It gives us immense pleasure to share with you the latest developments of RodiumRealty. The year 2017-18 was a year of transformation of Indian Real Estate with theimplementation of several landmarks reforms. While the Indian real estate sector witnessedmany positive and disruptive changes we continued to deliver a resilient operatingperformance and also set the stage for the next round of your Company's growth.
I'm pleased to say that this year we made significant progress. We've strengthened ourcapabilities in many critical areas of operations we have bolstered our balance sheetthrough a strong operating cash flows.
The Real Estate industry has experienced significant shifts in the past few years-regulatory and market dynamics. Your Company was ready to adopt them in a timely andrightful manner. Such reforms are structural changes which are providing long term growthand consolidation opportunities for organized developers like us. As the regulatorychanges were taking shape your Company focused on enhancing the sales at our ongoingprojects instead of new launches. However simultaneously your Company was puttingtogether the foundation in place for its plans to scale up across the market segments.
It gives me immense pleasure to announce that your Company has set a benchmark incompleting the premium residential project "Xpolnt" within 28 (Twenty-Eight)months from the date of obtaining of first Commencement Certificate which is 8(Eight)months before the actual targeted completion date i.e. 31st December 2020 andinitiated the handing over of apartments.
Our reported accounts for the year were strong. For FY 2018-19 the Company on astandalone basis earned total revenues of Rs. 3962.71 Lakhs as compared to Rs. 2957.93Lakhs in the previous year representing an increase of 33.96%. Profit after Tax has beenincrease by 614.12%. during the year.
We are set to embark on a new journey in the coming years and are determined to leaveno stone unturned to ensure that our projects redefine and enhance urban living in Mumbai.With construction underway on many projects we expect a strong momentum in sales overnext year and above all create shareholders value.
I would like to extend my sincere thanks to ail employees customers business andfinancial partners of your Company and you as a shareholder for your support.
Chairman & Managing Director