Slide 1: Patel Engineering Limited Investor Presentation Q4 FY25
Patel Engineering Limited INVESTOR PRESENTATION Q4 FY25
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying slides have been prepared by Patel Engineering Ltd. (the “Company”), and have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form
Slide 3: Company Overview
Company Overview Kiru Hydro Power Project, Jammu & Kashmir
Slide 4: About Patel Engineering Ltd
About Patel Engineering Ltd Patel Engineering Limited, founded in 1949 and headquartered in Mumbai, is a prominent player in the civil engineering construction segment. With over seven decades of experience, the company has successfully constructed various heavy civil engineering works such as dams,
Slide 5: Vision & Mission
Conference Centre cum Secretariat Complex, Bhutan Vision & Mission Vision Mission Deliver comprehensive and effective solutions to To be the pioneers in the industry and a market- clients through our profound experience and driven organization known for its commitment technological prowess, while co
Slide 6: Key Facts and Figures
Key Facts and Figures 7+ Decades 15 States 15,000+ 87+ Experience Current Domestic Presence MW Hydro Project Dams 300+ Kms 5.5+ Lakhs 1,200+ Kms ₹ 1,52,176 Mn of Tunnels Acres Irrigated Road Order book Q4 FY25 Cons Q4 FY25 Cons. Q4 FY25 Cons. ₹ 328 Mn : Net Profit Q4 FY25 Cons ₹ 2,183 Mn : Op. EBITD
Slide 7: Market Potential and Opportunities
Market Potential and Opportunities ₹ 11.21 Lac Cr 15,000+ MW 60,000+ MW Infrastructure Sector Budget 3.4% of GDP Hydro Projects Arunachal Pradesh Pumped Storage Projects Under Survey & Investigation 6,000+ MW ₹ 6,70,000 Mn ₹ 82,598 Mn Hydro Projects Budget Allocation for Budget Allocation for Pradha
Slide 8: Consolidated Results Highlights
Consolidated Results Highlights Operating Revenue ( ₹ in Mn) Op. EBITDA (₹ in Mn) & Op. EBITDA (in %) 17.69% 13.55% 15.19% 14.40% 50,933.59 45,441.08 6,902.94 7,331.90 16,118.59 2,375.76 13,431.79 2,183.42 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Net Profit (₹ in Mn) & Net Profit Margin (
Slide 9: Q4 & FY25 Consolidated Results Highlights
Q4 & FY25 Consolidated Results Highlights Particulars (₹ in Mn) Q4FY25 Q4FY24 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from Operations 16,118.59 13,431.79 20.00% 50,933.59 45,441.08 12.09% Cost of Material Consumed 2,960.22 3,479.29 9,019.47 9,051.25 Cost of Construction 9,289.65 6,115.63 27,926.76 23,86
Slide 10: Consolidated Balance Sheet Highlights
Consolidated Balance Sheet Highlights Particulars (₹ in Mn) Mar-25 Mar-24 Particulars (₹ in Mn) Mar-25 Mar-24 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 844 774 Property, plant and equipment 12,827 12,647 (b) Other equity 37,002 30,763 Goodwill 230 253 Equity attributable to equity
Slide 11: Standalone Results Highlights
Standalone Results Highlights Operating Revenue ( ₹ in Mn) Op. EBITDA (₹ in Mn) & Op. EBITDA (in %) 14.92% 12.79% 14.05% 13.80% 50,076.45 44,120.39 6,912.58 6,201.06 15,838.13 1,875.78 2,026.24 12,569.21 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Net Profit (₹ in Mn) & Net Profit Margin (in
Slide 12: Q4 & FY25 Standalone Results Highlights
Q4 & FY25 Standalone Results Highlights Particulars (₹ in Mn) Q4FY25 Q4FY24 Y-o-Y FY25 FY24 Y-o-Y Total Revenue from Operations 15,838.13 12,569.21 26.01% 50,076.45 44,120.39 13.50% Cost of Material Consumed 2,960.19 3,479.30 9,019.10 9,050.09 Cost of Construction 9,221.37 5,825.42 27,587.53 23,375.
