs 12,106 Lakh.
The prime contributor to the net increase of Rs 5,388 Lakh is Labour cost which is Rs 12,060 Lakh for FY2025 with an increase by 45% over the previous years expenditure of Rs 8,313 Lakh and increase of Rs 761 Lakh is Relocation cost which is Rs 2,883 Lakh for FY2025 with an increase by 36% over the previous years expenditure of Rs 2,123 Lakh.
There has been decrease in Land-bank by 65% i.e. Rs 4,499 Lakh during FY2025 to Rs 6,966 Lakh.
Both these have coLLectiveLy increased the costs for FY2025 by Rs 4,993 Lakh i.e. by 27% over the previous years expenditure.
Employee benefits expenses (Refer Note 29)
Employee benefits expenses include salaries, allowances, bonus, Contribution to provident and other funds, Remuneration and perquisites to Directors, and Staff weLfare expenses.
TotaL No. of empLoyees at March 31, 2025 is 54 as compared to 49 empLoyees at March 31, 2024. This expense has increased by 19% (Rs 82 Lakh) i.e. from Rs 428 Lakh in FY2024 to Rs 509 Lakh in FY2025. There is no variabLe component of remuneration availed by the Directors except fixed pay of monthly salary and sitting fees as applicable, which is in conformity of the Remuneration PoLicy of your Company.
Finance costs (Refer Note 30)
Your Company does not inventories any finance cost. The finance costs for FY2025 is Rs 387 Lakh in comparison to Rs 781 Lakh during FY2024. Interest on borrowings has reduced by Rs 376 Lakh over previous financial year as your Company has reduced its overall debt and also successfully re-negotiated the RoI with the lenders for debt and has lowered the finance cost. The weighted average cost of borrowing has reduced.
The ‘Other borrowing cost has aLso decreased by 37% from Rs 92 Lakh in FY2024 to Rs 58 Lakh in FY2025, during FY2025 your Company has paid Lower bank guarantee charges by Rs 14 Lakh (26% reduction) - as compared to FY2024.
Depreciation and amortisation expense (Refer Note 4, 5 & 6)
The depreciation and amortisation expense charged to the profit and Loss account during FY2025 is Rs 141 Lakh as compared to Rs 135 Lakh in FY2024 i.e. increase of 5%. During FY2025, your Company soLd certain worn-out Plant & Machinery, office equipment, vehicLes aggregating Rs 84 Lakh; whiLe there has been a net addition of office equipment/computers/vehicLes by Rs 432 Lakh. The combined net-bLock of PPE and Investment properties has increased by Rs 284 Lakh at March 31, 2025 as compared to March 31, 2024.
CSR Expense (Refer Note 31A)
As an ideaL corporate citizen, your Company has undertaken activities of CSR in accordance with the poLicy. An aggregate amount of Rs 21.55 Lakh is spent on such CSR activities during the year, weLL satisfying the statutory stipulations. The detail of CSR policy, program, activities and spending are given in Annexure to the Board Report.
Other expenses (excluding CSR Expense) (Refer Note 31)
Other expenses majorLy comprise LegaL and professionaL charges, Power and fueL expenses, Repairs and Maintenance expenses, Travelling and conveyance, Insurance, Rent. Collectively other expenses (excluding CSR Expense) have increased by Rs 90 Lakh i.e. Rs 477 Lakh in FY2025 from Rs 387 Lakh in FY2024 mainLy owing towards Provision for Loss aLLowance on Trade Receivables by Rs 167 Lakh and reduction in LegaL and ProfessionaL charges by Rs 33 Lakh with an increase in, Rates & Taxes by Rs 38 Lakh.
