Ramky Infrastructure Ltd Management Discussions.
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 2016, India jumped 19 places in World Banks Logistics Performance Index (LPI) 2016, to rank 35th amongst 160 countries.
Ramky Infra focused on reducing its financial leverage but demonetization of assets of the Company and will be focusing to reduce the financial leverage and will be driving organisational change that aimed to deliver operational robustness and sustained long-term profitability.
Foreign Direct Investment (FDI) received in Construction Development sector (townships, housing, built up infrastructure and construction development projects) from April 2000 to December 2017 stood at US$ 24.67 billion, according to the Department of Industrial Policy and Promotion (DIPP). The logistics sector in India is expected to increase at a Compound Annual Growth Rate (CAGR) of 10.5 per cent, from US$ 160 billion in 2017 to US$ 215 billion by 2020.
India has a requirement of investment worth Rs 50 trillion (US$ 777.73 billion) in infrastructure by 2022 to have sustainable development in the country. India is witnessing significant interest from international investors in the infrastructure space. Some key investments in the sector are listed below.
In June 2018, the Asian Infrastructure Investment Bank (AIIB) has announced US$ 200 million investment into the National Investment & Infrastructure Fund (NIIF).
Private equity and venture capital (PE/VC) investments in the infrastructure sector reached US$ 3.3 billion with 25 deals during January-May 2018.
Indian infrastructure sector witnessed 91 M&A deals worth US$ 5.4 billion in 2017
In February 2018, the Government of India signed a loan agreement worth US$ 345 million with the New Development Bank (NDB) for the Rajasthan Water Sector Restructuring Project for desert areas.
In January 2018, the National Investment and Infrastructure Fund (NIIF) partnered with UAE-based DP World to create a platform that will mobilize investments worth US$ 3 billion into ports, terminals, transportation, and logistics businesses in India.
The infrastructure sector has become the biggest focus area of the Government of India. Under Union Budget 2018-19, US$ 92.22 billion was allocated to the sector.
Increased impetus to develop infrastructure in the country is attracting both domestic and international players. Private sector is emerging as a key player across various infrastructure segments, ranging from roads and communications to power and airports.
In order to boost the construction of buildings in the country, the Government of India has decided to come up with a single window clearance facility to accord speedy approval of construction projects.
The cumulative growth in the index of eight core industries was 4.7 per cent in 2017-18 and 4.1 per cent year-on-year in April-May 2018. Significant allocation to the infrastructure sector in the 12th Five-Year Plan, and investment requirement of US$ 1 trillion is expected to create huge demand for construction equipment in India. The country needs around 55 new airports by 2030 with an investment of US$ 36-45 billion. In the roads sector, the governments policy to increase private sector participation has proved to be a boon for the infrastructure industry with a large number of private players entering the business through the public-private partnership (PPP) model. During the next five years, investment through PPP is expected to be US$ 31 billion. India has a requirement of investment worth Rs 50 trillion (US$ 777.73 billion) in infrastructure by 2022 to have sustainable development in the country.
The Government of India is expected to invest highly in the infrastructure sector, mainly highways, renewable energy and urban transport, prior to the general elections in 2019.
The Government of India is taking every possible initiative to boost the infrastructure sector. Some of the steps taken in the recent past are being discussed hereafter.
Announcements in Union Budget 2018-19:
Massive push to the infrastructure sector by allocating Rs 5.97 lakh crore (US$ 92.22 billion) for the sector.
Railways received the highest ever budgetary allocation of Rs 1.48 trillion (US$ 22.86 billion).
Rs 16,000 crore (US$2.47 billion) towards Sahaj Bijli Har Ghar Yojana (Saubhagya) scheme. The scheme aims to achieve universal household electrification in the country.
Rs 4,200 crore (US$ 648.75 billion) to increase capacity of Green Energy Corridor Project along with other wind and solar power projects.
Allocation of Rs 10,000 crore (US$ 1.55 billion) to boost telecom infrastructure.
A new committee to lay down standards for metro rail systems was approved in June 2018.
Rs 2.05 lakh crore (US$ 31.81 billion) will be invested in the smart cities mission. All 100 cities have been selected as of June 2018.
Contracts awarded under the Smart Cities Mission would show results by June 2018 as the work is already in full swing, according to Mr Hardeep Singh Puri, Minister of State (Independent Charge) for Housing and Urban Affairs, Government of India.
