Shradha Infraprojects Ltd Management Discussions

• COMPANY OVERVIEW :

SHRADHA INFRAPROJECTS LIMITED ("SHRADHA") is an organisation providing environmentally friendly building and engineering services. SHRADHA constructed magnificent, famous buildings and completed a number of projects. Each infrastructure project helps us think bigger and construct more modern buildings, which helps us carve out a favorable niche for ourselves in the building industry. Some of the Shradha-initiated projects in Nagpur, Maharashtra, that have achieved remarkable success are listed below:

4 Shradha House 4 Victoria House 4 Mangalam Shradha

• OVERVIEW :

• Introduction:

Indias high growth imperative in 2023 and beyond will significantly be driven by major strides in key sectors with infrastructure development being a critical force aiding the progress.

Infrastructure is a key enabler in helping India become a US $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. Prime Minister Mr. Narendra Modi 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.

To meet Indias aim of reaching a US$ 5 trillion economy by 2025, 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.

• Market Size:

By 2040, real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the countrys GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for Indias growing needs.

Indias real estate sector saw over 1,700 acres of land deals in top eight cities in the first nine months of FY22. Foreign investments in the commercial real estate sector were at US$ 10.3 billion from 2017-2021. As of February 2022, Developers expect demand for office spaces in SEZs to shoot up after the replacement of the existing SEZs act.

As per ICRA estimates, Indian firms are expected to raise >Rs. 3.5 trillion (US$ 48 billion) through infrastructure and real estate investment trusts in 2022, as compared with raised funds worth US$ 29 billion to date.

The office market in the top eight cities recorded transactions of 22.2 msf from July 2020 to December 2020, whereas new completions were recorded at 17.2 msf in the same period. In terms of share of sectoral occupiers, Information Technology (IT/ITeS) sector dominated with a 41% share in the second half of 2020, followed by BSFI and Manufacturing sectors with 16% each, while Other Services and Co-working sectors recorded 17% and 10%, respectively.

Around 40 million square feet were delivered in India in 2021. It is expected that the country will have a 40% market share in the next 2-3 years. India is expected to deliver 46 million square feet in 2022.

According to Savills India, real estate demand for data centres is expected to increase by 15-18 million sq. ft. by 2025. In 2020, the manufacturing sector accounted for 24% of office space leasing at 5.7 million square feet. SMEs and electronic component manufacturers leased the most between Pune, Chennai and Delhi NCR, followed by auto sector leasing in Chennai, Ahmedabad and Pune. The 3PL, e-commerce and retail segments accounted for 34%, 26% and 9% of office space leases, respectively. Of the total PE investments in real estate in Q4 FY21, the office segment attracted 71% share, followed by retail at 15% and residential and warehousing with 7% each. In 2022, office absorption in the top seven cities stood at 38.25 million Sq. ft.

In the third quarter of 2021 (between July 2021-September 2021), new housing supply stood at ~65,211 units, increased by 228% YoY across the top eight cities compared with ~19,865 units launched in the third quarter of 2020.

In 2021-22, the commercial space is expected to record increasing investments. For instance, in October 2021, Chintels Group announced to invest Rs. 400 crore (US$ 53.47 million) to build a new commercial project in Gurugram, covering a 9.28 lakh square feet area.

According to the Economic Times Housing Finance Summit, about three houses are built per 1,000 people per year compared with the required construction rate of five houses per 1,000 population. The current shortage of housing in urban areas is estimated to be ~10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the countrys urban population.

• Global Economy

The baseline forecast is for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies-where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025-will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now-at 3.1 percent-is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. Core inflation is generally projected to decline more gradually. The global economy has been surprisingly resilient, despite significant central bank interest rate hikes to restore price stability. Chapter 2 explains that changes in mortgage and housing markets over the prepandemic decade of low interest rates moderated the near-term impact of policy rate hikes. Chapter 3 focuses on medium-term prospects and shows that the lower predicted growth in output per person stems, notably, from persistent structural frictions preventing capital and labor from moving to productive firms. Chapter 4 further indicates how dimmer prospects for growth in China and other large emerging market economies will weigh on trading partners.

• Indian Economy

Indias growth continues to be resilient despite some signs of moderation in growth, although significant challenges remain in the global environment, India was one of the fastest growing economies in the world.

The overall growth remains robust and is estimated to be 6.9% for the full year with real GDP growing 7.7% year on year during the first three quarters of FY 2022-23. There were some signs of moderation in the second half of FY 2022-23. Growth was underpinned by strong investment activity bolstered by the governments capex push and buoyant private consumption, particularly among higher income earners. Inflation remained high, averaging around 6.7% in FY 2022-23 but the current account deficit narrowed in Q3 on the back of strong growth in service exports and easing global commodity prices.

The World Bank has revised its FY 2023-24 GDP forecast to 6.3% from 6.6% (December 2022). Growth is expected to be constrained by slower consumption growth and challenging external conditions. Rising borrowing costs and slower income growth will weigh on private consumption growth and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic related fiscal support measures.

Although headline inflation is elevated, it is projected to decline to an average of 5.2% in FY 2023-24, amid easing global commodity prices and some moderation in domestic demand. The Reserve Bank of India has withdrawn accommodative measures to rein in inflation by hiking the policy interest rate. Indias financial sector also remains strong, buoyed by improvements in asset quality and robust private sector credit growth.

The central government is likely to meet its fiscal deficit target of 5.9% of GDP in FY 2023-24 and combined with consolidation in state government deficits, the general government deficit is also projected to decline. As a result, the debt to GDP ratio is projected to stabilize. On the external front, the current account deficit is projected to narrow to 2.1% of GDP from an estimated 3.0% in FY 2022-23 on the back of robust service exports and a narrowing merchandise trade deficit.

Spillovers from recent developments in financial markets in the US and Europe pose a risk to short-term investment flows to emerging markets, including India.