Profitability
| Particulars | For FY2025 | For FY2024 | YoY change | % change |
| Revenue from Operations | 24,688 | 18,511 | 6,177 | 33% |
| Less: Operational Expenses | 22,742 | 17,422 | 5,320 | 31% |
| EBITDA | 1,946 | 1,089 | 857 | 79% |
| EBITDA % to Revenue from operation | 8% | 6% | ||
| Add: Other Income | 1,572 | 1,411 | 161 | 11% |
| Less: Finance Costs | 387 | 781 | -394 | -50% |
| Less: Depreciation and amortisation expenses | 141 | 135 | 7 | 5% |
| Profit Before Tax (PBT) | 2,989 | 1,584 | 1,405 | 89% |
| PBT % to Total Revenue | 11% | 8% | ||
| Tax Expenses | 835 | 447 | 388 | 87% |
| Profit After Tax | 2,154 | 1,137 | 1,016 | 89% |
| PAT % to Total Income | 8.20% | 5.71% |
Total expenses in FY2025 is Rs 23,270 Lakh as compared to Rs 18,337 Lakh in FY2024 i.e. an increase of 27% (Rs 4,993 Lakh), which is lower in comparison of 32% (Rs 6,338 lakh) growth of revenue. While your Company has saved on the Finance cost, and Depreciation; the increment in the RM/Project cost, Employee benefits, CSR and other expenses have reduced your Companys profitability. The EBIDTA has increased from Rs 1,089 lakh i.e. 6% of revenue from operations for FY2024 to Rs 1,946 lakh i.e. 8% for FY2025. During FY2025, your Company implemented certain cost-cutting measures as well as reduced the finance cost, which provided certain cushion at PBT level. Your Company provides for current tax and deferred tax based on the computation in accordance with provisions of Income Tax Act, 1961. The net tax payable for FY2025 is Rs 835 lakh that is increase by 87% (Rs 388 lakh) over FY2024s Rs 447 lakh. PAT for FY2025 has increased to Rs 2,154 lakh (8.20% of Total Income), as against Rs 1,137 lakh (5.71% of Total Income) for FY2024.
The Board of Directors of your Company has thought it prudent to not propose declaration of any dividend and plough-back the entire profit instead as retained earnings to ably support growth of your Company.
Non-current Assets
The non-current assets at March 31, 2025 and March 31, 2024 with detail of changes therein during the financial year are as follows:
| Particulars | At 31/03/2025 | At 31/03/2024 | YoY change | % change |
| a. Property, plant and equipment (Refer Note 4) | 640 | 272 | 368 | 135% |
| b. Investment properties (Refer Note 5) | 3,121 | 3,204 | -84 | -3% |
| c. Intangible assets (Refer Note 6) | 3 | 0 | 2 | 656% |
| d. Financial assets: | ||||
| i. Investments (Refer Note 7) | 10,873 | 10,492 | 381 | 4% |
| ii. Loans (Refer Note 8) | 13 | 14 | -1 | -8% |
| iii. Other financial assets (Refer Note 9) | 1,508 | 2,937 | -1,429 | -49% |
| a. Other tax assets net (Refer Note 11) | 314 | 164 | 150 | 92% |
| b. Other non-current non-financial assets (Refer Note 10) | 552 | 396 | 156 | 39% |
| Total | 17,024 | 17,481 | -457 | -3% |
During FY2024, your Company purchased new PPE amounting Rs 432 Lakh to support the operations, while it sold certain vehicles, worn-out Plant & Machinery, furniture & fixtures, office equipment/computer, aggregating Rs 84 Lakh i.e. post depreciation the increased balance is Rs 640 Lakh at March 31, 2025. The Investment Property post depreciation has decrease to Rs 3,121 lakh at March 31, 2025.
The primary reason of net increment in Investment during FY2025 is to provide further support to JV/associate viz. Kent Residential and Industrial Park LLP with incremental Rs 381 lakh (including loss of Rs 273 lakh). These entities are established to address specific business opportunities. Such investments as well as Loans/advances are extended in normal course of business in order to pursue the specific objective for which it is formed. Loans and Advances to related parties at March 31, 2025 and March 31, 2025 are Rs Nil lakh.
Security and other Deposit has decreased by net Rs 1,501 lakh to Rs 696 lakh at March 31, 2025 from Rs 2,197 lakh at March 31, 2024 mainly due to certain security deposits are received back. Certain stipulated amount is normally deposited towards utility, other infra connections, etc. The margin money deposited with bank has increased by Rs 50 lakh at March 31, 2025 to Rs 706 lakh from Rs 656 lakh at March 31, 2024 mainly due to utilization of bank- guarantee limits. It may be noted that such interest bearing fixed deposits are kept with bank for the purpose of issuing bank guarantee in order to participate in various tenders. These have collectively decreased the Other financial assets by Rs 1,429 lakh to Rs 1,508 lakh at March 31, 2025 from Rs 2,937 lakh at March 31, 2024.