The Government of India is working to ensure a good living habitat for the poor in the country and has launched new flagship urban missions like the Pradhan Mantri Awas Yojana (Urban), Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and Swachh Bharat Mission (Urban) under the urban habitat model, according to Mr Hardeep Singh Puri, Minister of State (Independent Charge) for Housing.
Indias national highway network is expected to cover 50,000 kilometres by 2019, with around 20,000 km of works scheduled for completion in the next couple of years, according to the Ministry of Road Transport and Highways.
The Government of India is devising a plan to provide wifi facility to 550,000 villages by March 2019 for an estimated cost of Rs 3,700 crore (US$ 577.88 million), as per the Department of Telecommunications, Government of India.
India and Japan have joined hands for infrastructure development in Indias north-eastern states and are also setting up an India-Japan Coordination Forum for Development of North
East to undertake strategic infrastructure projects in the northeast.
MACRO ECONOMIC REVIEW
India is also going through a difficult phase related to its banks and nonperforming assets (NPA). The latest Reserve Bank of India (RBI) estimates in September 2017 suggests that gross NPA was Rs. 9 lakh crore, which is 10.5% of the banking assets with restructured assets being an incremental Rs. 1.3 lakh crore. Further, a report by the credit rating agency, CARE, shows that, from a global perspective, India was fifth-worst in terms of bad loans in the system, measured as the ratio of NPA to outstanding loans.
In a major development on February 12, 2018, the RBI withdrew a host of restructuring schemes such as 5:25, Strategic Debt Restructuring (SDR), Scheme for Sustainable Structuring of Stressed Assets (S4A) and Corporate Debt Restructuring (CDR). Instead, the RBI has insisted on capturing early stress on loan accounts immediately in the event of a default. While this new stance of the RBI will doubtless add transparency about stressed accounts, a proportion of banking assets under the various restructuring schemes that have been withdrawn by the central bank could run the risk of becoming NPAs.
Moreover, unless this move is backed by concurrent addition of resources for provisioning or capital infusion, it may create more confusion among the lenders and borrowers alike. Therefore, it is imperative that all stakeholders, under the aegis of the RBI, evolve a cohesive and synchronized joint plan regarding the extent of provisioning and capital required and its mode of funding. In the interim, the present uncertain regulatory environment coupled with the increasing revelations and ongoing probes into frauds and allegations of improprieties against bankers is denting credit availability in the economy. In summary, therefore, though Indias GDP and GVA growth witnessed a slowdown in 2017-18 compared to the three earlier years, it is still in a fairly healthy state. Growth in public investments has created a fillip for infrastructure and also increased the ratio of gross domestic capital formation to GDP - for the first time over the last five years. There are concerns regarding the NPA overhang and the possibility of a widening current account deficit due to rising crude oil prices. Equally, greater stability in operationalizing the GST regime in India, likely recovery in investments and a continued commitment to fiscal prudence augur well for the economy. The RBI has pegged GDP growth for 2018-19 at 7% of GDP.
INFRASTRUCTURE AND CONSTRUCTION IN INDIA
Over much of the last decade, infrastructure in the country has been characterized by massive under-investment. There are several reasons for this. Primarily, this includes the collapse of Public Private Partnership (PPP), especially in power and telecom projects; stressed balance sheet of private companies; and issues related to land and forest clearances.
The need is to fill the infrastructure investment gap by bringing back investor confidence in the sector and promoting financing from private investment, institutions dedicated for infrastructure financing like National Infrastructure Investment Bank (NIIB) and also global institutions like Asian Infrastructure Investment Bank (AIIB), New Development Bank (erstwhile BRICS Bank), which focus more on sustainable development and infrastructure projects.
With the entire infrastructure development ecosystem under stress in India since 2012,there has been a considerable slowdown in construction activities. The growth momentum achieved between 2007-08 and 2011-12 has completely subsided. Data on construction sector growth in the five years before 2012-13 were clearly much higher than what has been witnessed ever since. The only silver lining is that after hitting a nadir of 1.3% in 2016-17, construction growth in India has grown to 4.3% in 2017-18.
This business environment has thrown up several challenges for engineering and construction (E&C) companies in India. Two of these are key to the turnaround of the construction industry in India.
