MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL ECONOMY
The global economy is prepared for a robust trajectory of growth and resilience, as
evidenced by recent key indicators. In FY23, advanced economies (AEs) experienced an
impressive upswing with above-trend growth of 2.7%, surpassing the pre-pandemic five-year
average of 2.1%. Moreover, coordinated efforts by central banks worldwide to tighten
monetary policy are yielding positive outcomes, as inflation is returning to desired
levels.
Notably, the global economys projected growth paints a promising picture. With a
projected GDP growth rate of 2.6% in 2023, forecasted to further increase to 2.9% in 2024,
the world economy is anticipated to exhibit increased resilience, building upon the strong
show of stability demonstrated in 2022. Interestingly, emerging and developing economies
are surpassing developed economies in various scenarios, with growth rates rising from
2.8% in Q4 2022 to 4.5% in Q4 2023.
INDIAN ECONOMY
India exhibited a rapid and robust domestic demand and a significant upswing in capital
expenditure throughout the past year. India remains one of the fastest-growing economies
globally. The growth trajectory has been propelled by strong investment activity, driven
by both government capital expenditure and robust private consumption across various
sectors. Indias resilience to external factors is evident through the continued growth in
service exports and the narrowing of the current-account deficit.
Inflation is projected to decline to an average of 5.2% in the year 2024, supported by
easing global commodity prices and some moderation in domestic demand. India is currently
experiencing strong demand and an upsurge in capital investments. The Gross Value Added
(GVA), which measures the value of goods and services produced, has steadily recovered,
posting a 4.6% growth in the third quarter of the fiscal year 2023.
To promote capital expenditure (Capex) in crucial sectors like roads, railways,
housing, and urban affairs, the government has introduced measures such as higher
borrowing limits for State Governments. This initiative aims to incentivise State
Governments to prioritise Capex spending. The anticipated result of this increased Capex
is a positive impact on medium-term economic growth. By adopting a growth strategy centred
around Capex, the government aims to maintain a favourable growth-interest rate
differential for India and achieve sustainable debt-to-GDP ratios in the medium term.
INDIAN REAL ESTATE SECTOR
Indias real estate industry holds significant importance as the second largest
employer after agriculture. Projections suggest that by 2030, the value of Indias real
estate market could reach a staggering Rs.80 Trillion. Furthermore, it is estimated that
by 2025, the real estate sector will contribute around 13% to the nations GDP. These
optimistic prospects are primarily driven by the rapid pace of urbanisation, with an
estimated 542.7 Million people expected to reside in urban areas by 2025, and a further
increase to 675.5 Million by 2035.
Another noteworthy aspect is the construction sector, which ranks as the third-largest
recipient of foreign direct investment (FDI) in India. From April 2000 to December 2022,
the construction sector, including construction development and related activities,
attracted approximately Rs.4,440 Billion in FDI inflow. The sector is poised for sustained
growth, and the Indian governments "Housing for All" initiative is expected to
play a significant role. As a result, the housing sector is anticipated to receive an
investment of around Rs.104 Trillion by 2025.
DRIVERS FOR RESIDENTIAL SECTOR IN INDIA
• Urbanisation
• Population Growth
• Increase in Atomic Families
• Rise in Disposable Income
• Accessibility of Investment
INDIAN HOUSING MARKET
The housing market in India demonstrated remarkable strength during the first quarter
of 2023, exhibiting notable trends and witnessing a surge in sales. A standout achievement
was the unprecedented quarterly housing sales, surpassing previous records with over
113,770 units sold across the top 7 cities. This upswing in sales was primarily driven by
the demand for high-value properties, priced above Rs.150 Lakhs, which recorded a
substantial 14% year-on- year increase compared to Q1 2022, when approximately 99,550
units were sold.
