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I am pleased to report that Your Company had a strong year in FY13 despite a subdued period for the real estate industry and the Indian economy. India faced numerous challenges in the past year with GDP growth slowing considerably due to both global and domestic factors. Weak GDP growth combined with high interest rates and negative consumer and business sentiment resulted in a poor year for the real estate sector.
Despite this challenging environment, Godrej Properties demonstrated superior performance on all operational and financial parameters by achieving substantially higher revenue, profit, bookings and new launches in FY13. Your Company's total income for the year grew a robust 28% in FY13. Profitability also increased rapidly with EBITDA growth of 43% and net profit growth of 41%. Furthermore, despite a constrained approval environment, GPL successfully launched 13 new projects and phases in six cities across India. These successful launches played a key role in enabling us to grow our bookings by 71% to over US$ 500 million for the financial year.
In addition to the strong in – year financial performance, Your Company also made tremendous strides in business development, which will help ensure that growth is sustained in the years ahead. In FY13, we added 8 new projects to our portfolio demonstrating our ability to add attractive new projects irrespective of market conditions. These project additions include five redevelopment projects in various parts of Mumbai and a large township project in Panvel, Mumbai that will substantially enhance our presence in the important Mumbai market.
I am pleased to note that Your Company over the past year has been accredited with significant recognition and awards at both the entity and project levels. GPL received 20 awards in FY13 including the 'Popular Choice Developer of the Year' in the residential category from ET Now.
With the scale of development that is likely to unfold in India over the next several decades, it is of vital importance that this development be planned in a sustainable manner. GPL has been at the forefront of driving sustainable and environment friendly urban design in India. We remain committed to ensuring that every single new Godrej Properties development will be planned in a manner that enables it to receive a LEED or IGBC green building certification.
Globally, the real estate sector is cyclical in nature and is primarily driven by consumer sentiment, monetary policy and overall economic outlook. While the last few years have been challenging for the Indian economy and especially for the Indian real estate sector, with headline inflation moderating to 3–year lows and a better GDP growth forecast for FY14, we anticipate an improvement in the business environment and consumer sentiment in the year ahead. Such an improvement will disproportionately benefit the real estate sector. We believe that our national presence, strong brand equity and robust project portfolio will allow us to capitalize on this opportunity.
Let me close by expressing my appreciation to the Godrej Properties team for driving continued success and growth at Godrej Properties. I would also like to thank our business partners, vendors and other associates. Finally, my gratitude to you, our shareholders, for your unwavering support and trust.
Adi B. Godrej
The Godrej Group