MANAGEMENT DISCUSSION AND ANALYSIS
About MITCON
MITCON is an ISO 9001:2015 certified Company offering Concept to Commissioning solutions for various businesses for last 40+Years. MITCON has got an experience in multiple industry verticals include Energy Transition, Renewables, Biofuels, Skill Development, Environment Management and Engineering, Business Advisory Services.
In addition, MITCON considers the Sustainable Development Goals (SDGs) an important initiative for realizing a sustainable society and improving peoples Quality of Life (QoL). Thus, MITCON is carrying out its Engineering and Consultancy Services which cater ESG Reporting, Sustainability Reporting, Climate Change Mitigation & Adaptation, Carbon Neutrality & Net Zero, Carbon Credits & Trading to achieve UNs Sustainable Development Goals. Also, we ensure our work towards the project we execute too are contributing towards major SDGs.
Industry Structure and Development:
The services sector is not only the dominant sector in Indias GDP, but has also attracted significant foreign investment, has contributed significantly to export and has provided large-scale employment. Indias services sector covers a wide variety of activities such as business services, community, trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, social and personal services, and services associated with construction. The Government is also promoting the service sector by launching various initiatives. India is witnessing the huge foreign direct investment in the service sector. The services sector is becoming a key driver of Indias economic growth.
The GoI has announced a Rs. 20 lakh crore economic package under the AatmaNirbhar Bharat Abhiyaan, to aid our country. Many such initiatives taken by the GoI namely, Smart Cities mission, Digital India, Startup India, Swachh Bharat Abhiyaan, Pradhan Mantri Kaushal Vikas Yojna, Pradhan Mantri Jan Dhan Yojana, Namami Gange are creating a whole lot of opportunities. This has enormously created indigenous opportunities in Innovation, technologies and solution within us. Our team is geared up in Harnessing creativity and building expertise to take up this as an opportunity and make the best out of it. This will empower our customer in enabling possibilities and enhancing opportunities to deliver innovative solutions to daunting problems.
Segment-wise Performance
Energy Transition
For the Year |
Cumulative |
|
No. of Energy Audits | 50 | 961 |
Gross Energy Consumption Audited (TOE) | 97,168 | 68,28,251 |
Savings Recommended/Achieved (TOE) | 2,370 | 3,67,770 |
CO2 emissions eliminated (tCO2) | 12,316 | 17,15,792 |
Client Spectrum (No. of assignments) | ||
Manufacturing | 33 | 685 |
Infrastructure (Power/Port) | 4 | 83 |
Services (Hotel, Hospital, Bank, etc.) | 7 | 151 |
Distribution Company | - | 24 |
Mining | - | 2 |
Pharma | 4 | 12 |
Textile | 3 | 7 |
Public Utilities | 6 | 30 |
International Assignments | - | 10 |
For the Year |
Cumulative |
|
No. of assignments | 5 | 12 |
For the Year |
Cumulative |
|
No. of assignments | 11 | 150 |
Estimated tCO2 reduction | 5,85,671 | 42,28,313 |
For the Year |
Cumulative |
|
Consulting assignments (design, DPR, TEV, LIE) | 60MW | 5060MW |
Rooftop Solar EPC Commissioned | 510KW | 1.32MW |
Ground mounted solar EPC | 1.27MW | 36MW |
Units generated from owned solar plants | 28,636,557 kWH | 130,343,987 kWH |
CO2 emissions eliminated (owned solar plants) (tCo2/Yr) | 34,363 tCo2 | 156,412 tCo2 |
For the Year |
Cumulative |
|
Cogen/Biomass power plants | 296 MW | 1296+MW |
Ethanol Plants | 4,615 KLPD | 19,615+KLPD |
Sugar Cane Plants | 50,250 TCD | 4,50,250+TCD |
For the Year |
Cumulative |
|
No of Environment Impact Studies and Approvals | EIA/Impact Assessment Studies completed: 69 Approvals : 41 |
EIA/Impact Assessment Studies completed: 689 Approvals : 251 |
Environment Clearances/approvals for Investments, (Rs. In Crores) |
||
Townships and Area Development Projects | -- | 6202 |
Building and Construction Projects | 8,325 | 16,457 |
Sugar, Distillery and cogeneration plants | 4,520 | 52,400 |
Thermal Power Plants | 900 | 5,729 |
Highway | -- | 974 |
Synthetic Organic Chemicals Industry | -- | 673 |
River Valley Projects | -- | 11,668 |
Cement | -- | 1,707 |
Common Effluent Treatment Plants (CETPs) | 92 | 169 |
Metallurgical industries (ferrous & non-ferrous) | -- | 446 |
Metro | 12,000 | 14,794 |
Transmission/Pipeline | -- | 1,630 |
Ports, harbours, break waters and dredging | -- | 608 |
Consultancy Services for Municipal Solid Waste | 13.66,611 MT | 20,34,785 MT |
Municipal Capacity Building | -- | 09 Nos. |
Laboratory Assignment | 250 Nos. | 3,110 Nos. |
For the Year |
Cumulative |
|
Pre-investment reports for investment in various sectors | Rs 8,249.67 crore | Rs 2,29,840.67 crore |
Market Studies/Baseline/Impact Studies | Rs. 481.29 crore | Rs. 481.29 crore |
