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Sumit Woods Ltd.

BSE: 535107 Sector: Infrastructure
NSE: SUMIT ISIN Code: INE748Z01013
BSE 05:30 | 01 Jan Sumit Woods Ltd
NSE 00:00 | 01 Jul 10.00 -0.05
(-0.50%)
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10.10

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9.85

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Sumit Woods Ltd. (SUMIT) - Chairman Speech

Company chairman speech

Letter to Shareholders Message from Executive Directors

We hope that you your families and loved ones are safe and doing well. We write toyou amidst uncertain times. The global spread of COVID 19 and India's lockdown havecreated an economic environment filled with uncertainty and risk.

"We believe that Real Estate is a local business. The Government is talking aboutVocal for Local. We have been following this for years".

We have seen the unprecedented time in last 3 months where the whole world has come toa standstill and across the world by virus COVID 19. All across communities citiescountries came to a pause and stand still. Due to the coronavirus pandemic one cannotthink of a business that has not been impacted. The pandemic has hit the markets very hardas most parts of the India are shut down to contain the spread of the deadly virus andReal estate is one of the worst affected sectors.

Once in a century event happened. May be the biggest PANDAMIC of 21st century. MUMBAIhas been in the hot spot for the pandemic and we all Mumbaikar and fighting it together.Being from real estate industry I feel by providing home to more than 5000 esteemcustomer. We at Sumit Group made 5000 families feel safe in there homes in this times.This crisis will change the way we go about our life in future lot of new models ofBusiness will emerge. With "Real Estate hi Real hain" we at Sumit Group will belooking at projects with more details in future

Amid the nation-wide lockdown and Coronavirus cases Goa was the first state declaredas green Zone. Due to the lockdown announced both construction and sales activity hadcome to a complete halt in Goa. The MHA's decision to allow migrant workers to leave thestate will impact on construction activities in Goa in the days to come. Availability ofworkforce after monsoon is going to be a key aspect. I am looking forward to moreenthusiasm from our dear employee strength and management as well taking well intoconsideration our progressive responsible roles amid such challenging times.

We at Sumit Group believe in value rather than validation. Developers are runningagainst time to finish already delayed projects and face cost escalation besides likelyheavy penalties in case of further delays. But that seems inevitable now. The scenarioimplies that the construction work will be slow pushing costs upward given the interestand debt servicing needed for that extra period.

We need to place new strategies or review the existing ones to overcome the impact ofthe pandemic on the construction industry; I feel it will be too early to predict thesolution to the difficult and stagnant market as we are still in a fire fighting mode tothe whole situation. We have to totally overhaul the system to find an adaptableenvironment where people can start living with Covid 19 Virus.

We are doubtful about the number of workforce returning to the sites after the monsoonwhich will affect the pace of our projects. Activity may slow down no doubt but it won'tstop. Sales is also affected as many people have postpone their purchases due touncertainty in the market and financial factors but those who can afford and are lookingout for a property with a price correction will be at an advantage. Also few buyersshowed a strong affinity towards ready to move in flats. Few buyers who were in the marketlooking to buy a Flat before the pandemic are still planning to buy their homes within ayear. We feel that that real estate is still the best option to invest followed by fixeddeposit gold and the stock market.

The Government and RBI are both looking at reviewing the economy. With reduction inhome loan being the lowest in last 15 years this is the best time to buy your dream home.We will see Real Estate activities picking up pace once the economy re-opens. We at SumitWoods Ltd wish to change as per time and we will thrive in that direction. In this toughtimes we want to thank all our employees suppliers shareholders contractors andcustomers for maintaining trust on Sumit Group. We are starting after pause and will jumphigher than before!

The State Government has provided consession rates in stamp duty for the next twoquarters. This will prove to be beneficial to us as well as the buyers.

Mitaram Jangid Bhushan Nemlekar
Managing Director Whole-Time Director

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