Dear Stakeholders,

I am thrilled to share our remarkable journey towards becoming a profitable company and delivering consistent results. Our strategic realignment, organisational transformation, and improved focus on operational efficiencies have started yielding results. I am proud to announce that we have returned to profitability, and we are moving forward on our path to deliver predictable and sustainable projects through innovation and technology.

We have strategically continued with the pursuit of selective bidding in preferred sectors, driving profitable growth, focusing on complex projects, and capitalising on favourable market conditions. Our strategic focus on customer delight by delivering predictable and sustainable projects through innovation and technology places Tata Projects in a leading position to capture emerging opportunities and expand its market footprint. Furthermore, with our focus on the private sector, it also allows us to align us with our customer needs, risk appetites as well as appropriately structure alternate commercial models.

We have significantly increased our focus on digital project delivery with the intent to drive industry leading efficiencies and innovation. Technological advancements have always been at the forefront of our strategy, empowering us to outperform competitors and drive innovation. Towards that end and to build a strong IT core, we migrated to SAP ERP during the year. We took a bold decision to fully migrate all our businesses to a full suite of integrated ERP including source to pay, financial planning, and HR systems. With an implementation period of nine months, this is possibly one of the fastest roll-outs globally in the EPC sector. Our Project NEEV, anchored by an integrated ERP solution, symbolises our dedication to modernising our operations and fostering a culture of unity and transparency.

During the year, we also entered into several technology partnerships to provide bespoke and cutting-edge solutions to our customers. These partnerships will also enable Tata Projects to drive sustainability into construction and reduce the carbon footprint of its projects.

I am pleased to say that Tata Projects continues to show industry leadership in providing a safe workplace, recording the best safety parameters in the Indian construction industry. Our commitment to diversity and inclusion shines through the composition of our leadership team – a testament to our company’s focus on leading D&I. Our safety record speaks volumes about our commitment to ethical behaviour and industry-leading practices. Our focus on frontline workers and their development through skill enhancement programmes reflects our commitment to fostering a happy and productive workforce.

As we continue to uphold our mission, vision and values, cultural transformation remains a cornerstone of our journey. Our emphasis on upskilling and competency mapping ensures that we have the best talent driving our project deliveries.

Notable achievements during FY2024 were landmark projects completed and successfully handed over, including the New Parliament Building, Atal Setu (MTHL), solar manufacturing plant for First Solar Inc., several hundred kilometres of Dedicated Freight Corridor, and Trisonic Wind Tunnel for ISRO. With these projects, we continue to build a new India. Tata Projects was awarded the prestigious Engineering News Record 2023 – Global Best Projects Awards for the construction of the New Parliament Building.

Our project wins during the year, including the Micron Semiconductor unit in Gujarat, Chennai Metro Line, and the Tata Power Solar plant in Tamil Nadu re-emphasise our commitment to technological advancement in building a new India. These projects, along with several others like the Noida International Airport, with their complexity and tight project delivery schedules, are a testimony to the trust placed by our customers in our ability to deliver integrated projects predictably within cost and time.

I am immensely grateful to our dedicated team, who have stood by us through thick and thin. As we move forward, we remain committed to providing exciting career opportunities and prioritising diversity, mental health, and welfare.

As we wrap up our transformation journey, our approach is now simplified and future-ready, strengthening our core and positioning us for sustainable growth. This shift has been fundamental in our step-by-step path toward operational excellence, enhancing profitability, cash generation, and competencies. It further sets the stage for expanded profitable growth both in India and globally.

In closing, I extend my gratitude to each of you for your unwavering support and belief in our vision. Together, we will continue to achieve new heights of success and prosperity.

Warm regards,

Vinayak Pai

Managing Director – Tata Projects Limited