PSP Projects Limited , a leading multidisciplinary construction company in India, has set a new global benchmark in the construction industry. The company successfully poured an astounding 24,000 cubic meters of concrete in just 54 hours, creating the world's largest raft foundation for a religious structure. This monumental feat was accomplished during the construction of the Vishv Umiya Dham, which is set to become the world's tallest temple at 504 feet.

Record-Breaking Achievement

The massive concrete pour, which began on World Engineer's Day (September 15) and concluded on September 17, has earned PSP Projects a place in the Golden Book of World Records. The company completed the raft foundation work in an impressive 54 hours, significantly faster than the originally planned 72 hours.

Project Details

The Vishv Umiya Dham temple, located in Jaspur, Ahmedabad, is an ambitious project envisioned by the Vishv Umiya Foundation (VUF). Designed with a projected lifespan of 500 years, the temple is poised to be a modern engineering marvel that pays homage to ancient Vedic traditions.

Logistical Triumph

The scale of this operation was unprecedented, requiring meticulous planning and execution. Key statistics of the 54-hour operation include:

The project involved over 4,100 trips by transit mixers, with the workforce operating in two shifts to ensure continuous progress.

Technological Integration

PSP Projects leveraged cutting-edge technology to manage this complex operation. A central control center was established for real-time tracking, complemented by live location monitoring of the entire vehicle fleet. Advanced data management systems ensured perfect synchronization between material production and on-site delivery.

Leadership Perspective

Shri P.S. Patel, Chairman and Managing Director of PSP Projects, expressed pride in this achievement, stating, "This is a landmark moment not just for PSP Projects, but for India's construction industry. Successfully executing one of the world's largest raft foundations in a stringent 54 hours timeframe is a testament to our team's exceptional capabilities, meticulous planning, and relentless dedication."

Collaboration and Support

The project's success was bolstered by collaboration with Adani Cements, the official concrete supplier for this record-breaking pour. This partnership played a crucial role in managing the massive scale of materials required for the operation.

PSP Projects' accomplishment not only sets a new standard in civil engineering and large-scale project execution but also contributes significantly to the construction of a structure of immense spiritual and national importance. As the Vishv Umiya Dham temple continues to rise, it stands as a testament to India's growing capabilities in advanced construction techniques and project management.

PSP Projects Limited , a leading construction company, has reported its financial results for the first quarter, revealing challenges faced due to labor shortages but expressing optimism about future growth prospects, particularly from projects associated with the Adani Group.

Q1 Financial Highlights

• Revenue from operations decreased by 16% year-over-year to ₹513.00 crore, compared to ₹612.00 crore in the same quarter of the previous year.
• EBITDA declined by 67% to ₹24.00 crore, with the EBITDA margin dropping to 4.77% from 12.00% in the same quarter last year.
• Net profit for the quarter was minimal at ₹0.13 crore, a significant decrease from ₹34.00 crore in the corresponding quarter of the previous year.

Labor Shortages and Operational Challenges

The company faced significant labor shortages during April and May, with a 37% shortfall in labor availability. This shortage, attributed to seasonal factors such as marriages and festivals, has since improved to a 19% shortfall. PSP Projects is actively working on mitigating these issues through advanced technologies and training programs to reduce labor dependency.

Order Book and Future Prospects

• The outstanding order book stands at ₹6,514.00 crore as of June 30, representing an 11% year-on-year growth.
• PSP Projects is in discussions with the Adani Group for projects worth ₹7,000.00 crore to ₹8,000.00 crore, expected to materialize in the future.
• The company anticipates improved performance from the second quarter onwards, with EBITDA margins expected to return to the 8-9% range.

Adani Group Projects Pipeline

Chairman and Managing Director P.S. Patel outlined several projects under discussion with the Adani Group, including:

Financial Position and Working Capital

• The company incurred a capex of ₹32.00 crore during the quarter.
• Long-term borrowings stand at ₹44.00 crore, with short-term borrowings at ₹338.00 crore.
• PSP Projects expects its working capital position to improve by the end of the second or third quarter, supported by mobilization advances from new Adani Group projects.

Outlook

Despite the challenges faced in the first quarter, PSP Projects remains optimistic about its future performance. The management expects to achieve a revenue of ₹4,500.00 crore in the future, supported by the strong order book and anticipated inflows from Adani Group projects. The company is also focusing on technological advancements to improve efficiency and reduce labor dependency.

As PSP Projects navigates through the current challenges, its strategic partnership with the Adani Group and focus on operational improvements position it for potential growth in the coming quarters.