4th Jan 2022, New Delhi: Ritesh Properties and Industries Ltd. (RPIL) held its Annual General Meeting (AGM) on 31st Dec 2021. The Board of Directors reflected on the company’s 2020-21 durable performance and resilience during the challenging times.
The Board of Directors also expressed their commitment to deliver high-quality homes and commercial projects on time to its customers despite the new variants of the Covid. The members were reaffirmed that the master projects will continue to progress at a high speed. During the Annual General Meeting, the report by the Board of Directors on the activities and financial position of the company, and the Auditor’s report were also discussed and approved.
Despite the challenging and volatile nature of the economy in the FY 2020-21, the Company recorded an equitable performance by achieving a total revenue and EPS of Rs.126 Crores and Rs. 19.24 as against Rs.119 crores and Rs. 1.43 respectively in the FY 2019-20. The revenue recorded a remarkable jump of around 1200 percent in the EPS.
The company’s market cap has touched around 1000 Crores on account of Merger and additional investments by Promoters in the Company. The infusion of funds process is expected to be completed by 2022, thus making the promoter’s equity to be around 75 percent. With this move, it is expected to boost the shareholder’s confidence in the future of the company.
Soon, Ritesh Properties and Industries Ltd. (RPIL) is going to start handing over the residential units of Hampton Homes Project in Ludhiana to its customers at the end of 2021 and is expected to hand over the complete possession of its first phase- 672 residential dwellings starting in first quarter of 2022. The balance, 454 units will be handed over in 2023.
Ritesh Properties and Industries Ltd. (RPIL) has also signed an agreement with Dr. Devi Shetty’s hospital chain – Narayana Hrudayalaya Ltd. (NHL) for setting up a 225 bedded Multi-Specialty Hospital. This will be the first of its kind state-of-the-art Multi-Specialty Hospital in the heart of Punjab- Ludhiana. Another project in the pipeline is the CBSE accredited Narayana School which is expected to be operational under the same project by April 2022. Ritesh Properties and Industries Ltd. (RPIL) have also commenced the construction of Hampton Plaza which covers 2.00 Lacs sq. ft area under the same project.
Recognizing Ritesh Properties and Industries Ltd. (RPIL) resilient performance despite the after-effects of the pandemic globally on the companies, Mr. Sanjeev Arora, Managing Director, Ritesh Properties and Industries Ltd. (RPIL), said Company remains committed to its projects’ and we adhere to deliver it on the assigned date. We work diligently to go above and beyond expectations. We are grateful for the strength and commitment of our shareholders, management, and staff which makes our company consistently profitable despite the global challenges. The stakeholders of the company express deep gratitude towards our shareholders for the confidence and faith reposed by them in the Board and the Management team, which has made us take up more challenges in the future.”
Further, he added, “We are optimistic that 2022 will improve market conditions gradually, and Ritesh Properties and Industries is dedicated to drive its key projects at optimal speed through digital innovation and scale-up world-class development with innovative projects in future.”
