Vishnu Prakash R Punglia Ltd - Stock Valuation and Financial Performance

Vishnu Prakash R Punglia was originally formed as a partnership firm under the Partnership Act, 1932 in the name of M/s Vishnu Prakash Pungalia, pursuant to a deed of partnership dated August 14, 1986. Further, vide deed of partnership dated April 02, 1999, the name of the partnership firm was changed to M/s Vishnu Prakash R. Pungalia, with introduction of new partners. Further, vide deed of partnership dated June 01, 2001, the name of the partnership firm was changed from Vishnu Prakash R. Pungalia to M/s Shree Ji Construction Co. Further, vide deed of partnership dated March 01, 2002, the name of the partnership firm was changed from M/s Shree Ji Construction Co., to M/s Vishnu Prakash R Pungalia. The constitution of the firm was changed on May 10, 2003 with the admission of new partner. The constitution of the firm was further changed with the admission of new partners with effect from October 10, 2003. The constitution of the firm was further changed on November 02, 2003 due to the demise of a partner. The constitution of the firm was further changed with the admission of new partners and retirement of certain existing partners with effect from June 01, 2004 and the final certificate of registration was issued by the Office of the Registrar of Firms, Jodhpur, Rajasthan on June 04, 2004. The said partnership was thereafter converted to a public limited company with the name ‘Vishnu Prakash R Punglia Limited’, pursuant to a deed for joint stock Company dated April 01, 2013 (Deed) and following the procedure specified under Part IX of the Companies Act, 1956. A certificate of incorporation reflecting the legal status of the company was granted by the Registrar of Companies, Maharashtra, Mumbai dated May 13, 2013.

It is an ISO 9001:2015 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. Its 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.

It has design and engineering, procurement, project management and quality management teams along with many construction equipment and vehicles. Its in-house teams deliver its projects from design to completion. This reduces its 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 its projects.

It undertakes projects on EPC basis, with or without operation and maintenance services (O&M). The scope of its services includes detailed engineering of the project, procurement of key materials and project execution at the sites with overall project management up to the commissioning of these projects. In addition, it also undertake operation and maintenance of projects in accordance with its contractual arrangements. Its employee resources and fleet of equipment, together with its engineering capabilities, enable it to execute a range of projects on turnkey basis.

Business area of the company

The company is engaged in the business of designing and constructing infrastructure projects for the Central and State Governments, autonomous bodies and private bodies.

Awards, accreditations and recognition

• 2017-18: Mukhyamantri Jal Swawlamban Yojna Certificate issued by the District Collector, Jodhpur for ‘Utkrisht Jan Sahyog/Karya’ performed by the company. 

History and milestone 

• 2013-14: Conversion of the partnership firm into a public limited company following the procedure prescribed under Part IX of the Companies Act, 1956 and received certificate of incorporation as a joint stock company.
• 2014-15: Received work order of Rs 188.86 million from the Office of the Chief Engineer (Construction), Northwestern Railway, Jaipur for executing its ‘first railway project’ at Nawa City station.
• 2015-16: Set-up its first Ready Mix Concrete Plant at Nawa City, District Nagaur, Rajasthan.
• 2016-17: Received the first major work order worth Rs 5,953.37 million under its JV’s name M/s VPRPL-WABAG JV, from the Office of the Chief Engineer Project, Public Health Engineering Department, Jodhpur for executing a ‘water supply project’ at Barmer, Rajasthan.
• 2017-18: Received the then-highest-value water supply project for the Company worth Rs 3,238.53 million from the Office of the Commissioner, Municipal Corporation of Gwalior in Madhya Pradesh as part of the AMRUT Program.
• 2019-20: Expanded its geographic reach to the North-Eastern State of Assam by entering into a water supply project with Assam Petro-Chemicals Limited (a Government of Assam Undertaking) in addition to its presence in Rajasthan, Maharashtra, Gujarat, Daman, Karnataka, Chhattisgarh, and Madhya Pradesh.
• 2020-21: Received a major work order from the Government of Uttar Pradesh of Rs 2378.94 million in its JV’s name M/s VPRPL KCLPL HARRA JV under the ‘State Water & Sanitation Mission, Namami Gange & Rural Water Department’ program.
• 2020-21: Achieved revenue from operations of Rs 4,500 million.
• 2021-22: Received first-largest work order of Rs 4,332.90 million from the Public Health Engineering Department, Government of Manipur, for executing a ‘water supply project’ in rural areas of Manipur.
• 2021-22: Entered into ‘Road Division’ segment: Received work order of Rs 551.10 million and Rs 399.10 million each from the Office of the Chief Engineer (NH & PPP) PWD, Rajasthan, Jaipur for executing its ‘first road project’, to be undertaken in Rajasthan.
• 2021-22: Received work order of Rs 2,774.80 million from MoRTH, GoI, to be undertaken in Rajasthan, making it one of the highest tenders in value under the ‘Road Division’.
• 2021-22: Achieved a milestone of Rs 7,500 million revenue from operations.
• 2022-23: Received the then-highest-value railway project for its company worth Rs 3,040.84 million from North Western Railway for major upgradation of Udaipur City Railway Station.
• 2022-23: Achieved a milestone of Rs 11,000 million revenue from operations.