• Indian Infrastructure Sector:

Indian economy is driven through multiple economic sectors and infrastructure is one of the major sector contributions to continuous growth. The infrastructure sector in India is poised to grow at a CAGR of 8.2% by 2027. The launch of a quadrilateral economic forum by India, the US, Israel & the UAE in November 2021 has further added to the influx of infrastructure growth perspectives. Alternatively, the introduction to the "Infrastructure for Resilient Island States" program in November 2021 has shown a significant opportunity to improve the lives of vulnerable nations across the globe by enabling Indian infrastructure growth to flourish in tri-folds.

In order to meet Indias aim of reaching a US$ 5 trillion economy by 2025, 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& irrigation.

In India, about 42% of the projects in the NIP are under implementation, which means construction work is already going on. Another 19% is under the development stage, while a significant 31% is still in the conceptual stage. During the fiscals 2020 to 2025, sectors such as Energy (24%), Roads (19%), Urban (16%), and Railways (13%) amount to around 70% of the projected capital expenditure in infrastructure in India.

The real estate industry in India stands poised at the threshold of a transformative year in 2024. Characterized by a delicate balance of cautious optimism and burgeoning potential for growth, the sector plays a pivotal role in shaping the nations economic landscape.

In 2024, the Indian real estate sector exhibits promising indicators of market growth, fueled by stable interest rates and an upswing in property prices. This positive path creates an atmosphere of cautious optimism, suggesting a short-term boom. However, beyond immediate gains, the significance of real estate policies takes center stage, marking a crucial juncture for long-term economic sustainability.

Government initiatives, including infrastructure development and the Housing for All initiative, underscore the sectors commitment to stability and accessibility, fostering an environment conducive to sustained economic growth. As the industry grapples with challenges and opportunities, the real estate policies set forth in 2024 emerge as key drivers, holding the potential to contribute significantly to a thriving and sustainable economy in the long term.

Positive Indicators and Opportunities

The positive curve of Indias real estate sector in 2024 is underpinned by robust market growth observed in the preceding year, particularly in 2023. Latest reports from the Indian real estate industry indicate a continuation of this upward trend, showcasing resilience and promise. The confluence of stable interest rates and escalating property prices has fueled a demand surge, primarily in the residential segment, creating a buoyant market atmosphere.

Government initiatives play a pivotal role in fostering stability and accessibility within the real estate landscape. The implementation of the "Housing for All" initiative underscores a commitment to making housing a reality for every Indian citizen. This strategic move not only addresses the housing deficit but also propels economic activity by generating employment through construction and related sectors.

Further contributing to the positive outlook is the industrys sustainability push, exemplified by policies like the Green Rating for Integrated Habitat Assessment (GRIHA). These initiatives promote eco-friendly construction practices, aligning the real estate sector with global trends toward environmental consciousness. As sustainability becomes a focal point, developers and homebuyers alike are increasingly embracing green building standards, signaling a positive shift in the industrys ethos.

Challenges and Considerations

The real estate sector in India, while witnessing positive indicators, is not without its set of challenges and considerations that merit careful attention. Foremost among these is the critical importance of effective policy implementation.

While policies are devised with the best intentions, their success hinges on meticulous execution, streamlined processes, and a commitment to transparency. The industry must collaboratively work towards ensuring that governmental initiatives translate into tangible outcomes on the ground.

Affordability emerges as a paramount concern for fostering sustainable and inclusive growth. Despite commendable initiatives like the Pradhan Mantri Awas Yojana (PMAY), addressing the housing needs of low and middle-income segments, challenges persist. The complexities of land acquisition and the need for well-developed infrastructure in affordable housing projects require ongoing attention to bridge the affordability gap and facilitate broader economic participation.

The delicate task of balancing the market introduces another layer of consideration. While the overall market showcases positive trends, theres a need for vigilance, especially in the luxury segment. Some experts caution about the potential for corrections in this high-end market, emphasizing the necessity for measured growth and equilibrium to prevent market imbalances.

Specific Policy Examples and its Impact

The impact of specific policies and insights from industry experts play a crucial role in shaping the landscape. One notable policy with substantial implications is the increased rebate on home loan interest rates, as proposed in Budget 2024.

This measure aims to make homeownership more accessible, stimulating demand and potentially propelling the market forward. The economic significance of such policies is underscored by their direct influence on consumer behavior and market dynamics.

The governments strategic focus on Tier II and III cities is another policy move that bears significant weight. Initiatives like the Smart Cities Mission not only promote infrastructure development in smaller cities but also open up new avenues for real estate growth beyond the traditional metros.

The potential integration of a centralized digital property registration platform is yet another policy direction that aligns with global trends, aiming to enhance transparency, speed up transactions, and reduce fraud. Such digitalization efforts can revolutionize the real estate sector, streamlining processes and fostering a more efficient market.

Emphasis on sustainability is a recurring theme, with experts anticipating a heightened focus on eco-friendly features and green technologies in 2024. This shift not only aligns with global environmental concerns but also reflects changing consumer preferences. Furthermore, the industrys call for granting industry status to real estate underscores the need for broader recognition, offering potential benefits like easier access to credit and tax breaks.

Market size and growth projections

In the context of the Indian real estate industry, a forward-looking perspective involves a thorough examination of data and projections for the year 2024. Market size and growth projections indicate a robust trajectory, with experts predicting a 15-20% growth in new residential launches. This momentum underscores the sectors resilience and continued market activity.

Affordable housing initiatives, such as the Pradhan Mantri Awas Yojana (PMAY), remain pivotal in addressing housing needs. As of December 2023, over 3.8 crore houses have been sanctioned under PMAY-Urban, contributing significantly to increased housing supply for low-income groups. The governments ambitious target of completing 1 crore houses under PMAY-Urban by 2024 signifies a concerted effort to bridge the housing gap.

Foreign Direct Investment (FDI) emerges as a catalyst for economic growth within the real estate sector. With the government allowing up to 100% FDI in specific segments, there exists a potential influx of foreign capital that could significantly contribute to the industrys expansion. This not only fosters economic growth but also positions India as an attractive destination for global real estate investment.

