Dear Fellow Shareholders,
First, as a fellow shareholder, I want to thank you for being a valued member of the
CyberTech family. I extend my warmest wishes to you, your loved ones, and your
well-wishers for a safe, healthy, and prosperous year ahead. The well-being of CyberTech's
extended family—including our associates, stakeholders, vendors, clients, and the
broader community—remains our top priority. Together we are strong as a family.
Financial Year 2024 Performance
Overview
I am pleased to share that we had a strong financial year, marked by topline revenue
growth and resilient margin performance. Our revenue increased by 28% compared to the
previous year, reaching INR 2,359.9 million. This growth reflects our focus on cloud
transformation, with many cloud properties and a substantial recurring cloud revenue
stream. The company has become ‘cloud centric' and I am proud of this achievement.
Despite the challenges of rising talent costs and evolving cloud market dynamics, our
commitment to cloud innovation, operational excellence, and cost management allowed us to
deliver value to our stakeholders. I am pleased to announce that the Board has recommended
continuing the dividend payment of ?2/- per share.
Key Business & Financial Highlights of FY24:
• Total revenue stood at ?2,359.9 million in FY24, up 28% from ?1,845.2 million in
FY23.
• Operating revenue reached ?2,217.4 million, reflecting a 26% growth from
?1,761.7 million in FY23.
• Reported EBITDA was ?397.0 million, with the EBITDA margin remaining steady.
• Net income increased to ?227.4 million from?216.9 million in FY23.
• Comprehensive income was ? 231.2 million, down by 8.43% from ? 252.4 million in
the previous year.
• Our balance sheet remains strong with reliable long-term profit streams and no
debt.
• Growth in our US-based business was driven by significant wins from new and
existing customers.
• The GeoShield team won the "Chairman's award" for the year. I
congratulate them for tremendous progress.
Our Continued 8-Step Journey: Key Focus Areas
1. Fiscal Strength and Strong Balance Sheet: We continue to generate cash from
operations with strong margins, backed by a robust business backlog.
2. Customer Enterprise Lifecycle: We focus on long-term recurring revenues, multi-year
contracts, and productized offerings. Each customer's lifecycle value is measured by cash
margins, renewal rates, and growth. We strive to add value to every client.
3. Employees, Women, Human Capital –"Associates": Associates are at the
heart of CyberTech. One of my top priorities is mentoring and promoting talented women
within the company. Over the past year, women leaders have taken on key roles, and we are
committed to providing them with the best support and leadership opportunities.
4. Sales and Digital Sales: Digital Sales are critical not just for consumer business
but for enterprises as well. Our sales strategies, led by two women executives, focus on
building strong sales teams, including Account Executives, Sales Engineers, and Business
Development professionals.
Business Matters and Focus Areas
We remain dedicated to Enterprise Cloud Transformation, building a solid deal pipeline
in our core areas: Digitalization & Cloud, SAP S/4HANA & Business Technology
Platform, GIS Excellence & Managed ArcGIS Clouds, and GeoShield Real-Time. Enhancing
our net margins is a primary goal as we address prior challenges that handled like the
pandemic, remote work shifts, and salary inflation. We are working deeper on this matter.
SAP S/4HANA and Business Technology Platform
Our partnership with SAP has been instrumental, particularly in SAP S/4HANA cloud
migrations, as enterprises accelerate their SAP ECC transitions. We have expanded our
portfolio with the SAP Migration Factory, completing several projects that highlight the
value of moving to SAP HANA cloud. SAP's "Clean Core" strategy, centered on BTP
and SHC, continues to be a major focus.
Esri Partnership
Our relationship with Esri has grown stronger, and our Managed ArcGIS Cloud Services
(MACS) offering has gained considerable momentum, with numerous customer acquisitions in
the past nine months. Clients are experiencing significant business advantages through our
expertise in GIS, emphasis on cloud security, and deep understanding of complex,
web-scale, cloud-based systems.
GIS as a Level 1 System
We pride ourselves on our deep geospatial expertise and ability to deliver large-scale
Managed ArcGIS Clouds. This year, we have added several new clients with strategic,
multi-year contracts, showcasing the business value of our GIS and cloud security
expertise. At the Esri User Conference, our theme of "Security First ArcGIS Cloud
Transformation" attracted substantial interest. We were a bronze sponsor.
Spatialitics and GeoShield
GeoShield remains a key focus area and has achieved strong product-market fit,
particularly in law enforcement. We are expanding the sales teams to support further
growth and capitalize on interest from events like the IACP Annual Conference and NRTCCA.
Additionally, Spatialitics Utilities has a substantial pipeline, indicating promising
developments soon.
Board Matters & Our Future Outlook
I want to express my deepest gratitude to our esteemed Independent Directors: Shri M.P.
Bharucha, Shri Sudhir Joshi, Dr. N.L. Sarda, and Dr. S. Karmalkar, for their invaluable
guidance and commitment over the past decade as they retire. I am excited to welcome Mr.
Haresh Desai and Mr. Anant Amdekar as new directors, whose diverse expertise will drive
CyberTech's growth. I am grateful to the Board, Ms. Angela Wilcox, and my friend Mr. Rahul
Mehta for their continued support and friendship.
I believe we have strong momentum and are well-positioned for continued Cloud business
growth in the years to come. We could not have achieved this growth without the help of my
executive management, who aligned 100% to the vision and journey. Looking ahead, I am
hopeful that the coming year will bring us the opportunity to meet in person for more
meaningful discussions that will advance our shared vision.
Warm regards,
Vish Tadimety
Chairman
Place : Trevose,
USA Date : July 24, 2024