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Gplannualreport2012-13.Pdf CONTENTS Vision ..................................................... The Year That Was.. ......................................... Company Information ......................................... Chairman’s Statement ......................................... Managing Director’s Statement .................................. Management Discussion and Analysis . ............................ Director’s Report and Annexures................................. Report on Corporate Governance ................................ Financials .................................................. Consolidated Financials ........................................ Notice and Explanatory Statement................................ C O N T E N T S Vision . 02 The Year That Was . 04 Company Information . 07 Chairmans Statement . 08 Managing Directors Statement . 10 Management Discussion and Analysis . 13 Directors Report and Annexures . 31 Report on Corporate Governance . 45 Business Responsibility Report . 60 Financials . 69 Consolidated Financials . 114 Notice and Explanatory Statement. 153 V I S I O N GODREJ BKC, MUMBAI 02 We aspire to be among the nation's top 3 real estate companies, while continuing to be the most trusted name in the industry. We shall deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight. 03 T H E Y E A R T H AT WA S Robust Growth Continued Success in Business Development FY13 consolidated total income increased by Godrej Properties added 8 new projects with ~ 28% to INR 1,047.6 million from INR 819.8 6.6 million sq. ft. of saleable area to the million in FY12 Company's development portfolio FY13 total booking value increased by 71% to Your Company expanded its presence in the INR 2,762 million from INR 1,612 million in FY12 Mumbai redevelopment space with five new projects being added in FY13 Booking volumes grew by 58% to 4.08 million square feet in FY13 from 2.58 million square feet Your Company created an added opportunity in FY12 with the formation of an INR 1,073 crore Residential Co-Investment Platform. This platform Consolidated EBITDA for FY13 improved by 43% provides a new growth avenue for Godrej to INR 296.2 million from INR 207.7 million in Properties by allowing us to develop projects FY12 that require more upfront capital Net profit increased by 41% to INR 138.4 million Building a future ready organization in FY13 from INR 97.9 million in FY12 Your Company launched an operational Highest Ever New Launches & Sales excellence initiative, 'Project Pyramid', which has Strong response to 13 launches in 6 cities in resulted in significant improvement in approval FY13 processes, cash flow management, debtor 58% bookings growth by volume and 71% by management, quantity estimation, value value, despite weak real estate sector engineering and design standardization. This initiative has also enabled Godrej Properties to performance reduce net debt in FY13, despite having added Godrej Summit Phase I, Gurgaon total 8 new projects to its portfolio launched stock of 695 apartments with 1 million Your Company has exhibited exceptional sq. ft. of saleable area sold in one day improvement in team building and employee Godrej Platinum, Vikhroli 40% price increase in engagement while growing its employee base by one year despite poor market conditions 25% Godrej E-City, Bengaluru sold ~ 400,000 sq.ft. In an employee engagement study by Hewitt, in two months and launched 2nd phase six Godrej Properties' employee engagement scores months ahead of schedule came in at 80%, a 14% improvement over the Affordable Housing launched in Ahmedabad previous year and well above the average for the 100% inventory sold within two days best in-class companies in Asia 04 Awards & Recognitions Godrej Properties received 20 awards and Innovative Real Estate Marketing Campaign recognitions in FY13 ET Now Awards Popular Choice Developer of the year Godrej Garden City, Ahmedabad Residential Category, ET Now Awards Best Residential Project mid-segment Ranked amongst India's Top 15 companies to category of projects that are 70% complete work for in a study by the Great Places to Work at the CNBC Awaaz Real Estate Awards Institute, India, in partnership with Economic Times Integrated Township of the year ET Now Awards 14th Best Company to Work For in India in the overall category Safety Award The British Safety Council International Award, Distinction Category for Ranked #1 in the Best Company in the real Affordable and Mass Housing estate and construction sector Godrej Anandam, Nagpur Ranked #2 in the Best Company with under 1,000 employees category Best Upcoming Township My FM, Dainik Bhaskar and CREDAI Nagpur Real Estate Company of the year Construction Week India Award