Employment statistics further underscore the sectors socio-economic impact. The real estate and construction sector currently employs over 80 million people in India, reflecting its significant role in job creation. As the industry grows, theres a parallel opportunity for increased employment, contributing to the overall socio-economic development of the country.

However, amidst these positive projections, challenges persist. Vacancy rates in certain cities, despite strong demand, highlight the need for a balanced approach to development. Additionally, fluctuations in interest rates pose potential challenges, necessitating vigilant monitoring and adaptive policy measures.

Infrastructural Projects in India

India has been undertaking numerous major infrastructure projects aimed at enhancing transportation, energy, urban development, and connectivity across the country. Some key infrastructural projects undertaken or planned in India include:

Infrastructure Growth Highlights

1. Bharatmala Pariyojana: This is a centrally sponsored and funded road and highways project aimed at improving the efficiency of freight and passenger movement across the country. It involves the construction of new highways, bridges, and road upgrades, covering over 65,000 km and connecting various economic corridors.

2. Smart Cities Mission: Launched by the Government of India, this initiative aims to develop 100 smart cities across the country with modern infrastructure and amenities, including efficient urban mobility, sustainable energy management, and advanced digital technologies.

3. Pradhan Mantri Gram Sadak Yojana (PMGSY): This scheme aims to provide all-weather road connectivity to rural areas, promoting economic development and social inclusion. It focuses on constructing and upgrading rural roads to improve access to markets, healthcare, and education.

4. Delhi-Mumbai Industrial Corridor (DMIC): This ambitious project aims to develop an industrial corridor spanning across six states in India, connecting the political capital, Delhi, with the financial capital, Mumbai. It includes the development of industrial zones, logistics hubs, and infrastructure to attract investments and promote manufacturing activities.

5. Dedicated Freight Corridor (DFC) Project: This project involves the construction of dedicated freight corridors for high-speed freight trains, aimed at decongesting existing rail networks and improving the efficiency of freight transportation. The Eastern and Western Dedicated Freight Corridors are expected to significantly enhance rail connectivity for freight movement.

6. Sagarmala Project: Aimed at promoting port-led development, this project focuses on modernizing existing ports, developing new ports, enhancing port connectivity through road and rail networks, and promoting coastal shipping and inland waterways transportation.

7. Clean Ganga Mission (Namami Gange): This project aims to rejuvenate the Ganges river and its tributaries by controlling pollution, conserving biodiversity, and promoting sustainable water management practices. It involves the construction of sewage treatment plants, riverfront development, and public awareness campaigns.

8. National High-Speed Rail Corridor (Bullet Train): Indias first high-speed rail project, connecting Mumbai and Ahmedabad, is being implemented with assistance from Japan. This project aims to revolutionize intercity travel by reducing travel time between the two cities to under three hours.

These are just a few examples of the major infrastructural projects underway or planned in India, demonstrating the governments commitment to fostering economic growth, improving connectivity, and enhancing the quality of life for its citizens.

• FDI in Infrastructure in India

Foreign Direct Investment (FDI) in the construction development (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activity sectors stood at US$ 26.17 billion and US$ 26.30 billion, respectively, from April 2000 - Dec 2021, according to the Department for Promotion of Industry and Internal Trade (DPIIT). Infrastructure-related operations made about 13% of the US$ 81.72 billion total FDI inflows in the financial year (FY) 2021. Indias infrastructure is anticipated to expand at a compound annual growth rate (CAGR) of almost 7% during the forecast period (2019-2028).

Highway construction would be done, with 2,500 km of access control highways, 9,000 km of economic corridors, 2,000 km of coastline and land port roads, and 2,000 km of strategic highways. The FASTag system promotes greater highway commercialization, allowing the National Highways Authority of India (NHAI) to raise more funds. Before 2024, it was projected to monetize at least 12 lots of roadway bundles totalling more than 6,000 km. The government has set aside US$ 236 billion (Rs. 1,963,943 crores) in the budget for road infrastructure.

The government-sponsored National Investment and Infrastructure Fund (NIIF) received a funding commitment of US$ 100 million from the multilateral Asian Development Bank (ADB) in 2020. Between the financial years (FY) 2000 and (FY) 2019, inflows in the verticals of townships, construction development projects, and housing were estimated at US$ 25.5 billion. 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.

Infrastructure Growth Highlights

• Surety Bond Insurance

The road, transport, and highways ministry launched the countrys first-ever surety bond insurance product, a move that would reduce the dependence of infra developers on bank guarantees.

Surety Bond Insurance acts as a security arrangement for infrastructure projects and insulates the contractor as well as the principal. The product caters to the requirements of a diversified group of contractors, many of whom are operating in todays increasingly volatile environment. The Surety Bond Insurance is a risk transfer tool for the principal and shields the principal from the losses that may arise in case the contractor fails to perform their contractual obligation.

• Research Development

According to the Ministry of Road Transport & Highways, National Institute of Technology, Silchar, (NIT Silchar) and National Highways Infrastructure Development Corporation Limited (NHIDCL), have signed an MoU to boost cooperation in the field of highway engineering and other infrastructure works.

"National Highways & Infrastructure Development Corporation Ltd (NHIDCL), a CPSE under the Ministry of Road Transport & Highways has signed MoU with NIT, Silchar on 26th October 2022 for seeking and promoting innovative technologies to find pragmatic solutions to the challenges posed in the construction of highways facing extreme climatic conditions".

• Road & Transport System

National highways account for 2% of the total road network and carry over 40% of total traffic. Highway construction in India increased at 17.00% CAGR between FY16-FY21. Despite the pandemic and lockdown, India has constructed 13,298 km of highways in FY21. In FY21, 13,298 km of the highway was constructed across India.

The market for roads and highways is projected to exhibit a CAGR of 36.16% during 2016-2025. Almost 40% (824) of the 1,824 PPP projects awarded in India until December 2019 were related to roads.

The highways sector in India has been at the forefront of performance and innovation. The government has successfully rolled out over 60 projects worth over US$ 10 billion based on the Hybrid Annuity Model (HAM). HAM has balanced risk appropriately between private and public partners and boosted PPP activity in the sector.

