From Rs 1.5 lakh in 2018 to crores, financial growth of Presadio is staggering

KOZHIKODE: Presadio, the company mired in controversies, has achieved astonishing growth in a short period of time in subcontracting major projects including AI Camera and K Phone.

In 2018, when the company started its operations, the income was only Rs 1.5 lakh rupees. In the following year, the income rose to Rs 7 crore 24 lakh. This increased again to Rs 9 crore 82 lakhs in the third year. These figures are in documents submitted by Presadio to the Ministry of Corporate Affairs.

According to the records, the company's revenue has grown by 500 times in one year. In the first year of the company, a transaction of Rs 2 crore was made with Uralungal. The records include details of purchase of equipment for 'Safe Kerala'. Presadio has also sub-contracted Uralungal to set up vehicle driving testing stations at Kasaragod and Kannur. In the Rs 4.16 crore project, Presadio was responsible for supply of equipment and related works.

For the traffic camera, the government reached the private company through Keltron, while the transport department reached Uralungal through KIDCO and through it to Presadio. Their record of growth comes when the constant presence of the same companies in contract and sub-contract work from the tender stage in all major projects is controversial.