I feel honoured to communicate with you the 10th Annual Financial report andfirst after our successful listing on NSE Emerge. We were the first Real Estate Companyfrom Rajasthan to get listed on NSE emerge.
2016-2017 will be remembered as the year of DEMONETIZATION an economic concept whichwe all read about but never seen in modern India. It came as a huge shock to real estateindustry more of a sentimental shock than anything else. It shocked the confidence ofbuyer and leads to reduced speed of construction and lower sales volume in the subsidiary.The comforting part about this whole issue was that it proved to be a short-termphenomenon and not the medium or long term as feared by many economists and industrystalwarts.
Towards the end of FY 2016-2017 business was moving towards normalcy and is lookingbuoyant in coming financial year.
I am happy to inform that other than one contractor project (Sunshine Prime) and onedeveloper project (Sunshine Aditya) your company has initiated its first ever commercialand office complex at main Sikar Road namely "Sunshine Bhagat" in FY 2016-2017.The project is expected to be in full swing by quarter 2 of current financial year. Alsocompany is looking actively for organic and inorganic growth in affordable housing sector.The first project under affordable housing is expected to go live in coming few months.
Affordable housing is the future of real estate development and necessary to achievehousing for all by 2022 as dreamed by honorable prime minister of India. Your company willbe entering this sector in current financial year only and is actively pursuing multipleoptions to start the project as soon as possible.
In Financial year 2016-2017 your company took over "Triveni Kripa Buildhome PvtLtd" under which a residential project namely "Sunshine Prime" with totalarea of development at 2.2 lakh sq ft was under construction. This acquisition has beenproved as EPS accretive for the current financial year only and will add substantially tothe top line and bottom line in the coming year.
I once again thank all the investors and shareholders for the confidence and faithshown by them during the IPO of the company. We hope for your continued support in thecoming years also.
(Girish Chandra Dhanuka)