Among the top cities, the MMR (Mumbai Metropolitan Region) accounted for more than 20%
of the total sales, emphasising its significance in the market. Additionally, there was a
significant annual growth of 23% in the number of new residential project launches across
the top 7 cities, surpassing the milestone of 1 Lakhs units from 89,140 units in Q1 2022
to over 109,570 units in Q1 2023. This surge in new housing projects can be attributed to
the unwavering aspiration for homeownership and the continuously escalating demand for
housing.
To cater to the growing demand, prominent and listed developers have intensified their
efforts to meet the expanding residential housing needs. The majority of new supply
comprised mid-segment homes, priced between Rs.40 Lakhs and Rs.80 Lakhs, accounting for
the largest share at 36%, followed by premium homes ( 80 Lakhs and Rs.150 Lakhs) at 24%,
and affordable homes (less than Rs.40 Lakhs) at 18%.
MUMBAI REAL ESTATE
Mumbai, the largest real estate market in the country, is on the verge of a significant
boom that will further amplify the ongoing surge in activity. Over the past five years,
Mumbai has undergone a remarkable transformation, emerging as a vibrant centre of
construction and development. The citys skyline has evolved continuously, with the
implementation of major infrastructure projects such as the coastal road, metro trains,
and the trans-harbour link. These ambitious initiatives have propelled the growth of
commercial complexes, residential towers, and other architectural marvels, shaping the
modern landscape of Mumbai. The cityscape itself is a testament to the dynamic progress
and expansion that Mumbai continually embraces. As these infrastructure projects near
completion, new micro markets are emerging in and around Mumbai, offering convenient
commuting options and adding to the overall development of the real estate market. The
rapid expansion of infrastructure not only enhances connectivity but also stimulates the
growth of residential and commercial properties in these areas. This, in turn, fuels the
upward trajectory of Mumbais real estate sector, attracting investors, developers, and
homebuyers alike. With a multitude of opportunities emerging across the city, Mumbai
presents a promising landscape for those seeking to invest or own properties, shaping a
prosperous future for the real estate industry.
In March 2023 - a significant 62% of the market share for sales registration was for
homes in the Western Suburbs. Properties in the Central Suburbs made up 25% of
registrations, while Central Mumbai and South Mumbai contributed 6% and 7% respectively.
In March 2023, the Mumbai city area under BMC jurisdiction witnessed a significant number
of property sales registrations, reaching 13,151 units. This contributed over Rs.1,226
Crores to the state revenues, marking the highest collection in the past 10 years. Among
the registered properties, 84% were residential and 16% were nonresidential. Despite the
challenges posed by rising mortgage rates, the demand for property in Mumbai remained
strong, driven by a robust consumer sentiment towards homeownership.
The average daily property registration in March 2023 was 424 units, making it the
third-best March in the last decade, following March 2021. Despite a fifth repo rate hike
of 25 basis points in February 2023, resulting in a cumulative increase of 250 basis
points since May 2022, home buyers continued to show commitment towards purchasing
residential properties. This commitment is evident in the registration numbers,
highlighting the resilience of the Mumbai property market.
MUMBAI REVENUE COLLECTIONS VS REGISTRATION FOR UNITS
BUSINESS OVERVIEW
At Sunteck Realty Limited, our mission is to revolutionise the real estate landscape in
India. We take pride in delivering exceptional residential and commercial properties that
redefine the standards of living and working spaces in and around Mumbai. With each
project we undertake, we continuously strive to enhance our services and exceed the
benchmarks of excellence. Our company excels in maintaining an exceptionally low net debt
to equity ratio within the industry, complemented by a robust and positive operating cash
flow surplus. Luxury is at the core of our brand identity, and it permeates every aspect
of our constructions. Furthermore, we strategically position ourselves in prime locations
along the Mumbai Metropolitan Region (MMR) belt, catering to diverse segments of society.
