Dear Shareholders, Ladies and Gentlemen,
It gives me immense pleasure to extend a warm welcome to all of you at
the 31st Annual General Meeting of our Company.
India's economy is on a remarkable trajectory, projected to grow
to USD 5 Trillion in the coming years. This forecast underscores the nation's
enduring economic vitality and the accelerated pace of growth that lies ahead. The growth
outlook remains robust across all dimensions, presenting a strong macroeconomic landscape
coupled with a rapidly evolving microeconomic environment. At the core of this progress is
quality real estate infrastructure, a crucial foundation enabling the expansion and
success of various industries. India provides pivotal hubs for global businesses as they
transform into a global delivery model and embrace digitalization and use of Artificial
Intelligence (AI).
We, at Nimbus Group, are constantly striving to scale new heights in
professional competencies and efficiencies by pushing performance to new limits across all
activities which create value for our customers and business partners.
Nimbus Group has taken an initiative and emerged as one of the
prominent entities in the real estate industry in the Delhi and NCR Region. Our philosophy
has been to innovate and add value to our products and subsequently deliver as per the
commitments without compromising on quality. Meeting consumers and stakeholder's
expectations and ensuring their satisfaction is of paramount importance to us.
Our performance shows our commitment to delivering value while
prioritizing environmental sustainability, social responsibility, and good governance.
These values have consistently guided us on our journey and continue to define our
approach to business. Our aim is to avail cost-effective and holistic solutions specific
to contemporary standards for residential and business spaces
We are sure that with the patronage of our customers, banks, financial
institutions, and internal teams, we shall be able to fulfil the dreams of customers and
set new benchmarks in our stated sphere of activity and influence.
As we look ahead, we envisage a future filled with opportunities and
challenges. However, we are firm in our determination to remain at the forefront of the
industry in the region, embracing innovation while staying true to our core values.
Economic Outlook-
The Indian economy has staged a broad-based recovery across sectors and
surpassed its pre-pandemic growth trajectory.
Over the last decade wide ranging structural and governance reforms
have strengthened the economy's fundamentals which has made India the shining star in
the global economy. The sustained growth momentum reaffirms the ability of the Indian
economy to grow faster than ever. We strongly believe that the next decade will belong to
India.
The Government is investing heavily in infrastructure, highways,
railways, electrification and other sectors. All progress in the new build out cycle paves
the way to achieve the Prime Minister's vision for ‘Viksit Bharat 2047',
which coincides with the Nation's 100th year of independence. We believe that the
real estate sector will be a major contributor to India's economic progress,
resulting in employment subsequently leading to macroeconomic and social growth.
The real estate sector presents a landscape ripe with potential,
characterized by significant growth opportunities and evolving trends. By 2030, the
sector's market size is estimated to touch USD 1 trillion, with an expected
contribution of 13% to the nation's GDP by 2025. The industry's strategic
evolution towards a balanced future will harmonize with economic realities, underscoring
its resilience and adaptability. Anchored by government's stability, steady interest
rates, burgeoning employment opportunities, and heightened private investment, the sector
will envision a conducive environment to sustainable and resilient growth.
Government initiatives play a pivotal role by directly and indirectly
benefiting residential markets, creating a symbiotic relationship between economic
policies and real estate dynamics. To sustain the positive momentum, some of the measures
such as granting industry status to real estate, further empowering RERA, implementing a
streamlined single-window clearance mechanism for housing projects, allocating an
additional tranche of the government's contribution to the SWAMIH Investment Fund are
need of
NIMBUS PROJECTS LIMITED ANNUAL REPORT 2023-24
the hour. Resulting from the required initiatives, Affordable housing
is likely to emerge as a significant driving force, underpinned by favourable factors such
as low non-performing assets in home loans and the potential for interest rate
adjustments.
