ITD Cementation lost out to Reliance Infra on the Bandra-Versova Sea Link project. This is the second loss that ITD Cementation has faced in quick succession after they lost the Mumbai Trans Harbour Link earlier.
One change in Prime Minister Modi's big cabinet reshuffle over the weekend was that in addition to the Road & Highways Ministry, Nitin Gadkari has been given the Water Resources. In an interview to CNBC-TV18, Prasad Patwardhan, Chief Financial Officer of ITD Cementation shared his views and outlook on the same.
"Any development can be done only once you address the problems of getting the river clean from all the sewage and the unwanted material that is going into the river", S Ramnath, CFO of ITD Cementation told CNBC-TV18.
In an interview to CNBC-TV18, S Ramnath, CFO of ITD Cementation India said that the current order book stands at Rs 6,700-6,800 crore.
The company is L1 (lowest bidder) in the Mumbai metro project for which it has bid along with two other companies, says CFO of ITD Cementation.
Company is trying to sort out execution challenges to improve its margins, says S Ramnath, CFO, ITD Cementation
S Ramnath, CFO, ITD Cementation said the orderbook for the company currently stands at Rs 6000 crore as of December and are awaiting couple of L1 contracts to be awarded.
The company's order book currently stands at Rs 5700 crore. ITD Cementation is also pursuing several opportunities in marine and MRT space
The consortium, of which ITD Cementation comprises 40 percent, includes two more companies- Continental Engineering Corporation and Tata Projects.
In an interview to CNBC-TV18, S Ramnath, chief financial officer of the company says order pipeline continues to remain strong.
ITD Cementation's total claims with NHAI stands at Rs 900 crore, says company CFO S Ramnath.