It is my pleasure to announce that Omaxe has crossed an important milestone of delivering 100 million sq. ft. area in Fy16. It''''s an accomplishment that I would like to dedicate to our customers, whose trust has kept egging our spirits and performance high, all these years. I would also like to thank Team Omaxe which includes our employees, suppliers and associates for their invaluable contribution and relentless efforts to strive for the best. During our journey since inception, we have never compromised on the key principles of transparency, quality and timely delivery. Driven by these cherished principles, we have kept our flag flying high with pride and sense of purpose at all times.
Today, as Indian economy has retained its luster amongst the major world economies, the real-estate sector has also played its role in the nation building process. The last couple of years have been challenging, as the sector is battling a perception of distrust, primarily on account of delay in delivering projects.
At Omaxe, we have managed to withstand this perception, as we have delivered most of our projects as per our commitments and timeline promised at the beginning of the project. We continue to enjoy utmost trust and sterling confidence of our customers due to our dedicated customer-centric values and services. The sector in tandem with the government must take some corrective measures, which can help rebuild the lost trust and the confidence.
The recent passage of much awaited RERA Bill could be a step in that direction. The bill was long overdue and it is expected to bring a lot of transparency and in the process will help the sector in getting its mojo back. Post witnessing an extended phase of slowdown, the sector needs some measures like quicker and fewer approvals via a single window. During FY16, the Reserve Bank of India softened the policy rates by 75 basis points; however scheduled commercial banks have failed to pass the entire benefits to the end users. We hope that the Government and RBI will work towards extending these benefits to the industry sectors, including real estate.
During the year, your Company delivered a total of 6 million sq. ft. of area, up from 5 million sq. ft. in FY15. This stands testimony that execution at Omaxe is a strategy and ongoing process, not a mere action. Our successful strategy of pioneering the development in Tier II and III cities and towns has kept our promise of adding to our performance year by year.
During the year under review, New Chandigarh, Indore and Lucknow alone contributed 3.84 million Sq. Ft. to the total delivered area. During FY16, our new launches were spread across Lucknow, New Chandigarh, Allahabad, Ludhiana, Faridabad, Indore, Bhatinda and Vrindavan, contributing 2.69 million Sq. Ft. and '''' 904 Cr to total area sold and realizations, respectively. During FY16, our turnover grew impressively by 17% to reach ''''1,668 Cr. from ''''1,431 Cr. in FY15. Our EBITDA grew by 3%, from ''''268 Cr. in FY15 to Rs.276 Cr. in FY16. Our Net Profit registered a strong growth of 30%, from Rs.60 Cr. in FY15 to Rs.78 Cr. in Fy16. In view of this performance, the Board of Directors has recommended 7% dividend for FY16.
Looking ahead, we see the horizon of our opportunities expanding at fast pace. The present Government''''s persistent efforts to revive growth through policy and program measures is expected to present a host of opportunities for real estate sector. ''''Housing for All by 2022'''', Atal Mission for Rejuvenation and Urban Transformation (AMRUT), ''''100 Smart Cities'''', ''''National Urban Housing Mission'''' and other such programs will be gainful for all concerned in the sector. Your Company''''s strengths, spanning across diversified portfolio, strategic project locations, long standing lineage and clear vision are going to position us with a winning edge.
Once again I would like to extend my warm wishes and thanks to our investors, bankers, partners, suppliers, employees and customers for their trust and support. I look forward to renewed engagement from all our stakeholders as we move ahead to achieve our ambitious dreams in the future, together.
Chairman and Managing Director