Venturing into the realm of commercial real estate, we have recently achieved a
significant milestone by securing an exclusive lease agreement with one of the top players
in E-Learning Sector for our prestigious commercial development, Sunteck BKC51, located at
the prominent BKC Junction. This strategic collaboration is poised to generate substantial
revenue, estimated at approximately Rs.2,000 crores throughout the lease duration. This
successful lease deal not only demonstrates our foray into the commercial sector but also
underscores our ability to attract prominent and reputable tenants. The other commercial
project located at the BKC junction and ODC namely Sunteck Icon and Sunteck Pinnacle 1
respectively are also nearing completion.
Sunteck currently has 5 growth engines namely Signature, Signia (BKC), Sunteck City
(ODC Goregaon), Sunteck World (Naigon), Sunteck Beach Residences (Vasai) and Sunteck Sky
Park (Mira Road) these projects have contributed significantly to our exceptional sales
and collections performance in 2022-23. In our quest to further strengthen our market
dominance, we have exciting plans on the horizon. One of them is the launch of our 6th
growth engine, known as Kalyan. This strategic initiative is scheduled to be deployed
within the next year. With Kalyan, we anticipate reaching new heights and continuing our
trajectory of success in the industry.
Key features of our business models are as follows:
Strategic Land Procurement - We have implemented a proactive approach to land
procurement, utilising various methods such as government tenders, joint development,
outright purchase from private corporates, and redevelopment of housing societies. This
ensures a consistent and transparent supply of land parcels at cost-effective rates. Our
land acquisitions, including those in BKC, ODC Goregaon-W, Naigaon, Vasai, Mira Road,
Kalyan and Nepean Sea Road have been backed by thorough research, validating their
potential for growth. We have strategically expanded our portfolio during significant
periods such as the Lehman crisis in 2009-10 and the recent Covid-19 pandemic, creating
substantial value for the Company. We continue to identify opportunities for aggressive
business development, as demonstrated by our new acquisitions in Kalyan, Nepean Sea Road,
Borivali and Vasind under different strategies.
Exclusive Positioning - To differentiate ourselves from competitors, we have
developed distinct brands that cater to specific segments across residential and
commercial developments. Our Signature brand embodies opulent living, offering exquisite
residences tailored for high-net-worth individuals. For those seeking the epitome of
luxury, Signia presents ultra-luxurious residences in carefully selected suburban micro
markets. Sunteck City represents our large-scale mixed-use developments, seamlessly
integrating premium luxury residences with a host of amenities and conveniences. The
recently launched Sky Park also embraces the concept of premium luxury, providing
residents with exceptional living experiences. In line with our commitment to cater to
different aspirations, World captures the essence of aspirational luxury residences, while
Beach Residences caters to the discerning clientele seeking the utmost in marquee luxury
living. Complementing our residential offerings, the Sunteck brand focuses on crafting
exceptional commercial developments, meeting the evolving demands of the business world.
With this diverse range of brands, we strive to meet the distinct preferences and
expectations of our valued customers across the spectrum of luxury real estate.
Dynamic Sales
- We meet our sales targets through a strong and extensive sales network. This
includes our strategically located sales offices, trusted channel partners, esteemed
wealth managers, and collaborations with institutions. Additionally, our active
participation in property exhibitions further enhances our reach and visibility in the
market. At the heart of our approach is customer-centricity. We prioritise delivering
exceptional services to our customers, starting from the moment of their purchase and
extending until the successful handover of their apartment. Our dedicated team ensures
that each customers journey is seamless, transparent, and personalised, fostering
long-term relationships and satisfaction.
Online Branding & Digital Engagement-
Acknowledging the paramount importance of digital marketing in the modern era, we have
taken significant strides to strengthen our online presence and effectively connect with
customers. Recognizing the growing influence of the internet and social media in
decision-making, we have implemented robust digital campaigns that serve as key drivers
for customer engagement and site visits. By embracing digital marketing practices and
digitizing our property listings, we ensure optimal conversion rates for our projects.
Strong tie-ups for execution
We have established a strong in-house project management team with extensive expertise
in executing projects, guaranteeing superior quality, meticulous design, and timely
completion. Moreover, our dedicated teams for each brand empower us to successfully
undertake large-scale developments while upholding our commitment to luxury standards.
