Page 22 - Kolte Patil AR 2019-20

The Chairman’s overview
The principal message that
I wish to send out to our stakeholders is that even as the COVID-19 impact is sweeping and significant, Kolte-Patil possesses the resilience and agility to emerge quicker and stronger.
Overview
This is one of the most bewildering times for our sector and economy (global and Indian).
This is also one of the most predictable times for our Company.
The year under review was marked by a slowdown in consumer sentiment across various sectors and an unprecedented pandemic in the last quarter of FY20.
As India went into a state
of lockdown that destroyed 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