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Prestige Estates Projects Ltd.

BSE: 533274 Sector: Infrastructure
NSE: PRESTIGE ISIN Code: INE811K01011
BSE 00:00 | 08 Dec 450.95 9.50
(2.15%)
OPEN

446.00

HIGH

456.25

LOW

442.50

NSE 00:00 | 08 Dec 451.00 10.25
(2.33%)
OPEN

444.00

HIGH

456.40

LOW

442.15

OPEN 446.00
PREVIOUS CLOSE 441.45
VOLUME 37284
52-Week high 522.00
52-Week low 247.90
P/E 67.91
Mkt Cap.(Rs cr) 18,077
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 446.00
CLOSE 441.45
VOLUME 37284
52-Week high 522.00
52-Week low 247.90
P/E 67.91
Mkt Cap.(Rs cr) 18,077
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prestige Estates Projects Ltd. (PRESTIGE) - Chairman Speech

Company chairman speech

Dear Stakeholders

I'm pleased to present your Company's Annual Report for FY 2018-19. Throughout theyear we continued to deliver on our commitments and invest in our future.

We are in an opportune time when our country is setting new benchmarks. At over 7%growth rate India remains the world's fastest growing major economy. A robust consumptioneconomy strong government expenditure and rising domestic and foreign investmentscharacterise India's growth story. The past year also saw India jumping up the WorldBank's Ease of Doing Business Index a testimonial to the country's attractiveness as aninvestment destination.

The Indian real estate sector has entered a revitalisation mode and is set to be atrillion-dollar opportunity within the next decade. The drivers of India's economy —favourable demographics rising disposable income and rapid urbanisation — contributeto the development of the real estate sector as well. Demand for real estate acrossresidential commercial retail and hospitality is increasing. In addition foreigninvestors are increasingly showing interest in India's real estate sector aided by thesuccessful listing of India's first- ever Real Estate Investment Trust (REIT)wide-ranging structure reforms carried out in recent years and strong market fundamentals.

The introduction of the Good and Services Tax (GST) and the implementation of the RealEstate (Regulation and Development) Act 2016 (RERA) have changed the dynamics of theindustry. The industry is experiencing disruptions as well as buoyancy with these emergingdevelopments which is expected to result in a large- scale industry consolidation andbenefit established organised and compliant players.

We at Prestige are excited to enter this new era which gives us significant headroomto grow and explore. We continued to invest in the Group's future and spread ouroperations deeper and broader into new geographies.

During the year under review we delivered on our guidance and we scaled up ourexecution and sales capabilities leading to a strong operational performance. In fact weclocked record completions during the year and delivered 17 projects spanning 24.09 mnsq. ft. across segments and geographies. This was no small feat.

As part of our ongoing geographical expansion we signed two deals in Mumbai's primelocalities.

We expect to unlock significant value from these deals. We also ventured into theNational Capital Region (NCR) to establish our presence in the North Indian market.

To capitalise on newer avenues of growth we had set up a H25000 mn mid-income housingplatform with HDFC's Alternative Investment Fund (AIF). The first deal on this platformhas materialised while few more are underway.

Our performance in FY 2018-19 testifies to our prowess in strategy execution. It alsovalidates the substantial investments made in the recent past from which we are nowderiving significant returns. Taken together these contribute to our competitiveness andincreasing market share. While our strategy remained prudent the diversity and resilienceof our growth model was vindicated by the multiple transactions across business verticals.

As we grow we rely on our strong fundamentals and values that have made us who we are.From the start we have focussed on responsible growth and our corporate governance andrisk management framework is stronger than ever. Year after year we reiterate ourcommitment to our stakeholders including investors customers employees society andenvironment and deliver on them. In doing so Prestige has paved the way for itslong-term sustainability.

I conclude by sincerely thanking the Board and the Management in helping me perform myduties effectively. As we chart our growth path for the coming years I request yourcontinued support.

Best regards

Irfan Razack

Chairman and Managing Director

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