Slide 13: Standalone Balance Sheet Highlights
Standalone Balance Sheet Highlights Particulars (₹ in Mn) Mar-25 Mar-24 Particulars (₹ in Mn) Mar-25 Mar-24 ASSETS Equity Non ‐ Current Assets (a) Equity share capital 844 774 Property, plant and equipment 11,565 11,383 (b) Other equity 37,099 30,686 Capital work‐in‐progress 247 626 Total Equity 37,
Slide 14: Consolidated Debt Highlight
Consolidated Debt Highlight In ₹ Mn FY24 FY25 FY24 FY25 7,601 6,645 11,197 10,015 -14.31% Total Debt -15.01% Total Debt 6,010 Total Debt + Total Debt + 7,735 18,855 16,025 Advances Advances 26,456 22,670 18,855 16,025 Term Debt Working Capital Debt Term Debt Working Capital Debt Total Debt Contracte
Slide 15: Consolidated Interest Breakup
Consolidated Interest Breakup In ₹ Mn In ₹ Mn Q4 FY24 Q4 FY25 FY24 FY25 178.39 179.26 688.16 628.55 Total Total Total Total Interest Interest Interest Interest 930.87 788.47 3,620.94 3,224.18 213.03 427.68 797.92 711.93 539.45 181.53 2,134.86 1,883.70 Interest to Lenders Interest to Lenders Interest
Slide 16: Working Capital Movement
Working Capital Movement Net Working Capital ( in Days ) 297 194 168 160 169 145 127 104 110 96 FY21 FY22 FY23 FY24 FY25 Net Working Capital Adjusted Net Working Capital Adjusted Net Working Capital excludes borrowings, arbitration claims, current investment, cash & bank balance and stock of land. I
Slide 17: Long Term Rating
Long Term Rating: Rating Agency Infomerics India Ratings Current Rating A- A- Outlook Stable Stable Last Review 07 June, 2024 28 April, 2025 A- BBB + BBB BBB - B+ FY21 FY22 FY23 FY24 FY25 Investor Presentation Q4 FY25 17
Slide 18: FY25 Operational Highlights
FY25 Operational Highlights Mantalia Tourist Facility, Jammu & Kashmir
Slide 19: Tunnel T-15 and Part Tunnel T-14 Project in Jammu & Kashmir
Tunnel T-15 and Part Tunnel T-14 Project in Jammu & Kashmir: Project Highlights: o The project involved construction of Tunnel T-15 and part Tunnel T – 14 which comprised building a main tunnel and an escape tunnel, each 14.3 km long, and the foundation and sub-structure for Bridge No. 61 spanning 9
Slide 20: Parnai Hydropower Project in Jammu & Kashmir
Parnai Hydropower Project in Jammu & Kashmir: Project Highlights: o The Parnai Hydroelectric project of 37.5 MW is located in Jammu & Kashmir. o The project includes the construction of Barrage having 7 Nos Spillway bays and 2 Nos Bays ; 2 Nos. free flow surface Desilting Basins with a bypass arrang
Slide 21: Arun-III Hydropower Project in Nepal
Arun - III Hydropower Project in Nepal: Project Highlights: o Arun – III hydroelectric project located in Nepal is a 900MW project being executed for SJVN Arun-III Power Development Company (SAPDC), a wholly- owned subsidiary of India’s Satluj Jal Vidyut Nigam Limited (SJVNL). The scope of works inc
Slide 22: Subansiri Lower Hydropower Project in Arunachal Pradesh
Subansiri Lower Hydropower Project in Arunachal Pradesh: Project Highlights: o The Subansiri Lower Hydroelectric Project of 2000 MW is one of the largest hydroelectric project undertaken in India to date. It is a run-of-river scheme with a small pondage on the Subansiri River. It is located on the b
Slide 23: Kundah Pumped Storage Project in Tamil Nadu
Kundah Pumped Storage Project in Tamil Nadu: Project Highlights: o The Kundah Pumped Storage Hydro Electric Project with a capacity of 500 MW is located in the Nilgiris district of Tamil Nadu which is being executed for Tamil Nadu Green Energy Corporation Limited (TNGECL). o The Project includes civ
Slide 24: Kiru Hydropower Project in Jammu & Kashmir
