About Company

• The Company was incorporated as ‘Garuda Construction and Engineering Pvt. Ltd’ at Mumbai in September 2010. Subsequently, the Company was converted into a public limited company in September,2023 and the name was changed to ‘Garuda Construction and Engineering Ltd’. The company provides end to end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects.
• The company also provides services such as operations and maintenance services (“O&M”) and Mechanical, Electrical and Plumbing (“MEP”) services and finishing works as a part of its construction services.
• The company has primarily been an in-house construction company performing sub-contract work of for its Promoter Group and group related entities. Going forward, the company is directly venturing into contracts with unrelated third parties and is taking on a role of a professionally managed construction company.
• The company is currently engaged in civil construction of 6 residential projects, 2 commercial projects, 1 industrial project and 1 infrastructure project. The order book as on date is ? 1,408.27 Cr. The company’s order book consists of 12 ongoing projects, of which 7 projects are having a contract value of more than ? 100 Cr each. The aggregate area to be constructed for all the projects is 29,68,873.54 sq. ft.
• The company along with its promoter company and a group company has received a Letter of Intent from the Gorakhpur Development Authority, Gorakhpur, Uttar Pradesh as a successful bidder, for a project of the construction of Rapti Nagar Ext. Township & Sports-city, Gorakhpur.
• The company’s projects are spread across different geographies like MMR, Punjab, Karnataka, New Delhi, Tamil Nadu, Rajasthan and Arunachal Pradesh. For the cost-effective execution of the projects the company follows an asset-light model, wherein the company deploys majority of the equipment and labour through third party contractors.
• The Company's revenue from operations has grown at CAGR of 26.03%, from ? 77.02 Cr in FY2022 to ? 154.18 Cr in FY2024, and the Company's Profit After Tax has increased from ? 18.78 Cr in FY2022 to ? 36.43 Cr in FY 2024, at a CAGR of 24.72%. The Company’s revenue from operations was ? 11.88 Cr for the period ended April 30, 2024, and the PAT stood at ? 3.50 Cr.

Strengths

Competitive Strengths 

• Exclusive and focused business approach;
• Established and proven track record;
• Strong project management capacity and execution capabilities;
• Strong financial performance and healthy balance sheet;
• Visible growth through increasing order book;
• Experienced Promoter, Directors & Management Team.

 Business Strategies 

• Thrust into the Construction and Development segment;
• Increase focus on and execute greater number of projects on a lock-and-key basis;
• Continue focusing on timely completion;
• Continue to maintain an asset light model for business operations;
• Expand geographical footprint;
• Expand Construction activities across sectors.

Company Promoters

Company Financials

Garuda Construction and Engineering Limited's revenue decreased by -4% and profit after tax (PAT) dropped by -11% between the financial year ending with March 31, 2024 and March 31, 2023.

Objects of the Issue

The Company proposes to utilize the funds being raised to fund the following objectives:

1. Working Capital Requirements
2. General Corporate Expenses and Unidentified Inorganic Acquisitions