Investment monitoring services | Rs. 541.67 crore | Rs. 541.67 crore |
For the Year |
Cumulative |
|
No of Participants in "Suryamitra" | 118 | 4,020 |
No of Participants in "Vayumitra" | 90 | 90 |
No of participants in Entrepreneurship
Development Program Including CMEGP |
1,310 | 3,882 |
Special Component Plan (SCP) District
Industries Centre (DIC) |
11,465 | 2,45,070 |
MSCIT / Other IT Based Short Duration Training Courses | 1,08,889 | 16,84,591 |
Other Programs | 615 | 615 |
Skill based CSR Implementations | 1,418 | 9,083 |
No of Bed Side Assistants | 150 | 2,125 |
No. of Students in Clinical Trials | 291 | 1,293 |
The Company shall continue to add cutting edge solutions in energy/environment/green chemistry to make our clients meet their sustainability objectives. We aspire to create most preferred engineering consulting firm with "Sustainability" at its core.
Our clients will continue to face increasing pressure on making themselves and their entire value chain sustainable. We will provide customized solutions for energy transition and other GHG emission reductions to our clients and their value chains.
We will continue to invest resources to make our solutions digital in a sustainable way. We have fortified our team to modernize legacy assets/processes/solutions and intend to connect/bridge with digital business and operating models.
Highlights of Milestone achieved:
Highlights and Milestone achieved by MITCONs Group Companies
MITCON Credentia Trusteeship Services Limited (formerly MITCON Trusteeship Services Limited)
Shrikhande Consultants Limited (formerly Shrikhande Consultants Private Limited)
Sr. No. |
Project Name |
Client |
Project Cost |
1 |
Independent Engineer Consultancy services O&M
for Rajeev- Gandhi Sea link for next 3 years. |
MSRDC | ? 450 crores |
2 |
Design Consultancy for Construction of 5 No
Bridges on Ulwe River Course & Gadhi river for Proposed Navi Mumbai International Airport (NMIA) |
CIDCO | ? 350 crores |
3 |
Project Management Services for Quality
Monitoring Agency (QMA) for City Roads in Mumbai |
MCGM | ? 1050 crores |
4. |
Consultancy Services as Authority Engineer for
Supervision of Road Project at Jammu & Kashmir |
NHIDCL | ? 821 crores |
5. |
Consultancy Services as Authority Engineer for
Supervision of Road Project at Meghalaya |
NHIDCL | ? 155.54 crores |
6. |
Appointment of Special Third Party Independent
Techno- Financial Auditors in Punjab |
Punjab Infrastructure Development Board |
? 900 Crores |
7. |
Selection & Empanelment of Project Management Consultancy (PMC) firm for Preparation of Administrative Approval Proposals and Overall Project Management of the New and Existing Structures and Minor Irrigation Projects |
Soil & Water Conservation Department, Government of Maharashtra |
? 500 crores |
8. |
Design & Project Management Consultancy
Services for Residential & Commercial High Rise Towers K-2, K-3, K-5 for Metro-Line-3 in Mumbai |
Mumbai Metro Rail Corporation | ? 600 crores |
9. |
Redevelopment of Residential Co-Op Housing
society at Andheri Mumbai |
Chandrashekhar Co-Op Housing Society Ltd. |
? 100 crores |
Discussion on Financial Performance with respect to operational performance
Financial Year 2023 Year Over Year Highlights Consolidated
Opportunities, Threats, Risks and Concerns:
MITCONs business model faces complexities and in response to that, it has established a robust enterprise risk and compliance management framework and process to ensure achievement of its strategic objectives. This process is enabled by an internal Risk Management Committee and compliance with it enables a more holistic approach towards informed decision making. The journey to the digital future requires not just an understanding of new technologies and new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. Our strategy is to be a navigator for our clients as they ideate, plan and execute their journey to a digital future. We embraced a four-pronged strategy to strengthen our relevance with clients and drive accelerated value creation:
Our Strengths
Our Risks
Risks related to markets in which we and our clients operate
Risks related to the investments we make for our growth
Risks related to our cost structure
Risks related to our employee workforce
Risks related to our contractual obligations
Risks related to our operations
Risks related to legislation and regulatory compliance
Outlook
As impact of pandemic, supply chain disruptions and volatile geopolitics continues to wane, we look ahead for an exciting journey. We shall continue to focus on products/services that are socially relevant and useful. We intend to play meaningful role in -
During next financial year, we intend to commission a BESS project and pilot green hydrogen facility. Further, we will continue to build on our initiatives in waste water, municipal solid waste, bio-gas segments.