• Road to Future

The roadmap to Indias infrastructure is exciting and the new decade seems to be promising. More and more green and clean initiatives are happening across government bodies in major countries, especially, the Indian government has given the much-needed push to the infrastructure sector in the recent 2021 budget. India is looking at a US$ 5 trillion economy dream.

As per the Department for Promotion of Industry and Internal Trade (DPIIT), FDIs in the construction development and construction sector stood at US$ 26.17 billion and US$ 26.30 billion, respectively, between the period of April 2000 and December 2021. The logistics sector in India is rising at a CAGR of 10.5% annually which shows that both in terms of investments and revenue the infra game is going strong.

India is now at a juncture where a huge investment in R&D for energy-efficient and green fuel is much-needed. Thus, boosting the overall infrastructure.

• Investments / Developments

Indian real estate sector has witnessed high growth in the recent times with rise in demand for office as well as residential spaces. The Private Equity Investments in Indias real estate sector, stood at US$ 4.2 billion in 2023.

The Securities and Exchange Board of India lowered the minimum application value for Real Estate Investment Trusts from Rs. 50,000 (US$ 685.28) to Rs. 10,000-15,000 (US$ 137.06 - US$ 205.59) to make the market more accessible to small and retail investors.

FDI in the sector (including construction development & activities) stood at US$ 55.5 billion from April 2000- December 2022.

Some of the major investments and developments in this sector are as follows:

• The sale of luxury homes in India increased by 130% in the first half of 2023 compared to the corresponding period of the previous year. Between January-June 2023, 6,900 luxury homes costing Rs. 4 crore (US$ 488,011.96) and above were sold, as opposed to 3,000 in 2022.

• In Indias top eight cities, housing prices rose 7% year-over-year due to strong housing demand supported by persistent purchaser demand and steady borrowing rates.

• The Indian real estate sector witnessed strong private equity (PE) investments of US$ 1.92 billion in Q2 of 2023, demonstrating investor confidence in the market. According to the most recent Investment report from Cushman & Wakefield, this was 63% higher than the previous quarter (Q1 of 2023) and 60% higher than the same time last year.

• In July 2023, Delhi-NCR emerged as the third biggest city in the Asia Pacific in having flexible office space stock beating Beijing and Seoul, while Bengaluru retained the top spot, according to real estate consultant CBRE.

• Transactions for office spaces in April-June 2023, which totalled 14.8 million square feet, represented the highest quarterly figure recorded since Q1 2021.

• During the first half of 2023, institutional investments in the office sector increased by 2.5 times year-on-year, reaching US$ 2.7 million.

• In FY23, Delhi-NCR received 32% of the total private equity (PE) investment in the real estate sector.

• Sales in the luxury residential market scaled by 151% year-over-year (y-o-y) in the quarter from January-March, 2023.

• Housing sales in top seven Indian cities stood at 1.14 lakh units in Q1 of 2023, an increase of over 99,500 units compared to the same period of 2022.

• In Q1 of 2023, Bengaluru, Delhi-NCR and Chennai together accounted for two-thirds of quarterly demand. At 27%, flexible workspace was the biggest contributor to demand.

• As of June 5, 2023, 119.7 lakh houses have been sanctioned and 74.75 houses have been completed and delivered to urban poor under the Pradhan Mantri Awas Yojana-Urban (PMAY-U).

• Between January-July 2022, private equity investment inflows into the real estate sector in India stood at US$ 3.27 billion.

• Home sales across top eight cities in India surged 68% YoY to reach ~308,940 units in 2022, signifying a healthy recovery in the sector.

• Retail real estate segment attracted institutional investments of US$ 492 million in 2022.

• In the third quarter of 2021, the Institutional real estate investment in India increased by 7% YoY. Investment registered in the first nine months of 2021 stood at US$ 2,977 million, as against US$ 1,534 million in the same period last year.

• In November 2021, Ascendas India bought Aurum Ventures 16-storey commercial tower in Navi Mumbai for Rs. 353 crore (US$ 47 million), making it the largest deal of a standalone commercial tower by a global institutional investor during the past few years.

• REA India-owned online real estate company Housing.com tied up with online legal assistance start-ups LegalKart, Lawrato, Vidhikarya and Vakil in 2021 to offer legal advice and assistance to homebuyers.

• Top three cities—Mumbai (~39%), NCR-Delhi (~19%) and Bengaluru (~19%)—attracted ~77% of the total investments recorded in the third quarter of 2021.

• Indias flexible space stock was likely to expand by 10-15% YoY, from the current 36 million sq. ft., in the next three years, according to a report by CBRE.

• To establish an investment platform for the Indian retail-led mixed-use assets, in June 2021, GIC announced to acquire a minority stake in Phoenix Mills portfolio (worth US$ 733 million).

• In May 2021, Blackstone Real Estate acquired Embassy Industrial Parks for Rs. 5,250 crore (US$ 716.49 million) to expand its presence in the country.

• To expand into the Indian real estate market, SRAM & MRAM Group collaborated with Area CAS Developers and Infrastructure Private Limited (Area Group), and Gupta Builders and Promoters Private Limited (GBP Group) of India. It plans to invest US$ 100 million in the real estate sector.

• According to Anarock, housing sales in seven cities increased by 29% and new launches by 51% in Q4 FY21 over Q4 FY20.

• Private market investor, Blackstone, which has significantly invested in the Indian real estate sector (worth Rs. 3.8 lakh crore (US$ 50 billion) is seeking to invest an additional Rs. 1.7 lakh crore (US$ 22 billion) by 2030.

• GOVERNMENT INITIATIVES

Government of India along with the governments of respective States has taken several initiatives to encourage development in the sector. The Smart City Project, with a plan to build 100 smart cities, is a prime opportunity for real estate companies. Below are some of the other major Government initiatives:

• In the Union Budget 2023-24, the Finance Ministry announced a commitment of Rs. 79,000 crore (US$ 9.64 billion) for PM Awas Yojana, which represents a 66% increase compared to the last year.