Strategic Partners & Associates - We prioritise the establishment of strong and
aligned partnerships with esteemed financial institutions that resonate with our
commitment to excellence in the real estate sector. Our partnership selection process is
meticulous, ensuring that we collaborate with institutions that not only bring substantial
financial strength but also share our core values and ambitious vision. Through these
strategic alliances, we can harness their expertise and resources to drive shared success,
create exceptional value for our stakeholders, and effectively accomplish our collective
goals.
Prudent Cash Flow Management - From the outset, we have prioritised expanding our
footprint in micro markets with extensive research to add value and drive capital
appreciation in our projects. Adhering to a differential asset- light strategy, such as
joint ventures and joint development agreements, in the capital-intensive real estate
market of
MMR we maintain a prudent approach to debt management, ensuring that our debt levels
remain among the lowest in the market. This strategy helps minimise stress on our balance
sheet and provides a solid foundation for our financial stability. In addition, we have
been astute in utilizing our cash flow effectively. Over the past three years, we have
accumulated a healthy and positive cash flow surplus. This demonstrates our ability to
generate and manage cash resources efficiently, further strengthening our financial
position.
Presence across Pricing Spectrum - With the integration of the Sky Park brand
into our portfolio, we have firmly established our position in the premium luxury segment.
Our company takes pride in offering a diverse and extensive range of properties that cater
to a wide range of customers across different price points. From exquisite uber luxury
residences to premium, aspirational, as well as marquee luxury developments, we have
carefully curated our portfolio to meet the unique preferences and aspirations of our
discerning clientele. These offerings are strategically located in various micro markets,
ensuring that we cater to the diverse needs of homebuyers seeking quality living spaces in
their desired locations.
GROWTH ENGINES
Signature, Signia located at Bandra Kurla Complex (BKC) has emerged as Mumbais new
Central Business District, attracting both international and domestic financial
institutions. Over the past decade, BKC has undergone significant development and remains
a highly sought-after location. The demand for commercial space is expected to rise
further due to ongoing infrastructure projects, such as the extension of the Santacruz
Chembur Link Road, a flyover connecting BKC to the Bandra Worli Sea Link, along with the
coastal road also being developed across the city and the upcoming Phase 3 of the Mumbai
Metro. Furthermore, with the upcoming addition of commercial spaces in BKC, it is
anticipated that the area will experience further growth and attract more businesses. BKC
already houses renowned corporate offices, financial institutions, consulates, educational
institutions, hotels, a variety of food and beverage outlets, and a hospital. However, the
residential supply in BKC is limited, with only Sunteck Projects namely Signature Island,
Signia Isles and Signia Pearl providing luxury housing options. As a result, top
executives (CXOs) who desire a luxurious lifestyle in close proximity to their workplace
continue to drive the demand for residential properties in this micromarket.
Sunteck City located at Oshiwara District Centre (ODC) boasts exceptional
connectivity, benefiting from its proximity to the Western and Harbour railway lines.
These railway lines efficiently link the area with prominent locations such as Goregaon,
Malad, and Kandivali. To further enhance accessibility, two well-constructed flyovers,
namely the Mrinal Tai Gore Flyover and NSC Overpass, provide seamless connections to
Goregaon and the eastern section of the business district. This robust transportation
infrastructure ensures convenient and hassle-free commuting for residents and businesses
in the ODC area. MMRDA is actively involved in road-widening projects in ODC. Many of
these projects have already been initiated and are expected to significantly enhance the
internal connectivity of the area. These developments will greatly facilitate commuting to
various parts of Mumbai, making the transportation network more efficient and convenient.
Additionally, there are proposals for the construction of the Oshiwara suburban railway
station on the western line, along with the extension of the harbour line up to Goregaon.
These initiatives will further contribute to the overall connectivity of the locality,
providing residents and businesses with improved access to different parts of the city.
