diff --git a/erpnext/hr/doctype/hr_settings/hr_settings.json b/erpnext/hr/doctype/hr_settings/hr_settings.json
index 09666c5..3553229 100644
--- a/erpnext/hr/doctype/hr_settings/hr_settings.json
+++ b/erpnext/hr/doctype/hr_settings/hr_settings.json
@@ -10,6 +10,7 @@
   "retirement_age",
   "emp_created_by",
   "column_break_4",
+  "standard_working_hours",
   "stop_birthday_reminders",
   "expense_approver_mandatory_in_expense_claim",
   "leave_settings",
@@ -143,13 +144,19 @@
    "fieldname": "send_leave_notification",
    "fieldtype": "Check",
    "label": "Send Leave Notification"
+  },
+  {
+   "default": "8",
+   "fieldname": "standard_working_hours",
+   "fieldtype": "Int",
+   "label": "Standard Working Hours"
   }
  ],
  "icon": "fa fa-cog",
  "idx": 1,
  "issingle": 1,
  "links": [],
- "modified": "2021-03-14 02:04:22.907159",
+ "modified": "2021-04-16 15:45:18.467699",
  "modified_by": "Administrator",
  "module": "HR",
  "name": "HR Settings",
diff --git a/erpnext/projects/doctype/timesheet/test_timesheet.py b/erpnext/projects/doctype/timesheet/test_timesheet.py
index f7c764e..d21ac0f 100644
--- a/erpnext/projects/doctype/timesheet/test_timesheet.py
+++ b/erpnext/projects/doctype/timesheet/test_timesheet.py
@@ -151,11 +151,11 @@
 		settings.save()
 
 
-def make_salary_structure_for_timesheet(employee):
+def make_salary_structure_for_timesheet(employee, company=None):
 	salary_structure_name = "Timesheet Salary Structure Test"
 	frequency = "Monthly"
 
-	salary_structure = make_salary_structure(salary_structure_name, frequency, dont_submit=True)
+	salary_structure = make_salary_structure(salary_structure_name, frequency, company=company, dont_submit=True)
 	salary_structure.salary_component = "Timesheet Component"
 	salary_structure.salary_slip_based_on_timesheet = 1
 	salary_structure.hour_rate = 50.0
diff --git a/erpnext/projects/report/project_profitability/__init__.py b/erpnext/projects/report/project_profitability/__init__.py
new file mode 100644
index 0000000..e69de29
--- /dev/null
+++ b/erpnext/projects/report/project_profitability/__init__.py
diff --git a/erpnext/projects/report/project_profitability/project_profitability.js b/erpnext/projects/report/project_profitability/project_profitability.js
new file mode 100644
index 0000000..cdf7bfd
--- /dev/null
+++ b/erpnext/projects/report/project_profitability/project_profitability.js
@@ -0,0 +1,48 @@
+// Copyright (c) 2016, Frappe Technologies Pvt. Ltd. and contributors
+// For license information, please see license.txt
+/* eslint-disable */
+
+frappe.query_reports["Project Profitability"] = {
+	"filters": [
+		{
+			"fieldname": "company",
+			"label": __("Company"),
+			"fieldtype": "Link",
+			"options": "Company",
+			"default": frappe.defaults.get_user_default("Company"),
+			"reqd": 1
+		},
+		{
+			"fieldname": "start_date",
+			"label": __("Start Date"),
+			"fieldtype": "Date",
+			"reqd": 1,
+			"default": frappe.datetime.add_months(frappe.datetime.get_today(), -1)
+		},
+		{
+			"fieldname": "end_date",
+			"label": __("End Date"),
+			"fieldtype": "Date",
+			"reqd": 1,
+			"default": frappe.datetime.now_date()
+		},
+		{
+			"fieldname": "project",
+			"label": __("Project"),
+			"fieldtype": "Link",
+			"options": "Project"
+		},
+		{
+			"fieldname": "customer_name",
+			"label": __("Customer"),
+			"fieldtype": "Link",