The Income tax assets have increased by Rs 150 lakh from Rs 164 lakh at March 31, 2024 to Rs 314 lakh at March 31, 2025.
During FY2025, your Company has tendered advance towards certain PPE and higher prepaid expenses with an aggregate balance of Rs 552 lakh at March 31, 2025 as compared to Rs 396 lakh at March 31, 2024.
Hence, overall Non-current Assets have reduced by net Rs 457 lakh i.e. 3% from Rs 17,481 lakh at March 31, 2024 to Rs 17,024 lakh at March 31, 2025 mainly due to reduction in Security and Other Deposit.
Current Assets:
The detail of Current Assets at March 31, 2025 and March 31, 2024 with changes therein during the year is furnished further.
| Particulars | At 31/03/2025 | At 31/03/2024 | YoY change | % change |
| a. Inventories (Refer Note 12) | 7,627 | 11,465 | -3,838 | -33% |
| b. Financial Assets | ||||
| i. Investments (Refer Note 7) | 1,003 | - | 1,003 | #DIV/0! |
| ii. Trade Receivables (Refer Note 13) | 444 | 806 | -363 | -45% |
| iii. Cash and cash equivalents (Refer Note 14) | 2,314 | 23 | 2,291 | 9947% |
| iv. Bank balances other than (ii) above (Refer Note 14) | 311 | 523 | -212 | -41% |
| v. Loans (Refer Note 8) | 8,990 | 7,108 | 1,882 | 26% |
| vi. Other current financial assets (Refer Note 9) | 10 | 7 | 2 | 32% |
| c. Other current non-financial assets (Refer Note 10) | 48,340 | 45,749 | 2,591 | 6% |
| Total | 69,038 | 65,681 | 3,357 | 5% |
Total decrement of Rs 3,838 Lakh in inventories during FY2025 is mainly attributable to decrease in Land by Rs 4,499 Lakh i.e. Rs 6,966 lakh at March 31, 2025 from Rs 11,465 lakh at March 31, 2025, while RM+WIP has increased to Rs 661 Lakh at March 31, 2025. This fructified as a result of your Companys conscious and focused efforts to rationalize the inventory carrying as well as graduated efficiency of purchase function.
There is an overall reduction in the level of Trade Receivables by Rs 363 lakh i.e. from Rs 806 lakh at March 31, 2024 to Rs 444 lakh at March 31, 2025. This is mainly attributable to your Companys continued rigorous follow-up with all the debtors.
The collective cash and bank balance at March 31, 2025 is Rs 2,757 lakh as compared to Rs 546 lakh at March 31, 2024.
Loans comprise the portion that is expected to be realized within a period of 12 months from the Balance Sheet Date. At March 31, 2025 it is Rs 8,990 lakh as against Rs 7,108 lakh at March 31, 2024 depicting an increment by Rs 1,882 lakh - mainly extended to subsidiary and JV companies. During FY2025, your Company has earned interest to the tune of Rs 1,363 lakh from Loans to Related Parties.
The other financial assets amount to Rs 10 lakh at March 31, 2025.
The other current non-financial assets have increased by Rs 2,591 lakh to Rs 48,340 lakh at March 31, 2025 as against Rs 45,749 lakh at March 31, 2024 mainly on account of decrease in Gross value of Sale of Contract Assets by Rs 15,123 lakh which have been curtailed by with the increase; in Land rights and TDRs by Rs 17,138 lakh as well as balance with government authorities (GST Receivables) by Rs 319 lakh along with increase in unbilled revenue vide Ind AS 11 and Ind AS 18 by Rs 266 lakh to Rs 488 lakh at March 31, 2025 as against Rs 222 lakh at March 31, 2024. It may be noted that such contract assets are booked in normal course of business and would be converted to Receivables in due course of time. Prepaid expenses decreased by Rs 77 lakh to Rs 411 lakh at March 31, 2025 as against Rs 488 lakh at March 31, 2024, while Advance to Vendors increased by Rs 69 lakh to Rs 295 lakh at March 31, 2025 as against Rs 226 lakh at March 31, 2024.