First, there are the legacy issues of the past six to seven years that have put individual players under very difficult financial pressure. These relate to the adverse effects of the massive build-up of stalled and delayed projects in the country. It is estimated that as of January 2018, around 925 projects with a reported investment of 13.25 lakh crore have earned the unfortunate tag of implementation stalled.
Second, there is the urgent need to generate new opportunities for players in the construction sector. In this, to its credit it must be stated that the Government of India (GoI) has been playing a key role, especially in the last couple of years. As an example, it is worthwhile to highlight the expenditure outlays on various infrastructure sectors in the Union Budget for 2018-19. Here is a list.
GoI has increased budgetary and extra budgetary expenditure on infrastructure by around 20% from Rs. 4.94 lakh crore in 2017-18 to Rs. 5.97 lakh crore for 2018-19. Within the infrastructure sector, the focus areas of growth are clearly road transportation, railways, urban development and airports.
In roads, capital expenditure of Rs. 1,22,000 crore has been earmarked for expansion of National Highways (more than 9,000 km length was achieved in 2017-18). Connectivity with the interior, backward and border areas of the country is being sought under the recently approved Bharatmala Pariyojana programme.
For railways, capital expenditure of Rs. 1,48,528 crore is earmarked for 18,000 km of doubling, third and fourth line works, 5,000 km of gauge conversion, 3,600 km of track renewals and rolling stock programme for 12,000 wagons, 5,160 coaches, and 700 locomotives during 2018-19. The work on eastern and western DFC (Domestic Freight Corridor) is going on along with redevelopment of 600 major railway stations. In addition, Rs. 16,800 crore has been allotted for MRTS and Metro projects.
Thus, there are large opportunities in the future. To profitably avail of these prospects, each player in the construction industry in India must strike a balance between two goals. The first is to systematically deleverage their balance sheets, prune fixed costs and monetise non-core activities and do so in a manner that gives sufficient comfort to the lenders.
The second is to grow their businesses and continue to execute despite a substantial liquidity crunch. These are not easy tasks. How E&C majors go about meeting these imperatives and how they can be assisted by banks and their clients will clearly determine the state of the business in the next few years.
Ramky Infra operates through the following 3 principal business modes:
i. Engineering, Procurement & Construction (EPC) Business which is operated by the Company,
ii. Developer Business which is operated through 14 wholly owned subsidiaries, 6 Subsidiaries, 2 Jointly Controlled entities, 2 Associates & 3 step down subsidiaries of the Company. A majority of the development projects are Public Private Partnerships and are operated by separate special purpose vehicles (SPVs) promoted by the Company and other Companies/undertakings and
iii. International Business which is operated through 100% wholly own subsidiary Ramky Engineering and Consulting Services, located in Sharjah, UAE.
The Company operates the EPC business in the following sectors:
i. Water and Waste Water projects such as water treatment plants, water transmission and distribution systems, elevated and ground level service reservoirs, sewage treatment plants, common effluent treatment plants, tertiary treatment plants, underground drainage systems and lake restorations;
ii. Roads & Bridges projects such as expressways, highways, bridges, flyovers, rural roads, terminals and dedicated service corridors;
iii. Building Construction, which includes commercial, residential, public, institutional and corporate buildings, mass housing, High-Rise, Healthcare Infrastructure, Integrated Townships projects and related infrastructure facilities such as hospitals and shopping malls; and
iv. Irrigation projects such as cross-drainage works, barrages, lift irrigation projects, canals, feeder channels;
v. Industrial construction projects such as aluminium, textile, Pharmaceuticals, Power, Petroleum, Industrial Parks, SEZs and related works;
vi. Power Transmission and Distribution projects such as electricity transmission networks, substation feeder lines and low tension distribution lines.
The flagship company of the Ramky Group, Ramky Infrastructure Ltd. is one of the leading infrastructure companies in India with a wide sectorial presence. Determined continually to foray into fast-growing infrastructure segments across India, the Company has diverse and extensive execution experience across key sectors of growth. Over the years core competence has been further developed by the engineering, planning and project execution skills.
Ramky Infra has diversified its business portfolio which helps us in mitigate risk of slowdown in any one particular segment.
The Company is professionally managed with very well-qualified and experienced personnel in all following areas including but not limited to engineering, procurement, legal, secretarial, finance and administration combined with a full-fledged MIS system.
