I would not be wrong to say that events over the last one year have been unprecedentedand in many ways disturbing. But each one of you has stood up to this crisis and shownexceptional attributes in shaping the metamorphosis of your Company.
Given this background it is my pleasure to address you all on behalf of VasconEngineers Limited on the closure of financial year 2020-21 of your company. India hasshowed tremendous potential in combating the pandemic and the Indian economy hasrebounded well in the second part of the current fiscal year.
The global economy have faced challenges in fiscal 2020-21 as a result ofpandemic-related uncertainty. It was a 'tale of two halves' with a steep decline ineconomic activity in the first half followed by an impressive sequential rebound in thesecond half. The combination of fiscal and monetary measures by the Government and RBIannounced in the early part of the year coupled with stellar Union Budget aided in notonly softening the economic blow but it also boosted consumer and industry confidence.
The construction sector faced multiple headwinds in terms of labour unavailability dueto covid-19 induced disruption at the beginning of the year. However phased unlockingprocess along with various slew of measures announced by the Government aided in recoveryin the second half of the fiscal year. The COVID-19 led crisis adversely affected economicgrowth thus the infrastructure sector growth is critical to ensure that the economyremains buoyant and the nation re-embark on the growth path of becoming a USD 5 trillioneconomy by 2025. The government's various policy measures to provide decisive impetus toall-around infrastructure development and aid economic recovery. Rapid urbanizationgovernment-led infrastructure smart cities housing healthcare transportation coupledwith various policy reforms increasing foreign investor spend and shared economy model tobe the key drivers fuelling the overall growth in Indian Construction and Real EstateIndustry. With strong track record of execution of EPC projects across verticals whilemaintaining high quality standards Vascon is all set to capitalize on the growthopportunity ahead.
During these trying time your Company's key focus was on resumption and scaling-up ofexecution while strengthening the balance sheet. We are happy to share despitechallenging times we have made Debt repayment of Rs. 41 crores with this now our TotalGross Debt at Rs. 214 crores as against Rs. 255 crores as on March'20 reflecting ourcommitment towards de-leveraging our balance sheet to improve the cash flow of theCompany.
On execution front our relentless focus was on resumption and scaling up of executionduring the financial year 202021 your Company witnessed month-on-month improvement in theexecution levels. Our execution run-rate has improved from Rs. 93 crores in Q2FY21 to Rs.135 crores in Q4FY21 which is the highest-ever run-rate for the quarter enabling us torecover deficient incurred during the first half of the fiscal resulting in deliveringtop-line similar to previous fiscal.
During the year your Company received orders worth Rs. 584 crores with this totalorder book stands at Rs. 2109 croresincluding internal EPC orders from real estatelaunches of Rs. 90 Crores; forming a healthy Order Book of 7x FY21 EPC revenues. Consciousefforts towards increasing government orders are reaping results the share of Governmentorders improved to ~85% of the total order book as compare to ~15% in FY2019providingvisibility of faster execution while ensuring uninterrupted cash flow. The order book ofthe company remains robust providing strong visibility of EPC revenue growth for next 2-3years.
On Real Estate Business as the economy gradually movestowards recovery theresidential real estate sector also started witnessing positive momentum on the back ofvarious measures taken by the government. Pune & Mumbai market registered thesignificant improvement in the second half of FY21 primarily on account of stable priceslow interest rates reduction in stamp duty and government sops. The impact of Covid-19was limited due to lower levels of unsold inventory. During the Financial year 2020-21your Company intensified its focus on the liquidation of the unsold inventory. In FY21your Companyundertook new sale booking of 120613 square feet amounting to a total salesvalue of Rs. 120 Crores ably supported by the strong sales. The Company remains committedto excellence and delivering value for money toitscustomers at the core we have a strongreal estate launch pipeline of ~1.3 million square feet amounting to total sales value ofRs. 790 crores over next 2 years. Your Company continues to adopt a cautious approachtowards the launch of new projects we continue to monitor the market very closely andfeel that time is not far away for pent up demand to catch up and your company is gearingup to exploit this opportunity.
Your Company remains to focus on accelerating the execution of the order book ablysupported by the robust order book leading to better capacity utilization and bettermargin for EPC business going forward. With potential and proficient team your Companywill be able to withstand the storm and up-rise strong towards the success. The company'sstrong roots will enable it to re-gain the momentum and shine towards the growth path.
I would like to take this opportunity to thank our employees management team and Boardof Directors who have worked hard to see the current transformation.
As you know I have stepped out of the Board but am continuing to be Chairman Emeritusand will play a mentoring role in seeing through the steps taken to bring your Company toits past glory.
I want to place on record my sincere appreciation to all our shareholders and otherstakeholders for your continued faith trust encouragement and support. I will overseeand mentor the young team so that in the next couple of years Company rewards allshareholders and stakeholders.