Dear Members,
I hope this message finds you and your loved ones safe. In the past two years, we have
faced unprecedented circumstances because of the pandemic. FY22 started in a rather gloomy
environment with the onset of the second wave of COVID-19. However, in the recent times
the country has shown exemplary resilience in recovery from the COVID-19 pandemic crisis,
with administration of COVID-19 vaccines first, second and precautionary (booster) doses.
The benefits of the broad rollout of vaccination were clearly visible as the impact of the
third wave of COVID was minimized. On the other hand, the coordinated effort from the
Indian Government and the Central Bank has brought the economy swiftly on the growth path.
The FY 21-22 was the year we faced second & third wave of COVID 19. Various
challenges was faced by individuals, communities, and organizations alike. During a large
part of the year, we have been witnessed to uncertainties, multiple lockdowns and exodus
of the migrant population making it a challenging year, especially for our industry.
For the FY 21-22, your Company reported a (Standalone) Gross Revenue from operation of
Rs. 63.50 Crore, it has increased by 10.26% from previous year. However, during the year
the company observed Net Loss after Tax of Rs. 17.26 Crore. The Consolidated Gross Revenue
from operations for FY 21-22, was Rs. 65.54 Crore and during the Previous FY it was Rs.
59.17 Crore, registering a positive growth of 6.4 %. The Consolidated Net Loss stands at
Rs. 19.38 Crore. I would like to inform you that The Presales value was 174 Cr. due to
Covid, 80 units were cancelled and Net Booking Value is Rs. 94 Cr. compared to previous FY
2020-21, where it was Rs. 87 Crore, recording significant growth of 100% in
pre-sales/booking value. As per the accounting framework and based on the management
assessment, the Company recognized revenues for its projects - Poddar Riviera (Kalyan) and
Poddar Wondercity (Badlapur) in a phased manner as per the Project Completion Method and
with respect to ongoing projects - Poddar Spraha Diamond (Chembur) and Poddar Samruddhi
Evergreens (Badlapur) as per the Percentage Completion Method.
I am pleased to inform you that last year the Company has received the approval for its
Badlapur project under the Unified Development Control Promotion Regulation 2020 announced
by the Maharashtra government and this year, the Kalyan Project- Poddar Riviera has also
received approval under "Unified Development Control Promotion Regulation 2020"
in April 2022. The projects are entitled to an additional FSI with trickle-down impact on
revenues and overall profitability.
Construction Updates:
At Project Riviera- At Tower A4 4th floor and A3 2nd floor work is in progress, at
Tower A2 & A1 1st floor work is in progress. and at B9 excavation work in progress and
Underground water tank is 100% Completed.
Project Spraha Diamond is almost at the stage of Completion, Wing B -Final finishing
work like CP Sanitary fitting and Painting work in progress. Wing A -RCC work completed
and block work, plaster, internal waterproofing, plumbing and tiling work are in progress
and we have also received the approval for Composite building.
During the year, Project Poddar Wondercity was relaunched and the work restarted during
October, 2021, the project has also been approved under UDCPR and due to which there has
been an increase in the potential upto 30 Lakh Sq. ft.
At Building B5 8th slab and at B4 & B6 5th slab are in progress and block work has
been completed.
For Project Kandivali more than 260 huts have been demolished, the entrance to the site
has also been set up and entire plot has been labelled.
For Other Projects like Sangli, Tisgaon, Dhayari are looking for Joint Venture/ Joint
Development for execution of the said project considering the geography.
Perseverance is Strength:
One of my favourite quotes by Steve Jobs is "I'm convinced that about half of what
separates successful entrepreneurs from nonsuccessful ones is pure perseverance.
—Steve Jobs"
We at Poddar Housing truly believe in hard work, to keeps pushing forward despite
obstacles and challenges. I believe that without a decision to keep going no matter what,
a business would crumble when faced with any difficulty. But a core value of perseverance
will motivate you and your employees towards success.
In the time of a pandemic, business leaders are facing challenging decisions. It's a
time that has forced leaders to think outside the box. When you step out, the most
unexpected opportunities emerge.
In the real estate sector of India's economy, new opportunities spurred from work from
home/work from anywhere. As India's lockdown eases up, early indicators are pointing to
recovery in 2022.
Your Company is focused on providing affordable homes and building a superior
experience with focus on increasing demand. Further your Company will look for deeper
integration opportunities like joint development agreement/ joint ventures and using its
capabilities to provide a superior experience, creating value both for its partners as
well as customers. All the ongoing strategic initiatives will ensure that your Company
will continue to provide the best of customer experience and help in creating an agile and
future-fit organization.
To compete at this time one needs to work harder than ever before, and I am so grateful
for our dedicated group of employees for their perseverance and assiduous work, I thank
all of our employees for their immense contributions in these trying times.
I would also like to express my sincere gratitude to my fellow Board members for their
continued guidance and to our stakeholders for their continued trust and support.
Dipak Kumar Poddar
Chairman.