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BSEL Infrastructure Realty Chairman's Speech > Engineering - Heavy > Chairman's Speech from BSEL Infrastructure Realty - BSE: 532123, NSE: BSELINFRA

BSEL Infrastructure Realty

BSE: 532123|NSE: BSELINFRA|ISIN: INE395A01016|SECTOR: Construction & Contracting - Housing
Nov 20, 16:00
-0.05 (-4.67%)
VOLUME 4,610
Nov 20, 15:40
VOLUME 8,277
Mar 09
Chairman's Speech (BSEL Infrastructure Realty) Year : Mar '10
In the very first place, I wholeheartedly acknowledge your ceaseless
 and stubborn support, which upheld the Company to pass through the
 dramatic situation placed before by this year. The year 2009-10 can be
 surely described as The Economy  A Big Hurt. BSELs domain,
 infrastructure and realty, has not shown a pretty picture at all. If we
 have a little retrospection, it can be noted that, the residential real
 estate business started slowing in
 2006 and then really fell out of bed in 2007. But commercial real
 estate continued chugging along for a while. Thats all changing  and
 2009 has been even worse for landlords and investors in commercials,
 warehousing, office, retail property and related spheres. After more
 than a year spent in suspended animation of already faded up housing
 markets, the commercial real estate industry really hit a bottom in
 With the collapse of Lehman Brothers and other Wall Street icons, there
 was cataclysmic recession which substantially affected the year
 2008-09. As the world economy just started taking a breath after
 absorbing these shocks, UAE debt crisis hit the economy. And once
 again, the Infrastructure and realty industry is put on a blow.
 As Infrastructure and Real Estate is core functional sphere of BSEL and
 the Company has sizable portion of its project investments in UAE there
 was an enforced holiday for BSEL Even in this state of affairs,
 management of the Company succeeded in saving the Company from getting
 into the liquidity crunch. The Company strategically exited from a
 quite adversely leveraged six projects in Nagpur and one project in Goa
 and also packed up one of its subsidiaries, in Singapore. Though for a
 short term, the consequence of this is a downturn in profitability of
 the Company, which can be attributed to exceptional heavy losses out of
 exit from joint venture projects and closure of subsidiary. During the
 year under consideration, Companys consolidated total income is Rs.
 3,290 lacs and the consolidated profit stood at Rs.86.87 lacs . The
 BSEL - India suffered a loss in this year, as real estate developers is
 one of the worst victims of global melt down and UAE collapse.
 Here... all these facts are quite disappointing... but I would like to
 put a saying of George Patton.. Success is how high you bounce when
 you hit bottom .
 I believe that there is a sure opportunity in any state of affairs.
 This downtrend caused by global meltdown and UAE debt crisis led to a
 considerable correction of prices across locations, including some
 established as well as under developed locations. The debt markets are
 in a severely compromised position due to the cautious approach of
 banks and financial institutions with a view of avoiding further debt
 stress. In this classic timing play, investors and developers with cash
 should be poised to take advantage of highly attractive buying
 opportunities. And here, BSEL is in propitious position, as it is a
 Zero Debt Company having optimum liquidity.
 I am confident that, BSEL is devised enough and poised to grab each and
 every opportunity in this sphere. Your support along with sincere
 contributions of investors, customers, associates and employees of the
 Company is a constructive stimulus for BSEL, resting on this I see BSEL
 as one of the leading real estate developers in India as well as abroad
 in a very near future.
 Kirit R Kanakiya 
Source : Dion Global Solutions Limited
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