Dear Shareholders,
It is with great optimism, zeal, and a sense of achievement that I connect with you
again, in the wake of a year of impressive achievements by Peninsula both operationally
and fi nancially. We delivered our committed projects, sold our inventory at targeted
prices, posted impressive revenues and profi ts, reduced our debt to manageable levels and
made progress on the business development front. The year also witnessed an unprecedented
growth of 68% year-on-year in the Indian real estate industry with strong indications of
further growth over the next 7-8 years. Many factors have contributed to this growth and
the immensely optimistic outlook for this sector. Larger disposable incomes, demand for
ready or near-ready properties, technology driven real estate market, demand for green
real estate, increased demand for affordable, luxury and premium apartments, improved
community standards, favorable Government policies and initiatives, easier access to bank
fi nance for both buyers and developers and encouraging trends in foreign investments
augur well for this industry. At Peninsula, through our performance and unyielding
commitment to execution, we have overcome our challenges on the debt front and are now in
a position where growth is inevitable. As a trusted brand Peninsula is now well poised and
equipped to plan and execute growth avenues which are limitless.
Year in Review:
Operations and Sales: During FY 2022-23, we sold 6,10,501 sq feet across on-going
projects representing new sales bookings of Rs.624 crores (including Rs.317 crores from
the sale of 98,658 sq feet of a DM-model Project). Our sales collection efforts during the
year yielded cashfl ows of Rs.996 crores (including Rs. 351 crores for the DM-model
Project).
In terms of execution, we obtained OC for all habitable fl oors in Celestia Spaces
(Mumbai) and commenced the handover process of apartments to delighted customers. At
AddressOne (Pune), we made signifi cant progress and obtained OC for 1 Phase out of 6 and
are working towards getting OC for the remaining Phases in FY 2023-24. We also obtained
part -OC upto the 51 st out of 57 fl oors, for Salsette 27(Mumbai) a DM-model project
managed by us.
Business Development: As for new projects, we have launched AshokVann (Pune) a
plotted development project which has already posted encouraging sales. We hope to
complete and deliver this project in FY 2023-24. Various other projects and growth plans
are also under active consideration which we hope to implement in a phased manner to grow
and enhance shareholder value.
Cashfl ows and debt management: We have reduced the consolidated debt in FY 2022-23
by Rs. 356 crores (46%) from Rs. 780 crores to Rs. 424 crores as on 31 st March 2023. The
promoters have also demonstrated their trust and confi dence in the Company's business
prospects by infusing equity to the extent of Rs.25.65 crores during the year and have
committed to infuse another Rs.16.07 crores in FY 2023-24, by way of preferential
allotment.
Financial results and position: On the strength of our efforts in operations, sales
and debt management, we have recognized consolidated revenues for FY 2022-23 of Rs. 1,039
crores and made profi ts after tax of Rs.102 crores. The consolidated net worth is
positive.
At all times we have kept our commitment towards our core values, good corporate
governance, and compliance with laws along with adoption of effi cient technologies,
business processes and workfl ows. These values will continue to guide us in the growth
phase which we have already entered.
Road ahead: Going forward we intend to carry this optimism and positivity and
maintain our focus on operations, new project launches and growth opportunities with
prudent planning, monitoring and execution.
I would like to thank our Board members for their valuable guidance and insights. I
would also take this opportunity to thank all other stakeholders starting with the entire
team of Peninsula for their commitment, steadfast approach and relentless efforts. Every
bit of progress made by us towards achieving our objectives on various fronts is testimony
to their dedication, efforts and determination.
We are also thankful to our customers, investors, lenders, communities and other
stakeholders who continue to repose their valuable trust in our efforts, vision and
capabilities. Their support inspires us and gives us the energy to drive to succeed and
grow our business.
Regards
Rajeev Piramal
Executive Vice Chairman & Managing Director