My warm greetings to you! It gives me immense pleasure to share the financialhighlights of your Company during the financial year 2018-19.
The year that has just gone by has been a year of challenges in the environment weoperate in. And it has also been a year of evolution for the Indian real estate industrymarked by the challenges and opportunities presented by the ongoing structural reforms.
The Indian real estate industry is currently undergoing a massive transformation due tolandmark reforms like Real Estate Regulation and Development Act (RERA) 2016 and GST(Goods and Services Tax) implementation. While these initiatives are helping in theaccelerated sector organization they have also led to enhanced uncertainty in the nearterm. Within the real estate industry companies that have equipped themselves to adapt toand embrace the changing market dynamics will be the ones that can seize the opportunitiesand move ahead.
The financial year 2018-19 has been one of satisfactory growth for your Company. Therevenue from operations on a standalone basis increased to Rs.7672.75 Lakhs as againstRs.5402.07 Lakhs in the previous year - a growth of 42.03 %. The operating profitas a percentage to revenue from operations decreased to 13.67% as against 14.68% in theprevious year.
The Profit after Tax for the current year is Rs.274.41 Lakhs as against Rs.751.19Lakhs. The decrease in profit is due to a decrease in Other Income (Interest &Dividend Income) to the extent of Rs.335.65 Lakhs increase in Finance cost to the extentof Rs.261.05 Lakhs and increase in Employee Benefit Expenses to the extent of Rs.92 Lakhs.
On a consolidated basis the Company its subsidiaries and associate Companiesachieved revenue of Rs.23454.22 Lakhs as against Rs.23196.54 Lakhs a growth of1.11%. Total comprehensive income for the year attributable to non-controlling interestfor the group for the current year is (366.67) Lakhs as against (243.91) Lakhs in theprevious year.
Competitive property prices increased office leasing activity and robustinfrastructure growth over the years has positioned Hyderabad as one of the most activeresidential markets in recent times. The healthy demand backed by economic fundamentalsand political stability the real estate sector in the geographical areas we operate in ispoised for strong growth in the year 2019-20. I am happy to report that FY18-19 has been aperiod of consolidation with a focus on customer-centricity employee engagement andimproving operational excellence. The preference of office space in the rapid urbanizationhas set a good trend resulting in satisfying occupancy of Manjeera Trinity Corporate. Ourresidential project at Vijayawada and the Convention Centre at Rajahmundry are nearingcompletion. The hotel project at Rajahmundry is expected to be completed in a few monthstime. The project at Ongole is poised to take off very soon. We continue to increase ourgeographical reach steadily and are poised for rapid growth in the years ahead.
Focusing on Strengths
Your company continues to focus on efficiencies of execution in improving the qualityand timely delivery of projects affordability and better services. Having set a benchmarkof quality and standards our efforts have started yielding results. We are geared up tomeet the dynamic changes in the industry and are ready to deliver customized products tothe highest satisfaction of our customers. Compliance of Health Safety and Environment isone of the primary objectives. Our employee welfare initiatives continue to boost themorale of the employees and their commitment towards their work.
Your Company continues to dedicate itself to contribute to the community. Our CSRefforts touch many lives through our various philanthropic programs. Your company isworking on areas like empowerment through education employment and entrepreneurshipthrough Vasavi Foundation for Empowerment'- it will access each individual's needsand will provide financial support for Education Employment Skill Development TalentDevelopment etc.
Along with my entire Leadership Team I would like to thank our Board Members valuedcustomers shareholders business associates suppliers and all other stakeholders for thetrust and confidence they have shown in us over the years. We shall make continuousefforts to face future challenges and sustain growth momentum for profitable growth. Letus grow together and build a great future.
Chairman and MD