Hence, overall Current Assets have increased by Rs 3,357 lakh i.e. from Rs 65,681 lakh at March 31, 2024 to Rs 69,038 lakh at March 31, 2025 mainly due to increment in Other current non-financial assets, Loans, and Inventories.
Net Worth
The networth of your Company has been augmenting considerably in past financial years. During FY2025, the net worth of your Company has increased by Rs 2,150 lakh to Rs 18,103 lakh at March 31, 2025 from Rs 15,953 lakh at March 31, 2024 mainly due to earnings are retained and ploughed-back.
Non-current Liabilities
| Particulars | At 31/03/2025 | At 31/03/2024 | YoY change | % change |
| a. Financial Liabilities | ||||
| i. Borrowings (Refer Note 17) | 2,254 | 2,612 | -358 | -14% |
| ii. Trade payabLe (Refer Note 21) | - | 0 | - |
|
| iii. Other non-current financial Liabilities (Refer Note 18) | 760 | 370 | 390 | 106% |
| b. Provisions (Refer Note 19) | 112 | 105 | 7 | 7% |
| c. Deferred tax Liabilities (Net) (Refer Note 20) | 923 | 931 | -8 | -1% |
| Total | 4,049 | 4,018 | 31 | 1% |
During FY2024, your Company has repaid its Long-term Borrowings. The Long term borrowing has decreased to Rs 2,254 lakh at March 31, 2025 from Rs 2,612 Lakh at March 31, 2024. This has also reduced the interest/finance cost.
Your Company has honoured aLL its financial commitments and the account is Standard with aLL the Lenders. None of the BGs submitted by your Company has ever been invoked by any PrincipaL/CLient.
There are no Trade PayabLe to other than Micro & SmaLL Enterprises (as per the intimation received from vendors) at March 31, 2025.
Other financial Liabilities are security deposits that your Company accepts in ordinary course of business from its various vendors and/or contractors. It has increased by Rs 390 Lakh i.e. to Rs 760 Lakh at March 31, 2025 from Rs 370 Lakh at March 31, 2024 owing to incrementaL hoLding of retention amount of your Companys contractors for want of successful completion of project and/or achieving stipulated milestones by them.
Provision for empLoyee benefits incLuding gratuity and Leave encashment has increased by Rs 7 Lakh i.e. Rs 112 Lakh at March 31, 2025 from Rs 112 Lakh at March 31, 2024 mainLy as there has been increment in totaL ELigibLe empLoyees during FY2025.
Net deferred tax LiabiLity has decreased by Rs 8 Lakh i.e. Rs 923 Lakh at March 31, 2025 from Rs 931 Lakh at March 31, 2024 mainLy due to time difference in booking and payment of certain expenses.
Hence, overaLL Non-current Liabilities have increased by Rs 31 Lakh (1%) i.e. from Rs 4,018 Lakh at March 31, 2024 to Rs 4,049 Lakh at March 31, 2025 mainLy due to increase in Security Deposit.
Current Liabilities
| Particulars | At 31/03/2025 | At 31/03/2024 | YoY change | % change |
| a. Financial Liabilities | ||||
| i. Borrowings (Refer Note 17) | 357 | 846 | -489 | -58% |
| ii. Trade payabLes (Refer Note 21) | ||||
| ii a. Due to micro and small enterprises | 207 | 6 | 201 | 3350% |
| ii b. Due to others | 2,319 | 2,023 | 296 | 15% |
| iii. iii. Other financial Liabilities (Refer Note 18) | 162 | 66 | 96 | 144% |
| b. Other current non -financial Liabilities (Refer Note 22) | 60,406 | 60,094 | 312 | 1% |
| c. Provisions (Refer Note 19) | 219 | 155 | 63 | 41% |
| d. Current tax Liabilities (net) (Refer Note 23) | 240 | - |
240 | N.A. |
| Total | 63,909 | 63,191 | 718 | 1% |
Current Borrowings consist of Current maturities of Long term borrowings that have reduced by Rs 489 Lakh i.e. from Rs 846 Lakh at March 31, 2024 to Rs 357 Lakh at March 31, 2025 as per the repayment schedule of term debt contracted by your Company; and Overdraft bank facility with utilisation was nil at March 31, 2024 as weLL as March 31, 2025 mainLy as there was sufficient cash and bank baLance were avaiLabLe.
