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Annual Report 2017-18 Beyond the Better! SUNTECK REALTY LIMITED ANNUAL REPORT 2017-18 Navigating through CORPORATE SECTION Beyond the Better 02 CMD’s Message 04 Key Highlights 06 Corporate Information 07 Our Projects 08 Awards 21 Board of Directors 22 Corporate Social Responsibility 24 BSE CODE 512179 STATUTORY REPORTS NSE CODE SUNTECK Directors’ Report 26 To download the online version of Annual Report on Corporate Governance 59 Report please click the link below Management Discussion and Analysis 80 http://www.sunteckindia.com/fi nancials.aspx OR FINANCIAL STATEMENTS Scan the below QR Standalone Financials 92 quote to download Consolidated Financials 153 the Annual Report ANNUAL REPORTS I 2017-18 Beyond the Better At Sunteck Realty Limited, we have an eye to capture and deliver the best in the real estate industry. ‘Beyond the Better’ depicts our motive to evolve as India’s most premium and trusted brand with high standards of ethical business practices, corporate governance and product quality. Unstoppable by nature, we have continuously challenged our limits and pushed ourselves and created landmark projects in the premium and ultra-premium segment. Our ability to foresight opportunities across market segments has allowed us to strategically scale-up our business and create strong and enduring value for all our stakeholders. 2 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS Brand Positioning Ultra luxury residences aimed at Premium and mid-level residences in Large formats and mixed high net worth individuals select suburban micro markets use developments Commercial Aspirational luxury residences in select developments suburban markets 3 ANNUAL REPORTS I 2017-18 CMD's Message While the Indian real estate sector witnessed many positive and disruptive changes, we continued to deliver a resilient operating performance and also set the stage for the next round of your company’s growth. 4 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS distressed projects. We also capitalised on our strong brand by acquiring a 100 acres project in Mumbai Metropolitan Region (MMR), under the aspirational segment and the asset light JDA model. Through this project we have diversifi ed our business across the pricing spectrum, from uber-luxury to affordable and at the same time being true to defi ning luxury living for all. During the year, our EBITDA margins increased by almost 500 bps to 42%, and we posted a record PAT of Rs 2,135 Million. We also made multi-fold progress on further strengthening our balance sheet, with reduction in average cost of debt, decrease in absolute debt levels and an improvement in the long term credit rating to AA-. In terms of operational performance, we saw the momentum pick-up through the quarters for both our completed and under execution projects. Dear Shareholders, Additionally, we completed our project Signia High in Borivali and initiated the handing over of apartments. The year gone by has been momentous We also commenced construction at our commercial for us on many fronts. While the Indian real project Sunteck Icon at BKC junction and our residential estate sector witnessed many positive and project Gilbert Hill at Andheri (W) during the year. disruptive changes, we continued to deliver Today, construction is happening at full pace at all our a resilient operating performance and also six ongoing projects. Our BKC projects saw improved set the stage for the next round of your traction and notable margin improvements, which gives company’s growth. a glimpse of the value that this inventory can potentially As the varied indirect taxes regime was create. Our project in Oshiwara District Centre (ODC), replaced by a uniform GST regime and Sunteck City continues to see signifi cant improvement in the state level RERA framework got infrastructure and is also poised to create huge value for implemented, your company was ready our stakeholders, just like at BKC. to adopt them across the value chain in a timely and rightful manner. Such reforms I would like to thank our investors for their constant are structural changes which are providing support to us which led to your company receiving the long term growth and consolidation best standout Investor Relations (IR) award in the mid-cap opportunities for organised developers like category from the IR Society of India recently. I would also us. As the regulatory changes were taking like to thank our Board of Directors, customers, partners, shape, your company focused on enhancing associates and shareholders for their confi dence in the sales at our ongoing projects instead us which helps fuel the momentum towards a brighter of new launches. However, simultaneously future for Sunteck. We are excited about the times ahead your company was putting together the and aim to benefi t from the upcoming opportunity in foundation in place for its plans to scale up India’s real estate sector, thereby scaling up our business across the market segments. and creating huge value