Vishnu Prakash R Punglia Limited IPO

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i. Vishnu Prakash R Punglia is certified integrated engineering, procurement and construction (“EPC”) company with experience in design and construction of various infrastructure projects for the Central and State Government, autonomous bodies, and private bodies across 9 States and 1 Union territory in India. Their principal business operations are broadly divided into four categories:

(i) Water Supply Projects (“WSP”);
(ii) Railway Projects;
(iii) Road Projects and
(iv) Irrigation Network Projects.

ii. They have been accredited with various registrations as a contractor with various departments and agencies viz. Jodhpur Development Authority, Jodhpur (Class AA), Public Health Engineering Department, Rajasthan, (Class AA) , Water Resources Department, Rajasthan (Class AA), roads and Building Department, Gujarat (Class AA), South Western Command, Military Engineering Services (MES), Jaipur (Class ‘S’), Public Works Department, Chhattisgarh (Class A), Public Works Department, Rajasthan (Class AA), Public Works Department, Madhya Pradesh, Bhopal (Civil works), pursuant to which they are also eligible to participate and undertake projects awarded by various other departments and agencies.

iii. They have design and engineering, procurement, project management and quality management teams alongwith fleet of four hundred and eighty four (484) construction equipment and vehicles. Their inhouse teams deliver the projects from design to completion. This reduces the dependency on third parties for key materials such as ready-mix concrete, stone aggregates, bitumen and services such as design and engineering, transportation and logistics required in the development and construction of our projects.

Our EPC operations are broadly divided into the following segments:

i. Water Supply Projects (“WSP”)
ii. Railway Projects
iii. Road Projects
iv. Irrigation Network Projects

Competitive Strengths

i. Focused player in WSPs
ii. Visible growth through robust order book across segments
iii. Established relationships with marquee client base

Objects of the Vishnu Prakash R Punglia Limited IPO:

The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: 1. Funding capital expenditure requirements for the purchase of equipment/machineries 2. Funding the working capital requirements of our Company; and 3. General corporate purposes.
DRHP of Vishnu Prakash R Punglia Limited IPO
RHP of Vishnu Prakash R Punglia Limited IPO

Vishnu Prakash R Punglia Limited IPO Details:

Open Date: Aug 24 2023
Close Date: Aug 28 2023
Total Shares: 31,200,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 309 Cr.
Lot Size: 150 Shares
Issue Price: ₹ 94-99 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 05 2023

Promoters And Management:

Vishnu Prakash Punglia is the Chairman and Whole-time Director of the Company. He has been associated with the Company since its inception. He has an experience of more than thirty-eight (38) years in the construction and EPC business and is instrumental in making strategic decisions of the Company. He aspires to help the nation in building world-class infrastructure. His interpersonal skills, liaisoning skills with various Government departments and network have acted as a catalyst in the growth of the Company. Currently, he is a director in Vishnu Prakash R Punglia Construction Limited, the Group company and partner in M/s Vishnu Prakash R Punglia Agro Food. Manohar Lal Punglia is the Managing Director of the Company. He has been associated with the Company since its inception. Upon, completion of his secondary education, he joined his uncle, Mr. Vishnu Prakash Punglia, to provide assistance in his business. He has an experience of more than three decades in the construction and EPC business. On his personal level, he is a believer in giving back to the society and takes active participation in various social organisations / events. Currently, he is the President of Mahalaxmi Education Institution, Jodhpur, Rajasthan and Treasurer at Akhil Bhartiya Maheshwari Sewa Sadan. He is also a director in Vishnu Prakash R Punglia Construction Limited, the Group Company and partner in M/s Vishnu Prakash R Punglia Agro Food. Sanjay Kumar Punglia is the Chief Executive Officer and Whole-time Director of the Company. He has been associated with the Company since its inception. Sanjay Kumar Punglia holds a Bachelor of Technology Degree in Civil (Lateral Entry) Engineering from Janardan Rai Nagar Rajasthan Vidyapeeth University, Rajasthan and a Master of Technology (Civil Engineering) Degree from the Himalayan University, Arunachal Pradesh. He has an experience of over eighteen (18) years in the EPC business. He leads the in-house design team, is actively involved in continuous value engineering using the latest specifications and methodologies and takes care of the procurement function. He is also responsible for the bidding process as regards new projects in the Company. He is also director in Vishnu Prakash R Punglia Construction Limited, the Group Company.

Financials of Vishnu Prakash R Punglia Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23
Equity Share Capital 281.48 281.48 934.44
Reserves 855 1,305 2,211
Borrowings 1,108 1,766 2,504
Trade Payables 941 1,181 2,062
Other Liabilities 125 444 544
Total Liabilities 2,174 3,391 5,110
Net Block 485 720 1,254
Capital Work in Progress 0 3 56
Investments 71 100 102
Other Assets 74 43 112
Total NC Assets 630 867 1,524
Receivables 1,001 1,169 1,977
Inventory 1,053 1,768 3,126
Cash & Bank 278 387 700
Other Assets 348 788 929
Face value 10 10 10
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Sales 4,857 7,856 11,684
Raw Material Cost 1,474 3,456 4,884
Change in Inventory -37 -715 -1,357
Other Mfr. Exp 2,787 4,001 6,151
Employee Cost 101 150 265
Other Expenses 79 95 175
Other Income 19 18 31
EBITDA 473 886 1,596
EBITDA Margin 9.74% 11.28% 13.66%
Depreciation 41 42 70
Interest 175 241 302
Profit before tax 257 604 1,224
Tax 67 155 318
Net profit 190 448 906
NPM (%) 3.89% 5.70% 7.74%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Cash From Operating Activity
Profit From Operation 457 874 1,575
Receivable -77 -168 -809
Inventory -37 -715 -1,357
Payable 158 240 881
Loans And Advances 4 -15 -73
Other WC Items -95 -48 -49
Working Capital Changes -47 -705 -1,407
Direct Taxes 62 202 252
Net Cash Inflow from Operating Activity 348 -33 -84
Cash from Investing Activity
Fixed assets purchased -42 -286 -656
Fixed assets sold 0 5 1.5
Investments purchased -30 -34 -352
Investment sold 2 2 0.46
Other investing items 17 15 28
Net cash inflow from investing activities -53 -297 -979
Cash from Financing Activity
Proceeds from shares 0 0 645
Proceeds from borrowings 271 799 994
Repayment of borrowings -385 -141 -256
Intrest paid fin -175 -241 -302
Net Cash Flow 5 87 18

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Vishnu Prakash R Punglia Limited 1168 91 7.27 13.6 99 1234
PNC Infratech Ltd 7956 658 25.67 14.0 327 8386
H.G. Infra Engineering Ltd 4,622 493 75.68 11.5 936 6,099
NCC Limited 15,553 646 9.7 14.3 151 9,468
Rail Vikas Nigam Ltd 20,282 1,421 6.81 17.5 124 25,771
ITD Cementation India Ltd 5,091 125 7.23 23.9 203 3,493
* All the Data is as per FY23.

Lead Manager of Vishnu Prakash R Punglia Limited IPO:

  1. Choice Capital Advisors Private Limited
  2. Pantomath Capital Advisors Private Limited

Registrar of Vishnu Prakash R Punglia Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Unit No. 3, 5th Floor, B-wing, Trade Star Premises Co-operative Society Limited, Village Kondivita, Mathuradas Vasanji Road, Near Chakala Metro Station, Andheri (East), Mumbai – 400059, Maharashtra, India

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