+			"options": "Customer"
+		},
+		{
+			"fieldname": "employee",
+			"label": __("Employee"),
+			"fieldtype": "Link",
+			"options": "Employee"
+		}
+	]
+};
diff --git a/erpnext/projects/report/project_profitability/project_profitability.json b/erpnext/projects/report/project_profitability/project_profitability.json
new file mode 100644
index 0000000..0b092cd
--- /dev/null
+++ b/erpnext/projects/report/project_profitability/project_profitability.json
@@ -0,0 +1,44 @@
+{
+ "add_total_row": 0,
+ "columns": [],
+ "creation": "2021-04-16 15:50:28.914872",
+ "disable_prepared_report": 0,
+ "disabled": 0,
+ "docstatus": 0,
+ "doctype": "Report",
+ "filters": [],
+ "idx": 0,
+ "is_standard": "Yes",
+ "modified": "2021-04-16 15:50:48.490866",
+ "modified_by": "Administrator",
+ "module": "Projects",
+ "name": "Project Profitability",
+ "owner": "Administrator",
+ "prepared_report": 0,
+ "ref_doctype": "Timesheet",
+ "report_name": "Project Profitability",
+ "report_type": "Script Report",
+ "roles": [
+  {
+   "role": "HR User"
+  },
+  {
+   "role": "Accounts User"
+  },
+  {
+   "role": "Employee"
+  },
+  {
+   "role": "Projects User"
+  },
+  {
+   "role": "Manufacturing User"
+  },
+  {
+   "role": "Employee Self Service"
+  },
+  {
+   "role": "HR Manager"
+  }
+ ]
+}
\ No newline at end of file
diff --git a/erpnext/projects/report/project_profitability/project_profitability.py b/erpnext/projects/report/project_profitability/project_profitability.py
new file mode 100644
index 0000000..7a76213
--- /dev/null
+++ b/erpnext/projects/report/project_profitability/project_profitability.py
@@ -0,0 +1,174 @@
+# Copyright (c) 2013, Frappe Technologies Pvt. Ltd. and contributors
+# For license information, please see license.txt
+
+from __future__ import unicode_literals
+# import frappe
+
+def execute(filters=None):
+	columns, data = [], []
+	data = get_data(filters)
+	columns = get_columns()
+	charts = get_chart_data(data)
+	return columns, data, None, charts
+
+def get_data(filters):
+	conditions = get_conditions(filters)
+	standard_working_hours = frappe.db.get_single_value('HR Settings', 'standard_working_hours')
+	sql = ''' 
+			SELECT 
+				*
+			FROM 
+				(SELECT
+					si.customer_name,tabTimesheet.title,
+					tabTimesheet.employee,si.base_grand_total
+					si.name as voucher_no,ss.base_gross_pay,ss.total_working_days,
+					tabTimesheet.end_date,tabTimesheet.total_billed_hours,
+					tabTimesheet.name as timesheet,
+					tabTimesheet.total_billed_hours/(ss.total_working_days * {0}) as utilization
+					FROM 
+						`tabSalary Slip Timesheet` as sst join `tabTimesheet` on tabTimesheet.name = sst.time_sheet
+						join `tabSales Invoice Timesheet` as sit on sit.time_sheet = tabTimesheet.name
+						join `tabSales Invoice` as si on si.name = sit.parent and si.status != 'Cancelled'
+						join `tabSalary Slip` as ss on ss.name = sst.parent and ss.status != 'Cancelled' '''.format(standard_working_hours)
+	if conditions:
+		sql += '''
+				where
+					{0}) as t'''.format(conditions)
+	data = frappe.db.sql(sql,filters, as_dict=True)
+	data = perform_calculations(data)
+	return data
+
+def perform_calculations(data):
+	data.fractional_cost = data.base_gross_pay * data.utilization
+	data.profit = data.base_grand_total - data.base_gross_pay
+	return data
+
+def get_conditions(filters):
+	conditions = []
+	if filters.get('company'):
