As yet another year goes by, I am continually humbled by the
opportunity to partake in this journey alongside all of you. I must begin by expressing my
gratitude for your steadfast support of CareEdge, which consistently aids in achieving
industry-leading success. It is both a pleasure and a privilege to share insights as we
navigate dynamic economic landscapes and seize opportunities for strategic growth. This
year, CareEdge has exemplified resilience, adaptability, and foresight amidst a complex
macroeconomic environment marked by persistent global challenges.
In FY24, despite global economic volatilities, the Indian economy
demonstrated remarkable resilience, with GDP growth at 8.2%, spurred by strong government
investment and revival
in industrial activity. Government initiatives aimed at infrastructure
development and digital innovation have further propelled this growth, setting a firm
foundation for sustained economic progress. Our consolidated achievements this fiscal year
are a direct reflection of our deep commitment to our strategic goals and operational
excellence. This success is a testament to the hard work and dedication of our teams
globally and I extend my heartfelt gratitude to each member for their unwavering
commitment.
Specifically, CareEdge Ratings recorded a robust total income of f
378.37 crores, with a profit after tax of f 102.56 crores on a consolidated basis, marking
a significant improvement over the previous fiscal year. This remarkable achievement
underscores our team's relentless focus and strategic execution across our diverse
business verticals.
Our subsidiaries have shown exceptional performance and growth,
enhancing our reputation as a leader in the financial services sector. Their success stems
from our focused investments in technology and human resources, which have broadened our
capabilities and deepened our market engagement. Despite rigorous restructuring in an
evolving market, our subsidiaries have continued to diversify.
Over the past three years, we have focused on four strategic pillars
— Group Approach, Technology, Talent and Branding — which have guided our
transformational journey. These pillars have not only shaped our business
strategy but have also been cruicial in navigating through the
regulatory and macroeconomic challenges of our times.
This year was pivotal due to significant regulatory changes requiring a
strategic reorganisation of our operations. The integration of CARE Advisory Research
& Training Ltd. into CARE Risk Solutions Private Ltd., now known as CARE Analytics and
Advisory Private Ltd., ensures compliance with emerging ESG reporting requirements,
positioning us at the forefront of sustainable finance. CARE ESG Ratings Limited received
approval from SEBI on May 2, 2024, to function as a Category I ESG Ratings Provider.
Additionally, CareEdge shall offer Sovereign Credit Ratings & Global Scale Rating of
Debt Securities through its subsidiary incorporated in IFSC Gift City. CARE Ratings
(Africa) Private Limited has signed an MoU with the African Peer Review Mechanism (APRM)
in the area of credit ratings.
Significant strides have been made in our international operations,
particularly with the expansion into new markets such as South Africa and the
strengthening of our presence in Mauritius. These developments, coupled with strategic
partnerships like our memorandum of understanding with APRM, underscore our commitment to
internationalisation and our focus on emerging markets.
Our dedication to sovereign ratings has been bolstered through
strategic initiatives in the International Financial Services Centre (IFSC) at GIFT City.
This initiative allows us to offer
specialised financial services, enhancing our capabilities in
high-potential financial sectors both domestically and internationally. As we move
forward, our strategic focus will remain on deepening market penetration and enhancing
service quality through the integration of advanced technologies and the expansion of our
international footprint. We are poised for continued success and growth, driven by our
strategic pillars and an unyielding commitment to excellence.
In closing, I am confident that with strong and stable leadership,
CareEdge is well-positioned for a future filled with greater achievements. We will
continue to strive towards making the CareEdge Group bigger and better. On behalf of the
company, I extend my best wishes to you and your families. Stay safe and take care.
Najib Shah
Chairman, CareEdge Ratings