The year gone by has been momentous for us on many fronts. While the Indian real estatesector witnessed many positive and disruptive changes we continued to deliver a resilientoperating performance and also set the stage for the next round of your company's growth.
As the varied indirect taxes regime was replaced by a uniform GST regime and the statelevel RERA framework got implemented your company was ready to adopt them across thevalue chain in a timely and rightful manner. Such reforms are structural changes which areproviding long term growth and consolidation opportunities for organised developers likeus. As the regulatory changes were taking shape your company focused on enhancing thesales at our ongoing projects instead of new launches. However simultaneously yourcompany was putting together the foundation in place for its plans to scale up across themarket segments.
We successfully raised capital during the year setting the stage for our next round ofgrowth by benefi ting from attractive acquisition opportunities including distressedprojects. We also capitalised on our strong brand by acquiring a 100 acres project inMumbai Metropolitan Region (MMR) under the aspirational segment and the asset light JDAmodel. Through this project we have diversifi ed our business across the pricing spectrumfrom uber-luxury to affordable and at the same time being true to defi ning luxury livingfor all.
During the year our EBITDA margins increased by almost 500 bps to 42% and we posted arecord PAT of Rs 2135 Million. We also made multi-fold progress on further strengtheningour balance sheet with reduction in average cost of debt decrease in absolute debtlevels and an improvement in the long term credit rating to AA-. In terms of operationalperformance we saw the momentum pick-up through the quarters for both our completed andunder execution projects. Additionally we completed our project Signia High in Borivaliand initiated the handing over of apartments. We also commenced construction at ourcommercial project Sunteck Icon at BKC junction and our residential project Gilbert Hillat Andheri (W) during the year. Today construction is happening at full pace at all oursix ongoing projects. Our BKC projects saw improved traction and notable marginimprovements which gives a glimpse of the value that this inventory can potentiallycreate. Our project in Oshiwara District Centre (ODC) Sunteck City continues to seesignifi cant improvement in infrastructure and is also poised to create huge value for ourstakeholders just like at BKC.
I would like to thank our investors for their constant support to us which led to yourcompany receiving the best standout Investor Relations (IR) award in the mid-cap categoryfrom the IR Society of India recently. I would also like to thank our Board of Directorscustomers partners associates and shareholders for their confi dence in us which helpsfuel the momentum towards a brighter future for Sunteck. We are excited about the timesahead and aim to benefi t from the upcoming opportunity in India's real estate sectorthereby scaling up our business and creating huge value for all our stakeholders.
Chairman and Managing Director