It gives me great pleasure to share with you the latest accomplishments of OrbitCorporation.The year 2015-16 has seen a number of salient developments.Although 2015-16was subdued for Orbit from a financial perspectivethe Company strengthened its businessthrough an enhanced focus on ApprovalsProject accelerationdebt reduction & Customerengagement.
The Indian economy reported one of the fastest growth rates in the world this pastyear.With respect to Real Estate Industry review India real estate market is expected toreach US$ 180 billion by 2020 from US$ 93.8 billion in 2014.Emergence of nuclearfamiliesrapid urbanization & rising household income are likely to remain the keydrivers for growth in all spheres of real estateincluding residentialcommercial &retail. Real estate is currently the fourth largest sector in the country in terms ofForeign Direct Investment (FDI) inflows.Total FDI in the Construction development sectorduring April 2000 May 2015 stood at around US$ 24.07 billion.
It is an exciting time in India's real estate development sector.This excitementrevolves around the introduction of RERAwhich promises to be the single biggest reformever in India's real estate space.
Your Company has registered consolidated revenues of Rs 128 million for the year ended31st March 2016.Regulatory delays in granting approvals & policy logjams have severelydented the performance of the Company resulting in a negative bottom line of Rs 3623million.
With regard to the Media reports alleging involvement of the Company in violation ofMaharashtra Ownership Flat Act1963 & consequent arrest of MD & CEO Mr. PujitAggarwal of your Company by various Press Releases has already clarified that it is notconnected with the same these are the allegations against the MD & CEO based oncomplaint filed by Capri Global one of the lender & the case is now on the verge ofsettlement with them.All other pending matters are subjudice & all the concerned arein the process of fighting the legal battle to establish their innocence.Your Companyreiterates that it has no involvement in the same & has been extending the requiredco-operation & assistance to all the agencies in this regard.The Company's functioninghas not been impacted by such reports & your Company continues to function under theguidance of the Chairman & senior directors of the Company & Key Managerial teamwith reach business experience in the Industry.
The Company remains committed to its all uncompleted projects & its delivery withquality state-of-art construction.The progress on our key business parameters continues ata reasonable pace.The company continues to consolidate its steps in the right directionfor growth while it will take couple of quarters to gain momentum considering the currentmarket situation.
Hold on fast to your vision & determinationOrbit shall surely bounce back.Weconsider ourselves fortunate to receive unstinted support from ourshareholdersbanksinstitutional investorslenderscustomersservice providers &business partners.We would also like to specially thank our employees & the board fortheir sinceritytenacity & unfailing trust in the Organization.
Ravi Kiran Aggarwal