Dear Shareholders,
It gives me immense pleasure to present to you Ratnabhumi Developers
Limited's Eighteenth Annual Report for the Financial Year 2023-24. Our aim is to
understand and meet the expectations of our customers by providing them with the best
quality of lifestyle and signature work spaces through our residential and commercial
projects, delivered along with impeccable after sales customer service.
We have been constantly working on novation to serve the best to our
customers as per their needs. As we reflect upon our business performance in fiscal year
2023-24, our Company has achieved a fairly resilient performance in a challenging business
environment. Escalating geo-political tensions, volatile commodity prices, inflationary
pressures and rising interest rates marked the operating environment during the year. Our
Company continues to prioritise the preferences to be able to create long-term
relationships, build trust and foster loyalty with customers, which are crucial levers for
succeeding in today's highly competitive and dynamic market.
The residential real estate market in Ahmedabad has been growing
steadily in recent years. With increasing urbanization, the demand for housing has been on
the rise, resulting in the development of new residential projects in the city. The
commercial real estate market in Ahmedabad is also growing at a rapid pace. With the
growth of the IT and business services sector, the demand for commercial spaces such as
offices and retail spaces has been on the rise. The city is home to several new commercial
projects, including shopping malls, office complexes and business parks, providing ample
opportunities for businesses to set up their operations in Ahmedabad. As we aim to become
a leading Real Estate and Construction Company in the chosen emerging market of Ahmedabad
and ultimately Gujarat, we remain focused on accelerating our portfolio diversification,
strengthening our distribution infrastructure, leveraging advanced digital technologies
and empowering our people. Our Company will continue its steadfast commitment to propel
the levers of growth across its diverse product portfolio and markets, while maintaining a
long-term perspective on sustained growth and competitive advantage. Trust, ownership,
innovation, inclusion and collaboration are key tenets that form the bedrock of our
culture. We have always imbibed a ‘people-first' approach, which has guided us
towards achieving positive outcomes and meet our business objectives, holding firm even
during unprecedented levels of uncertainty that we have witnessed in the operating
environment over the last three years. The Board has continued to exhibit an unwavering
commitment to our Company's mission to drive growth and innovation, while upholding
the highest standards of corporate governance. I continue to act as the Chairman of the
Board and also continue to lead efforts to improve the collective functioning of the
Board. I want to express my heartfelt appreciation to the Board for their ongoing
engagement and guidance and to our shareholders for placing their unfettered faith in
Ratnabhumi Developers Limited. I am grateful for the steadfast commitment of our members,
even amidst fairly challenging times. I would also like to express my sincere gratitude
towards all our business partners, vendors and associates for their sustained support as
we continue to chart our way forward towards building a future focused Company.
Warm Regards,
Kaivan Shah Chairman and Managing Director