It is indeed a milestone year for all of us at Ganesh Housing Corporation Limited as wecomplete 25 Years of our incorporation. Reaching many important milestone makes one pauseand refiect on the path traversed as well as gear and gather oneself for the next phaseof the journey : a time to look back and learn from mistakes made and a time to lookahead.
In these 25 Years we have established ourselves as one of the leaders in the realestate space in Ahmedabad. Since our incorporation in 1991 our focus strategy and planshad at its core only one facet - Ahmedabad. Today we know Ahmedabad better than mostplayers. We understand every heartbeat and pulse of it; we connect with every change andhave been a part of the citys meteoric rise in the last few years. Ahmedabad is ourstrength and difierentiator our niche and advantage.
In addition to our strong geographic focus on Ahmedabad what has made Ganesh HousingCorporation Limited a front-runner in the real estate space has been its relentlessendeavour to push the boundaries of Transparency Commitment Innovation Quality andEnvironment Friendliness. Today as we look back at our journey of 25 Years we are proudof the fact that in each of these five key aspects we have numerous industry-firsts toour credit.
The real estate industry has been facing stiff challenges since the last few years.However the situation has turned positive during the last one year. There has been asignificant revival of demand across all sub-segments: residential commercial and retail.The commercial real estate segment has seen remarkable improvement in both absorption aswell as average rentals a strong indication that things are changing for the better. Thegovernment on its part has come out with Act like the Real Estate Regulation Act andclarity on REIT which have made the real estate sector more organised and transparent.This has in turn made it more attractive for investor both domestically as well as forinternational investors. Moreover with initiatives like Housing for All by 2022 thegovernment has signalled its determination to focus on this key core sector of theeconomy.
2015-16 was an exceptional year for your
Company. During the year work progressed as per plan in all the on-going projects ofthe Company - two residential and two commercial projects. Upon completion the totalmonetisation value of these two projects is in the vicinity of almost Rs 20 billion or Rs2000 crores. As far as the financial performance for the year was concerned :
Total Revenue for the year increased by 25 per cent to Rs 3241 million comparedto Rs 2587 million in the previous year
EBIDTA improved to Rs 2064 million against Rs 1362 million last year
PAT increased to Rs 696 million against Rs 552 million last year
EPS increased for the year was Rs 18.60 per share compared to Rs 16.90 in2014-15
This year Board has recommended a dividend of Rs 2 per share or 20 per cent on theexpanded Share Capital of the Company after bonus issue subject to the approval ofshareholders. As I look ahead into the near and long-term prospects I feel confident andpositive. With key reforms like the Goods and Services Tax (GST) on the anvil the Indianeconomy is poised for sustained and high-paced growth. The implementation of the 7th PayCommission will further strengthen all-round surge in demand. At Ganesh HousingCorporation Limited we are also prepared and poised for a high-growth phase. We areamongst the largest landowners in Ahmedabad with over 640 acres of low-cost andready-to-develop land. In addition to the four ongoing projects we have plans oflaunching seven more projects. These include : Smile City I (Phase I and Phase II)Malabar County III and IV Magnet Trade Centre and Million Minds Phases I & II. Ourtwo mega projects namely Million Minds (IT-SEZ) and Smile City are amongst our mostambitious projects till date. In other words an exciting time ahead for us!
Thank you very much indeed for being a part of the Ganesh Housing Corporation Limitedfraternity. Your trust and faith has been the key driving force during these eventful 25Years. As we celebrate this important milestone I assure you we will continue with ourfocus on creating long-term value for all our stakeholders adhering to the higheststandards of Transparency Commitment Innovation Quality and Environment Friendliness.
Dipak G. Patel