Looking back at the year gone by we realize it was an interesting and eventful one. Wehad many firsts to our credit. It was the year with the highest ever execution areadelivered and Profit after Tax (PAT).
We had taken HAPPY HANDOVER as central theme for last year. The idea was to make thepossession process memorable for the customer. We are pleased to share that we achievedKHUSHIMETER (a Net Promoter Score measurement index) score of 68% against a target of 60%.The initiative increased customer engagement and enriched us with new learning andinsights.
While we had good site visit numbers customers seem to be postponing decisions despitemultiple site visit. We expect this cyclical downturn to continue in the near term.However from a medium to long term perspective we are optimistic. This is due toIndias gradual economic recovery rising urbanization and growing middle classpopulation.
The year was a high on top line and bottom line. On a consolidated level we registereda revenue of Rs. 536.1 Crores due to highest ever delivery of 23.60 lakhs sq. ft.It also resulted in our highest ever Net profit (after tax) of Rs. 129.4 Crores. Wealso improved our credit rating to A by CARE.
This is our second year of executing more than 20 lakhs sq. ft. We clocked a new recordof 23.44 lakhs sq. ft. of EAC (Equivalent Area Constructed).
We continued scouting for expansion opportunities. We have been progressively deployingthe QIP funds for land deals. Utilization of funds included Ashiana Tarang (Bhiwadi)Extension of Ashiana Umang (Jaipur) and Ashiana Maitri (Kolkata).
We launched Ashiana Tarang - Comfort Homes in Bhiwadi. A senior living project calledAshiana Shubham was launched in our new market Chennai. There is good market for seniorliving projects in Chennai and we are confident to get good traction in the year ahead.
We have tied up debt capital of more than Rs. 100 Crores including an NCD issuance tocater to working capital requirements for the next 12-24 months. This will help fundconstruction of built unsold inventory and allow the use of equity capital to be deployedfor growth opportunities.
This year Human Resources focused on strengthening the training for internal processesacross functions and verticals. Middle Management was coached to improve hiring skills.Induction process was streamlined to create a good on boarding experience for fresh hires.
While we continue our relentless pursuit of fulfilling middle income housing dreamswith quality community living for our customers we remain deeply committed to our socialresponsibility initiatives. Several initiatives were taken in adoption of severalgovernment schools for infrastructure and facilities upgradation computer based learningskill training area development and environment sustainability.
We received Bhamashah award from government of Rajasthan for education work for theyear 2015. This award was won by us fourth time in a row. Ashiana Housing Ltd. was alsohonoured with FICCI CSR Award 2013-14 under the category II CSR Award for small and mediumenterprises (SMEs) contribution in the field of CSR.
Real Estate Regulatory Act (RERA) has been notified. A welcome step and much neededregime of healthy regulation of the real estate sector. RERA will streamline operations ofreal estate companies by ushering in better governance discipline and transparency. Thiswill not only protect interest of customers but also remove unhealthy competition createdby unscrupulous players.
We have taken SELLING TO HELPING as the theme for the 2016-17. We feel thatin these changing times customer is central to the buying process and we would strive tohelp the customer by facilitating the buying process through a consultative and educativeapproach rather than hard sell the conventional approach.
In these challenging times reinforced by our core values we continue to build on ourstrengths and stick to core of preserving liquidity judiciously allocating capital andnurturing customer joy through initiatives like HAPPY HANDOVER.
At present we have a healthy pipeline of 48.53 lakhs sq. ft. (56% already booked) ofdevelopable area in our ongoing residential projects under various stages ofconstruction. Apart from this we have 99.20 lakhs sq. ft. future projects (to be launched/construction yet to commence).
I also take this opportunity to thank our motivated and caring employees for living thecore purpose of Ashiana and the board members for their guidance and support.
On behalf of the entire Ashiana family including our valuable business partners Iwould like to sincerely thank you for your support during the year. I look forward tomeeting you at the shareholders meeting.
With best wishes