Kavita Shirvaikar, MD , Patel Engineering tells CW about her experience and journey.  You have a rich experience of over 25 years in accountancy, tax, audit, banking, finance and fund management. What are your plans in your new role at the company?I feel fortunate to have served over 25 years in the infrastructure industry. It is with this long and robust experience that I can serve as an able leader at Patel Engineering Ltd. Over the past decade of having worked here, leveraging my extensive experience in a broad spectrum of financial facets, I have been able to lay an extremely strong foundation to achieve our growth ambitions. These foundation-building activities involved improving the balance sheet by reducing debt and monetising non-core assets. Setting up internal controls and systems that enable a smooth flow of operational activities was equally important. Last, focusing on areas of our core strengths by defining clear strategic targets for our business development activities. My new role as managing director enhances the purview of my leadership. It is not only limited to financial strategies but encompasses strategic aspects of overall operational and business development. Let me give you a glimpse into my plans to steer the company ahead. As a leading player in the infra development space, we would keep a sharp focus on areas of our core strength – hydropower, tunnelling and irrigation works – as we see an enormous potential in these segments. There would also be an ever-increasing focus on adopting both the latest technology to enhance our internal controls and pioneering engineering techniques to enhance efficiency and thereby reduce costs. Further, the aim would be to achieve sustainable growth by keeping our target profitable margins intact without the need to increase our serviceable debt from current levels. You joined Patel Engineering as vice president (finance) and within three years became an integral part of the board of management. To what do you attribute this stellar growth?When I joined Patel Engineering as vice president of finance, my primary focus was on stabilising the company and ensuring its financial health after a challenging period. Over the years, I have been fortunate to work alongside a highly talented team and, together, we implemented key strategies that significantly improved the company's financial position. One of the defining moments of my tenure was leading the successful strategic debt restructuring programme. Since then, we have reduced our debt from peak levels of Rs 55 billion to current levels of Rs 15 billion. This allowed us to regain our footing and focus on growth. As the company stabilised, I shifted my attention to areas such as cost control, project execution and strengthening our internal systems, including the implementation of SAP. These efforts played a key role in increasing our order book from Rs 70 billion to Rs 170 billion and expanding our workforce from 1,200 to 4,500 employees. I believe my progression to the board of management was a result of consistently delivering on key financial initiatives, effectively managing our debt and driving the company towards sustainable growth. Additionally, my background in chartered accountancy and cost accounting equipped me to take on these challenges and deliver results that contributed to the company’s long-term success.Is the company – which reported a 78 per cent increase in consolidated net profit after tax for the March 2024 quarter – considering JVs or acquisitions to expand its market reach?Patel Engineering boasts strong and consistent financial performance. We are proud of the 78 per cent increase in consolidated net profit after tax for the March 2024 quarter, as a testimony to our operational excellence and strategic focus. For further consolidation of our market presence and further reach, we are actively pursuing collaborations through strategic JVs, which would have to be evaluated on a project-to-project basis. We have signed MoUs with Rail Vikas Nigam Ltd (RVNL) and Ircon International, two of the most respected Maharatna PSUs in infrastructure development. These partnerships are aimed at jointly executing high-value and complex hydropower and tunnelling projects both in India and overseas, with a focus on delivering innovative, value-engineered solutions.What technologies has the company integrated into ongoing and upcoming projects to make them better coordinated and more cost-effective?At Patel Engineering, we continuously integrate advanced technologies to enhance the coordination and cost-effectiveness of our projects. One key technology we have embraced is the NATM (New Austrian Tunnelling Method), which we have incorporated into most of our ongoing projects. This approach has enabled us to achieve greater precision and efficiency in tunnelling work. Additionally, we’ve pioneered several industry firsts, such as being the first company in Asia to perform double lake tapping at the Koyna Hydropower project. We also constructed the first piano key weir at the Sawarakuddu hydropower project and the first RCC dam at the Ghatghar project. Apart from being a pioneer in implementing these construction engineering techniques, we can proudly say that we have implemented SAP at our project sites and are now implementing IoT-based technologies to track and monitor diesel usage across heavy machinery. These innovations not only showcase our ability to adopt cutting-edge technologies but also contribute a great deal to our efforts to streamline our operations, making our projects more efficient, cost-effective and impactful.Against the backdrop of the irrigation project worth Rs. 3.17 billion being executed with the Maharashtra government, what shifts do you foresee in the balance between public and private-sector projects going forward?The irrigation project Patel Engineering is executing along with its JV partner for the Maharashtra government is just one of the various infrastructure projects being developed by the company. This is a result of the Centre’s enhanced focus on upgrading the nation’s infrastructure and further contributing to GDP growth. We see great opportunity for not just irrigation works but also our hydropower and tunnelling works. These three sectors in the overall infrastructure industry are areas of key strategic focus for us. The progressive targets of the Union Government for the large-scale development of infrastructure works will require a close working relationship between the private and public sectors. We are certain that our experience and performance history will put us in a good position to take advantage of new possibilities and support the development objectives of the Centre and state as the government continues to place a high priority on the efficient and sustainable implementation of projects. PPP will continue to serve as a vital mechanism for private-sector engagement in infrastructure development projects. Thus mechanism helps leverage private-sector expertise and public-sector oversight and policy support.India’s construction industry employs over 40 million workers, with nearly half being women. Despite this, their representation in leadership positions is low. What would you suggest to increase their presence in top positions?While it is encouraging to see a significant number of women in India’s construction industry, their representation in leadership roles remains a challenge. To increase their presence in top positions, it’s essential to focus on mentorship and skill development programmes that empower women to take on leadership responsibilities. In addition, fostering a more welcoming workplace culture with policies that encourage equality of opportunity and work-life balance ensures that women advance to senior positions. For women to succeed in their professions and leadership roles, Patel Engineering is dedicated to creating an atmosphere that provides them with the resources, direction and encouragement they seek.What is on your to-be-achieved list? What would you like to convey to budding women entrepreneurs?As I continue my journey with Patel Engineering, my focus is on achieving sustainable growth, expanding our market presence and continuing to innovate in the infrastructure sector. In light of new prospects in pump storage projects, I am dedicated to bolstering our hydropower efforts and improving our technological prowess. We would continue the culture of innovation within the company, promoting continuous improvement and creative problem-solving as well as investing in the development and well-being of our employees, with a strong emphasis on ensuring diversity, inclusion and equal opportunities for all. To budding women entrepreneurs, my advice is straightforward yet profound: have faith in your ability, devote an extensive amount of effort, and never give up on your quest for excellence. Even if the path to success may not always be simple, opportunities and progress will always be made possible by perseverance and hard work. It's critical to have self-assurance, take chances, and never hesitate to assume leadership responsibilities. The infrastructure sector, and every other field, needs diverse voices to drive progress.