• In October 2021, the RBI announced to keep benchmark interest rate unchanged at 4%, giving a major boost to the real estate sector in the country. The low home loan interest rates regime was expected to drive the housing demand and increase sales by 35-40% in the festive season in 2021.

• Under Union Budget 2021-22, tax deduction up to Rs. 1.5 lakh (US$ 2069.89) on interest on housing loan, and tax holiday for affordable housing projects have been extended until the end of fiscal 2021-22.

• The Atmanirbhar Bharat 3.0 package announced by Finance Minister Mrs. Nirmala Sitharaman in November 2020 included income tax relief measures for real estate developers and homebuyers for primary purchase/sale of residential units of value (up to Rs. 2 crore (US$ 271,450.60) from November 12, 2020 to June 30, 2021).

• In order to revive around 1,600 stalled housing projects across top cities in the country, the Union Cabinet approved the setting up of Rs. 25,000 crore (US$ 3.58 billion) alternative investment fund (AIF).

• Government created an Affordable Housing Fund (AHF) in the National Housing Bank (NHB) with an initial corpus of Rs. 10,000 crore (US$ 1.43 billion) using priority sector lending short fall of banks/financial institutions for micro financing of the HFCs.

• As of December 31, 2022, India had formally approved 425 SEZs, and as of January, 2023, 270 SEZs are operational. Most special economic zones (SEZs) are in the IT/ BPM sector.

• Road Ahead

The Securities and Exchange Board of India (SEBI) has given its approval for the Real Estate Investment Trust (REIT) platform, which will allow all kind of investors to invest in the Indian real estate market. It would create an opportunity worth Rs. 1.25 trillion (US$ 19.65 billion) in the Indian market in the coming years. Responding to an increasingly well-informed consumer base and bearing in mind the aspect of globalisation, Indian real estate developers have shifted gears and accepted fresh challenges. The most marked change has been the shift from family-owned businesses to that of professionally managed ones. Real estate developers, in meeting the growing need for managing multiple projects across cities, are also investing in centralised processes to source material and organise manpower and hiring qualified professionals in areas like project management, architecture and engineering.

The residential sector was expected to grow significantly, with the central government aiming to build 20 million affordable houses in urban areas across the country by 2022, under the ambitious Pradhan Mantri Awas Yojana (PMAY) scheme of the Union Ministry of Housing and Urban Affairs. Expected growth in the number of housing units in urban areas will increase the demand for commercial and retail office space.

The current shortage of housing in urban areas was estimated to be ~10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the countrys urban population.

The growing flow of FDI in Indian real estate is encouraging increased transparency. Developers, in order to attract funding, have revamped their accounting and management systems to meet due diligence standards. Indian real estate was expected to attract a substantial amount of FDI with US$ 8 billion capital infusion by FY22.

• Companys Vision

Throughout the past three decades, the Company has expanded in number and joined growing infrastructure segments. After achieving success in the select areas of businesses, the company today has a much more focused approach and is picking projects which suit its credentials, improve its credibility and enrich the society in general. Shradha has secured orders in all these segments for infrastructure development which helped the company grow faster. Shradha is now looking forward to major prospects for new contracts in selected markets. Manufacturing Systems are observed to see growth with some steady feedback from other industrial and infrastructure sectors. Shradha has adopted a policy to carefully choose new projects based on proper risk assessment. Revenue and Order Book are expected to grow at steady pace. Having achieved a strong market share, the focus is now on improving Operational Excellence, Digitalization of key business processes, improving the Engineering methods by adoption of new techniques in general, Execution capabilities and leadership teams.

On the occasion of completing 26 years in business, we take this opportunity to thank every individual and stakeholder who has contributed to this success story.

• Opportunities And Challenges

Opportunities

As India awaits policy reforms to pick up speed, your Company firmly believes that the demand for Real Estate in a country like India should remain strong in the medium to long term. Your Companys well accepted brand, contemporary architecture, well designed projects in strategic locations, strong balance sheet and stable financial performance even in testing times make it a preferred choice for customers and shareholders. Your Company is ideally placed to further strengthen its development potential by acquiring new land parcels.

Challenges

While the management of your Company is confident of creating and exploiting the opportunities, it also finds the following challenges:

• Unforeseen delays in project sanctions;

• Readiness of accomplished and trained labour force;

• Concerns due to ongoing pandemic situation;

• Increased cost of labor manpower;

• Rising cost of construction lead by increase in commodity prices;

• Growth in auxiliary infrastructure facilities; and

• Over regulated environment.

Company Strengths

Your Company continues to capitalize on the market opportunities by leveraging its key strengths.

These include :

1. Brand Reputation: Enjoys higher recall and influences the buying decision of the customer. Strong customer connects further results in higher premium realizations.

2. Execution: Possesses a successful track record of quality execution of projects with contemporary architecture.

3. Strong cash flows: Has built a business model that ensures continuous cash flows from their investment and development properties ensuring a steady cash flow even during the adverse business cycles.

4. Significant leveraging opportunity: Follows conservative debt practice coupled with enough cash balance which provides a significant leveraging opportunity for further expansions.

5. Outsourcing: Operates an outsourcing model of appointing globally renowned architects/contractors that allows scalability and emphasizes contemporary design and quality construction - a key factor of success.

6. Transparency: Follows a strong culture of corporate governance and ensures transparency and high levels of business ethics.

7. Highly qualified execution team: Employs experienced, capable and highly qualified design and project management teams who oversee and execute all aspects of project development.

Key Developments in FY 2023-24

• During the year FY 2023-24, the work of Re sectioning of the disturbed dam profile of Ravishankar Sagar Dam Gangrel. Chhattisgarh, India as per the order received from M/s Chakradhar Contractors & Engineers Pvt. Ltd., is in progress.