Kiru Hydropower Project in Jammu & Kashmir: Project Highlights: o Kiru HE Project of 624 MW is a run-of-river scheme on river Chenab in district Kishtwar of J&K. Project involves construction of components on left bank having a concrete gravity Dam with deepest foundation across river Chenab, Power
Slide 25: Kwar Hydropower Project in Jammu & Kashmir
Kwar Hydropower Project in Jammu & Kashmir: Project Highlights: o Kwar HE Project of 540 MW is a run-of-river scheme on river Chenab in district Kishtwar of J&K. The project harnesses the flow of the Chenab River and features significant underground components primarily located on the right bank. Th
Slide 26: Tunnel T-7 Project in West Bengal & Sikkim
Tunnel T-7 Project in West Bengal & Sikkim: Project Highlights: o The Tunnel T-7, spanning from Km 19+010 to Km 22+092 approximately, is a significant part in the Sivok (West Bengal) to Rangpo (Sikkim) New Single Line Broad Gauge Rail Line Project. This project includes the development of an undergr
Slide 27: Water Tunnel Projects – AMT-II, PGRW & CIDCO in Maharashtra
Water Tunnel Projects – AMT-II ; PGRW & CIDCO in Maharashtra: Project Highlights: o The PGRW and AMT-II tunnel projects having lengths of ~ 2.7kms and ~5.5kms respectively are located in Mumbai and are being executed for MCGM while CIDCO Water tunnel project with a length of ~6.70 kms is located in
Slide 28: Shongtong Hydropower Project in Himachal Pradesh
Shongtong Hydropower Project in Himachal Pradesh: Project Highlights: o Shongtong Hydropower Project of 450 MW is a run-of-river scheme on river Satluj in district Kinnaur of Himachal Pradesh. This project involves construction of Barrage 95.4 m The diverted water shall be conveyed through undergrou
Slide 29: New projects received in FY25
New projects received in FY25 Irrigation Project Hydropower Project Irrigation Project Project Name: Jigoan Irrigation Project. Project Name: Teesta V Hydropower Project. Project Name: Nira Deoghar Right Bank Main Canal Km 87 to Km 135. Project Location: Maharashtra. Project Location: Sikkim. Projec
Slide 30: New projects received post FY25
New projects received post FY25 Hydropower Project Urban Infrastructure Project Project Name: 240 MW HEO Hydropower Project. Project Name: Construction of Kondhane Dam and its allied works. Project Location: Arunachal Pradesh. Project Location: Karjat, Maharashtra. Client: North Eastern Electric Pow
Slide 31: Order Book Break Up
Order Book Break Up Swarakuddu HEP, Himachal Pradesh
Slide 32: Yearly Growth In Order Book
Yearly Growth In Order Book CAGR 6.87% 2,08,067 1,86,630 1,50,110 1,52,176 1,44,660 1,31,840 c 1,02,150 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25 excludes Projects which are L1 amounting to ₹ 4,581 Mn in FY25 and also projects amounting to ₹ 20,368 Mn received post year end. Investor Presentation Q4 F
Slide 33: Order Book Break Up
Order Book Break Up Segment Wise Order Book Client Wise Order Book Project Completion Wise Order Book 1.91% 1.20% 5.54% 2.40% 4.16% 7.73% 16.85% 17.44% 32.36% 22.96% 21.99% 63.48% 66.20% 35.78% Hydroelectric Irrigation Tunnel Road Others Central Government / PSU’s State Government Departments Below
Slide 34: Order Book Break Up – Ongoing Projects Across States
Order Book Break Up 48 Ongoing Projects Across 15 States Domestically and an Jammu and Kashmir International Presence in Nepal with a Total Project Value of ₹ 1,52,176 Mn Himachal Pradesh Domestic In ₹ Mn. Sr.No. State No. of Projects Project Value Arunachal 1 Jammu and Kashmir 5 43,456 Sikkim Prade
Slide 35: Major Projects Under Execution
