VI-RD-2502 · EPC contractor · Executing
Konkan State Road Development CorporationState PSURatnagiri, MaharashtraPM Rohan Deshpande · Finance Meera Kulkarni
Contract 1 Feb 2025 – 31 Jul 2027 · 45 days from submission of each RA bill · retention 5%
Profitable on paper, but this project has consumed ₹5.52 Cr of cash: ₹23.66 Cr of its earnings are still in unbilled work, bills and retention.
Expected profit at completion, what borrowing costs it, and how that changes if payments slip. Realised, forecast and illustrative amounts are kept apart.
Profit bridge — financing lens
= gross profit to date ₹12.16 Cr + remaining work ₹99.54 Cr × planned 14% margin
Opportunity lens Alternative lens
Return forgone at 12% on amounts collected after their due dates: ₹5.4 L to date + ₹19.7 L forecast. Profit on this lens: ₹25.85 Cr (13.9%). It replaces — never adds to — the borrowing view.
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.
Profit after financing if collections slip further
| Further delay | Borrowing interest | Margin after | Opportunity cost | Margin after |
|---|---|---|---|---|
| +30 days | ₹0 | 14.00% | ₹23.0 L | 13.74% |
| +60 days | ₹0 | 14.00% | ₹46.0 L | 13.62% |
| +90 days | ₹0 | 14.00% | ₹69.0 L | 13.50% |
Borrowing attributable to this project
None — no borrowing is earmarked against this project's bills, so its delays cost no interest (only the opportunity lens applies).
No contractual or verified legal basis for late-payment interest is recorded for this contract, so none is assumed.
Illustrative losses — editable assumptions Illustrative
Expected collections vs this project's payments, to 31 Mar 2027 (FY end) — in ₹28.06 Cr, out ₹18.64 Cr.
5 open — what stands between work done and cash.
1.2 km at Lanja bypass not handed over
Right-of-way pending with the land acquisition officer; blocks ~₹9.8 Cr of planned work. Idle-equipment claim being prepared.
Owner Rohan Deshpande · since 10 Jun (113 days)
Every bill for this contract — contractual due dates and our estimated collection dates side by side.
| Bill | Stage | Work value | Outstanding | Collection |
|---|---|---|---|---|
| RA-01 to RA-10Settled bills (history roll-up) | Collected | ₹66.52 Cr | — | ₹63.19 Cr by 18 Jul |
| RA-11Running account bill 11 — earthwork, GSB, culverts | Overdue | ₹6.14 Cr | ₹5.83 Cr | 28 Oct est. |
| RA-12Running account bill 12 — minor bridges, drains | Submitted | ₹7.25 Cr | ₹6.89 Cr | 30 Nov est. |
| PV-08Price variation (escalation) — August | Eligible to bill | ₹1.84 Cr | ₹1.84 Cr | 21 Dec est. |
| MB-SepSeptember work — measured, awaiting certification | Awaiting cert. | ₹5.11 Cr | ₹5.11 Cr | 10 Jan est. |
| Oct 2026 workPlanned bill for Oct 2026 work | Planned | ₹4.60 Cr | — | 17 Feb est. |
| Nov 2026 workPlanned bill for Nov 2026 work | Planned | ₹4.60 Cr | — | 19 Mar est. |
| Dec 2026 workPlanned bill for Dec 2026 work | Planned | ₹4.60 Cr | — | 19 Apr est. |
| Jan 2027 workPlanned bill for Jan 2027 work | Planned | ₹4.60 Cr | — | 20 May est. |
| Feb 2027 workPlanned bill for Feb 2027 work | Planned | ₹4.60 Cr | — | 17 Jun est. |
| Mar 2027 workPlanned bill for Mar 2027 work | Planned | ₹4.60 Cr | — | 18 Jul est. |
| Retention50% on completion certificate; balance after the 24-month defect liability period | Retention | ₹4.00 Cr | ₹4.00 Cr | 15 Oct est. |
2 of 6 complete
Land handover, km 0–18
28 Mar · 13d late
Done
Earthwork & GSB, km 0–12
30 Jan · 30d late
Done
Kajali river major bridge — foundations
plan 30 Sep
Delayed
Foundation redesign approved 18 Aug; six-week slip
Minor bridges (6 of 9 complete)
plan 30 Nov
In progress
DBM & bituminous concrete, km 0–12
plan 31 Jan
Upcoming
Substantial completion
plan 31 Jul
Upcoming
₹18.64 Cr due to 31 Mar 2027 (FY end) on this project