We have successfully handed over the units in Sunteck City Avenue 1 and Sunteck City
Avenue 2 with limited inventory remaining. We have also expanded our residential offerings
in the vicinity with the construction of Sunteck City 4th Avenue, consisting of Tower 1
and Tower 2. These new residential towers have been added to our portfolio, providing more
options for potential buyers. In addition to our residential projects, we have
successfully completed and handed over Sunteck Pinnacle to one of the leading Retail
Corporation, which is now fully functional. We are also currently in the construction
phase of Sunteck Pinnacle 1 and are looking forward to handing it over in the near future.
These commercial projects complement our residential developments, creating a well-rounded
and integrated community. In FY 2022-23, we achieved the exceptional pre-sales, with the
aspirational and mid-income segments contributing to majority of the total pre-sales for
the year. Taking into account the current market dynamics, we are currently developing
comprehensive plans for Sunteck City 5th Avenue, which will include commercial and retail
spaces.
Sunteck World located at Naigoan continues to experience robust demand and remains
a significant part of our portfolio. Sunteck West World the handover process is completed
and tenants have started residing. The feedback and experiences shared by our customers
have been remarkable and truly worth witnessing. Sunteck Max World construction is in full
swing. Our dedicated team is diligently working to bring this project to life. Sunteck One
World the construction work is initiated and also underway.
Sunteck Beach Residences located at Vasai received an overwhelming response at the
time of the launch. One of the most exciting aspects of Sunteck Beach Residences is its
proximity to the beach. This project brings the serenity of the sea right to your
doorstep, allowing residents to unwind, rejuvenate, and escape the hustle and bustle of
city life. Convenience is a key feature of Sunteck Beach Residences. Vasais strategic
location provides excellent connectivity to Mumbai and other major hubs. This means you
can enjoy the best of both worlds: the peaceful coastal environment and easy access to the
citys business districts, educational institutions, and entertainment centers.
Sunteck Sky Park located at Mira Road - Our firm conviction lies in the immense
growth potential and opportunities that Mira Road offers. We firmly believe that this
vibrant neighbourhood holds great promise for expansion and development. With this in
mind, we have launched Sunteck Sky Park towards the end of the last quarter of 2022-23, a
project specifically designed to meet the aspirations of discerning customers who seek
premium, high-quality living spaces in this thriving locality. Sunteck Sky Park embodies
our commitment to delivering exceptional residences that fulfil the desires and
requirements of individuals seeking a refined and fulfilling lifestyle in this dynamic
community.
OPPORTUNITIES
With a vigilant approach, the government is addressing inflation concerns and
successfully navigating the challenges posed by rising mortgage rates. We are optimistic
about the real estate sectors future as we anticipate a positive and accelerated
trajectory. The real estate market is currently experiencing a significant upswing,
indicating a positive trend in demand from homebuyers. Customers are actively seeking
properties from reliable developers with a proven track record of successful projects.
In FY 2022-23, Sunteck delivered an exceptional performance, achieving record-breaking
numbers in both pre-sales and collections, marking a significant milestone for the
Company. We have witnessed success in several segments this year, particularly in the
premium luxury, aspirational, and marquee luxury categories. It is evident that owning a
home has become a deeply ingrained sentiment for individuals across various customer
segments. Our unwavering commitment is to continuously raise the bar, exceed expectations,
and shape the future of real estate in India.
With a robust financial position, a reputation for delivering excellent results, and a
well-known brand, we are well- placed to capitalise on the market and expand our market
share. Our strategy involves acquiring assets that are low in capital requirements but
offer favourable returns on equity (ROEs). This approach allows us to leverage the current
favourable conditions while also establishing a foundation for long-term and sustainable
growth.
ESG INITIATIVES
Your company embarked on its sustainability journey at the outset of the previous year,
marking a significant milestone with the establishment of our dedicated ESG Committee.