• The Construction of Four- Lane "Western Side Spur of Rampur -Rudrapur Section Connecting NH-24 to NH-87 by passing Rampur Town" (Design Km 00+000) to (Design Km 13 + 700) on EPC Mode in the State of Uttar Pradesh for a consideration of Rs. 221.46 Crores, as awarded from National Highway Authority of India to Digvijay Construction Private Limited and further sub-contracted to M/s Digvijay Shradha Infrastructure Private Limited [Fellow Subsidiary of Shradha Infraprojects Limited] vide Sub Contract agreement is in process and

• During the year FY 2023-24 M/s Active Infrastructures Private Limited (unlisted material subsidiary Company )has entered into various sell agreements with the parties for sale of property owned by the Company situated at "Riaan Towers", at Dr. Rangilal Marg, Mangalwari Bazar Road, Sadar, Nagpur.

• The work of the new Residential Group Housing Scheme in the name of Abhiman Niwas which is a 7 Towers (i.e. 4 no. towers - 1BHK and 3 no. Towers - 2 BHK) scheme in the prime location situated at Isasani, Hingna, Nagpur is in process.

OUR PROJECTS - OUR LANDMARK

A. SHRADHA HOUSE

Name of the Project :	Shradha House
Location :	Plot No. 345, House No 874, Kingsway, Mohannagar, Nagpur-440001
Area :	52,684 Square Feet
No. of Floors :	Ground + 6 stories
Description of Project :	Corporate Offices, Professional Chamber, Retail Outlets & Banks
No. of Blocks :	43 Blocks
No. of Amenities Available :	Under Ground Parking, Lift, Water
Commencement Date :	June, 2000
Completion Date :	March, 2002

B. MANGALAM SHRADHA

Name of the Project :	Mangalam Shradha
Location :	M No 579, Ward no 6, Situated At on Junction of Umrer Road and Sever Road Model Mill, Ganeshpeth, Nagpur - 440033.
Area :	2,70,000 square feet
No. of Floors :	Ground + 8 stories
Description of Project :	Residential-cum-Commercial with retail on the ground floor
No. of Flats and Blocks :	80 Flats and 40 Blocks
No. of Amenities Available :	Garden, Gym, Mini Theatre, Allotted Parking, Lift, Water, Security.
Commencement date :	July, 2012
Completion date :	April, 2016

C. VICTORIA HOUSE

Name of the Project :	Victoria House
Location :	Corporation House No. 331, 188, 188/U1, Ward No 65, Mohan Nagar, Nagpur - 440001.
Area :	25,000 square feet
No. of Floors :	Ground + 6 stories
Description of Project :	State-of-the-art Nursing Home Project
No. of Blocks :	5 Blocks
No. of Amenities Available :	Allotted Parking, Lift
Commencement date :	March, 2011
Completion date :	March, 2015

D. SHRADHA BUSIPLEX

(A project by Mrugnayani Infrastructures Pvt. Ltd. a 51% Owned Subsidiary Company of our Company)

Name of the Project :	Shradha Busiplex
i Location :	Hinganghat, District Wardha
Area :	60,000 square feet
: No. of Floors :	Basement, Ground + 2 Stories structure
j Description of Project :	Retail Mall plus Offices
i No. of Blocks :	169 Blocks
No. of Amenities Available :	Parking, Lift, Water, Security
? Commencement Date :	June, 2011
: Completion Date :	June, 2015

E. UNDER CONSTRUCTION PROJECTS :

I. We have a project "Victoria II" which is now renamed as Riaan Corporate Park is under development through SUNTECH INFRAESTATE NAGPUR PRIVATE LIMITED (Wholly Owned Subsidiary Company).

1. SUNTECH INFRAESTATE NGP PVT LTD.

* Perspective view of the Ongoing Project. Current images of the Project Site

• Name of Project	- Riaan Corporate Park
• Description of Project	- Corporate Offices and Shops
• Location	- CTS No. 2081, Sheet No.176/29, Corporation House No. 207, Ward No.65, Mouza Sitabuldi, Kamptee Road, LIC Square, Nagpur.
• No. of Floors	- Basement + Ground + Mezz + 12 Floors
• Construction Area	- 18169.71 Sq.mtrs
• No. of Offices/Shops	- 70 Offices and 5 Shops.

2. ACTIVE INFRASTRUCTURES PRIVATE LIMITED (Riaan Towers)

II. We have a project "Riaan Towers" which is under development through ACTIVE INFRASTRUCTURES PRIVATE LIMITED (Wholly Owned Subsidiary Company).

"Perspective view of the ongoing project. Current images of the Project Site:

• Name of Project	- Riaan Towers
• Description of Project	- Office Blocks and Coaching Institute, College
• Location	- Plot No. 84 & 85, CTS No.472/3, Corporation House No. 150, Ward No. 63, Mouza - Wadpakhad, Dr. Rangilal Marg, Mangalwari Bazar Road, Sadar, Nagpur.
• No. of Floors	- Basement + Ground + Mezz + 11 Floors
• Construction Area	- 26691.69 Sq.mtrs
• No. of Blocks	- 145 Blocks

3. SANJEEVANI

III. We have project in the pipeline in SHRADHA INFRAPROJECTS LIMITED

"Perspective view of the Ongoing Project. Current images of the Project Site:

• Name of Project	- SANJEEVANI
• Description of Project	- Educational Building
• Location	- Plot no. 245,246 Khasra No.30, CTS no. 951, Civil Station Expansion Scheme, Gokulpeth, Nagpur.
• No. of Floors	- Basement + Ground +7 Floors
• Construction Area	- 3442.18 Sq.mtrs

4. ABHIMAN NIWAS

IV. We have project in the pipeline in SHRADHA INFRAPROJECTS LIMITED i.e. Construction of Residential Group Housing Scheme.

*Perspective view of the Ongoing Project.