For hard to abate sectors, we will continue to invest in development of nature based solutions (agroforestry, mangroves ecosystem, bio-char etc) and BECCUS.
Our skill division would aggressively explore opportunities emerging from large capacity building demand across green jobs spectrum (renewable energy, energy storage, electric mobility, hydrogen).
We will continue our disciplined acquisition strategy to expand engineering consulting service offering into new markets, gain competitive advantage and acquire new skillsets.
Further to our SBTi commitment, during the year we will continue to take ambitious commitments towards Net Zero and Biodiversity. Through our services, we will work with our clients to create larger impact towards climate goals.
We shall continue building future-proof organisation with "people centric" philosophy and shall undertake various efforts to provide our team a fulfilling workspace. We will continue to emphasize professional development, internal promotions, and succession planning to ensure leadership continuity and a strong legacy.
We are committed to enhance our client experience through our role as meaningful partner in their journey towards decarbonisation and sustainability.
Internal Control Systems and their adequacy:
The internal control system is designed to ensure that all the financial and other records are reliable for preparing financial statements and for maintaining accountability of the assets. The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and that transactions are authorized, recorded and reported correctly.
The CEO and CFO certification provided in the CEO and CFO Certification section of the Integrated Annual Report discusses the adequacy of our internal control systems and procedures.
Material Development in Human Resources / Industrial Relations front, including number of people employed:
Our culture and reputation as a leader in consultancy and engineering services enable us to attract and retain some of the best talent.
Human resources management
At MITCON, talent transformation is an important focus area. It begins with sensing employee needs and responding with a value proposition that delivers meaning, purpose and value for them. It builds synergy between how we look to differentiate ourselves as a Company and deliver on the expectations of our employees.
We have a three-pronged strategy to deliver value to our employees:
Our employee engagement framework is based on the 5Cs Connect, Collaborate, Celebrate, Care and Culture. Its main objective is to ensure effective engagement, well-being and sustained motivation levels among employees in the hybrid model of work.
Internal Complaints Committee
At MITCON, our goal has been to create an open and safe workplace where each and every employee feels empowered to contribute to the best of their abilities, irrespective of gender, sexual preferences or any other classification that has no bearing on the employees work output.
MITCON has constituted an Internal Committee (IC) to consider and resolve all sexual harassment complaints reported. The constitution of the IC is as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the committee includes external members with relevant experience. Senior woman employee is the presiding officer. Half of the total members of the IC are women. The details of complaints pertaining to sexual harassment that were filed, disposed of and pending during the financial year are provided in the Business Responsibility and Sustainability Report of this Integrated Annual Report.
Details of significant changes (25% or more) in key financial ratios along with detailed explanation for such change as compared to the previous financial year:
Ratio |
As at 31 Mar 2022 |
As at 31 Mar 2023 |
Change % |
Remarks |
Debtors Turnover | 4.96 | 2.61 | 47% | Rigorous efforts to recover dues |
Inventory Turnover | 0.04 | .03 | 25% | Depends on the project assignments |
Interest Coverage Ratio | 3.67 | 4.93 | 34% | Small increase due to availing loan |
Current Ratio | 2.01 | 0.76 | 62% | It depends on the project revenue and its liabilities |
Debt Equity Ratio | 0.076 | 0.10 | 32% | Small increase due to availing loan |
Operating Profit Margin (%) | 8.06 | 16.93 | 110% | Better operational efficiency and growth in core business |
Net Profit Margin (%) | 2.75 | 12 | 336% | Better operational efficiency and growth in core business |
Details of any Change in Return on Net worth as compared to the immediately previous financial year along with a detailed explanation thereof. - Return on net worth for the year is 5.21% (previous year 2.65%). There is improvement in operational efficiency and growth in core business activity.
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