The year 2014-15 in many ways was a watershed year. After years of challenging anddifficult business conditions optimism and positivity returned back! On the back ofpositive and directional steps initiated by the new government confidence revived andsentiments improved. From infrastructure to insurance every industry sector and segmentwitnessed a marked upturn buoyed by a sharp pick up in industrial and consumer demand.
The Indian growth story is now firmly back in the focus of the global investors. As thepresident of International Mon eta ly Fund (IMF) recently remarked India is the onlybright spot in the world economy today. Both IMF and the World Bank have forecast theIndian economy to continue with its momentum of growth and maintain a high 7-8 per centgrowth rate in the next few years. The Indian GDP crossed the threshold US$ 2 trillionmark for the first time in 2014-15 as growth rebounded to 7.3 per cent for the year.Further the drastic fall in oil prices directly affected inflation and current accountdeficit enabling the Reserve Bank of India (RBI) to ease monetary policy and lowerinterest rates. Ail these factors combined to drive up demand across the board.
For Cineline India Limited it was yet another year of stability. Our Nine multiplexesare all leased out to PVR Cinemas. In addition we also own the Eternity Mall at Nagpurwhich is 97 per cent occupied and has tenants ranging from top international brands toleading domestic brands.
For the year 2014-15 our Gross Income was Rs 2659.74 lacs compared to Rs 2270.98lacs in the previous year.
Profit Before Tax for the year 2014-15 was 1790.98 lacs against f 462.03 lacs in theprevious year.
Profit After Tax for the year 2014-15 was Rs 394.94 lacs against Rs 301.58 lacs in theprevious year.
The Board had decided not to declare any dividend for the year with an aim to buildresources for future business ventures.
The assets of the Company ensure a steady cash flow in the form of rental income. Sincewe demerged our exhibition business three years ago we have been re-aligning our plansfor future growth. As the circumstances were challenging we opted to exercise caution andwait for the right time.
At Cineline India Limited we are part of the Kanakia Group - a renowned andwell-established name in the real estate world. Our experience of owning an exhibitionbusiness has given us the requisite expertise and valuable knowledge about thenitty-gritty of the film-exhibition business.
We have also tested waters in the renewable energy business through our two windmillslocated at Visawada in Gujarat and Revangaon in Maharashtra which have a capacity toproduce 1.65MWA and 0.60 MWA of power.
Today we are at the cusp of an exciting and promising future ahead - all the buildingblocks are in the right places for the Indian economy to surge ahead.
Initiatives like Make In India Housing for Ail Smart Cities and Digital India - areall expected to open up a numerous new avenues for growth. At Cineline India Limited webelieve we have been delivering steady and stable results.
We have in-depth knowledge of the real-estate space entertainment space consumerretail space as well the renewable energy segment. We have one of the youngest workforcesbrining in fresh ideas and perspectives.
Today we are prepared poised and ready for an exciting journey ahead. Our stabilityeven in turbulent times has given us the strength which we plan to leverage in thefuture.
I thank you all for your sustained faith and trust in Cineline India Limited.
I also thank all our tenants and lessees our bankers and investors our partners andvendors and especially our employees for their confidence and cooperation.