Current Images of the Project Site

• Name of Project	- ABHIMAN NIWAS
• Description of Project	- Residential Group Housing Scheme
• Location	- Khasra no.119, Mouza - Isasani, Hingna, Nagpur.
• No. of towers	- 7 Towers (i.e 4 no. towers - 1BHK and 3 no. Towers - 2 BHK)
• No. of Floors	- Ground + 5 Floors
• Construction Area	- Phase I - 64200 Sq.feets Phase II - 151800 Sq.feets
• No. of Flats	- 40 Flats in one Building. (Total 240 Flats in 7 tower / buildin

5. Digvijay Shradha Infrastructure Private Limited

V. We have project in the pipeline in the Stepdown Subsidiary Company - Digvijay Shradha Infrastructure Private Limited i.e. Construction of Four-lane "Western Side spur of Rampur - Rudrapur Section

Current Images of the Project Site

Name of Project	- Construction of Four-lane "Western side spur of Rampur - Rudrapur section connecting NH-24 (NEW NH-09) to NH-87 bypassing Rampur town" (Design Km 00+000 to Design Km 13+700) on EPC Mode in the state of Uttar Pradesh.
Length of Project	- 13.70 Km ( Rampur - Rudrapur )
Location	- Rampur , Uttar Pradesh
Estimated Cost	- Rs. 240.40 Cr

6. Shradha Infraprojects Limited

VI. We have project in the pipeline in the Company -Shradha Infraprojects Limited i.e. Re sectioning of the disturbed dam profile as per design section, Resetting of disturbed u/s _ rip-rap/pitching, Repair ofroad, parapet walls at dam top, Turfing on the d/s face of dam, construction of road da m top to gallery & gauge well, Fencing of D/S of Dam., Construction of boundary pillar at M.W.L. at submergence of Ravishankar Sagar Dam Gangrel."

Current images of the Project Site:

Name of Project	- Re sectioning of the disturbed damprofile as per design section, Resetting of disturbed u/s _ rip-rap/pitching, Repair ofroad, parapet walls at dam top, Turfing on the d/s face of dam, construction of road da m top to gallery & gauge well, Fencingof D/S of Dam., Construction of boundary pillar at M.W.L. at submergence of Ravishankar Sagar Dam Gangrel.
Location	- Dhamtari District Chattisgarh, India
Estimated Cost	- Rs. 5.33/- Crores

• FINANCIAL PERFORMANCE :

Abridged Profit and Loss Statement

(Amount in Rs. Lakhs except EPS)

Description	Standalone	Standalone	Consolidated	Consolidated
	2023-24	2022-23	2023-24	2022-23
Revenue from Operations	1308.58	102.39	11044.93	9042.22
Other Income	620.14	930.70	657.94	708.31
Total Income	1928.72	1033.09	11702.87	9750.53
Purchase of Stock- in- trade	759.12	43.17	8688.56	7671.41
Employee Benefits Expense	61.62	82.53	71.12	84.50
Financial Expenses	0.09	2.05	14.76	4.21
Depreciation & Amortization Expenses	6.33	8.29	345.48	12.40
Other Expenses	48.01	51.18	111.47	63.01
Total Expenses	875.18	187.23	9231.40	7835.54
Profit / (Loss) before Exceptional Items and Tax	1053.54	845.86	2471.47	1915.00
Exceptional Items	-	-	-	-
Profit Before Tax	1053.54	845.86	2471.47	1915.00
Tax Expenses	105.44	154.31	469.69	488.62
Profit After Tax	948.10	691.54	2001.78	1426.38
Other Comprehensive Income	4.72	0.65	7.89	0.65
Tax expenses	-	-	-	-
Net Amount
Total Comprehensive Income	952.82	692.19	2009.67	1427.03
Less- Share of Non-Controlling Interest	-	-	-	-
Profit for the year for the owners of the Company	-	-	-	-
Earnings per share (Basic)	4.68	3.42	9.21	7.01
Earnings per share (Diluted)	4.68	3.42	9.21	7.01

Note: Previous years figures have been regrouped / reclassified wherever necessary to correspond with the current years classification / disclosure.

• On Standalone basis

(a) Income Analysis :	The Companys total revenues for the current year ended 31st March, 2024 stood at Rs. 1928.72 Lakhs/-
(b) Expense Analysis :	Depreciation and Finance cost
	Depreciation during 2023-24 amounted to Rs. 6.33/- Lakhs.
	Finance cost decreased to Rs. 0.09/- Lakhs in 2023-24 as compared to Rs. 2.05/- Lakhs in 2022-23.
(c) Profit Analysis :	PBT during 2023-24 was Rs. 1053.54/- & Profit after tax for 2023-24 was Rs. 948.10./-.
(d) Net Worth :	The Net worth of the Company is Rs. 6820.70/- Lakhs.

• On Consolidated basis

(a) Income Analysis :	The Companys total revenues for the current year ended 31st March, 2024 stood at Rs. 11702.87/-
(b) Expense Analysis :	Depreciation and Finance Cost
	Depreciation during 2023-24 amounted to Rs. 345.48/- Lakhs
	Finance cost increased to Rs. 14.76/- in 2023-24 as compared to Rs. 4.21/- in 2022-23.
(c) Profit Analysis :	PBT during 2023-24 was Rs. 2471.47/- & Profit after tax for 2023-24 was Rs. 2001.78/-.
(d) Net Worth :	The Net worth of the Company is Rs. 9180.24/-.

