It is indeed my pleasure to update you on the highlights of the fiscal gone past. TheIndian real estate sector remains in the grip of a downturn for the last two years owingto slow purchases from homebuyers and low absorption across all asset classes leavingdevelopers struggling with unsold inventory. Mumbai Metropolitan Region (MMR) and Jodhpurthe areas where we operate in has seen a similar trend but Arihant has managed to buck thetrend by focussing on providing homes at a price and quality that has ensured that we haveput in a creditable performance in FY 2015-16.
We finished the year with total revenue of Rs. 1235.28 mn 1097.62 mn during theprevious year 12.54%.Rs. 28.36% against 24.21% in the previous fiscal. Net profit stoodat Rs. 177.60 mn and this translated to an 4.31 2.46 good under the circumstances that theindustry finds itself in and we credit this primarily to our focus on selecting andexecuting the right kind of projects that see a demand generation.
The year has also been very eventful in terms of our operational highlights. We soldabout 1157 units in the year translating to about 1.01 mn sq. ft. A number of previousprojects would start seeing greater traction as we move forward and this augurs well forthe financials of the Company going forward.
We also had a couple of blockbuster launches this year both in the MMR and the Jodhpurregion. As far as Navi Mumbai is concerned we spotted an opportunity of a distressedasset and took over the development of the project via the joint venture route. Aalishana project in Kharghar Annexe was launched in March 2016. This project will have 3 towersof 53 floors each and one tower of 35 floors. The design for this project has beeninspired by Persian architecture and the project will have best of the external amenitiesincluding a double height entrance lobby a grand club unisex aroma spa with Jacuzzifire escape chute system and sporting facilities including a badminton court a squashcourt and swimming pool to name a few. The project's location is another unique sellingproposition as it is located next to the Central Park in Kharghar and Golf Course. Thelaunch was a huge success and we managed to sell 210 units in just a few days for a valueaggregating Rs. 2000 million.
As far as Jodhpur is concerned we launched three new projects namely Arihant AshrayArihant Anchal and Arihant Angan and all the three have seen tremendous response in termsof booking within days of its launch. Almost 600 units were sold and we realised Rs. 1000million from the sale. This again goes to show that if we identify a market and providehomes according to those specifications there is no such thing like a NoMarket" situation.
Arihant is focussed on increasing its brand equity and recognition among our customersand one of the ways we do it is by delivering homes at a price and quality specificationsin the promised time schedule.
Apart from this we also have embarked on some brand promotion activities and I amdelighted to say that we have signed the Bollywood superstar Ranvir Singh as our brandambassador. Ranvir's humble background and his hard work and commitment which have takenhim to superstardom position is an attribute that we at Arihant resonate with and worktowards and we believe this partnership will pitchfork Arihant's visibility among a largerpopulace. From an industry perspective we welcome the launch of the Real Estate(Regulation & Developoment) Act 2016 which seeks to regulate the sector and bring inclarity for both buyers and developers. While some of the measures stated in the Act likeopening project specific escrow account carpet area as means of valuing salestransparency and disclosure on all issues related to a project are commendable we believethat there are still some areas of lacunae that need to be addressed. Arihant as an entityhas been following practices like no transfer charges no lock in period of a property andno escalation to agreed prices since two decades and we believe these practices furtheradd delight to a customer who is investing in a property with us.
While the going has been tough in the last two years several reforms have beeninitiated by the Government of India (Gol) to encourage the development and growth in thesector. The Real Estate Act aside other issues include easing the FDI rules REITestablishment Smart City projects focus on affordable housing and Housing for all by2022. All of these reforms and policy announcements along with favourable economic growthprospects are expected to provide an impetus for the speedy revival of the sector. We atArihant are confident that there is a huge silver lining waiting for us as the cloudscontinue to recede slowly but steadily.Your Company has also been recognised and awardedmany accolades by various organizations which again are a testament to our reputation andbrand recall.
The Economic Times recognized Arihant as one of the winners of the Best Corporate Brandin the real estate space for the year 2016. Also Arihant was adjudged as the second timewinner of the Mumbai Hot 50 brands in a survey conducted by One India Hindustan Times andPaul Writer. Awards and recognitions like these spur us to work harder and I am confidentthat our trophy chest will only become bigger as we grow together with you.
In our previous Annual Report we introduced to you the concept of Factory ofHomes which meant standarisation of products & services. The provisions of theReal Estate (Regulation & Development) Act 2016 subtly ensures the unless the playersin this sector adopt a factory-like business model it would be difficult forthem to survive. This year's report covers a larger issue of SelfSustainability and how the real estate sector can contribute towards it with a senseof responsibility. Sustainable development is an ethos that Arihant subscribes to and wemake every effort to ensure that our development does not affect the encirclingenvironment. Arihant has embraced the latest trends in green development by ensuringefficient uses of energy and water conservation and these efforts could go a long way inmaking the earth a better place to stay for our future generations.
I would like to thank all the stakeholders our board members employees and moreimportantly our customers who have reposed their faith in us on this in journey.
Chairman & Managing Director