Every step of this journey has been filled with challenges. Along the journey we have completed several landmark projects, which are all pioneering projects in respective sectors. In the three successive packages awarded by NHAI, Viz., AP-18, Nellore Bypass and Porbandar – Bhiladi sections, we have been successful in completing the projects well before the scheduled completion and we have been rewarded with bonus and particularly for the Porbandar package we have been awarded maximum bonus for completion 6 months ahead of the stipulated completion date. Further, it is a matter of pride that we have executed successfully the Koyna Dam Strengthening project which is first of its kind in Asia, also ahead of schedule. Currently, we are working on similar landmark projects including Subansiri Hydel Project, Bangalore Elevated Expressway, and Delhi Metro, all of which will bring significant recognition to Soma and its execution capabilities. As we cross this momentous milestone in our journey, we can take a moment to look back with pride at how far we have come. Today we are on the verge of taking a quantum leap forward in our journey.
I am delighted to note that in the previous years our company witnessed accelerated growth rate in turnover which reflects our consolidation of our position in the infrastructure space in India. I am happy to inform you that continuous focus on up gradation of technology on all fronts has given us a competitive edge. It is yet another year of all round growth and new records one of which being surpassing Rs. 10 billion mark in turnover and achieving Rs. 11.09 billion which is an increase of 56% over previous year.
It is a matter of great joy that Soma has made rapid strides over the past decade in the infrastructure development. Soma began with a humble turnover of Rs. 432 millions in 1997. Today, our order book has crossed Rs. 60 billion. We are targeting to cross Rs. 20 billion in turnover during the Financial Year 2007-08.
Such phenomenal growth, in a highly competitive industry such as ours, brings along complexities that need constant attention. We need to rejuvenate ourselves to capitalize on this opportunity. Our greatest asset in this endeavor is our Human Resource. We have today about 9000 technicians, staff and executives. In Soma, Every employee who does his assigned job efficiently is considered an invaluable asset. Considering that our projects, and proportionately our teams, are continuously increasing in complexity and size, we are increasingly working as distributed teams with responsibilities shared between site, regional and corporate office teams. We must all work together to ensure that there is clarity of function and responsibility of each of the team members so that together the team can deliver the results efficiently, and as a group achieve our goals.
The need of the hour in the organization as well as the industry is training, and this is true across all levels and functions. All our teams including carpenters, bar-benders, technicians, supervisors, managers and executives, need to upgrade their skills to ensure efficient operations and take on higher responsibilities and we are working to achieve this by creating and strengthening our training function and working with leading educational and industry organizations to provide relevant training and development options.
To tackle the growth opportunities, we have been recruiting and training a large number of employees, especially at the graduate and diploma trainee levels. I have always believed in the ability of the individual. As an organization, we have been motivating each and every Soma family member, arm them with required skills, and empower them to execute. This will ensure that the team delivers as well as provide the satisfaction of achievement to every individual member of the team. Conventional management thought is to get work done through people. The philosophy and culture at Soma has instead been to develop people through work. As our organization grows in size, entire Soma family must take the responsibility of mentoring the next generation of employees so that our values of quality and timely delivery are inculcated in them, and we are able to successfully meet the challenges of growth.
Next to our human resources, our most valuable assets are our plants and equipment. In the current age of mechanization, plants and equipment are critical to our success, and keeping in tune with the company's growth, our equipment base across various projects has grown to nearly Rs. 7 billion. However, it is essential that these assets are deployed efficiently in order for us to achieve our goals. The best way to bring adequate focus on efficiency with such a vast equipment base is to ensure that adequate attention is paid to the deployment and efficient operations of our equipment and enable quality production that helps us achieve our goals. We are taking necessary steps to cater to the need for training and development of our mechanical operating and maintenance teams in order to ensure optimum output and durability of our equipment.
Another challenge of growth that I would like to highlight is one of systematic operations. To ensure stable growth, we have been trying to find a way together to evolve a systematic method of planning, budgeting, resource deployment, execution, monitoring and review. It is our success in ensuring quality and schedules at our projects that has brought us this far and makes us different from most other construction companies in the country. As we grow, it is absolutely essential that we continue to maintain these values.
I would like to specially commend and applaud the Soma family members who have been with the company since inception. I, on your behalf and on behalf of the Board of Directors, place on record our appreciation of all the Soma family members for their performance driven by commitment to make Soma what it is today. We also place on record our appreciation of valuable Clients, Government Agencies, Joint Venture Partners, Bankers and Financial Institutions, Vendors, and all our Partners for their trust and support. I thank each and every shareholder for your trust, confidence and encouragement that will motivate us for our journey forward and many more successes together.
The Indian infrastructure industry is at the beginning of a boom that will last well beyond the coming decade. Our country has understood the need to create infrastructure in order to realise its economic potential, and with the developments over the past few years, we have the confidence in our own abilities to achieve this. Over the next decade and beyond, tremendous investment (both public and private) will be seen in the infrastructure of our country. This creates an incredible opportunity for Soma to build upon our experience and capabilities and transform ourselves into a leading player in the country's construction and infrastructure industry. Further, the opportunity is not limited to India alone, with aggressive infrastructure development programs unfolding in several countries in the region and the rest of the world.
Thank you all.
