Dear Stakeholders,
I am pleased to present to you our Integrated Annual Report for FY 2023-24. Our
reporting theme "Rise Together with Purpose" builds on last year's theme of
"Rise Together" with a comprehensive approach to create value by imbibing
Environmental, Social and Governance (ESG) in our business philosophy. I am delighted to
share that we delivered robust operational and financial performance, staying committed to
our short term and longer-term goals. India's strong economic progression and real estate
resurgence have created a favourable environment for global investment opportunities.
Reserve Bank of India has projected India's real GDP to grow at 7%+ in FY 2024-25,
cementing India's position as the world's fastest growing large economy
OUR GOALS
Our focus on our customers is the key to our success. In this industry, we are not just
making a product, but are giving an experience. An experience which should be as
satisfying to our customers, as it is financially significant to them.Our commitment to
sustainability remains at the core of everything we do. We continue to integrate
sustainable practices into our operations, from design to construction, ensuring that our
developments contribute positively to the environment and society, reinforcing our
position as a leader in sustainable urban development. With a 100% Green portfolio since
2014, we are working towards carbon neutrality by 2040 and actively support research on
green buildings tailored to climatic conditions in India. We aim to set a new benchmark
towards decarbonization of the industry by committing that 100% of our projects shall be
net-zero from 2030 onwards. Our pursuit of excellence in sustainability has been
recognized through more than 90 accolades and awards over a decade.
THE YEAR IN RETROSPECT
Throughout the year, the management has navigated the evolving dynamics of the real
estate industry with agility and innovation. Our consolidated sales for the year were Rs.
2,69,779 lakh, a 19% growth over FY 2022-23. The project launches during the year were for
projects totalling 4.42 million sq. feet, a 39% increase over last year. The projected GDV
of the acquisitions during the year is Rs. 4,40,000 lakh, a 38% growth over last year. Our
integrated cities and industrial clusters also performed well. We ended the year with Rs.
19,306 Lakh in our consolidated cash balances
THE YEARS AHEAD
We are well poised for growth in the next year, based on current estimates. We
currently have more than 37 million sq.ft of completed, ongoing, and upcoming residential
projects spread across six Indian cities in our portfolio. Additionally, at our Integrated
Cities and Industrial Clusters spread across four current locations, more than 1,500 net
acres of land can be made available for development.
The Indian real estate market offers a bright future marked by resilience and
encouraging signs. In addition, the RBI's decision to refrain from raising interest rates
gives confidence to both buyers and investors, which boosts the real estate market and
creates an environment that is conducive to opportunity, growth, and stability. This bodes
well for the company.1
Consumer demand for guaranteed sustainable homes will favour reputable developers with
a solid track record. I am glad our company is a part of this select group.
The company has the flexibility to pursue expansion possibilities and keep providing
value to our stakeholders thanks to its good financial position and high cash flow. Your
company is dedicated to upholding a disciplined approach to capital allocation. Our
company's stated goal is to achieve significant growth in 5 years. Sustainable
growth and robust performance will be ensured by the company's consistent endeavour in
implementing a strategy of establishing a sizeable presence in its identified micro
markets, coupled with its presence in important industrial corridors with plug-and-play
infrastructure.
While the economy is buoyant, and the industry is doing well, it is also the Group's
endeavour to look beyond the curve and see what lies ahead in the longer term. We have to
ensure that not only do we propel our company towards significant growth in the next 5
years, but devise a strategy make it replicable in the longer term too. I would like to
extend my sincere gratitude to our shareholders, customers, employees, and partners for
their unwavering support and trust in us. In particular, thanks to our government and
platform partners for their help and support. Thank you for your continued confidence.
Warm regards, Ameet Hariani Chairman