Since then, the company made remarkable progress in integrating ESG considerations into
our operations, evident through our compliance with esteemed standards such as ISO
9001:2015, 14001:2015 and 45001:2018 certified by UKAS accredited Certification Body.
Additionally, our endeavor to build sustainable building practices is underscored by our
receipt of EDGE-IFC, a member of World Bank group and LEEDTR by US Green Building Council.
These accomplishments highlight our unwavering dedication to environmental stewardship,
social responsibility and operational excellence. Looking ahead, we are eager to continue
driving positive change as an organization, striving to create a lasting and meaningful
impact on our stakeholders and the wider community.
CONSOLIDATED FINANCIAL PERFORMANCE
Your Company recorded Income from operations of Rs.362.45 Crores in 2022-23. PAT stood
at Rs.1.41 Crores in 2022-23. As part of the Companys endeavour to reward shareholders,
the Board has recommended a final dividend @150% of Rs.1.5 per equity share having face
value of Re. 1 each to the Shareholders of the Company. The Companys proposed dividend
payout in 2022-23 shall be Rs.21.97 Crores on the total equity base. As on 31st March,
2023, the Net Worth of the Company stood at Rs.2,788 Crores. Net Debt to equity ratio
stood at 0.10x in 2022-23. Our prudent corporate finance practices also ensured efficient
finance costs during the year.
Abridged Consolidated Profit & Loss Account
|
|
Rs. in Lakhs |
| Particulars |
31st March, 2023 |
31st March, 2022 |
| Income from Operations |
36,244.72 |
51,307.56 |
| Other Income |
2842.59 |
2,094.72 |
| Total Revenue |
39,087.31 |
53,402.28 |
| Total Expenditure |
39,339.33 |
50,264.47 |
| Profit Before Tax |
(252.02) |
3,137.81 |
| Share of profit/(loss) of associates |
700.37 |
117.26 |
| Tax |
307.46 |
746.17 |
| Profit After Tax |
140.89 |
2508.90 |
| Minority Interest (Profit)/loss |
|
- |
| Comprehensive Income/(loss) |
1591.10 |
646.43 |
|
|
Rs. in Lakhs |
| Particulars |
31st March, 2023 |
31st March, 2022 |
| Adjusted Profit After Tax |
1,731.99 |
3,155.33 |
| EPS (/share) |
|
|
| Basic EPS |
0.10 |
1.79 |
| Diluted EPS |
0.10 |
1.79 |
Abridged Consolidated Balance Sheet
|
|
|
|
|
Rs. in Lakhs |
| Liabilities |
2022-23 |
2021-22 |
Assets |
2022-23 |
2021-22 |
| Shareholders Funds |
278,785.56 |
279,040.38 |
Trade Receivables |
14,961.72 |
27,031.81 |
| Minority Interest |
- |
- |
Inventories |
572,51 1.63 |
404,189.43 |
| Secured Loans |
59,255.54 |
70,075.90 |
Loans & Advances |
23,037.05 |
10,083.23 |
| Unsecured Loans |
9,286.13 |
8,746.06 |
Cash & Bank balances |
15,822.08 |
9,698.46 |
| Others |
378,535.73 |
192,024.68 |
Others |
99,530.48 |
98,884.09 |
| Total |
725,862.96 |
549,887.02 |
Total |
725,862.96 |
549,887.02 |
Financial Ratios
| Financial Ratios |
Measure in Times/ Percentage |
Numerator/ Denominator |
FY 2023 |
FY 2022 |
Remarks |
| Debtors Turnover |
x |
Revenue from Operation/Average Trade Receivable |
1.73 |
1.70 |
Driven by higher and efficient collections during the year |
| Inventory Turnover |
x |
COGS/Average Inventory |
0.03 |
0.08 |
Increase in average inventory due to recognition of fair value of land cost as per Ind
AS and reduction in cost of goods sold due to project completion method of accounting |
| Interest Coverage Ratio |
x |
EBIT/Interest Expense |
1.05 |
1.42 |
Adequate coverage ratio |
| Current Ratio |
x |
Current Assets/Current Liabilities |
1.63 |
2.19 |
Ratio indicates adequate Liquidity Position |
| Debt Equity Ratio |
x |
Total Borrowings/Total Shareholders Equity |
0.25 |
0.28 |
Ratios indicates good financial Positions |
| Operating Profit Margin |
o/ |
EBITDA/Revenue from Operation |
17.71% |
18.58% |
EBITDA margin change is due to lower revenue recognition as company follows project
completion method of accounting |
| Net Profit Margin |
o/ |
PAT/Revenue from Operation |
0.36% |
4.89% |
PAT margin change due to lower revenue recognition as company follows project
completion method of accounting |
| RoNW |
o/ % |
PAT/Total Shareholders Equity |
0.05% |
0.90% |
PAT margin change due to lower revenue recognition as company follows project
