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Oberoi Realty Chairman's Speech > Engineering - Heavy > Chairman's Speech from Oberoi Realty - BSE: 533273, NSE: OBEROIRLTY

Oberoi Realty

BSE: 533273|NSE: OBEROIRLTY|ISIN: INE093I01010|SECTOR: Construction & Contracting - Real Estate
Apr 25, 16:00
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Mar 16
Chairman's Speech (Oberoi Realty) Year : Mar '17

The financial year 2016-17 has been a landmark year for the Indian economy, a year of significant reforms and progressive decisions. The government has put the nation on a trajectory where all past benchmarks have been redefined and a new order of fiscal control has set in, getting India ready to claim its rightful place as the most attractive country for doing business.

Amidst these profound transformations, including the much talked about demonetization, and a budget that included path-breaking initiatives on the rural sector, a huge fillip to affordable housing, recalibration of capital gains treatment and more, the year rounded off on a positive note with the long-awaited Goods and Service Tax (GST) and RERA becoming a reality.

In Maharashtra, the state government''s sustained focus on infrastructure augurs well for its economy and industry.

At Oberoi Realty, with our long-standing history of transparency and customer centricity, we have heartily welcomed and embraced the progressive agenda. With a continuous emphasis on financial transparency in all our transactions, demonetization was virtually a non-event for us. We are enthusiastic about RERA being implemented, as it will bring in much-needed accountability and clarity to the sector. This will increase customer confidence and create a level playing field for developers like us with a proven track record. We also believe that the unified tax structure under GST will truly strengthen the country''s economy. I can assure you that the future is bright for companies like yours as the real estate sector transforms into a space meant for players with credibility and integrity.

FY16-17 has been yet another year of value-based operations for your company; the strong performance has come on the back of our commitment to deliver value to all our stakeholders. Our revenues for FY17 stand at '' 1,161.04 crores with an EBIDTA of Rs, 617.36 crores and our gross annual booking value exceeded Rs, 1,500 crores. Our retail development, Oberoi Mall, continues to command leadership position in the western suburbs of Mumbai due to its location and excellent mix of brands across segments.

With the ethos of your company inherent in all that we do, I am happy to share that over the past year, despite challenging economic environment, our projects across various segments saw an exceptional response. We are also glad to inform you that all our ongoing projects are moving at a steady pace, making us confident about the timely delivery of the projects.

The success of the Oberoi Realty brand has been, to a large extent, a result of our unwavering belief in the highest standards of corporate governance and philosophy of integrity and customer centricity. Over the last year, we have been the recipients of numerous accolades; including awards for Best for Investor Relation and Best for Disclosure and Transparency by Asiamoney Corporate Governance Poll India - 2016.

The foundation of our core existence is composed of many enablers, such as our strong investors, our focused employees and our ever-supportive partners. I thank each of you for being a pillar of this organisation, and giving me the opportunity to lead your esteemed company.

With a continued emphasis on project delivery, quality construction, innovation and value enhancement of the entire ecosystem, the future looks promising for your company. Let us all look forward to building an India of the future and the Oberoi Realty of our dreams.

Best wishes,

Vikas Oberoi

Source : Dion Global Solutions Limited
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