Indian economy has gone through a rapid phase of development over the past decadeinching closer to becoming one of the largest economy of the world. The Real Estate sectorhas contributed significantly to that growth by driving ground-level changes and creatingmillions of new employment opportunities.
The sector itself is going through a sea of change - changing regulatory and taxationstandards to technological disruptions and increased competition. All of it has broughtwith itself the much needed oversight required to re-instill consumer confidence in asector that has been plagued with reputational damages. As tough as that may be we mustcontinue to evolve through this period to stay relevant.
Our Company reported a Profit After Tax of ' 1.7 crores yielding a growth of 839% from' 0.18 crores In FY'17. We remain modest by industry standards but that opens up a fieldof opportunities to catch on to. One such low-hanging fruit is in the Affordable Housingsegment.
Government policies like 'Housing for All by 2022' and the full blown implementation ofGST and the Real Estate (Regulation and Development) Act are all positive tailwinds thatthe Company hopes to leverage on to build up on its newly launched Affordable Housingsegment. The Government has set a goal of providing 20 million affordable homes by 2022.We are confident in our abilities to ride this growth and are investing heavily inbuilding out our core competency to execute against it. We want to position your Companyfor consistent long-term growth and we can only get there by obsessing over the needs ofour Customers. We want to offer them high-quality products at dramatically lower pricesthan the competition. That'd involve taking decisions in light of long-term marketleadership considerations rather than short-term gains.
As always this is Day 1 for us. We want to create an enduring franchise and reallong-term value for our shareholders. To set us up for that we are undertaking a thoroughrevamp of our organization by questioning our past practices and processes andimplementing a new set of standards and procedures. As has been Company history we wantto continue to define the gold standard in this space and we will not stop until we getthere. That'd involve taking a lot of hard decisions - but we will never shy away fromthem in the face of challenges. We are not there yet - but we are confident in ourtrajectory and believe we will get there soon.
I want to take this opportunity to thank all of you who have remained patient and shownconsistent faith in us. We are thrilled by the new sense of spirit within the Company andwe will work tirelessly to make it one of the best Real Estate developers in the country.
Kedar Nath Fatehpuria
Chairman & Managing Director