Trade PayabLes at March 31, 2025 have increase by Rs 497 Lakh (24%) i.e. Rs 2,526 Lakh at March 31, 2025 as compared to Rs 2029 Lakh at March 31, 2024.
Other financial Liabilities of your Company at March 31, 2025 have increased by Rs 96 Lakh (144%) i.e. Rs 162 Lakh at March 31, 2025 as compared to Rs 66 Lakh at March 31, 2024.
Other Current Non-Financials Liabilities have increased by Rs 312 Lakh mainly towards the GST Liability payable to the tune of Rs 909 Lakh, whiLe the increment has been curtailed by reduction in advance from contractors by Rs 68 Lakh to Rs 110 Lakh at March 31, 2025 from Rs 177 Lakh at March 31, 2024 and reduction in advance from customer by Rs 535 Lakh to Rs 59,337 Lakh at March 31, 2025 from Rs 59,872 Lakh at March 31, 2024.
Provisions consist of empLoyee benefits incLuding gratuity and Leave encashment that have marginaLLy increased, whiLe provision for defect LiabiLity (DL) period has increased by Rs 50 Lakh to Rs 195 Lakh at March 31, 2025 from Rs 145 Lakh at March 31, 2024 due to commencement of the DL period on compLetion of certain projects.
The Current Tax Liabilities (net of advance tax paid) is Rs 240 Lakh as on March 31, 2025
Hence, overaLL Current Liabilities have increased by Rs 718 Lakh (1%) i.e. from Rs 63,191 Lakh at March 31, 2024 to Rs 63,909 Lakh at March 31, 2025.
Key financial ratios: The key financial ratios are stated as following:
| Ratio | FY2025 | FY2024 | Detailed explanation |
| Debtor Turnover Net Credit SaLes/ Average Accounts Receivable | 39.51 | 13.34 | The credit policies and collection process of your Company are satisfactory and commensurate to the industry and/ or the segment it operates into. Your Company deals with creditworthy customers. During FY2025, the overall trade Receivables as well as the No. of days have reduced as compared to the previous year. |
| Days | 9 | 27 | |
| Inventory Turnover COGS/Average Inventory | 2.25 | 2.16 | As your Company has certain historic land, the inventory turnover is not exactly comparable with industry and/or the segment it operates into. During FY2025, the overall inventory has increased as compared to the COGS that has marginally disturbed the perspective of No. of days as compared to the previous year. |
| Days | 162 | 169 | |
| Interest Coverage Ratio EBIT/Interest | 8.72 | 3.03 | Your Companys debt:equity, Leverage, gearing are commensurate to the industry and/or the segment it operates into. Your Company has tied-up with first-rung banks/NBFCs for its various credit requirements. Your Company has successfully maintained Investment Grade credit rating over a period of years, while the account is Standard with all the lenders. For FY2025, the interest coverage has increased as compared to FY2024 as your Company has substantially reduced the overall debt and consequently the interest cost, while the EBIT has increased as compared to the previous year. |
| Current Ratio Current assets/ Current Liabilities | 1.08 | 1.04 | The increase in current ratio of your Company at March 31, 2025 as compared to that of March 31, 2024 is mainly owing to the increase in current assets is more than increase in current Liabilities. The current ratio is well above the stipulated level. It could also indicate that your Company has sufficient ability to pay short-term obligations i.e. due within one year. Your company has been able to maximize the current assets on its balance sheet to satisfy its current debt and other payables. |
| Debt : Equity Ratio Total debt/Networth | 0.14 | 0.22 | The Debt: Equity ratio of your Company is favourable as compared to the industry and/or the segment it operates into. During FY2025, your Company has substantially reduced the overall debt and the networth has increased due to plough-back-of-profit. |
| Operating Profit Margin (%) Op Profit/Op Income | 7.31% | 5.16% | During FY2025, your Companys operating margin has increase substantially as compared to previous year as the new projects are with appropriate margin. |
| Net Profit Margin (%) PAT/Operating income | 8.72% | 6.14% | For FY2025, your Company has earned PAT more than previous year which results into increase in Net Profit Margin. |
| Return on Networth PAT/Networth | 11.90% | 7.13% | For FY2025, your Company has earned more PAT. Hence, the figures are more positive than previous year. |
| Return on Assets PAT/Total Assets | 2.50% | 0.30% | |
| Return on Capital Employed EBIT/Capital Epmloyed | 15.34% | 11.17% |
Cashflow
| Particulars | For FY2025 | For FY2024 |
| Opening cash and cash equivalents | 23 | 165 |
| Net cash generated from / (used in) Operating Activities (A) | 6,262 | 6,581 |
| Net cash from / (used in) Investing Activities (B) | -2,730 | -2,821 |
| Net cash from / (used in) Financing Activities (C) | -1,241 | -3,902 |
| Change in cash and cash equivalent (Total = A+B+C) | 2,291 | -142 |
| Closing cash and cash equivalents | 2,314 | 23 |
During FY2025, while your Company has utilized cash towards other financial assets by Rs 22 Lakh and other assets by Rs 2,609 lakh; it generated the Net cash from operating activities by Rs 6,262 lakh mainly due to decrease in security deposit given by Rs 1,956 lakh, trade Receivables by Rs 352 lakh, inventories by Rs 3,838 lakh and increment in trade payable by Rs 502 lakh, other financial Liabilities by Rs 391 lakh and other current Liabilities by Rs 312 lakh.
