We, at PNC Infratech, implicitly believe that consistency in performance and sustainability in growth should always remain the principle determinants through both smooth sailing and tough times. We continuously strive towards maintaining coherence in our operations across the spectrum of bidding, planning, investment, development, procurement, construction, management and maintenance of projects. We strongly believe in the power of focus, hard-work, and functional discipline, which enables us to consistently and steadily outperform ourselves, as it moves forward. We seek to remain conscious of our philosophy and principles, which will only lead to sustainable growth and follow what is right, rather than what seems right, even if we need to work hard and hold back ourselves some times. As we strive for and achieve growth in terms of volumes, revenues, profitability and expertise, we continually calibrate and evaluate our growth to ensure its sustainability. For the past two decades, PNC remained an integral part of India’s economic and infrastructure development trajectory in both, easy and challenging times, and we will continue to endeavour to be part of India’s Growth 2.0 with a particular focus on infrastructure, notwithstanding challenging conditions. Increase in investment For any infra company in India, it would be indeed exciting to learn that upon completion of the first 100 days, the incumbent government at the Centre had constituted a high-level task force to identify infrastructure projects, which would require investments worth Rs.100 trillion to be made by FY2025 as India aims to become a $5.0 trillion economy. The highlevel task force is expected to list the projects that can be included in the pipeline for each of the remaining five years between FY2021 and FY2025. To achieve the target of scaling India’s GDP to an ambitious $5.0 trillion by FY2025, it is imperative that the country spends $1.4 trillion on infrastructure from the current fiscal till FY2025, in comparison to the $1.1 trillion investment made towards infrastructure during the past 10 years. Not by any means is it an easy task for project proponents and financial institutions that include government authorities, banks, private investors and developers, construction and support firms to achieve this. Nonetheless, such an unprecedented huge infrastructure project pipeline would give enormous business opportunities across the sector, including infrastructure investment, development, construction and operation to companies like us, in the times to come. Initiating growth Roads and highways, a keyarea of the infrastructure sector and part of our core competencies where we have proven our expertise, will continue to be a focus area for the government in its proposed developmental plans as it will play a significant role in catalysing the accelerated economic development and employment generation. MoRTH’s Bharatmala Pariyojana is an expansive infrastructure development initiative for comprehensive development of about 83,677 km aggregate length of national highways, economic corridors and expressways across the nation, with over Rs.7 trillion worth of investments to be made over a five-year period in a phased manner. This ambitious umbrella programme subsumes all the existing highway projects including the flagship National Highways Development Project (NHDP), launched in 1998. Afterthe successful launching of a large number of highway projects under Bharatmala Phase-I, the government is all set to roll-out Bharatmala Phase-II, which will focus on constructing 3,000 km of expressways and 4,000 km of greenfield highways. Project proponents at the central level have already initiated appointing consultants for undertaking project studies and preparing DPRs so that the projects are ready for bidding as soon as all the projects under the first phase are awarded for physical execution. Combining core competencies with opportunities Apart from the ongoing project initiatives, similar large scale new developmental plans are also expected to be listed by the highlevel task force in railways, ports, urban transport and infrastructure, and the aviation sectors. While we continue to focus on the roads sector, with EPC and HAM modes being the preferred formats of implementation, we would also pursue the business opportunities in other sectors that would have synergies with our core competency and expertise. The sheer volume of this sea of opportunities will not only create a sustained ripple effect on the overall economy and its accelerated growth, but also provide a galore of opportunities to all the stakeholders engaged in the infrastructure industry, more particularly for infrastructure development and construction players in India. Apart from the above development initiatives at the centre, state governments across the country also embarked upon the wide-ranging infrastructure development. These projects would provide further opportunities to infrastructure companies in the coming years.March 31, 2019, the gross block has exceeded Rs.10 billion. We are also planning to incur a sizeable amount of Capex during FY2020 to have a gross block of around Rs.12 billion by the end of FY2020, which would enable us to execute works of five times or more value. On the manpower front, the company has strengthened its team by recruiting nearly 3,300 new employees across various disciplines, to take the company’s total employee strength to over 9,000 as on March 31, 2019. In FY2019, CARE Ratings has re-affirmed PNC Infratech