**Yogi Infra Projects Limited** (formerly **Yogi Sung-Won (India) Limited**) is an Indian infrastructure developer and real estate consultancy currently undergoing a strategic transformation. After a period of limited operational activity, the company is pivoting toward **residential redevelopment**, **commercial projects**, and **infrastructure contracts**. By centralizing its operations in Mumbai and restructuring its leadership, the company aims to capitalize on the projected **US$ 1 trillion** Indian real estate market. --- ### **Strategic Pivot & Operational Roadmap** The company is transitioning from a holding phase to an active project execution cycle. Management is currently implementing a **futuristic roadmap** designed to align with modern urban demands. * **Core Business Mandate:** Acting as infrastructure establishers, real estate brokers, and developers for civil structures, including residential flats, commercial buildings, hotels, malls, and industrial sites. * **Redevelopment Focus:** A primary strategic pillar is the entry into **Joint Venture (JV) agreements** specifically for the **redevelopment of residential projects** in high-demand urban corridors. * **Geographic Consolidation:** To streamline decision-making and proximity to key markets, the company relocated its registered office from **West Bengal to Maharashtra (Mumbai)**. * **Operational Status:** While the company reported **zero revenue from operations** in the most recent fiscal year, it initiated an active "ramp-up" phase in **2024**, focusing on securing new project mandates and infrastructure contracts. --- ### **Corporate Structure & Subsidiary Ecosystem** Yogi Infra Projects operates through two unlisted Indian subsidiaries. These entities function with empowered, independent boards to execute specific real estate mandates. | Subsidiary Name | % Voting Power (March 2025) | Status | | :--- | :---: | :--- | | **Moongipa Realty Pvt Ltd** | **79.85%** | Active (Formerly Axayraj Buildwell) | | **Bini Builders Pvt Ltd** | **63.82%** | Active | **Key Asset Developments:** * **Debt Clearance:** In **October 2023**, the company successfully released the **100% pledge** on its shareholding in **Bini Builders Private Limited** following the full repayment of debentures issued to the **SWAMIH Investment Fund I**. * **Credit Support:** The company serves as a **co-borrower** for a loan obtained by **Moongipa Realty Private Limited** from **Aditya Birla Finance Limited**, totaling **INR 30,00,00,000 (Thirty Crore)** with a **60-month** tenure. --- ### **Financial Position & Capital Structure** The company’s balance sheet reflects a pre-operational stage characterized by high liquidity and significant historical accumulated losses. **Financial Performance Summary (Consolidated)** | Metric (INR in Lakhs) | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Revenue from Operations** | **0.00** | **0.00** | | **Net Profit / (Loss)** | **5.57** | **(11.97)** | | **Paid-up Equity Share Capital** | **1,684.56** | **1,684.56** | | **Reserves and Surplus** | **(24,242.69)** | **(199.11)** | **Asset & Liability Profile (as of March 31, 2025):** * **Capital Work in Progress (CWIP):** **INR 139.27 Lakhs**, representing preparatory costs for upcoming projects. * **Liquidity:** Cash and bank balances stand at **INR 88.31 Lakhs**, with **INR 79.05 Lakhs** held in current accounts. * **Inter-corporate Balances:** Short-term loans and advances total **INR 1,023.00 Lakhs**, including **INR 416.50 Lakhs** receivable from **Related Parties**. * **Solvency:** Auditors confirm the company can meet liabilities due within **one year**. There are **zero defaults** on outstanding loans and **no outstanding debt securities**. * **Funding Strategy:** Shareholders approved an increase in borrowing powers up to **INR 100 Crores** in **December 2023** to fund new acquisitions. Notably, no unsecured loans were taken from Directors in the **2024-25** period. --- ### **Governance & Leadership Renewal** In **September 2024**, the company restructured its Board to lead the five-year turnaround strategy. * **Executive Leadership:** **Mr. Sanjay B. Agarwal** (Executive Chairman) and **Mr. Rajesh Basudeo Agarwal** (Managing Director) have been appointed for terms ending **September 2029**. * **Board Composition:** A **6-member Board** including **3 Independent Directors** and a **Woman Director**. * **Key Officers:** * **CFO:** **Mr. Yogesh N Dave** (Appointed Sept 2024). * **Company Secretary:** **Ms. Tarana Sankhla** (Appointed May 2023). * **Regulatory Status:** The company is currently exempt from certain **SEBI Corporate Governance** regulations (17 to 27) as its **Paid-up Capital is < ₹10 Crore** and **Net Worth is < ₹25 Crore**. --- ### **Market Opportunity & Sector Tailwinds** The company’s pivot is timed to coincide with significant growth in the Indian real estate and infrastructure landscape. | Opportunity Driver | Impact & Metrics | | :--- | :--- | | **Sector Growth** | Real estate is projected to contribute **13% to India's GDP by 2025**. | | **Urbanization** | Urban population is expected to reach **60 crore by 2036**, driving residential demand. | | **Policy Support** | Government initiatives like **PMAY (Housing for All)** and the **INR 13,200+ crore SWAMIH I** fund for stalled projects. | | **Foreign Investment** | **100% FDI** allowed in townships; **US$ 52.48 billion** inflow recorded between 2000–2021. | --- ### **Risk Mitigation & Challenges** Yogi Infra Projects operates under a formal **Risk Management System** to address the following threats: * **Input Costs & Inflation:** Rising prices for **cement, steel, and labour**, alongside fluctuating **RBI interest rates**, impact project margins and buyer affordability. * **Regulatory Complexity:** Navigating **RERA** compliance, environmental regulations, and complex state-level approval processes. * **Market Dynamics:** The **Work-from-Home (WFH)** trend has shifted demand away from traditional office spaces, while luxury segments face potential **inventory overhang**. * **Legacy Litigation:** Ongoing tax proceedings before the **Income Tax Appellate Tribunal** for assessment years **1994-1996** remain a contingent factor. * **Operational Execution:** The primary challenge remains the successful transition from a **zero-revenue** state to active project delivery while managing **cybersecurity risks** and retaining **human talent**.