During FY2025, while your Company has generated cash from Interest income, proceeds from deposits/sale of PPE; your Company has also invested further in the Subsidiaries, Associates and JVs of your Company as well as towards financial assistance provided, further investment in properties etc , which has resulted in net cash utilization towards investing activities of Rs 2,730 lakh.
During FY2025, your Company has utilized Rs 847 Lakh towards repayment of borrowings, and Rs 394 Lakh towards finance cost, which has resulted in net cash utilization towards financing activities of Rs 1,241 Lakh.
Hence, while collectively your Company had a cash at the beginning of the year of Rs 23 Lakh, during FY2025, your Company generated a considerable Rs 6,262 lakh from Operating Activities, which were utilised towards fresh investment as well as reduction in debt. Accordingly, your Company ensured to have cash of Rs 2,314 lakh at the end of FY2025.
Details of Subsidiaries, Associates and JVs of your Company at 31/03/2025:
| Name of the entity | Project location | NILAs investment in equity | % shareholding | Loans & Advances extended (As closing balance) | Profit After Tax shared |
| 1 Romanovia Industrial Park Pvt Ltd | (23.480621, 71.974021), Navyani, Gujarat | 1,251* | 50% | 5,302 | - |
| Industrial and logistics park - various structures under execution | |||||
| 2 Kent Residential and Industrial Park LLP | (23.478515, 72.009447), Sitapur, Gujarat | 9,073 | 50% | 124 | -273 |
| 3 Nila Terminals (Amreli) Pvt Ltd | (21?3611"N 71?1319"E), Amreli, Gujarat | 1 | 100% | 918 | - |
| Bus-port projects for GSRTC - under execution | |||||
| 4 Vyapnila Terminals (Modasa) Pvt Ltd | (23?28N 73?18E), Modasa, Gujarat | 548* | 34% | 1,841 | - |
* measured at fair value at the date of transition to Ind AS i.e. the deemed cost of such investment for your Company.
None of the Pvt Ltd entities mentioned above have declared any dividend during FY2024. Further, with respect to your Companys strategic investment with the Kataria Group of Ahmedabad to work jointly for acquiring land and developing industrial and logistics parks, units, sheds, plots, residential colonies, and allied infrastructure at various locations situated near the upcoming automobile hub at Bechraji - about 90 kms from Ahmedabad at Gujarat, it may be mentioned that the progress is satisfactory and your Company has started to reap benefits as more specifically furnished in detail in other sections of this Annual Report. Your Company has executed a well- thought strategy and is favourably positioned as a first-mover, promoter of industrial eco-system in the region, and fostering infrastructure development.
Your Company has built industrial warehouse structures as well as residential dormitories on BTS basis. Such infrastructure development has already been rented out on long-term lease basis to reputed corporates including MNCs.
There surely lies an opportunity in every crisis and your Company has embarked on a different growth trajectory with the adaptation to the new normal. Your Company is getting ready to bid for new orders and has identified favourable orders in pipeline to be executed across segments and geographies. The long-term outlook of your Company towards the Urban Infrastructure business remains positive.
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