ITD Cementation lost to Reliance Infra on the Bandra-Versova Sea Link project. This is the second loss that ITD Cementation witnessed in quick succession after they lost the Mumbai Trans Harbour Link earlier.

The company bid for the project in joint venture with Hyundai, which is a globally reputed infrastructure company. "We firmly believe that the price we quoted was the right price", said Patwardhan.

Patwardhan said that the company received orders in excess of Rs 2,400 crore in the first two months of the calendar year.

He further said that the balance sheet had improved substantially after 2017. "We did a QIP in January and mobilized about Rs 337 crore and we deployed the money to reduce our debt. Therefore, our debt equity ratio is in the range of 0.1 or 0.15", he added.