Best Developer Award (Rest of Maharashtra) The Vasturaviraj Vishwakarma Real Estate CWAB Platinum Award for Excellence 7th Awards Construction World Architect and Builder (CWAB) Awards Godrej Prakriti, Kolkata received the Best Residential Project in the mid-segment category Brand Excellence Award in the Real Estate of projects that are 70% complete at the CNBC category at the Zee Business Awards Awaaz Real Estate Awards Platinum Award for Excellence Construction Godrej Waterside, Kolkata won the Best World Magazine Commercial Property at the CNBC Awaaz Real Estate Awards Best Marketing Campaign of the year CMOAsia Awards, Singapore Godrej One, Mumbai received Safety Award The British Safety Council International Award, Brand Leadership Award ET Now Awards Distinction Category for Information Technology and Office Space category 05 GODREJ GLENELG, MUMBAI 06 C O M PA N Y I N F O R M AT I O N DIRECTORS : 1. Mr. Adi B. Godrej - Chairman 2. Mr. Jamshyd N. Godrej 3. Mr. Nadir B. Godrej 4. Mrs. Parmeshwar A. Godrej 5. Mr. Pirojsha Godrej - Managing Director & Chief Executive Officer 6. Mr. K.T. Jithendran - Executive Director 7. Mr. V. Srinivasan - Executive Director 8. Mr. Amit B. Choudhury 9. Mr. Keki B. Dadiseth 10. Mrs. Lalita D. Gupte 11. Mr. Pranay Vakil 12. Dr. Pritam Singh 13. Mr. S. Narayan 14. Mr. Amitava Mukherjee REGISTERED : Godrej Bhavan OFFICE 4th Floor, 4A Home Street, Fort, Mumbai 400 001. AUDITORS : M/s. KALYANIWALLA & MISTRY Chartered Accountants Kalpataru Heritage 127, Mahatma Gandhi Road Mumbai - 400 001. BANKERS : State Bank of India IDBI Bank HDFC Bank 07 C H A I R M A N ' S S TAT E M E N T Dear Shareholders, Despite this challenging environment, Godrej I am pleased to report that Your Company had a Properties demonstrated superior performance on all strong year in FY13 despite a subdued period for the operational and financial parameters by achieving real estate industry and the Indian economy. India substantially higher revenue, profit, bookings and new faced numerous challenges in the past year with GDP launches in FY13. Your Company's total income for the year grew a robust 28% in FY13. Profitability also growth slowing considerably due to both global and increased rapidly with EBITDA growth of 43% and net domestic factors. Weak GDP growth combined with profit growth of 41%. Furthermore, despite a high interest rates and negative consumer and constrained approval environment, GPL successfully business sentiment resulted in a poor year for the real launched 13 new projects and phases in six cities estate sector. 08 across India. These successful launches played a that every single new Godrej Properties development key role in enabling us to grow our bookings by 71% will be planned in a manner that enables it to receive to over US$ 500 million for the financial year. a LEED or IGBC green building certification. In addition to the strong in-year financial Globally, the real estate sector is cyclical in nature performance, Your Company also made tremendous and is primarily driven by consumer sentiment, strides in business development, which will help monetary policy and overall economic outlook. While ensure that growth is sustained in the years ahead. the last few years have been challenging for the In FY13, we added 8 new projects to our portfolio Indian economy and especially for the Indian real demonstrating our ability to add attractive new estate sector, with headline inflation moderating to 3- projects irrespective of market conditions. These year lows and a better GDP growth forecast for FY14, project additions include five redevelopment projects we anticipate an improvement in the business in various parts of Mumbai and a large township environment and consumer sentiment in the year project in Panvel, Mumbai that will substantially ahead. Such an improvement will disproportionately enhance our presence in the important Mumbai market. benefit the real estate sector. We believe that our national presence, strong brand equity and robust I am pleased to note that Your Company over the project portfolio will allow us to capitalize on this past year has been accredited with significant recognition and awards at both the entity and project opportunity. levels. GPL received 20 awards in FY13 including the Let me close by expressing my appreciation to the Popular Choice Developer of the Year in the Godrej Properties team for driving continued success residential category from ET Now. and growth at Godrej Properties. I would also like to With the scale of development that is likely to unfold thank our business partners, vendors and other in India over the next several decades, it is of vital associates. Finally, my gratitude to you, our importance
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