Major Projects Under Execution Subansiri Hydropower Project, Assam & Arunachal Pradesh Hydro Power Irrigation Tunneling Road o Subansiri HEP (2,000 MW) o Rihand Micro Irrigation Project o Amarmahal to Trombay Tunnel o Katraj Kondwa Road o Dibang Multipurpose Project (2,880 o Sleemanabad Carrier Cana
Slide 36: Major Project Under Execution - Hydro Power Projects
Major Project Under Execution - Hydro Power Projects Dibang Multipurpose (2,880 MW) Subansiri HEP (2,000 MW) Kiru HEP (624 MW) KWAR HEP(540 MW) Kundah PSP (500 MW) Teesta VI HEP (500 MW) Shongtong HEP (450 MW) Luhri HEP (210 MW) Investor Presentation Q4 FY25 36
Slide 37: Major completed projects - Hydro Power / Tunneling
Major completed projects - Hydro Power / Tunneling Koyna HEP - Stage I,II,III,IV (1880 MW) Srisailam Right Bank Hydro Power Station (770 MW) Ghatghar Hydro Electric Project (250 MW) Srisailam Left Bank Hydro Power (900 MW) Kameng HEP (600 MW) Parbati HEP (800 MW) Tuirial Hydro Electro Project Mizora
Slide 38: Major completed projects - Irrigation
Major completed projects - Irrigation Polavaram Project (Right Main Canal), Andhra Pradesh Jawahar Lift Irrigation Project , Andhra Pradesh Bhima Lift Irrigation Project, Andhra Pradesh Kalwakurty Lift Irrigation Project, Andhra Pradesh Indira Sagar Project, Andhra Pradesh Vamsudhara Project Phase-I
Slide 39: Major completed projects - Transportation
Major completed projects - Transportation Hathipali - Hosur (NH-7), Tamil Nadu Nellore - Kaveli NH-5, Andhra Pradesh Construction of High-Altitude Roads along Indo-China border in the state of Krishnagiri - Vaniyambadi NH-46, Tamil Nadu Jammu & Kashmir - Karzok to Chumar - Package – I & 2 Road from
Slide 40: Major completed projects – Urban Infrastructure
Major completed projects – Urban Infrastructure Construction of various water tunneling projects, Maharashtra Dam for Shillong Water Supply, Meghalaya Sewage Treatment Plant, Maharashtra Parliament Building Bhutan Indoor Sports Stadium, Surat – Gujarat Microtunneling & Pipe Jacking for Water Supply
Slide 41: Few Landmark Projects That Set Us Apart
Few Landmark Projects That Set Us Apart Sawrakuddu HE Project - Himachal Pradesh (111 MW) Koyna HE Project - Maharashtra (260MW) First Piano Key Weir in India First Lake Tapping in Asia. Rampur HE Project - Himachal Pradesh (432 Mw) Srisailam HE Project - Andhra Pradesh (900 MW) Ghatghar Dam – Mahar
Slide 42: Our Major Achievements
Our Major Achievements World record holder for World record fastest holder for 10th Commissioned conventional fastest dam more than 85 tunneling More than 300 concreting – Dams Km Tunnelling Ghatghar Dam More than 4,000 m completed shaft boring Largest surge completed shaft in Asia – 38 Largest m di
Slide 43: Technology Oriented
Technology Oriented Micro-tunneling Double Lake Tap Roller Compacted Concrete (RCC) • Micro-tunneling is the only non invasive solution for urban • A unique technology for connecting water to powerhouse, • We are of the few Indian Company with experience in areas to augment capacity to existing powe
Slide 44: Technology Oriented
Technology Oriented New Austrian Tunnelling Method Application of Finite Element Use of Non – Destructive Testing Use of steel Fibre Reinforced Earth Pressure Balancing Tunnel (NATM) Method (FEM) technique Method for assessment of Concrete in tunnel lining instead Boring Machine (TBM) for geological
Slide 45: Technology Oriented
Technology Oriented Concrete Tower Belt System The implementation of the Tower Belt System, a conveyor belt concreting system, was a remarkable technological advancement carried out at the Kiru Hydroelectric Project. This system, powered by electricity, plays a crucial role in transporting aggregate
