It is my pleasure to announce that Omaxe has crossed an important milestone ofdelivering 100 million sq. ft. area in Fy16. It's an accomplishment that I would like todedicate to our customers whose trust has kept egging our spirits and performance highall these years. I would also like to thank Team Omaxe which includes our employeessuppliers and associates for their invaluable contribution and relentless efforts tostrive for the best. During our journey since inception we have never compromised on thekey principles of transparency quality and timely delivery. Driven by these cherishedprinciples we have kept our flag flying high with pride and sense of purpose at alltimes.
Today as Indian economy has retained its luster amongst the major world economies thereal-estate sector has also played its role in the nation building process. The lastcouple of years have been challenging as the sector is battling a perception of distrustprimarily on account of delay in delivering projects.
At Omaxe we have managed to withstand this perception as we have delivered most ofour projects as per our commitments and timeline promised at the beginning of the project.We continue to enjoy utmost trust and sterling confidence of our customers due to ourdedicated customer-centric values and services. The sector in tandem with the governmentmust take some corrective measures which can help rebuild the lost trust and theconfidence.
The recent passage of much awaited RERA Bill could be a step in that direction. Thebill was long overdue and it is expected to bring a lot of transparency and in the processwill help the sector in getting its mojo back. Post witnessing an extended phase ofslowdown the sector needs some measures like quicker and fewer approvals via a singlewindow. During FY16 the Reserve Bank of India softened the policy rates by 75 basispoints; however scheduled commercial banks have failed to pass the entire benefits to theend users. We hope that the Government and RBI will work towards extending these benefitsto the industry sectors including real estate.
During the year your Company delivered a total of 6 million sq. ft. of area up from 5million sq. ft. in FY15. This stands testimony that execution at Omaxe is a strategy andongoing process not a mere action. Our successful strategy of pioneering the developmentin Tier II and III cities and towns has kept our promise of adding to our performance yearby year.
During the year under review New Chandigarh Indore and Lucknow alone contributed 3.84million Sq. Ft. to the total delivered area. During FY16 our new launches were spreadacross Lucknow New Chandigarh Allahabad Ludhiana Faridabad Indore Bhatinda andVrindavan contributing 2.69 million Sq. Ft. and Rs 904 Cr to total area sold andrealizations respectively. During FY16 our turnover grew impressively by 17% to reach Rs1668 Cr. from Rs 1431 Cr. in FY15. Our EBITDA grew by 3% from Rs 268 Cr. in FY15 to Rs276 Cr. in FY16. Our Net Profit registered a strong growth of 30% from Rs 60 Cr. in FY15to Rs 78 Cr. in Fy16. In view of this performance the Board of Directors has recommended7% dividend for FY16.
Looking ahead we see the horizon of our opportunities expanding at fast pace. Thepresent Government's persistent efforts to revive growth through policy and programmeasures is expected to present a host of opportunities for real estate sector. 'Housingfor All by 2022' Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Rs 100Smart Cities' 'National Urban Housing Mission' and other such programs will be gainfulfor all concerned in the sector. Your Company's strengths spanning across diversifiedportfolio strategic project locations long standing lineage and clear vision are goingto position us with a winning edge.
Once again I would like to extend my warm wishes and thanks to our investors bankerspartners suppliers employees and customers for their trust and support. I look forwardto renewed engagement from all our stakeholders as we move ahead to achieve our ambitiousdreams in the future together.
Chairman and Managing Director