WATER AND WASTE WATER SECTOR:
At Ramky, we realise the importance of water in the present times. Our design experts constantly innovate and focus on Water / Waste Water treatment & Distribution to offer reliable and complete water management solutions. A pioneer in the environ-friendly sector and has been a part of key projects till date.
ROADS & BRIDGES SECTOR:
At Ramky, we know the vitality of roads for the development of the nation. Our Engineers ideate constantly to come up with the possible means of connectivity to make sure that India is powered with state of the art road infrastructure. With a host of prestigious projects underway, the company accelerates towards fast-track progress.
Our construction experts walk in step with the emerging global design trends and construction techniques to ensure progress is built brick by brick. With expertise in building projects across various categories, we are at the forefront of the construction space.
Our water management experts invest efforts in channelizing the available water sources to ensure that prosperity reaches everyone. Over the years, we have been executing key irrigation projects with established expertise in design, planning, construction and maintenance of irrigation channels.
INDUSTRIAL CONSTRUCTION SECTOR:
Our organizational experts constantly strive to improve and gain expertise procedures to deliver excellence to a cross-section of Industries. The company has specialized in delivering infrastructure and related services to empower industrial sector.
POWER TRANSMISSION AND DISTRIBUTION SECTOR:
At Ramky, we understand the need to make power available and accessible to better the quality of lives. Our project experts constantly derive sources of power to make sure that every house-hold experiences its share of light, the Company is focusing on strengthening the rural power supply system.
The Company conducts its business through subsidiaries/special purpose vehicles/joint ventures/ Associates formed for the development of PPP projects and other projects.
A LIST OF THE SPVs / SUBSDIARIES IS GIVEN BELOW:
Ramky Pharma City (India) Limited (RPCIL)
MDDA-Ramky IS Bus Terminal Limited
Ramky Elsamex Hyderabad Ring Road Limited
Ramky Towers Limited
Ramky Enclave Limited
Ramky Food Park (Chattisgarh) Limited
Ramky Herbal and Medicinal Park (Chattisgarh) Limited
Naya Raipur Gems and Jewellery SEZ Limited
Ramky MIDC Agro Processing Park Limited
Ramky Food Park (Karnataka) Limited
Ramky Multi Product Industrial Park Limited
Srinagar Banihal Expressway Limited
Sehore Kosmi Tollways Limited
Hospet Chitradurga Tollways Limited
Agra Etawah Tollways Limited
Frank Lloyd Tech ManagementServices Limited
Jabalpur Patan Shahpura Tollways Ltd
Ramky Esco Ltd
Pantnagar CETP Private Limited JOINTLY CONTROLLED ENTITIES:
N.A.M. Expressway Limited
Jorabat Shillong Expressway Limited ASSOCIATES
Ramky Integrated Township Limited
Gwalior Bypass Project Limited INTERNATIONAL BUSINESS:
Ramky Engineering & Consulting Services (FZC), Sharjah, U.A.E OPPURTUNITIES & THREATS
Strengths & Opportunities
Ramky Infra is an Integrated Infrastructure company with inherent strengths of experienced management team with broad geographic and operational base. It has an execution expertize over diversified array of projects and being considered as one stop shop for end to end project execution.
Growing Competition of Indian industry due to focus on efficient and quality.
Vast export marked to explore.
Growing recognition of "Made in India" brand in global market
Major growth through outscoring opportunities
Presence of Deming award winning firms (Focus on quality) DISCUSSION ON FINANCIAL PERFORMANCE - STANDALONE Revenues
The turnover of the company for 2017-18 of Rs. 13464.37 Millions has decreased compared to Rs. 15245.66 Millions in 2016-17.
The expenses for 2017-18 of Rs.15630.08 Millions has decreased, compared to Rs. 16761 Millions in 2016-17.
The finance costs for 2017-18 of Rs.1450.08 Millions has decreased, compared to Rs. 2039.69 Millions in 2016-17.
Profit Before Tax
There is Profit before Tax for 2017-18 of Rs.1029.65 Millions compared to Profit Before Tax of Rs. 949.57 Millions in 2016-17
Profits after Tax
The Profit After Tax for 2017-18 of Rs.649.51 Millions as against Profit After Tax of Rs. 572.16 Millions in the previous year 2016-17.
Earnings Per Share
The EPS for 2017-18 increased to Rs.11.36 from Rs.10.00 in Previous Year 2016-17.
