Page 21 - Arvind 2024

We have reached an inflection point in the Company’s growth story
Corporate Overview
Statutory Reports Financial Statements
and we are
well poised operationally to capitalise on the opportunities being thrown up by the sector.
458
Rs. Cr, of Net Operating Cashflow generated in FY23-24
MR. KAMAL SINGAL
MANAGING DIRECTOR AND CEO
Overview
FY23-24 was a landmark year of the Company with milestones achieved across bookings, collections and business development.
This improvement was a positive outcome driven by sectorial consolidation and churn that resulted in a widening opportunity for organised real estate players on the one hand, and your Company’s capacity to capitalise on this transforming sectorial reality.
My communication to shareholders addresses these two subjects: how the sectorial has transformed in the last seven years and how the Company is geared to capitalise on this transformation.
Sectorial consolidation
The introduction of RERA in
India’s real estate sector in 2016 represented a seminal point in treating the sector as a responsible asset class. This watershed created a new set of rules directed to enhance sectorial credibility.
This structural shift resulted
in unorganised players (who accounted for a disproportionately large part of the sector) beginning to yield ground, reduced to small real estate developments or being compelled to transform their identities from real estate players into land aggregators.
The transition resulted in a tailwind for organised real estate players
in India. Before RERA, large real estate players accounted for a single-digit percentage share of
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