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Hazoor Multi Projects Ltd.

BSE: 532467 Sector: Infrastructure
NSE: N.A. ISIN Code: INE550F01031
BSE 00:00 | 13 Apr 3.41 2.11
(162.31%)
OPEN

3.40

HIGH

3.41

LOW

3.40

NSE 05:30 | 01 Jan Hazoor Multi Projects Ltd
OPEN 3.40
PREVIOUS CLOSE 1.30
VOLUME 1720
52-Week high 3.41
52-Week low 0.93
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.40
CLOSE 1.30
VOLUME 1720
52-Week high 3.41
52-Week low 0.93
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hazoor Multi Projects Ltd. (HAZMULTIPROJ) - Chairman Speech

Company chairman speech

Dear Stakeholders

I hope that you your families and loved ones are safe and doing well. I write to youamidst uncertain times. The global spread of COVID 19 and India's lockdown have created aneconomic environment filled with uncertainty and risk. Our first priority has been toensure that our workforce is safe

Our earlier stated medium-term goals to consistently be among the leading developers byvalue of residential real estate sales in our core markets. Despite the continueddisruptions the real estate sector has faced including the current pandemic we believe weare on track to achieve these goals.

While the end of the year saw significant disruption due to the lockdown at the end ofQ4 FY20 I'm happy to share that on the whole FY20 was another strong year for yourcompany.

The progress in market share gains has been encouraging and combined with sustainedmomentum in new project additions puts us on track for the first of our two medium termgoals. Here again we believe we remain on track and that the combination of higher salesvolumes greater share of profits in each project faster construction timelines andstrong customer satisfaction will get us to this objective.

Unfortunately there have also been some negative external factors which do impact thetiming of achieving this objective. Ind AS project completion accounting introduced inFY19 ensures financial results trail operating performance by 2-3Years while preparing usextremely well to benefit from the consolidation underway in the sector lowers short termROEs. The national lockdown and reverse migration of construction labour has been anothersignificant disruption that is likely to delay construction timelines and thereforerevenue recognition by at least six months. We do expect this combination of factors tolead to subdued earnings and ROE in the current financial year. However we remainconfident that the steps we have taken to strengthen your company's balance sheet enhanceits project pipeline and build its execution capabilities will help us ensure highreturns lower risk and sustainable growth.

We are prepared to withstand a possible downturn in the sector however bad it gets butwould also like to focus on being able to capture opportunities that will arise as aresult of this crisis. The most important opportunity will be to gain market share. Wewill ensure that financial stability takes precedence but do believe there will beinteresting opportunities to deliver both these goals in the current financial year.

We believe in creating value by taking constant efforts towards building capabilitiesand developing our competitive edge over peers with the help of bringing in diversity andtransparency in doing business and would continue to do so in order to become a strongerentity than we were yesterday.

On behalf of the Board I thank the entire team at Hazoor Multi Projects Limited forshowing their faith by giving constant support and encouragement. I also take the pleasureto thank the employees for their tireless efforts towards achieving our goals.

Best regards Sd/-

Gazala Mohammed Irfan Kolsawala (Chairperson)

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