Stronger Foundations, Taller
AMBITIQNS
Dear Shareholders,
I hope this message finds you in good health and high spirits. It is
with great pleasure and pride that I address you today to share the outstanding
achievements of Prestige Group during FY 23. I am immensely grateful to all our
colleagues, customers, and stakeholders for their support, especially during the
challenging times that have tested us as a company and as a community.
Your trust and belief in Prestige have positioned us as a leader in
India's real estate industry, and we are now ready to embark on a path of strong growth.
As we reflect on our remarkable 37- year journey, delivering 281
projects across 13 cities, totalling over 166 Mn sft, I am delighted to announce that our
5-year pipeline is almost equal to this impressive size. This phenomenal commitment
reflects the deep trust and confidence our key stakeholders have placed in our brand and
the transformative vision we pursue. Today, our focus at Prestige goes beyond mere
success; we are equally driven by the principles that define how we achieve our goals.
Tiding Ahead of Pandemic
Our customer-centric approach and the Prestige trust and legacy, driven
by foresight and mature decision-making, have been the key to our consistent value
creation. As the real estate sector experienced a surge in demand since FY 22, we were
prepared to capitalise on the opportunities. The rebound in business and leisure travel,
as well as robust home buying and increased footfall at malls and occupancy in our hotels,
has been promising.
Despite international market volatility, we believe that quality
investments will flow into the Indian market, boosting economic growth in the near term.
A Stellar Year for the Record
FY 23 brought several good developments for us. Key transactions have
strengthened our liquidity, supported by record-high sales and collections at the group
level. Our strategic expansion into new geographies, particularly Mumbai, has proven
successful, with significant sales generated from this region.
Scaling for Success
In the year ahead, we have planned several new launches to capitalise
on emerging opportunities. We see Mumbai as a significant growth opportunity, with two new
projects set for launch: Prestige Ocean Towers at Marine Lines, and Prestige Nautilus at
Worli. We are equally excited about upcoming major launches in other parts of the country
as well. Additionally, strategic acquisitions, like raising our stake in two commercial
projects in Mumbai to 100%, will drive significant gains for our annuity rental portfolio.
Pride and Prudence
While pursuing growth, we remain prudent in managing costs and
committed to completing our projects efficiently. We are mindful of the volatility in raw
material prices and are confident in our ability to deliver healthy margins while
controlling out debt. We see growth potential in the home buying segment, as real estate
investments become a reliable option amidst concerns about interest rate hikes.
Our ESG Agenda
Recognising the value of building for the future, we embrace our ESG
agenda to deliver on the Environmental, Social, and Governance aspects of our business. By
making environmentally responsible choices, enabling rewarding careers for our people, and
supporting our communities' growth, we solidify Prestige's position as one of the
fastest-growing real estate groups in the country.
In closing, I extend my sincere appreciation to our team members, who
are the driving force behind our success. Their dedication, passion, and innovative spirit
continue to inspire us every day. I also express my gratitude to our industry partners,
shareholders, and investors, whose unwavering support has been instrumental in our journey
of growth and success.
As we navigate the future with confidence and determination, I invite
you all to join us in this exciting phase of Prestige's journey. Together, we will
continue to create exceptional value for all our stakeholders, while upholding our
commitment to excellence and sustainability.
Best wishes,
Irfan Razack
Chairman and Managing Director