On behalf of Board of Directors It gives me great pleasure to welcome you all for the12th Annual General Meeting of the company. It has indeed been an eventful yearsince I last has the privilege of addressing you and I would like to thank allstakeholders for their steadiest support and unwavering confidence reposed in the companythrough thick and thin.
It is this consistent faith and support that has enabled your Company to suitablystrategize and adapt effectively the changed ecosystem post Demonetization GST and RERAimplementation.
Your Company's Annual Report for the year ended for the year ended 31stMarch 2019 along with the Directors report and audited Annual Accounts have already beencirculated to you.
I shall confine myself to very briefly mentioning the salient operating results of theCompany during the fiscal year 2018-19. We recorded revenues of 26.32 crore. Our company'sannual revenue growth rate has been negative taking a toll of 42%. Considering theCompany's financial performance & consistent Dividend History your Directors areplease to recommend for the approval of the Shareholders a Dividend of Rs.0.05/- (0.50%)per equity share Capital of the Company for the year ended 31st March 2019.
As evident these figures broadly indicate that your Company has not remain unaffectedof the altered business paradigm in all the sectors of the economy including theconstruction and real estate industry. Having said that I would like to mention that wehave been able to partially navigate through the difficult challenges relatively moreeffectively than many of our peers in the construction industry. This has largely been dueto strong fundamentals of your company and the foresight of your management in puttingplace a business strategy based on its core competencies.
Needless to mention that the construction sector & the real estate industry hasbeen passing through a variety of challenges compounded by continuing sluggish demandlack of Liquidity regulatory pressure and piling up of inventory in residential sectorwhich have collectively created uncertainty about future growth.
The government of India has ushered a series of structural reforms aimed at propellingthe nation forward towards a path of rapid economic growth. These reforms have triggeredphenomenal exciting and viable new opportunities for construction industry as a whole.However capitalizing on this opportunity requires a strong focus on team buildingexpansion of geographical boundaries technology up gradation & new collaborations. Atthe same time a greater imperative is placed to embrace technology upgradation to counterthe impact of market down-cycles sheer competition & commoditization of traditionalinfrastructure services in order to maximize efficiencies and reconfigure our solutions.
We have moved on and have committed ourselves with aggressive and ambitious goals forFY 201920 & forward. The Board strongly believes that these are eminently achievablethrough game changing initiatives. Markets are volatile business models are changingrapidly new capabilities in terms of team building and geographical expansion need to bebuilt and the organization needs to adapt with great agility.
The Board of Directors is completely aligned with the management ambitious growthplans. I am confident that our business philosophy and business model which are as strongand solid as the services we deliver combined with the vigor and agility of leadershipwill lead our way into the future. These are aspects that our company has always valuedand been known for. Respect for the laws of the land fairness to the interests of all ourstakeholders and a commitment to uphold our core values drive the deliberations anddecisions of the Board.
Your Company has always been committed to the maximization of three fundamental goals:employee pride customer satisfaction and shareholder value. While excelling at thistrinity of interrelated goals we have endeavored to encourage transparency care andreliability in our conduct and commitments thereby fostering high-trust basedrelationships with all our stakeholders.
I would like to thank all the stakeholders including our customers employees andsuppliers Central and State Governments Regulatory Authorities investors bankers andfinancial institutions for their continued faith and trust in all our endeavors.
I would also like to place on record my appreciation for the sincerity hard work anddedication of the entire Shashijit Infraprojects team.
For SHASHIJIT INFRAPROJECTS LIMITED Sd/-
Chairman & Managing Director