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Dear Shareholders,
The journey which started in 1984 with a clear objective of providing efficient and reliable services in the field of EPC, has been an exciting one for Transrail and has created value in various parts of the world.
I am pleased to write to you and present the Annual Report of Transrail Lighting Limited for the year ended March 31, 2023 and showcase the encouraging growth that your Company has achieved in this period.

I see a stark comparison between how the Indian economy is thriving with resilience in an uncertain global environment and how Transrail is performing with grit although we are in a competitive and challenging environment. At Transrail, we take pride in our Indian roots and passion, while also embodying the traits of a large global EPC company.

Our lineage
Over the decades, T&D has been the largest business for the organisation and we have gained vast and rich experience in executing almost all sorts of projects under this segment on a turnkey basis including transmission lines, substations, distribution networks, underground cabling, etc. Today we are amongst the top few Indian integrated T&D companies operating in multiple geographies. However, the Company has over the last decade also diversified into other verticals like selective Civil construction projects where it has gained good traction by executing large-scale jobs; Railways where we are providing holistic solutions and are gaining momentum and; the Pole & Lighting vertical where we are pioneers in many products and continue to enjoy a trusted relationship with our many clients.

Indeed, at Transrail we have proven that with consistent hard work, focus, and zeal one can achieve quality growth which not only brings value to the organisation but also to the entire ecosystem.

Notable Performance
Your Company has registered one of the best performances in the recent past, recording substantial growth across all metrics like revenue, profitability, order intake, adding new services, and new geographies.

Transrail has achieved revenue growth of 35% with standalone revenues of INR 3,173.87 Crores for the year ended March 31, 2023, as against INR 2,357.29 Crores for the previous year. Profit Before Taxes increased to INR 150.16 Crores for the year ended March 31, 2023, as against INR 91.92 Crores, showcasing a much-improved PBT growth both in absolute terms and in ratio to revenue. The consolidated numbers also showed a similar trend.

Improvement in margin has come only because of the efficiencies which your Company operates with. What is more heartening is that it has come in a year when the world was still recovering from the aftershocks like war-induced inflation, higher logistic costs, or the defaulting nations. We believe meticulous planning at the start of the project and monitoring the progress continuously with timely corrective actions, can only lead to the delivery of projects with client satisfaction.

The highlight of the year apart from the revenue growth, has been the new order intakes across all our businesses. We have booked new orders worth INR 6,566 crore which helped our un-executed order book as on March 31, 2023, to be at INR 9,619 crore.
At Transrail, the focus is to continue our hard work and built from the efficiencies we have as an organisation and deliver on the orders in hand across the country or around the world. This we believe, will further ensure our new order intakes for our several businesses. With an encouraging order book in hand and good market potential in all the business verticals we operate in, your Company is poised for future growth.

Business-wise analysis:
International T&D: During the year International Business revenue has grown exponentially to INR 1,517 Crore from INR 861 Crore. We worked in 19 countries during the year, but Bangladesh, Niger, Mali, Nicaragua, Nigeria and Suriname were the major contributors. The Order book for international business has also seen steep growth by adding orders worth INR 4,735 Crore during the year from geographies like Bangladesh, Oman, Burundi, Cameroon, Eswatini, The Gambia, and Suriname. During the year International Business has received one of the single largest landmark projects of River Crossing of Padma & Jamuna river in Bangladesh.

Domestic T&D: During the year the company secured orders worth INR 1,709 Crore, which majorly includes - 765 kV and 400 kV of Transmission line projects, 220kV GIS substations and 66kV underground cabling projects.

Civil: The mega project of Kosi River Bridge which is one of the longest river bridges in India is progressing well with half of the project physically completed and the Company is taking all steps to expedite the construction and deliver a marque project to the citizens of India. Similarly, the other projects including cooling towers, elevated roads, etc are progressing well.

Railways: We have executed substantial portions of projects in hand including RVNL’s orders worth INR 500 Crore which involved Track linking, Overhead Electrification and S&T. We expect more orders from this vertical and are well placed to participate in the growing Indian railway infrastructure story.
Poles and Lighting: The Poles and Lighting business has shown improved revenues for FY 22-23 with more interesting projects and products being added during the year. We are benefiting from the integrated approach toward providing outdoor lighting solutions which we have inculcated. Our products not only lit some of the mega infrastructure projects like international airports, but also during the last year we supplied our lighting products to Qatar for the football world cup venues.  
Health, Safety & Environment
We are growing at a fast pace but at the same time, we stand committed to sustainable practices and want to work towards a greener future. We take pride in gradually opting for such processes which are leading to a lower carbon footprint and foster green growth.
We are committed to continual improvement in Health, Environment and Safety (HSE) practices, We are working on safeguarding occupational health and safety of people, property, and environment.  Most of our projects are have achieved Zero Incident goal.

The strength behind
We believe that our 1500 Motivated Transrailites are the backbone of the company and an integral part of this beautiful transformational journey. We continue to put emphasis on skill development, onsite trainings, and overall well-being of our employees. The safety of our employees, workforce, and the common public residing near our sites is of utmost importance to us. Our unwavering focus on safety protocols is not just a priority but a way of showing our compassion toward our people.

Corporate Social Responsibilities
We believe that the growth of our company is intrinsically linked to the well-being of the communities at large. Thus, we at Transrail being a responsible corporate citizen are driving positive and sustainable changes in building resilient communities through its various CSR activities. Our chosen fields of CSR are Aarogya (healthcare) and Saksharta (education / vocational training) as we believe a healthy and educated society is the founding stone for a happy community. Through these initiatives, we promote health care, education, vocational training etc.

Acknowledging our partners in growth
Finally, I would like to thank all our stakeholders including the shareholders, clients, employees, vendors and partners for their continued trust in us. We will continue to draw inspiration from your support to take on new challenges.  I acknowledge my fellow Board Members and the management team for their invaluable support in taking the Company to greater heights. We are moving towards our mission and vision with a passionate outlook to become one of the leading EPC companies not only in India but across the globe.

Thank you!

D C Bagde
Executive ChairmanMilestone



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