Afcons Infrastructure Ltd IPO

We originally began our operations as a civil construction firm in 1959 as a partnership between the Rodio Foundation Engineering Limited, Switzerland and Hazarat & Company, India under the name of `Rodio Foundation Engineering Limited and Hazarat & Company'. The Partnership Deed was amended from time to time as a result of addition or retirement of partners, and the partnership was registered under the Indian Partnership Act, 1932 with the Registrar of Firms, Bombay on July 27, 1961. Subsequently, a company was incorporated under the name of `Asia Foundations and Constructions Private Limited' under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 22, 1976 issued by the RoC. Pursuant to an indenture dated March 22, 1977, the entire business and undertaking of the partnership firm i.e., Rodio Foundation Engineering Limited and Hazarat & Company was transferred to our Company as a running concern. Subsequent to the aforementioned transfer, our Company became a deemed public limited company as per Section 43A of the Companies Act, 1956, and the name of our Company was changed from `Asia Foundations and Constructions Private Limited' to `Asia Foundations and Constructions Limited'. Subsequently, the name of our Company was changed from `Asia Foundations and Constructions Limited' to `Afcons Infrastructure Limited' pursuant to a resolution passed in the extraordinary general meeting of our Shareholders held on July 25, 1996, and a fresh certificate of incorporation dated August 14, 1996, was issued to our Company by the RoC. The Company's status was converted from a deemed public company to a public limited company pursuant to a resolution passed in the extraordinary general meeting of our Shareholders held on November 4, 1997, and a fresh certificate of change of name was issued to our Company by the RoC on November 11, 1997.

The global construction industry stood at approximately US$5.7 trillion as of 2023 and is expected to grow to US$7.8 trillion by 2029. Global construction industry growth will largely be driven by expanding construction investment in emerging markets. India is projected to remain the fastest-growing major economy, with real GDP growth rate forecasted at 6.8% for the Financial Year 2026-2027. The Indian construction industry value stood at Rs.23,978.0 billion as of the Financial Year 2023 and is projected to be the fastest growing construction market in the world, growing at a CAGR of 9.5% to 10% between the Financial Years 2023 and 2028 to reach a market size of Rs.38,508.9 billion by the Financial Year 2028.

We are the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group (i.e., the group's leading engineering and construction company). We have a strong track record of executing numerous technologically complex engineering, procurement and construction (EPC) projects both within India and internationally. According to the Fitch Report, we are one of India's largest international infrastructure construction companies, as per the 2023 ENR (Engineering News-Record, US) Top International Contractors rankings, based on International Revenue for the Financial Year 2023. In the last eleven financial years and the three-month period ended June 30, 2024, we have successfully completed 79 projects across 17 countries with a total historic executed contract value of Rs.563.05 billion. We typically bid for projects through a competitive bidding process. Our customer contracts typically fall into the following categories -EPC contracts, item rate contracts and cost plus contracts, contracts, item rate EPC contracts and cost plus contracts contributed to 72.37%, 27.38% and 0.25%, respectively, of our total construction contract revenue for the Financial Year 2024.