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ITD Cementation India Ltd.

BSE: 509496 | NSE: ITDCEM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE686A01026 | SECTOR: Construction - Infrastructure

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Annual Report

For Year :
2016 2014 2001

Chairman's Speech

Dear shareholders,

The infrastructure sector is the centerpiece for the Indian Government''s targeted economic growth of 8% over the foreseeable future.

The decision of the government to finance and initiate a number of infrastructure projects is a positive incentive for business in India. Many large Indian infrastructure companies are carrying significantly leveraged balance sheets leaving them with little flexibility to mobilize additional funds to undertake challenging projects. At a time when a number of companies are being invited to increase their project equity and innovative partnership models, the prevalent situation represents an opportunity.

Another factor that promises to accelerate economic growth comprises declining interest rates which tend to enhance project viability. With lenders and other financial channels reviewing their exposures, a combination of better liquidity, moderate debt and more workable debt servicing capabilities can potentially transform the Indian construction sector into one of the fastest growing in the world.

The Indian Government has also announced the release of 75% of frozen arbitration amounts against margin-free guarantees in situations where awards had been given but not finalized. The Indian Cabinet Committee on Economic Affairs, chaired by the Prime Minister, approved the measures proposed by the NITI Aayog to revive the Indian construction sector. These measures will assist in settling disputes faster as well as releasing some funds by government agencies against arbitration awards. In addition, the Kelkar Committee, set up to energize the public-private partnership program, has also provided a strong positive direction, giving opportunities to well-managed companies.

The on-ground reality however is that India''s 1.3-billion population is still serviced by inadequate infrastructure. For a consumption-driven economy with regional trade, India''s highways account for only 2% of the total road network even though they carry 40% of the national traffic. This means that India needs to source a USD 1.5 trillion investment to improve this infrastructure weakness.

The Indian Government has recently provided a USD 15 billion outlay in the 2016 Union Budget for the roads sector and has proposed to establish the National Investment and Infrastructure Fund (NIIF) with an initial investment of H 200 billion for a 49% stake in NIIF. The government targeted a goal of 10,000 km of highway construction in 2016 and has also announced an ambitious Sagar Mala project to reinforce marine infrastructure. Also, mass rapid transportation projects are in various stages of development, construction or commissioning across a number of Indian cities, representing a good source of opportunity.

The new aviation policy is anchored on enhancing regional connectivity, making it possible for the average Indian to fly from regional to terminal airports. During the last decade, the country''s passenger terminal usage has almost doubled, with the sector''s current 20% growth making it one of the fastest-growing large aviation markets of the world. This new aviation policy will accelerate regional economies with the Airports Authority of India initiating extensive passenger terminal expansions (at Chennai, Guwahati, Jaipur, Srinagar, Lucknow, Leh, Trichy, Patna and Pune). This will also widen opportunities under the EPC model for ITD Cementation.

Combined with our construction abilities, sound tendering approach, commitment to delivery, commercial focus on cash flow and return on investment, I am certain that we are on the path of achieving sustainably profitable growth in the coming years. We believe that our transformation from a net loss in 2015 to a net profit in 2016 represents the beginning of an endurable multi-decade growth.

I would like to take this opportunity to express my deepest appreciation to our customers, bankers, employees, partners and to you, our shareholders, who have believed in us and have supported us in our journey.

With my best wishes,

Premchai Karnasuta