• KEY RATIO INDICATOR

Sr. No	Ratio	Current Period	Previous Period	% Variance	Reason for Variance
(a)	Current Ratio	7.69	4.71	63.29%	Substantial Decrease in current liabilities due to repayment of Bank OD amount.
	(Current Assets / Current Liabilities)
(b)	Debt-Equity Ratio (Total Debt/ Total Equity)	0.02	0.08	-77.22%	Substantial Decrease in bank OD during the year.
(c)	Debt Service Coverage Ratio	0.60	0.30	99.09%	Increase in amount to be paid next year based on repayments done in current year for bank OD.
	(EBITDA & Non Cash Items / Total Installment)
(d)	Return on Equity Ratio	0.15	0.12	22.12%	N. A
	(Net Profit After Tax / Average Shareholders Equity)
(e)	Inventory turnover ratio	0.70	0.08	825.10%	Substantial increase in revenue from operations as compared to previous year.
	(Net Sales / Average inventory)
(f)	Trade Receivables turnover ratio	34.66	1.89	1733.42%	Substantial increase in revenue from operations as compared to previous year.
	(Net sales / Average accounts receivable)
(g)	Trade Payables turnover ratio	7.09	2.17	227.48%	Increase in Direct expenses as compared to last year.
	(Net Credit Purchases/ Average accounts payable)
(h)	Net capital turnover ratio	0.39	0.04	816.52%	Substantial increase in sales as compared to previous year.
	(Net Sales / Working Capital)
(i)	Net profit ratio	0.72	6.75	-89.27%	Substantial increase in sales as compared to previous year.
	(Profit After Tax / Net Sales)
(j)	Return on Capital employed	0.15	0.13	14.59%
	(EBIT / (Total net worth - Intangible Assets +Total debt - Deferred Tax Asset)
k)	Return on investment (Gain on Investment / Total Investment)	0.00	0.14	-100.00%	No dividend Received in current year as compared to last year

• INTERNAL CONTROL SYSTEM

The Company has a sufficient system of internal controls to support managements evaluation of the effectiveness of the financial and operational controls and to provide assurance on adherence to the Companys established systems and procedures. Internal Controls and paperwork are in place for all actions in accordance with the requirements of the Companies Act, 2013, which was passed in 2013. Internal auditors and statutory auditors have independently examined internal financial controls (IFC) at the entity and operational levels and have both expressed satisfaction with the efficacy of the controls. To guarantee that transactions are properly authorised, accurately recorded, and that assets are protected, controls are periodically reviewed. The Audit Committee periodically examines the conclusions and suggestions made by the Auditors and makes any necessary corrections.

The Company has also concentrated on modernising the IT infrastructure, including the hardware and software components. To make sure that the controls are operating effectively in all of the companys major functional areas, the company is now examining the process documentation.

• RISKS AND CONCERNS:

To manage risks with the ultimate goal of maximising stakeholders value, the company has an integrated and organised enterprise risk management process. At Shradha, the risk management process typically entails risk identification, assessment, prevention, prioritisation, and monitoring. With the aid of this technique, the Company is better able to take informed decisions about the creation of opportunities, effectively manage risks to acceptable levels, and enhance confidence in the accomplishment of its desired goals and objectives.

• Risk Management Framework

The Company has a defined Risk Management policy applicable to all businesses of the Company. This aids in locating, evaluating, and minimising risk that might affect the Companys productivity and attainment of its corporate goals. The various business and functional chiefs across the organisation keep a close eye on the risks. The Company is subject to a number of risk factors because of the nature of the industry it operates in. These risk factors can be broadly categorised as political, competitive, operational, and financial concerns. From the pre-bid phase through project execution and project conclusion, risk management procedures are followed at all times.

Future projects incorporate the key project takeaways after an analysis of the key project learnings. The Company regularly holds knowledge-sharing workshops to reinforce the fundamentals of risk management, as well as its requirements and advantages. Independent directors and senior management make up the companys risk management committee. The Risk Management Committee evaluates each major risk that has been identified as well as any new threats on a quarterly basis and determines the status of any plans or mitigation measures.

• HUMAN RESOURCE (HR)

SHRADHA has always held the view that our companys human resources are a valuable asset. Sustainability of the firms for decades is an uncommon occurrence in todays fast evolving economic, sociopolitical, and business climate of VUCA (Volatile, Uncertain, Complex, and Ambiguous) environment. The Companys highly experienced and dedicated personnel, whose combined dedication has enabled the organisation to reach new heights by celebrating 24 years of project success, is its greatest asset. Each Division is able to preserve the human strategic advantage thanks to the HR functions complete specialisation in responding to the various human resource needs of the Companys business verticals.

• HEALTH AND SAFETY:

SHRADHA is dedicated to the workers health and safety at all times. All employees are given a tidy, sanitary, and welcoming workplace by your company. Your company has increased its efforts to guarantee the health and safety of its employees during the epidemic. All buildings and sites undergo routine cleaning, social distance standards are observed, sanitizers are installed in various places, visitor entryways are kept to a minimum, and masks are required. Weekly mailers are distributed to employees to inform them of the safety precautions to be taken during pandemic times.

• OUTLOOK

In 2024, India stands poised for significant economic leadership on the global stage. The real estate sector is set to sustain its robust growth trajectory, driven by rising GDP per capita, increasing disposable incomes, rapid urbanization, and heightened global attention on India as a burgeoning economic powerhouse.

The burgeoning earning potential, aspirations for higher living standards, and evolving consumer lifestyles have catalyzed substantial expansion within the sector. With synchronized economic growth, the premium housing segment is expected to experience heightened demand in the foreseeable future."

• CAUTIONARY STATEMENT

The forward-looking statements in this management discussion and analysis reflect the current beliefs of your company on upcoming developments and financial performance. Numerous factors could cause the actual outcomes to significantly deviate from those projected in the forward-looking statements.

The Company disclaims all liability and obligation to publicly update or revise any forward-looking statements to reflect new information, future developments, or other factors. Actual results could significantly vary from those projected in the statement. The regulatory authoritys determination of tariff and other charges and levies, changes to government rules and tax laws, local economic trends, as well as other elements on a worldwide scale, are important variables that could have an impact on the companys operations.

The Companys financial statements are prepared using the historical cost convention, on the accrual basis of accounting, and in compliance with Section 133 of the Companies Act, 2013 (the "Act") and the Indian Accounting Standards. In order for the financial statements to accurately and fairly depict the situation and profit for the year, the management of SHRADHA INFRAPROJECTS LIMITED ("SHRADHA") has employed estimates and judgements relevant to the financial accounts on a cautious and reasonable basis.

On behalf of the Board

For SHRADHA INFRAPROJECTS LIMITED

SD/-	SD/-
Nitesh Sanklecha	Shreyas Raisoni
Managing Director & CFO	Whole Time Director
(DIN:03532145)	(DIN:06537653)

Date: 30/05/2024

Place: Nagpur