Page 22 - Kolte Patil AR 2019-20
P. 22

The Chairman’s overview                                                  Overview
                                                                                      This is one of the most
            The principal message that                                                bewildering times for our
                                                                                      sector and economy (global
            I wish to send out to our                                                 and Indian).
                                                                                      This is also one of the most
            stakeholders is that even as the                                          predictable times for our
            COVID-19 impact is sweeping                                               The year under review was
                                                                                      marked by a slowdown in
            and significant, Kolte-Patil                                              consumer sentiment across
                                                                                      various sectors and an
            possesses the resilience and                                              unprecedented pandemic in
                                                                                      the last quarter of FY20.
            agility to emerge quicker and                                             As India went into a state
                                                                                      of lockdown that destroyed
            stronger.                                                                 demand across most sectors,
                                                                                      there was a premium on
                                                                                      the need to protect one’s
                                                                                      Balance Sheet, stay liquid,
                                                                                      enhance agility and do
                                                                                      everything possible to stay
                                                                                      competitive until the effect
                                                                                      of pandemic declined.
                                                                                      I will not venture to suggest
                                                                                      that we had anticipated
                                                                                      this meltdown; however,
                                                                                      by the virtue of having
                                                                                      experienced subdued market
                                                                                      cycles, we had created a
                                                                                      business model equipped to
                                                                                      be the nimblest to adapt to
                                                                                      circumstances unforeseen
                                                                                      and outside our control.

                                                                                      Over the years, we had
                                                                                      focused on being ahead
                                                                                      of the sectorial curve. We
                                                                                      deepened our preparedness
                                                                                      against the unexpected,
                                                                                      moved with proactive speed
                                                                                      and transformed challenges
                                                                                      into opportunities.
                                                                                      One does not have to look far
                                                                                      for validation: the Company
                                                                                      was RERA-prepared through
                                                                                      systems and processes
                                                                                      well before RERA became
                                                                                      a reality. Even as much of
                                                                                      the country’s real estate
                                                                                      sector was affected by this
                                                                                      definitive game-changer,
                                                                                      Kolte-Patil capitalised by
                                                                                      being proactively prepared.
                                                                                      The result was that the
                                                                                      Company performed even
                                                                                      better following RERA
                                                                                      implementation with
                                                                                      negligible impact on sales
                                                                                      or profitability. The same
                                                                                      impact was evident when
                                                                                      GST was introduced,
                                                                                      widening the gap between
            Rajesh Patil, Chairman

            20 | Kolte-Patil Developers Limited
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