DISCUSSION ON FINANCIAL PERFORMANCE - CONSOLIDATED
The consolidated financial statements have been prepared and presented in accordance with Indian Accounting Standards (IND AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of the Companies Act, 2013 and other relevant provisions of the Act. The Current year results include the results of 27 Companies including 13 wholly owned subsidiaries, 6 Subsidiaries, 1 Association of Person, 2. Jointly Controlled entities and 3. Associate and 4. Step-down Subsidiary. These companies broadly operate in Roads, Bus Terminal, Industrial Parks and others sectors.
The consolidated turnover of the company for 2017-18 is Rs. 15784.97 Millions has decreased by compared to Rs. 17185.99 Millions in 2016-17.
Profit / Loss after Tax
The consolidated Loss After Tax for 2017-18 is Rs. 325.25 Millions compared to consolidated loss of Rs. 118.98 Millions in 2016-17.
Earnings per Share
The consolidated EPS for 2017-18 has improved to Rs. 5.00from Rs. -1.05 in Previous Year 2016-17.
RISKS AND CONCERNS:
Risk is a multi-facet concept. In the context of construction industry, it could be the likelihood of the occurrence of a definite event/factor or combination of events/factors which occur during the whole process of construction to the detriment of the project a lack of predictability about structure outcome or consequences in a decision or planning situation, the un-certainty associated with estimates of outcomes - there is a chance that results could be better than expected as well as worse than expected etc. In addition to the different definitions of risk, there are various ways for categorizing risk for different purposes too. Some categorize risks in construction projects broadly into external risks and internal risks while others classify risk in more detailed categories of political risk, financial risk, market risk, intellectual property risk, social risk, safety risk, etc. The typology of the risks seems to depend mainly upon whether the project is local (domestic) or international. The internal risks are relevant to all projects irrespective of whether they are local or international.
International projects tend to be subjected to the external risk such as unawareness of the social conditions, economic and political scenarios, unknown and new procedural formalities, regulatory framework and governing authority, etc. Risk is inherent and difficult to deal with, and this requires a proper management framework both of theoretical and practical meanings. Significant improvement to construction project management performance may be achieved from adopting the process of risk assessment. The types of exposure to risk that an organization is faced with are wide- ranging and vary from one organization to another. These exposures could be the risk of business failure, the risk of project financial losses, the occurrences of major construction accidents, default of business associates and dispute and organization risks.
It is desirable to understand and identify the risks as early as possible, so that suit-able strategy can be implemented to retain particular risks or to transfer them to minimize any likely negative aspect they may have. The risk management process begins with the initial identification of the relevant and potential risks associated with the construction project. It is of consider-able importance since the process of risk analysis and response management may only be performed on identified potential risks. Risk analysis and evaluation is the intermediate process between risk identification and management. It incorporates uncertainty in a quantitative and qualitative manner to evaluate the potential impact of risk. The evaluation should generally concentrate on risks with high probabilities, high financial consequences or combinations thereof which yield a substantial financial impact.
Once the risks of a project have been identified and analyzed, an appropriate method of treating risk must be adopted. Within a framework of risk management, contractors also should decide how to handle or treat each risk and formulate suitable risk treatment strategies or mitigation measures.
These mitigation measures are generally based on the nature and potential consequences of the risk. The main objective is to remove as much as possible the potential impact and to increase the level of control of risk. More the control of one mitigation measure on one risk, the more effective the measure of risk the process of risk management does not aim to remove completely all risks from a project. Its objective is to develop an organized framework to assist decision makers to manage the risks, especially the critical ones, effectively and efficiently.
Risks can be viewed as business, technical, or operational. A technical risk is the inability to build the product that will satisfy requirements. An operational risk is the inability of the customer to work with core team members. Risks are either acceptable or unacceptable. An acceptable risk is one that negatively affects a task on the non-critical path. An unacceptable risk is one that negatively affects the critical path. Risks are either short or long term.
A short-term risk has an immediate impact, such as changing the requirements for a deliverable. A long-term risk has an impact sometime in the distant future, such as releasing a product without adequate testing. Risks are viewed as either manageable or unmanageable. A manageable risk is one you can live with, such as a minor requirement change. An unmanageable risk is impossible to accommodate, such as a huge turnover of core team members. Risk factors for this study are classified into eight categories namely.