+		conditions.append('tabTimesheet.company="{0}"'.format(filters.get('company')))
+	if filters.get('customer_name'):
+		conditions.append('si.customer_name="{0}"'.format(filters.get('customer_name')))
+	if filters.get('start_date'):
+		conditions.append('tabTimesheet.start_date>="{0}"'.format(filters.get('start_date')))
+	if filters.get('end_date'):
+		conditions.append('tabTimesheet.end_date<="{0}"'.format(filters.get('end_date')))
+	if filters.get('employee'):
+		conditions.append('tabTimesheet.employee="{0}"'.format(filters.get('employee')))
+	
+	conditions = ' and '.join(conditions)
+	return conditions
+
+def get_chart_data(data):
+	if not data:
+		return None
+
+	labels = []
+	utilization = []
+
+	for entry in data:
+		labels.append(entry.get('title') + ' - ' + str(entry.get('end_date')))
+		utilization.append(entry.get('utilization'))
+	charts = {
+		'data': {
+			'labels': labels,
+			'datasets': [
+				{
+					'name': 'Utilization',
+					'values': utilization
+				}
+			]
+		},
+		'type': 'bar',
+		'colors': ['#84BDD5']
+	}
+	return charts
+
+def get_columns():
+	return [
+		{
+			'fieldname': 'customer_name',
+			'label': _('Customer'),
+			'fieldtype': 'Link',
+			'options': 'Customer',
+			'width': 150
+		},
+		{
+			'fieldname': 'employee',
+			'label': _('Employee'),
+			'fieldtype': 'Link',
+			'options': 'Employee',
+			'width': 150
+		},
+		{
+			'fieldname': 'employee_name',
+			'label': _('Employee Name'),
+			'fieldtype': 'Data',
+			'width': 120
+		},
+		{
+			'fieldname': 'voucher_no',
+			'label': _('Sales Invoice'),
+			'fieldtype': 'Link',
+			'options': 'Sales Invoice',
+			'width': 200
+		},
+		{
+			'fieldname': 'timesheet',
+			'label': _('Timesheet'),
+			'fieldtype': 'Link',
+			'options': 'Timesheet',
+			'width': 150
+		},
+		{
+			'fieldname': 'grand_total',
+			'label': _('Bill Amount'),
+			'fieldtype': 'Currency',
+			'options': 'currency',
+			'width': 120
+		},
+		{
+			'fieldname': 'gross_pay',
+			'label': _('Cost'),
+			'fieldtype': 'Currency',
+			'options': 'currency',
+			'width': 120
+		},
+		{
+			'fieldname': 'profit',
+			'label': _('Profit'),
+			'fieldtype': 'Currency',
+			'options': 'currency',
+			'width': 120
+		},
+		{
+			'fieldname': 'utilization',
+			'label': _('Utilization'),
+			'fieldtype': 'Percentage',
+			'width': 120
+		},
+		{
+			'fieldname': 'fractional_cost',
+			'label': _('Fractional Cost'),
+			'fieldtype': 'Int',
+			'width': 100
+		},
+		{
+			'fieldname': 'total_billed_hours',
+			'label': _('Total Billed Hours'),
+			'fieldtype': 'Int',
+			'width': 100
+		},
+		{
+			'fieldname': 'start_date',
+			'label': _('Start Date'),
+			'fieldtype': 'Date',
+			'width': 120
+		},
+		{
+			'fieldname': 'end_date',
+			'label': _('End Date'),
+			'fieldtype': 'Date',
+			'width': 120
+		}
+	]
diff --git a/erpnext/projects/report/project_profitability/test_project_profitability.py b/erpnext/projects/report/project_profitability/test_project_profitability.py
new file mode 100644
index 0000000..7036547
--- /dev/null
+++ b/erpnext/projects/report/project_profitability/test_project_profitability.py
@@ -0,0 +1,51 @@
+from __future__ import unicode_literals
+import unittest
+import frappe
+from frappe.utils import getdate, nowdate
+from erpnext.hr.doctype.employee.test_employee import make_employee