Slide 46: Some Major Clients
Some Major Clients RVNL-KTR Railway Project, Chattisgarh Investor Presentation Q4 FY25 46
Slide 47: Industry Overview
Industry Overview Parbati Hydropower Project, Himachal Pradesh
Slide 48: India Power Industry Overview
India Power Industry Overview Power Generation - A Prime Focus • Globally, India is the third-largest producer and consumer of electricity • As of Nov 2024, renewable energy accounted for 213.09 GW with a 14.2% growth YoY • Rising electrification through schemes such as Deen Dayal Upadhyay Gram Jyot
Slide 49: Hydro Power Overview
Hydro Power Overview Share in Total Power Generation installed Capacity Hydro Power – a Keen Effort by the Government to Boost Energy Generation 2% • With a total installed capacity of 51.74 GW, India has surpassed Japan to become the fifth-largest hydropower producer 7% • India’s hydropower potenti
Slide 50: Pumped Hydropower Storage (PHS)
Pumped Hydropower Storage (PHS) PHS – a Key Facilitator of Variable Renewable Energy (VRE) in India • VRE such as wind and solar are being connected to the grid at a rapid pace owing to their low cost of installation and the thrust on sustainable & green energy • Due to dependency of VRE on time / s
Slide 51: GOI Focus on Hydro Sector
GOI Focus on Hydro Sector Investor Presentation Q4 FY25 51
Slide 52: Micro Irrigation The Way Forward
Micro Irrigation The Way Forward Importance of Micro Irrigation • Micro-irrigation increases water efficiency by as much as 50%-90% • Water savings are in the range of 30-50% compared to flood irrigation, with an average of 32.3% • Electricity consumption is drastically reduced • Micro-irrigation sa
Slide 53: Management Overview
Management Overview Sela Road & Tunnel Project, Arunachal Pradesh
Slide 54: Professional & Experienced Board of Directors
Professional & Experienced Board of Directors Janky Patel Kavita Shirvaikar Chairperson & Non-Executive Director Managing Director Ms. Janky Patel, a BA graduate, represents the Promoter group and is backed by a strong professional Mrs. Kavita Shirvaikar, a Chartered Accountant and ICWAI graduate wi
Slide 55: Professional & Experienced Board of Directors
Professional & Experienced Board of Directors Dr. Emandi Sankara Rao Dr. Sunanda Rajendran Independent Director Independent Director Dr. Rao, an IIT Bombay PhD, has extensive experience in management and engineering across the Dr. Sunanda Rajendran is the founder and Director of the Indo-Arab Chambe
Slide 56: Financial Overview
Financial Overview Kameng Hydropower Project, Arunachal Pradesh
Slide 57: Last 5 Years Standalone Financial Highlights
Last 5 Years Standalone Financial Highlights In ₹ Mn In ₹ Mn In % Revenue from Operations Operating EBITDA Net Profit Op.EBITDA Margin Net Profit Margin 50,076 6,913 15.10 44,120 14.16 14.05 13.80 6,201 38,171 5,405 9.82 4,575 30,298 6.53 5.18 2882 4.08 2595 17,191 1.86 1,688 1559 564 FY21 FY22 FY23
Slide 58: Key Standalone Ratios
Key Standalone Ratios EV/EBITDA In Times Market Cap/Sales In Times 1.01 7.74 7.36 5.84 0.75 5.18 3.95 0.29 0.34 0.29 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Debt To Equity In Times Interest Coverage In Times 2.35 2.17 0.85 1.71 0.77 0.54 0.55 1.22 0.39 0.42 FY21 FY22 FY23 FY24 FY25 FY21 FY
Slide 59: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars FY21 FY22 FY23 FY24 FY25 Revenue from Operations 17,191.25 30,298.46 38,171.26 44,120.39 50,076.45 Other Income 1,433.07 1,349.29 1,442.71 1089.89 2,085.62 Total Income 18,624.32 31,647.75 39,613.97 45,210.28 52,162.07 Expenses Costs of Material Consume