Moreover, infrastructure development to enhance connectivity is
expected to have a positive impact on the residential real estate development in tier II
& III cities. PropTech adoption is likely to further revolutionize property
transactions through innovative technologies instilling efficiency and trust. This
transformative wave may promise a bright outlook for the real estate sector, with
developers and investors eagerly anticipating significant shifts in coming years.
Recognizing the catalytic impact of real estate, sustained government's stability
stands as a cornerstone, paving the way for seamless and enduring growth within the sector
while fortifying its indispensable position in the overarching Indian economic landscape.
Underpinning these positive outlooks is that the G20 summit, being held
under India's presidency, has emphasized various dimensions of urban infrastructure,
stressing the imperative of building future-ready cities that cater to the burgeoning
urban populace while safeguarding the environment.
Company's Performance
Now, I take this opportunity to brief you about the Company's
performance in the Financial Year 2023-24:
a) Standalone Results of operation: During the financial year under
review, your Company's standalone revenue from operations is Rs. 586.98 Lakh as
compared to revenue of Rs. 226.67 Lakh in the last year. The standalone profit of your
Company is Rs. 1.44 Lakh as compared to the profit of Rs. 2208.22 Lakh in the last year.
b) Consolidated Results of operation: During the financial year under
review, your Company has consolidated its Financial Statement w.r.t. to its Associate
Companies viz Capital Infraprojects Private Limited and Golden Palms Facility Management
Private Limited.
The Company's consolidated revenue from operations is Rs. 586.98
Lakh as compared to revenue of Rs. 226.67 Lakh in the last year, an increase of 258.96%.
The consolidated profit of your Company is Rs. 1.06 Lakh compared to the profit of Rs.
2,207.93 Lakh in last year. The individual performance of these associate companies has
been discussed under the relevant head of this report.
Development of the Projects
In terms of operational achievements, I am pleased to apprise you that
the Company has achieved successful completion and delivery of three significant projects:
namely, The Express Park View-I, The Hyde Park, and The Golden Palms. Furthermore, I am
pleased to report that construction progress of our ongoing project, The Express Park View
–II, featuring Low Rise Apartments, is currently proceeding in full swing.
Additionally, the development of Joint Venture project "Nimbus The
Palm village" has started. Nimbus The Palm Village is located at Yamuna Expressway
which offers a prime location near to upcoming Noida International Airport, well connected
to the Delhi-Mumbai Expressway. The project is located opposite to International cricket
stadium and F1 & Moto GP Track. The layout plans of the project has been approved by
the competent authority (YEIDA). The other necessary permissions from the concerned
departments have also been obtained included the necessary RERA registration number from
UP-RERA authority.
Furthermore, the Company is proactively exploring diverse prospects for
residential and commercial development within the precincts of Delhi and NCR Region. Our
dedicated efforts in this direction aim to identify and capitalize on promising
opportunities to expand our portfolio and further contribute to the growth and development
of the real estate sector in the region.
Concluding Note
As we look ahead, we have a clear vision for the future. Our immediate
focus is on expanding into new territories while maintaining our strong hold in markets we
dominate. With our focus on excellence, the best governance practices, and a deep
understanding of the real estate market, we are confident in our ability to achieve our
ambitious goals and create lasting value for all our stakeholders.
As we navigate this exciting phase, we remain dedicated to shaping the
landscape of real estate while elevating the Nimbus Realty legacy to new heights. As we
stand on this juncture, I want to extend my heartfelt gratitude to each one of you - our
valued stakeholders. Your trust, support and partnership have been instrumental in our
journey towards greater strength and success. Looking ahead, we remain committed to
navigating challenges with the same determination and to capitalizing on opportunities
with the same vigor. Together, we will continue to script a story of resilience, growth
and shared accomplishments.
Additionally, I extend my gratitude to our management team and all
employees, who are the bedrock of the business we aspire to build and the milestones we
aim to accomplish. Our endeavour is to ensure that all our stakeholders and employees
continue to grow with us in this prosperous new journey where we will play a good role in
the ‘Viksit Bharat' scheme.