Dear Shareholders
The financial year 2016-17 has been a landmark year for the Indian economya year of significant reforms and progressive decisions. The government has put the nationon a trajectory where all past benchmarks have been redefined and a new order of fiscalcontrol has set in getting India ready to claim its rightful place as the most attractivecountry for doing business.
Amidst these profound transformations including the much talked about demonetisationand a budget that included path-breaking initiatives on the rural sector a huge fillip toaffordable housing recalibration of capital gains treatment and more the year roundedoff on a positive note with the long-awaited Goods and Service Tax (GST) and RERA becominga reality. In Maharashtra the state government's sustained focus on infrastructure augurswell for its economy and industry.
At Oberoi Realty with our long-standing history of transparency and customercentricity we have heartily welcomed and embraced the progressive agenda. With acontinuous emphasis on financial transparency in all our transactions demonetisation wasvirtually a non-event for us. We are enthusiastic about RERA being implemented as it willbring in much-needed accountability and clarity to the sector. This will increase customerconfidence and create a level playing field for developers like us with a proven trackrecord. We also believe that the unified tax structure under GST will truly strengthen thecountry's economy. I can assure you that the future is bright for companies like yours asthe real estate sector transforms into a space meant for players with credibility andintegrity.
FY16-17 has been yet another year of value-based operations for your company; thestrong performance has come on the back of our commitment to deliver value to all ourstakeholders. Our revenues for FY17 stand at ` 1161.04 crores with an EBIDTA of ` 617.36crores and our gross annual booking value exceeded ` 1500 crores. Our retail developmentOberoi Mall continues to command leadership position in the western suburbs of Mumbai dueto its location and excellent mix of brands across segments.
With the ethos of your company inherent in all that we do I am happy to share thatover the past year despite challenging economic environment our projects across varioussegments saw an exceptional response. We are also glad to inform you that all our ongoingprojects are moving at a steady pace making us confident about the timely delivery of theprojects.
The success of the Oberoi Realty brand has been to a large extent a result of ourunwavering belief in the highest standards of corporate governance and philosophy ofintegrity and customer centricity. Over the last year we have been the recipients ofnumerous accolades; including awards for "Best for Investor Relation" and"Best for Disclosure and Transparency" by Asiamoney Corporate Governance PollIndia – 2016.
The foundation of our core existence is composed of many enablers such as our stronginvestors our focused employees and our ever-supportive partners. I thank each of you forbeing a pillar of this organisation and giving me the opportunity to lead your esteemedcompany.
With a continued emphasis on project delivery quality construction innovation andvalue enhancement of the entire ecosystem the future looks promising for your company.Let us all look forward to building an India of the future and the Oberoi Realty of ourdreams.
