Line 3 Elevated Stations (6 stations) — Civil & Finishing

Profit bridge — financing lens

Expected operating profit before financing

₹26.62 Cr11.0%

= gross profit to date ₹15.73 Cr + remaining work ₹98.98 Cr × planned 11% margin

Borrowing interest & fees incurred Realised

−₹11.6 L

Forecast borrowing interest to repayment Forecast

−₹5.4 L

₹6.1 L of it because collections arrive after their due dates

Revised profit after financing

₹26.45 Cr10.9%

Illustrative collection loss Illustrative

−₹22.9 L

Probability-weighted penalties & write-offs Illustrative

₹0

Profit after illustrative losses Illustrative

₹26.22 Cr10.8%

The baseline margin already includes direct costs (materials, subcontract, site payroll, equipment). It excludes financing, head-office overheads and company term-loan interest, so the deductions above are not double counted. Retention is timing, not cost.

• Financing lens: Falls below the 8% target: not within 3 years of further delay. Breaks even: not within 3 years of further delay.
• Opportunity lens: Falls below the 8% target if collections slip 701 more days (largest bill then arrives 21 Oct 2028). Breaks even: not within 3 years of further delay.