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Housing Development and Infrastructure

BSE: 532873|NSE: HDIL|ISIN: INE191I01012|SECTOR: Construction & Contracting - Real Estate
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Chairman's Speech (Housing Development and Infrastructure) Year : Mar '18

Chairman''s Communique....

“The best way to predict the future is to create it.

- Peter Drucker

It is my honour and privilege to interact with you as the Chairman of Housing Development and Infrastructure Limited and great pleasure to share with you the key highlights of the Economy and Company''s performance during the Financial Year 2017-18.

The past year has witnessed significant structural changes in the Indian economy that have altered the business paradigm in every sector, including the real estate and construction industry. Due to several bold initiatives of the Government, the nation is on the cusp of a new era of economic activity and opportunity in which the key to success will be the ability to respond to change and overcome the challenges that inevitably arise during the period of transition. The economy recovered significantly in the second half of FY18 thanks to the buoyancy in agriculture and increased government spending on public administration and construction projects.

As I have been frequently indicating to our stakeholders and patrons, during the past few years HDIL has been strategically preparing for and indeed actively pressing for reformatory legislation and visionary policies pertaining to housing, construction and real estate development.

Demonetisation (or note ban) did have dampening effects on the economy. However, even as its negative impact was fading by the time 2017-18 began, the introduction of another reforms of the Goods and Services Tax was implemented by July 1, 2017, leading to consolidation in the sector. The tax replaced existing multiple cascading taxes levied by the central and state governments. GST is meant to replace a slew of indirect taxes with a unified tax and is therefore expected to reshape the country''s 2.4 trillion dollar economy, but not without criticism.

The result of these two reforms was evident as the Gross Domestic Product (GDP) growth came crashing down to a three-year low of 5.7 per cent in the first quarter of 2017-18. It was largely because of pre-GST jitters and lingering effects of demonetisation. The economy did recover thereafter to 6.5 per cent in the second quarter and to 7.2 per cent in the third quarter. Overall, the economy is now projected to grow 6.6 per cent in 2017-18 by the second advance estimates, a bit higher than 6.5 per cent, pegged by the first advance estimates.

The Real estate market has been amongst the sectors worst hit by the economic downturn in the year 2017, but as compared to last year the real estate industry has shown the sign of revival and is showing better growth in the year 2018. By introducing regulations like GST, RERA''s further amendments, Benami Transaction Prohibition, REITs, there is a long-term industrial growth and it also impacts on ease of business by transparency at work. A lot is expected from Government of India (GOI) in the upcoming years to offer some relief in the Real Estate sector which will have positive impact on Your Company and its related stakeholders.

The Said Regulations compiled with low inflations proposals like deduction in profit for construction of affordable housing, interest subsidy to first time home buyer and reduction in overall interest rates specially for home loans under affordable Finance Housing Scheme, outcome which will contour the Real Estate.

During FY 2017-18, your Company has paid Rs. 16,653.56 Lakhs debt to various Banks & Financial Institutions and also entered in to settlement agreements with various Banks & Financial Institutions and proposed one time settlement. Consequential to this there has been a 8 % reduction in HDIL''s total Debt as on March 31, 2018.

FINANCIAL PERFORMANCE

Company follows projects completion method and financial performance comparison will not be appropriate. However for the record, Company recorded:-

- The Turnover of Rs.40,237.05 Lakhs as against Rs.74,617.74 lakhs in the previous year.

- The Company Profit from operation for the year ended March 31, 2018 is Rs.5,944.84 Lakhs as against Rs.20,856.28 lakhs in the previous year.

- The Net profit for the year is Rs.9,532.50 Lakhs as against Rs.17,524.58 lakhs in previous year.

Your Company has effectively dealt with the financial problems and implanted a risk mechanism to minimize uncertainty. Today, with the spirit of determination, which is at the heart of HDIL,

I am confident of an early return to robust growth.

I take this opportunity to thank all the shareholders for continued faith in us. I also thank my colleagues on the Board for their valuable contribution and all the employees for their unflinching efforts towards building this institution.

It gives me immense pleasure to welcome you all to the 22nd Annual General Meeting of your company. On behalf of the organization, I thank you all and look forward to your continuous support and co-operation.

Source : Dion Global Solutions Limited
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