Financial year 2018-19 was a year of evolution for the Indian real estate industry dueto the challenges posed by ongoing structural reforms. These challenges were furtheraggravated because of liquidity concerns. Indian real estate industry is currentlyundergoing a massive transformation due to landmark reforms like Real Estate (Regulationand Development) Act (RERA) 2016 and GST (Goods and Services tax) implementation. Althoughthese initiatives are helping in accelerated sector organization they have also led toincreased uncertainty in the short term.
In financial year 2018-19 SOBHA has delivered one of its finest performances in recentpast despite such difficult market conditions. This performance is a testament to SOBHA'ssuperior resilience agility commitment and the capacity to manage uncertainty. Moreimportantly it is a reflection of the passion and perseverance that every Sobhaite bringsto work every day. Our goal is to build on the philosophy of Passion at Work' andleverage our human capital more effectively with several organization-wide initiatives.
During this fiscal we made a marked improvement in our sales performance managementsystem with new initiatives like Salesforce implementation. This has helped in trulyconnecting our Sales team objectives and incentives with the overall business strategy. Atthe same time we have also strengthened the SOBHA Advantage program so that everyemployee can act as a brand ambassador of the company. For our existing customers welaunched a completely reimagined SOBHA Privilege platform that offers a significantlyimproved user experience.
Although all our technicians and managers are a part of training & skilldevelopment sessions at SOBHA Academy regularly we also aim to develop a learning culturethroughout the organization to nurture the human capital. We believe that providing peoplewith an opportunity to improve their skill set will help us in building an agile andresilient institution.
Financial year 2018-19 was a year of milestones for SOBHA. By December 2018 weaccomplished over 100 million square feet of successful development since inception. Wealso achieved our highest yearly income at Rs. 35.16 billion this fiscal. With a toplineof Rs 22.65 billion the real estate vertical achieved its highest ever revenue. This wasmatched by Contracts and Manufacturing verticals that clocked a revenue of Rs 11.77billion to mark their best performance so far. SOBHA's total sales went up by 11 % on ayear on year basis. Our EBITDA stood at Rs. 7.47 billion with a margin of 21% that is thehighest ever in company history.
In the residential space SOBHA accomplished a record completion of 5.41 million squarefeet of saleable area with 3516 units during the financial year. We launched newprojects with a saleable area of 7.38 million square feet across various locations. Someof these new launches are SOBHA Dream Heights in GIFT City (Gujarat) SOBHA Palacia inChennai SOBHA Isle in Kochi and multiple new projects in Bengaluru
including SOBHA Royal Pavilion SOBHA Rajvilas SOBHA Lake Gardens & SOBHA DreamGardens. Overall the company has delivered 103.88 million square feet of developable areatill 31st March 2019. Currently we are working on real estate projects aggregating to41.57 million square feet of developable area and 28.74 million square feet of saleablearea along with contractual projects aggregating to 8.59 million square feet.
SOBHA's USP is its superior product quality and an unparalleled execution capability.We also have a distinct competitive advantage as the only backward integrated real estatecompany in India. This has enabled us to create a robust portfolio that caters to homebuyers across all segments.
SOBHA has continued to be the most admired and trusted national brand in Indian realtymarket for five years in a row according to the BrandXReport released by Track2Realty anindependent real estate think tank and research team. This is a rare feat in this space.The company has also been recognized as the top performer for adopting best practices forsecond consecutive time in Best Practices Report 2019 from Track2Realty. Several otherawards and recognitions came our way this fiscal from multiple prominent institutions.These include the Iconic Real Estate Brand' at India Best Brand Series and Awards(IBBA) 2018 Best Developer of the year - Large Category at CIA World Construction &Infra awards 2018 and Best Builder of the Year at BAM Awards 2018. Additionally SOBHA wasconferred with the Best Residential Project - Luxury Segment' award in North Zone byCNBC-Awaaz. These recognitions are extremely humbling and encourage us to move towards ourgoals with higher conviction.
At SOBHA we are committed to keeping our customers at the center of all ouractivities. We believe that constant feedback is the most important part of engaging withour customers. We do this consistently by actively listening to our customers through ouroutreach program SOBHA Connect. The program is organized across SOBHA's completedprojects and it gives us a rare insight in customers' psyche. This enables us tostrengthen our processes and reconnects us with our customers at the same time.
To effectively leverage on our human capital we are taking several concrete stepstowards creating a workforce of tomorrow. This can only be accomplished with betteremployee engagement stronger associations and cross functional cooperation. Initiativeslike our internal innovation seeking platform SOBHA Genesis pioneered by the valueengineering team encourage employees to showcase their innovative ideas for improvingbusiness processes.
SOBHA's story is all about the determination and passion that 3600 Sobhaites bring towork every day. We are driven by the sole objective of providing best-in-class product toour customers on time and with complete transparency. We are deeply aware of the factthat the future of work is changing. With evolving business environment growing demandfor higher skill-set changing employee expectations and quick technological changesthere will be a significant impact on employer-employee relationship. As a result we havean unwavering focus on hiring people with the right attitude temperament and culturalfit. At SOBHA we offer them a pathway for professional & personal improvement bycreating an enabling and supportive workplace. I appreciate and thank everyone for theirconcerted efforts in helping us stay ahead of the curve.
At SOBHA we believe that achievements of an organization go beyond numbers. This issomething that has been ingrained in our organizational DNA by our founder Mr. PNC Menon.Empowering people at the bottom of the pyramid is the most important focus area in all ourCSR activities. Modelled after the Gandhian concept of Gram Swaraj SOBHA's CSR effortscommenced in 2006 through Graamasobha' under the aegis of Sri KurumbaEducational & Charitable Trust'. Under our unique social development initiative wehave adopted three grama panchayats in Palakkad namely Vadakkenchery Kizhakkenchery andKannambra. Our commitment towards helping the society stems from the belief that if aninitiative like Graamasobha' can be replicated by organizations India's povertysituation could change forever. The beneficiaries of our initiatives include 4485families and 17171 people selected through an in-depth scientific poverty mapping schemecalled Social Empowerment Mapping Exercise (SEME).
SOBHA's CSR activities cover areas of education healthcare women empowerment and helpthe aged single mothers children and others in need. Education is an area of greaterfocus as we believe that it is a big social leveler. We are proud of our students from theSOBHA Icons program many of whom are pursuing higher education on scholarship inprestigious institutions in India and abroad. The Trust also helps in sponsoring studentswho get admissions to engineering and medical courses but have no financial means to carryon their studies. The company has been an avid supporter and a regular contributor tocharitable causes in Karnataka and Tamil Nadu among other states. On average SOBHA hasbeen consistently spending more than 5% of its net profits to empower people withworld-class facilities and services.
With a real estate presence in 10 cities SOBHA's overall footprint has expanded to 27cities and 14 states across India. We are poised to grow exponentially in times to comeand continue to increase our geographical reach steadily.
On behalf of all the employees of SOBHA and our customers I whole heartedly thank youfor your continuous support. I look forward to meeting you at the annual shareholders'meeting.
Ravi PNC Menon