+from erpnext.projects.doctype.timesheet.test_timesheet import make_salary_structure_for_timesheet, make_timesheet 
+from erpnext.projects.doctype.timesheet.timesheet import make_salary_slip, make_sales_invoice
+from erpnext.projects.report.project_profitability.project_profitability import execute
+
+class TestProjectProfitability(unittest.TestCase):
+	@classmethod
+	def setUp(self):
+		emp = make_employee('test_employee_9@salary.com', company='_Test Company')
+		if not frappe.db.exists('Salary Component', 'Timesheet Component'):
+			frappe.get_doc({'doctype': 'Salary Component', 'salary_component': 'Timesheet Component'}).insert()
+		make_salary_structure_for_timesheet(emp, company='_Test Company')
+		self.timesheet = make_timesheet(emp, simulate = True, billable=1)
+		self.salary_slip = make_salary_slip(self.timesheet.name)
+		self.salary_slip.submit()
+		self.sales_invoice = make_sales_invoice(self.timesheet.name, '_Test Item', '_Test Customer')
+		self.sales_invoice.due_date = nowdate()
+		self.sales_invoice.submit()
+
+	def test_project_profitability(self):
+		filters = {
+			'company': '_Test Company',
+			'start_date': getdate(),
+			'end_date': getdate()
+		}
+
+		report = execute(filters)
+		expected_data = [
+			{
+				'customer_name': '_Test Customer',
+				'title': 'test_employee_9@salary.com',
+				'grand_total': 100.0,
+				'gross_pay': 78100.0,
+				'profit': -19425.0,
+				'total_billed_hours': 2.0,
+				'utilization': 0.25,
+				'fractional_cost': 19525.0,
+				'total_working_days': 1.0
+			}
+		]
+		for key in ['customer_name','title','grand_total','gross_pay','profit','total_billed_hours','utilization','fractional_cost','total_working_days']:
+			self.assertEqual(expected_data[0].get(key), report[1][0].get(key))
+
+	def tearDown(self):
+		frappe.get_doc('Sales Invoice', self.sales_invoice.name).cancel()
+		frappe.get_doc('Salary Slip', self.salary_slip.name).cancel()
+		frappe.get_doc('Timesheet', self.timesheet.name).cancel()
\ No newline at end of file
diff --git a/erpnext/projects/workspace/projects/projects.json b/erpnext/projects/workspace/projects/projects.json
index 0ec1702..b65e9aa 100644
--- a/erpnext/projects/workspace/projects/projects.json
+++ b/erpnext/projects/workspace/projects/projects.json
@@ -131,6 +131,16 @@
    "type": "Link"
   },
   {
+   "dependencies": "Timesheet, Sales Invoice, Salary Slip",
+   "hidden": 0,
+   "is_query_report": 1,
+   "label": "Project Profitability",
+   "link_to": "Project Profitability",
+   "link_type": "Report",
+   "onboard": 0,
+   "type": "Link"
+  },
+  {
    "dependencies": "Project",
    "hidden": 0,
    "is_query_report": 1,
@@ -161,7 +171,7 @@
    "type": "Link"
   }
  ],
- "modified": "2021-03-26 16:32:00.628561",
+ "modified": "2021-04-16 16:27:16.548780",
  "modified_by": "Administrator",
  "module": "Projects",
  "name": "Projects",
diff --git a/erpnext/regional/india/utils.py b/erpnext/regional/india/utils.py
index 6338056..0c757e9 100644
--- a/erpnext/regional/india/utils.py
+++ b/erpnext/regional/india/utils.py
@@ -161,7 +161,7 @@
 	# Date was chosen as start of next FY to avoid irritating current users.
 	if country != "India" or getdate(doc.posting_date) < getdate("2021-04-01"):
 		return
-
+	print(doc.name)
 	if len(doc.name) > 16:
 		frappe.throw(_("Maximum length of document number should be 16 characters as per GST rules. Please change the naming series."))