Dear Stakeholders,

The Indian Infrastructure Industry is passing through a phase that is both challenging and exciting. There are robust growth opportunities for the Highways, Railways & Metro, Building & Factories, Mining, Energy and Water & Irrigation verticals. The policy measures put in place over the last two years have also led a substantial improvement in economic parameters and are laying foundation for new opportunities for the corporate sectors. At the same time, industry is experiencing pressure on balance sheet quality, borrowing conditions and banking stress on large exposures. Against that, the government’s plan to improve road networks, build dedicated freight corridors, create industrial corridors, create smart cities and associated infrastructure, which would requires a large investments. However this will require the government to explore new funding sources and structures given its own fiscal constraints and current low traction from private sectors for PPP models.

Against this backdrop, at Montecarlo Limited we sustained robust growth in revenue profile which grew by 23.44% with profit growth by 24.54% from fiscal 2018 to fiscal 2020. We selectively grew our order portfolio by reformulating its risk appetite and risk management framework; and standing at Rs. 89,485.37 million as of Dec.31, 2020. The company is expecting better performance in coming years.

Montecarlo Limited is an Infrastructure Conglomerate with a long and rich history of service to the nation and of partnership in its growth. It is on its continuous journey of transformation, diversification, innovation and expansion to become a truly diversified company. Over the last five years, the company has substantially strengthened its business verticals i.e. Highways, Railways & Metro, Building & Factories, Mining, Energy and Water & Irrigation as evidenced both by its robust growth in revenue and profit along with stable, diversified and quality of order book. The company is assessing and addressing the risks in these segments in a focused manner, by working closely with clients and financers to ensure that the company’s interests are protected.

Strength and growth come only through continuous effort and struggle. There is no development physically or intellectually without effort, and effort means work. Along with it, your management is fully committed to maintaining the highest standards of corporate governance, with a view to ensuring that the company is well-placed to address risks as well as capitalize on growth opportunities. Day by day, we strengthen our position across the sector and continued to partner the nation in its journey of inclusive growth. I look forward to your continued support in this journey.

With best wishes,

Kanubhai Mafatlal Patel
Non Executive Chairman