Dear Shareholders,
It gives me great pleasure to inform you of your Company, crossing a significant
milestone on its 18th year of journey.
Your Company got listed on the Stock Exchanges, NSE and BSE on 4th January,
2023, enhancing greatly its profile.
On this historic occasion, I am a bit nostalgic and would like to share with you the
genesis of this Company. After having served the Indian Army as an Officer for about
twenty five long years, I was at the cross roads, when I availed voluntary retirement from
the Army.
I wanted to become an entrepreneur, one of the main purpose for which is to provide
employment, mainly outside of major towns.
What I was clear was whichever business that I will do, will be based on the foundation
of my Value Systems imbibed by me during my service to the Nation.
Today, I am delighted that Radiant, built on the strong foundation of Trust, Excellence
and Leadership, has become a market leader in Retail Cash Management within a span of 18
years.
It is my promise to you, as the Company continues its growth journey the Value Systems
would become stronger and stronger.
Your Company has a unique distinction of having over one fifth of its work force
consisting of ex-service men. Our total workforce has also crossed 9,000, providing steady
income month after month to them and their families. It is our strong belief that the real
empowerment of the under privileged happens only through employment. As far as possible,
we have endeavoured to recruit locally and train them on an ongoing basis for up skilling.
Given this background, we thought it would be appropriate that the Theme of this year's
annual report is Trust, Excellence and Leadership.
In every aspect of cash management services, we strive to deliver extraordinary
experiences that leave a lasting impact, solidifying our clients' trust in our services.
We strive for efficiency, accuracy, and seamless integration to ensure flawless cash
management operations.
We remain committed to capitalising on favourable circumstances while proactively
extending our influence and impact in the cash management services industry.
In our pursuit of expanding our reach, we are planning to strategically broaden our
presence and extend our services to a wider audience, by undertaking the logistics of
valuables in the near future. Through geographic expansion and targeting new customer
segments, we aim to solidify our position as one of the industry's leading players. We
actively seek opportunities to engage with a larger customer base and establish a strong
market presence.
Review of Operational and Financial Performance:
During FY23, Radiant Cash demonstrated positive performance across various aspects of
our business.
We expanded our service networks by adding 166 pin codes, reaching a total of 13,100
covered pin codes. Our retail touchpoints also grew by 13,440, representing a 27%
increase, totalling 63,420 touchpoints. The total cash movement for FY23 reached INR 1,572
billion, showing a 21% growth rate and indicating higher transaction volumes and increased
trust in our services. Additionally, we successfully added 24 new clients, highlighting
our ability to attract and retain customers, expand our market share, and solidify our
position as a leading cash management service provider.
Our financial performance for FY23 showcased steady growth and financial stability. Our
revenues surged by 24% to INR 3,549 million, demonstrating our ability to generate higher
revenue and meet the strong demand for our services. Furthermore, our EBITDA saw a
significant increase of 51% to INR 897 million, indicating improved profitability and
operational efficiency. With a net profit margin of 18%, we successfully managed to
enhance profitability and implement effective cost management. The company's total income
grew by 25% to INR 3,575 million, fuelled by increased operating revenues and higher other
income. Notably, our Cash Pick Up & Delivery segment contributed 69% to our total
business revenue, driven by the expansion of pick-up points and an expanding customer
base.
Going Forward
Radiant Cash is well-positioned to capitalise on emerging opportunities by leveraging
its competitive advantages. With a comprehensive presence across the entire value chain of
retail cash management, Radiant Cash offers end-to-end solutions to cater to diverse
customer needs efficiently. The company's extensive pan-India network, particularly in
Tier 2 and Tier 3+ locations, enables it to tap into fast-growing end-user segments and
serve a broad customer base.
I would like to express my sincere gratitude to our esteemed shareholders, banks,
valued customers, and
The company's extensive pan-India network, particularly in Tier 2 and Tier 3+
locations, enables it to tap into fast-growing end-user segments and serve a broad
customer base dedicated employees for their unwavering support throughout this
transformative journey.
In conclusion, we understand the responsibility entrusted to us by our expanded
shareholder family comprising of over 18,000 shareholders and vow to drive sustainable
growth to create long-term value keeping in mind the interest of all stakeholders. We look
forward to an exciting future together, built on collaboration, innovation, and shared
success.
Sincerely,
Col. David Devasahayam
Chairman and Managing Director.