completion method of accounting |
INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY
In line with the size, scope, and complexity of its operations, the Company has a
strong internal financial control system. It has put in place sufficient controls,
processes, and policies to ensure the orderly and efficient conduct of its company,
including adherence to policies, asset protection, fraud detection and prevention,
accuracy and completeness of accounting records. Internal controls over financial
reporting have been created using the proper frameworks, ensuring the accuracy of the
Companys financial statements and lowering the risk of error. Regular internal audits and
checks ensure that responsibilities are discharged effectively.
Your business is constantly modernising its IT infrastructure, including its hardware
and software. It has a robust ERP platform to automate corporate procedures and boost
output and effectiveness. Intelligent reporting tools are in place that give business
valuable insights to act decisively quickly.
HUMAN RESOURCE
Our personnel, in our opinion, are our most valuable assets and are essential to
attaining both our vision and growth goals. Diversity, inclusivity, equal opportunity,
non-discrimination, meritocracy, and freedom of expression are the cornerstones of our
workplace culture. We support online learning and give employees chances to improve their
functional, technical, and behavioural competencies. All of our employees are protected
from harm at work thanks to our strict standards.
Even though our employees were dispersed geographically, effective communication
remained a top priority. Google Meet and Zoom were widely utilised to accommodate
employees, but that was not enough for managers to grasp productivity. We implemented a
Self-Productivity Tracker and have had all teams submit these on a monthly basis to HR and
Reporting Managers. This aided management in keeping track on the progress of all tasks.
Employees health and happiness suffered as a result of the abrupt change in company
culture. Which is why the HR team created HR Connect to fix the problem. It was a huge
help in preparing for and resolving any future challenges that arose because of this.
Recruiting new Management Trainees and Interns has always been a priority of ours since
we know that bringing in a youthful, enthusiastic workforce with new ideas is a great way
to jumpstart productivity. In order to create well-rounded professionals in their various
departments, they were placed through a rigorous on-the-job rotation programs.
In order to provide the best possible working conditions for our employees, we
regularly review our human resources practices. We have conducted an in-depth analysis of
our current HR policies and a benchmarking analysis of our leading competitors in order to
introduce cutting-edge HR practices.
The corporation has made it a priority to recruit only the most qualified candidates
and to provide them with opportunities for growth and advancement within the Company.
In terms of talent management, this past year was primarily focused on expanding our
Sales, Customer Relationship Management, and Marketing teams, as well as the senior
management executives in charge of these areas. This is in continuation with our efforts
over the past year to increase employment across a variety of business segments including
Engineering, Procurement, and Construction (EPC), Acquisitions, and Legal and Liaison.
Everyone is encouraged to dream large and think boldly thanks to the Companys openness
to new ideas and the emphasis on putting those ideas into action. The organisation values
its employees contributions and hopes that their collaborative nature will persist in the
next years.
CAUTIONARY STATEMENT
This management discussion and analysis contain forward looking statements that
reflects your Companys current views with respect to future events and financial
performance. The actual results may differ materially from those anticipated in the
forward looking statements as a result of many factors.
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