On the other hand, the
impressive rebound and growth story of Indian economy is in middle of almost all economic
discussions. The impressive growth rate of Indian Economy for FY24, Indian real estate
section is witnessing a major change and shift in its existing patterns. Some leading
trends during FY24 have been heightened integration of new age technologies like AI, Big
Data etc.; rise in demand of premium housing alongwith growth in affordable housing
demand; increase in office space demand owing to coming back to ‘work from
office’ approach; improving sentiments in view of increase in government spending on
infrastructure development.
In the perspective, your Company continued on its strategic agenda of
improving financials, reducing debts burden, delivering on commitments, streamlining
operations & project portfolio, and monetizing assets to strengthen execution and
financial position.
In terms of financial performance your Company’s consolidated
revenues stood at Rs.
493.72 crores during FY24 as compared to Rs. 478.71 crores in FY23, a
rise of 3.14%. Further, Your Company was able to reduce net loss after tax by 25.85% from
Rs. 801.37 crores in FY23 to Rs. 594.38 crores in FY24. The earning per equity shares also
improved as compare to previous year.
As mentioned earlier, it will be our continued focus area to reduce the
debt and the cost of debt. Our positive engagements with our lending partners will
continue for amicable settlements of the debt facilities in our balance sheet. To achieve
this, we will continue to engage with our lenders and arrive at a mutually beneficial
settlement agreement.
During FY24 we made total booking of 3.36 Lakhs Sq. Ft. across
Residential, Commercial and Integrated Township Projects. In line with our philosophy and
commitment, we stayed focus and committed to delivery of under construction projects.
Looking ahead, with buoyancy in the economic growth of India coupled
with some peaking performances of the real estate sector, we are optimistic of an
opportune future of the Company. This, coupled with your Company’s inherent strength
and resilience, have likely to have a positive momentum for your Company.
I would like to conclude with note of thanks to our stakeholders for
their support and trust in our capabilities and strengths. On behalf of our Board, I would
like to express my gratitude to our shareholders, financial institutions, bankers,
investors, customers, associates and our employees for the unwavering support. We look
forward to your blessings and togetherness in our journey, going forward as we continue to
craft tomorrow with a pioneering vision.
With warm regards