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Letter to the Shareholder:
Dear Shareholders and Friends of SOBHA
I always consider myself fortunate to have grown up, and worked so closely with Mr. P.N.C. Menon – our founder, mentor and my father – who passionately created Sobha, a brand that is today synonymous with excellence and trust. Right from my early years in Muscat, I could observe the traits that I thought made him a very unique and amazing personality: the sheer discipline, integrity, passion, and the equal love and care for family, colleagues and the community. The value systems that he taught me, and in which I strongly believe, have always helped me in my journey. On completion of nine years at SOBHA, I am equally humbled by the fact that you have reposed your faith in me to carry his glorious legacy forward. It is a great honour and responsibility to take over the mantle of leadership. Guided by his wisdom and experience, I am confident of effectively executing the responsibilities bestowed on me and leading the Company towards greater echelons of success.
Our improved focus on product deliveries has reaped rich dividends with the cumulative execution levels of the Company leaping from 10.14 million square feet in the year 2004–05 to 56.25 million square feet in the year 2012–13. The Company's average execution of 6.25 million square feet for the last six years is a record in the Indian construction industry.
Having actively diversified into new geographical territories over the years, SOBHA has gradually grown from being a Bangalore–based Company to a nationally recognised and respected player with a presence in 23 cities and 13 states across India. We aspire to judiciously expand our real estate footprint in other cities like Kochi, Kozhikode, Hyderabad and Noida / Ghaziabad. Our foray into the space of commercial development will also be accelerated in the times to come.
In this new phase of development, we have many opportunities ahead of us to leverage SOBHA's distinct capability. We will continue to solidify our position in the industry and seize every opportunity to build, grow and sustain.
We truly believe in creating value through all–round performance. With an in–house design to delivery potential, SOBHA is poised for sustainable progress. Above and beyond the technical and economic quality of our projects, our goal is to enhance their social and environmental value by providing solutions that address the long–term issues facing the society as a whole. By investing in eco–design technologies and increasing participative innovation, we improve the energy and climate performance of a building.
SOBHA is a company, which invests in details, however small or insignificant they may appear to be. The hallmark of a world–class product lies in its detailing. Attention to details is deeply embedded into our work culture, the reflection of which can be seen in the image of the Company as a developer of repute. We reassess our quality management systems and practices to make sure our work is done right the very first time, every single time.
Our Company is a highly process–driven organisation wherein standard work procedures are laid down, documented, periodically monitored and strictly adhered to. I believe that our carefully structured, strong and robust business model is capable of sustaining and thriving even under adverse circumstances.
We work hard to ensure that we are a good steward at our worksites and in our communities; and strive to do our bit every day. I remain steadfastly committed to the best–in–class community service initiatives that have been developed with sheer devotion and compassion for the needy. I will strive to further expand the reach of the Company's activities in the realm of Corporate Social Responsibility.
The success of the Company is a testament to the talent and expertise of the people associated with it. I would like to acknowledge the hard work, commitment, and skills of our employees who are ultimately responsible for executing our vision into reality. My sincere gratitude is also due to my colleagues on the board for their guidance and support.
We remain fully confident of the growth potential of our businesses. The future is indeed more exciting today than ever. With a clear strategy, solid fundamentals and an active market presence in fast–growing cities, SOBHA is forging ahead in a changing world, fully prepared for the challenges of tomorrow.
On behalf of our employees and customers, I thank you for your unflinching support. I look forward to seeing you at our annual shareholders meeting on July 5th, 2013.
Yours sincerely Ravi PNC Menon