Slide 60: Standalone Balance Sheet
Standalone Balance Sheet Assets FY21 FY22 FY23 FY24 FY25 Non Current Assets Fixed Assets 3,655.61 10,753.88 11,973.83 12,297.87 12,033.56 Non Current Investments 6,539.91 2,578.15 2,256.91 2,156.17 2,143.01 Other Non Current Financial Assets 15,083.23 16,318.93 15,220.74 13,822.42 13,933.74 Other No
Slide 61: Standalone Balance Sheet
Standalone Balance Sheet Equities & Liabilities FY21 FY22 FY23 FY24 FY25 Equity 465.45 479.23 773.62 773.62 844.38 Reserves 24,458.04 23,046.11 27,803.88 30,685.69 37,099.36 Net Worth 24,923.49 23,525.34 28,577.50 31,459.31 37,943.74 Non-current Liabilities Long-term Borrowing 5,622.78 6,088.63 3,98
Slide 62: Last 5 Years Consolidated Financial Highlights
Last 5 Years Consolidated Financial Highlights In ₹ Mn In ₹ Mn In % Revenue from Operations Operating EBITDA Net Profit Op.EBITDA Margin Net Profit Margin 15.61 15.19 50,934 7,332 14.43 14.40 6,903 45,441 11.76 5,616 38,911 5,277 33,803 5.81 4.75 3.98 1.63 2641 2,346 2422 19,948 1548 FY21 FY22 FY23
Slide 63: Key Consolidated Ratios
Key Consolidated Ratios EV/EBITDA In Times Market Cap/Sales In Times 8.04 7.28 0.96 5.97 5.19 0.72 3.91 0.24 0.31 0.27 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Debt To Equity In Times Interest Coverage In Times 2.79 0.98 0.95 2.40 1.78 0.61 0.60 1.53 0.42 0.14 FY21 FY22 FY23 FY24 FY25 FY21
Slide 64: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars FY21 FY22 FY23 FY24 FY25 Revenue from Operations 19,947.93 33,803.05 38,911.47 45,441.08 50,933.59 Other Income 1,091.35 1,162.06 1,149.37 889.08 1,662.65 Total Income 21,039.28 34,965.11 40,060.84 46,330.16 52,596.24 Expenses Costs of Material Consum
Slide 65: Consolidated Balance Sheet
Consolidated Balance Sheet Assets FY21 FY22 FY23 FY24 FY25 Non Current Assets Fixed Assets 13,611.47 14,631.43 15,255.89 15,515.26 14,989.08 Non Current Investments 678.90 816.08 1,354.12 584.84 696.88 Other Non Current Financial Assets 6,492.59 11,428.32 10,661.48 12,683.90 12,144.46 Other Non Curr
Slide 66: Consolidated Balance Sheet
Consolidated Balance Sheet Equities & Liabilities FY21 FY22 FY23 FY24 FY25 Equity 465.45 479.23 773.62 773.62 844.38 Reserves 22,730.21 23,357.76 28,105.94 30,762.57 37,002.35 Net Worth 23,195.66 23,836.99 28,879.56 31,536.19 37,846.73 Minority Interest 612.90 714.11 878.20 81.10 -78.19 Total Equity
Slide 67: Way Forward
Way Forward Tunnel T-15 / Part T-14 Project, Jammu & Kashmir
Slide 68: Unlocking Growth Potential: Key Investment Highlights
Unlocking Growth Potential: Key Investment Highlights Extensive 75+ years experience with a solid track record of executing 01 prestigious and strategically significant infrastructure projects in India Well-positioned to leverage leading position in the hydroelectric and 02 pumped storage space amid
Slide 69: Thank You
For further information, please contact: Company : Patel Engineering Ltd. (BSE: 531120 | NSE: PATELENG) Mr. Aditya Bajaj Investor Relation & Marketing Email:investors@pateleng.com Investor Relations Advisors : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pen
Slide 70: Patel Engineering Limited Q4FY25 Conference Call
Patel Engineering Limited Share India Securities Ltd will host a conference call of Patel Engineering Limited for analysts and investors to discuss their Q4FY25 results. Date and Time: Tuesday, 13th May 2025, at 05:00 PM IST SPEAKERS FROM MANAGEMENT Ms. KAVITA SHIRVAIKAR – MANAGING DIRECTOR Mr. RAHU