It is my pleasure to welcome you to the Company`s 23rd Annual General Meeting, made all
the more special by the impressive performance of the Company in the last fiscal.
Right at the onset, I am delighted to share that your Company registered a growth of
17.02% and closed FY 12-13 with revenue of Rs.851.27 crores and a PAT of Rs.5.14 crores.
With this, the Board recommends a dividend of Re.1 per equity share, subject to
This stellar performance was brought about by visible and solid progress across all
activities of the Company in terms of new launches, project construction as well as
completion and hand over. The Company`s focused efforts and its keen understanding of the
consumer needs and aspirations have made it a preferred brand amongst its target segments,
and the Company`s track record of timely construction and deliveries have only added to
Let me summarise the key achievements of last year on the projects front. The Company
offered a complete possession of SRS Residency, Sector 88, Faridabad, and it is truly
heartwarming to see that over 325 families have already shifted here to enjoy a modern,
safe and enjoyable lifestyle. Possession was also offered for Pearl Floors, and 25
families have proudly moved in as the first movers of this lowrise housing complex. This
is in addition to the other delivered projects such as SRS Retreat Farmhouses and the
housing complex at Sector 6, Palwal.
The other on-going projects i.e. SRS Royal Hills Phase I, Pearl Heights and the 5 Star
Hotel at Prithla are also witnessing on-schedule construction. The IT Tower at Ballabgarh
is also progressing well, and the project has already got approvals on its plans and maps.
There has been action on the new launches as well, which include SRS Royal Hills Phase
II in Sector 87, Greater Faridabad with over 600 flats; SRS Royal Hills in Rewari with 293
units and SRS Pearl Floors in Palwal with almost 400 units spread over 5.52 acres.
But perhaps the greatest of the highlights of the year gone by was the completion of
the SRS Tower, a majestic corporate tower spread across 1.75 acres. Situated right on the
Delhi-Mathura Road, and just a 15 minute drive from Delhi`s Badarpur, it is perhaps
Faridabad`s most stylish corporate address, whose imposing presence has truly enriched the
skyline of Faridabad. Several key offices have started operating from here, including
select office of the SRS group of Companies. In addition to this, many more offices are in
the final stages of getting operational. The SRS Tower has added to the visibility and
credibility of the SRS Group tremendously, and is a marvelous reminder of the Company`s
scale and ability to deliver world-class projects.
In the middle of such optimism and laudable performance by the Company, it will be good
to keep in mind that the overall economic scenario is not what one would have liked. There
are issues at the political level regarding reforms and infrastructure development.
Simultaneously, the country`s GDP growth rate has been pulled down to about 5.2%, the
lowest in a decade. The economic woes of US and Europe too are making their impact felt,
especially by unstable and/or slower FDI. Inflation continues to keep up its ante, forcing
RBI to keep up the interest rates. The depreciating Rupee too is not helping many sectors.
This means that there could be heightened challenges in the coming days as well, and
your Company is keeping watch on the developments and fine-tuning its strategy
after all, fore warned is fore armed! The Board is confident of navigating through these
uncertain times on the back of a competent team, sound planning and focused executions.
Our knowledge base is strong, and we have the advantage of having several tightly
controlled and diverse projects in our pipeline including residencies, a hotel, an IT park
and more. A land bank of approximately 450 acres also offers a rich scope for future
developments. So overall, we are on a strong ground, and this makes me look confidently
towards the future. In another development, the company is also considering getting its
equity shares listed at the MCX-SX to bring in greater liquidity for its public float of
Please note, however, that behind this confidence lies the support of several people,
partners and authorities. As we are together here, I would like to warmly place my
appreciation to everyone who collaborated and worked hard to bring the company to where it
is today. This includes, first and foremost, all the shareowners of the Company who
supported the Board fully in all its endeavours. And then, of course, the illustrious
management and team of the Company who contributed richly with their passion and hard
work. My gratitude also goes out to all our bankers, auditors, business associates and
vendors who believed in the Company and worked with complete diligence. And not to mention
the most important link in this chain our customers who placed so much of their
trust in us and chose to purchase the wonderful homes, office, farmhouses and much more
from us. I am certain that with such solid and continued support of the various
stakeholders, growth is something that the Company won`t have to worry too much about.
Thank you once again, and wish you all the very best.
Dr. Anil Jindal