Disputes between labours
Changing sequences in construction activity
Non availability of resources
Revision of design
Availability of camp for labours
Change in quantities of work
In Time work permissions for executing work Safety of workers
Stoppage of work due to Medical outbreak Design Risk:
Late changes of design from client side
Will the level of details of design delivered by the owner affect over all construction time?
Inadequate and incomplete design Environmental Risk:
Impact of weather condition on completion of project
Pollution by construction waste
Procedure to facilitate construction waste clean-up or disposal Financial Risk:
Delay from clients
Increment for staff benefits
Unprecedented price in raw materials
Fluctuations in Estimated finance than expected
4 Management Risk:
Documents and process directed as per agreement for mitigation of risk
Project team discussions on risk
Use of WBS and project milestones to help identify project risks
Time for planning
Loosing of critical staff at crucial point of construction
Documented process for identifying project risks Political Risk:
Pressure from any political party
Local bodies (political/rowdies) compelling to use their resources
Union Issue Procurement Risk:
Temporary demand ofincrease in price of materials
Is there a chance of procurement team to know the sales chart of client?
Chances of sub-contractor walk out
Delay in work execution of sub-contractor
Revision of price Technology Risk
Knowledge on equipments
Service for damaged equipments
Loss of data or software/hardware of computer
The construction companies need to include risk as an integral part of their project management. Decision making such as risk assessment in construction projects is very important in the construction management. The identification and assessment of project risk are the critical procedures for projecting success.
CORPORATE SOCIAL RESPONSIBILITY (CSR): RESPONSIBLE INFRASTRUCTURE
With focus on responsible infrastructure development at Ramky Infra, CSR has evolved from being passive philanthropy to corporate community investments, which takes the form of a social partnership initiative creating value for stakeholders. Having said so, as per section 135 of The Companies Act 2013, Ramky Infra has formalised a CSR policy keeping Schedule VII in mind. The procedure for effective implementation of the policy has been made.
INTERNAL CONTROL SYSTEMS
The companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations.
These systems are designed to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorized, recorded and reported. The Company has an internal audit function, which is empowered to examine the adequacy and compliance with policies, plans and statutory requirements. The internal audit function team comprises of well-qualified, experienced professionals who conduct regular audits across the Companys operations. The internal audit reports are placed before the Audit committee for consideration. The management duly considers and takes appropriate action on the recommendations made by the statutory auditors, internal auditors and the independent Audit Committee of the Board of Directors.
HUMAN RESOURCES DEVELOPMENT:
Human Resource Department has been partnering with the business in portraying the image of the organization. Revisiting HR basics and team building is the need of the day. Restructuring of the team and its modus operandi.
Despite economic turmoil and uncertain Industrial Scenario, refurbished HR Strategies adopted by our organization created buzz in the industry and well received by our employees. We have put faith in our resources and they are reciprocating with the same zeal through enhanced productivity.
All resources effectively adopted Job enlargement and enrichment, making it a lean and swift organization. We take pride in saying Ramky Infrastructure Limited is an Equal Opportunity Employer.
The Company continues to invest in talent development through a well- established academic interface programme, providing internships, inducting leadership pipeline through campus recruitments, in-house classroom-based training and OJTs.
Workforce well-being remained a priority and we continues to invest in various initiatives starting from comprehensive health insurance for its employees, life insurance and other standard associated welfare activities in the industry.
HR compliance is approached from both reactive and proactive standpoints. HR continues to track the changes in employment and labour laws in the country for statutory compliance. Reactive compliance efforts focus on preventing, limiting or mitigating the risks and liabilities.
Proactive compliance initiatives are considering measures such as changes in policies and procedures as well as changes in the legal environment for mitigating future risks, and enhancing the compliance awareness of our leaders.
To inculcate the spirit of camaraderie, various events were conducted regularly where in employees & their families had an opportunity to understand the finer aspects of competition, recognitions and teamwork.
Open house meetings, skip level meetings and group interactions, enhanced the alignment in the Company, accelerating the thrust and drive to reach farther than others.
FORWARD LOOKING STATEMENTS
This communication contains statements that constitute forward looking statements including, without limitation, statements relating to the implementation of strategic initiatives and other statements relating to our future business developments and economic performance.
While these forward looking statements represent the managements judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.
These factors include, but are not limited to general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments and other key factors that could adversely affect our business and financial performance. Ramky Infra undertakes no obligation to publicly revise any forward looking statements to reflect future events or circumstances.