for all our stakeholders. We successfully raised capital during the Warm regards, year, setting the stage for our next round of growth by benefi ting from attractive Kamal Khetan acquisition opportunities including Chairman and Managing Director 5 ANNUAL REPORTS I 2017-18 Key Highlights `8,883Million Revenue from operations `2,135Million PAT `5,876Million Pre sales `5,308Million Collections 6 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS Corporate Information BOARD OF DIRECTORS AUDITORS Mr. Kamal Khetan Statutory Chairman & Managing Director Lodha & Company (Chartered Accountants) Mr. Atul Poopal Internal Executive Director Pricewaterhouse Coopers (PWC) Mr. Kishore Vussonji SOLICITORS & LEGAL ADVISORS Independent Director Kanga & Company Mr. Ramakant Nayak BANKERS Independent Director • SBI Bank Mr. Mahadevan Kalahasthi • Kotak Mahindra Bank Independent Director • HDFC Bank Mrs. Rachana Hingarajia • HDFC Ltd. Director & Company Secretary • ICICI Bank ADDRESS OF REGISTERED OFFICE • Axis Bank 5th Floor, Sunteck Centre, REGISTRAR AND TRANSFER AGENTS Subhash Road, Vile Parle (E) Link Intime India Private Limited Mumbai – 400 057 C-101, 247 Park, L.B.S. Marg CIN: L32100MH1981PLC025346 Vikhroli (West), Tel: +91 22 4287 7800 Mumbai 400 083 Fax: +91 22 4287 7890 Tel No: +91 22-4918 6000, Website : www.sunteckindia.com Fax No: +91 22-4918 6060 Email: [email protected] Email: [email protected] 7 ANNUAL REPORTS I 2017-18 Our Projects COMPLETED PROJECTS G - BLOCK, BKC OUR ICONIC LANDMARK As the chosen residence of the fi nest business minds of India, Signature Island chooses comfort over ostentation. The timeless, iconic and distinctive property fi nds its beauty within its purpose. Redefi ning the skyline of Bandra Kurla Complex, Signature Island features only Duplex Residences which offer a bespoke design. A masterpiece designed by Talati & Panthaky Associated (TPA), Signature Island is the embodiment of a design philosophy that transcends all trends. With temperature controlled Indoor Swimming Pool, State-of-the-art Gymnasium & Health Club, Business Club, Exquisite Landscaped Garden with Children’s Play Area, cutting edge security systems and much more, every space you tread into, you’ll discover the luxuriously heady feeling that comes with a king-sized lifestyle. Actual Image 8 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS 1 Million sq. ft. delivered and habitable. Actual Image Actual Image Actual Image 9 ANNUAL REPORTS I 2017-18 COMPLETED PROJECTS G - BLOCK, BKC A tall, bold, majestic and inimitable structure with 4 & 5 bed residences reserved for the privileged few. Now ready to move in. Actual Image of Show Flat Artist’s Impression Actual Image of Show Flat 10 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS COMPLETED PROJECTS G - BLOCK, BKC This rare construction artistry with ‘4 BHK VENETIAN SUITES’ is designed to give you admiring glances everytime you step out. Artist’s Impression Actual Image of Show Flat Actual Image of Show Flat Actual Image of Show Flat Actual Image of Show Flat Actual Image 11 ANNUAL REPORTS I 2017-18 COMPLETED PROJECTS BORIVALI (E) You’re on the verge of making an exciting positive change in your life, you are about to move into an abode where life meets new heights at these ‘Limited Edition’ spacious ready-to-move-in 3 & 4 bed residences. 81 LIMITED EDITION RESIDENCES SPREAD ACROSS 2 ACRES Actual Image Actual Image of Entrance Lobby Actual Image of Show Flat Actual Image of Show Flat Actual Image of Show Flat 12 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS COMPLETED PROJECTS AIROLI – NAVI MUMBAI The sky-kissed castle of 28 storeys is a premium landmark project nestled in the fi nancial powerhouse of Airoli, Navi Mumbai. It houses spacious 2, 3 & 4 Water-front bed residences and top-notch amenities. The location has strong connectivity to prominent areas like Vashi, Mulund and Powai. Actual Image Actual Image Actual Image Actual Image 13 ANNUAL REPORTS I 2017-18 COMPLETED PROJECTS NAGPUR Turning the trends in Nagpur upside down by crafting Signia Skys, we are providing a lifestyle that was till now confi ned only to the metro audiences. This blend of mystic nature and luxury nestled right in the heart of Nagpur is a true habitat for the connoisseurs. For the fi rst time in history of Nagpur, celebrity- designer Sussanne Roshan’s interior brand – The Charcoal Project has been tied up as ‘Interior Design Partner’ for these eady for fi t-outs iconic limited edition bespoke 4 bed residences. Actual Image Actual Image Actual Image 14 CORPORATE OVERVIEW I STATUTORY REPORTS I FINANCIAL STATEMENTS UNDER CONSTRUCTION Sunteck City, suburb’s largest luxury township, located in the heart of ODC, Goregaon (W), bestows a lifestyle that redefi nes convenience. Conceptualised as premium, City spreads across 23 acres comprising of Residential, Retail, Commercial Entertainment Zone and Fine Dining. ODC, GOREGAON (W) Sunteck City Avenue-1, A project with Artist’s Impression spacious deck living.
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