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Message from the Chairman:
Your Company has reported a total income of Rs. 626.5 crores, an increase of 15.4% as compared to FY 11–12. In particular, the software and services segment reported a total income of Rs. 552.9 crores, and an increase of 22% over the previous year.
Considering the overall uncertainty and volatility in both the domestic and global business environment during the year, your Company has performed well in growing its international business and its share of revenues from the software and services segment.
The company has renewed its thrust in the Software and Services business segment for Embedded Product Design and Industrial Design. These services are geared to deliver growth in–line with industry trends.
The integrated technology and design capabilities of your Company were best exemplified by a prestigious project for a leading international Automotive OEM. This project for embedded product design of a next–generation in–vehicle infotainment platform included software and system design and multiple technologies such as multimedia, graphics, and connectivity. It also included the design of a User Interface for the system, enabling a distraction–free and easy–to–use interface for the driver.
The Industrial Design division delivered significant user experience design projects for leading global brands across Automotive, Consumer Electronics and Telecom products. In the consumer electronics and appliances area, it worked on new product design projects from globally renowned Japanese and Chinese consumer products manufacturers and also provided research and consulting services to help them strategize product portfolios for emerging markets.
Visual Computing Labs (VCL) delivered major projects for Animation and Visual effects for feature films this year, including its second animated full–length feature film for Disney Pictures and UTV. It also worked on prestigious episodic television serials for the international market and won multiple awards for its work across feature films and TV commercials.
Your Company had undertaken a set of strategic growth initiatives for VCL. These were based on the recommendations of an international consulting firm and meant to accelerate the non–linear growth. The initiatives did not deliver as per expectations and negatively impacted the bottom–line of the overall company. After due consideration, these initiatives have been curtailed to ensure that the negative impacts does not continue further.
The external environment continues to be volatile, even as we move into FY 13–14. However, your company looks forward to profitable growth, leveraging its focus on select industry segments, key customers and geographies, while controlling costs of operations towards improved margins.
As a technology–led design company, we continue to invest in acquiring and retaining talent, as well as continuous skill development, to help absorb the rapid changes in technologies and deliver greater value to our customers.
We are continuing investments in R&D and technology development, as well as the exploration of new and adjacent markets. These will provide the foundation for future business and help de–risk any downturns in specific industries and markets.
Your Company's Board of Directors has recommended a final dividend of Rs. 5 per share, maximizing the returns to our shareholders from the company's profits.