Dear shareholders,
It is with immense pleasure that I welcome each and every one of you to
the 36th Annual General Meeting of our company and present the Annual Report
for the Financial Year 2023, which has been a year of significant progress for us.
I am delighted to announce that our company has returned to profits,
achieving Profit after Tax of Rs. 116.79 Lakhs. This achievement is a testament to the
hard work and dedication of our entire team.
Throughout the year, we witnessed remarkable growth in our
company's turnover, which increased by 40% to reach Rs. 2960 Crores, up from Rs. 2120
Crores in FY 2022-23. This can be attributed to our growth in student, personal
remittances, and corporate customers segments.
From a broader market perspective, FY 23 marked the revival in the
Forex Business post the challenges of the COVID pandemic. Notably, Outward Remittances
under LRS experienced an impressive 38% year-on-year growth, reaching USD 27.14 Billion,
compared to USD 19.61 Billion in FY 2021-22. Despite a reduction in the overall Studies
Abroad flow from USD 5.16 Billion to USD 3.42 Billion, our company's performance in
the Forex business has been excellent.
To better reflect our company's strategic focus on cross border
payments and digital solutions, we have decided to change our name to WSFx Global Pay
Limited. This change aligns with our vision to become a leading Payment Fintech
providing international payment solutions.
Our strategic focus on key customer segments, such as Students and
Corporates, along with our commitment to digitalization, has resulted in substantial
growth in turnover, revenues, and a higher adoption of digital platforms by our consumers.
We take pride in offering multiple digital platforms for Corporates, Agent Partners, and
Retail customers. Additionally, our App-enabled Prepaid Forex Card solutions and a robust
Branch Network comprising 16 branches further ensure that we cater to every customer
segment efficiently.
With the recent launch of the WSFx Global Pay App - Forex and
Remittance Super App for Retail customers and students, and the WSFx Global Pay Platform -
Forex Platform as a Service for Agent Partners, we are optimistic that our digital
solutions will drive further growth and create value for all stakeholders.
I am delighted to share that we have experienced significant customer
on boarding in both the Retail & Corporate space, as well as with our Agent Partners.
Through our omni-channel strategy of Branches and digital platforms, we are strategically
positioned to capitalize on the abundant growth opportunities in the Forex and
Cross-border space.
At WSFx, our core values of Trust, Transparency, Convenience, and
Compliance are the pillars that underpin every aspect of our business. We strive to be a
trusted partner, maintaining transparency in our processes and pricing, providing
convenience to our customers, and ensuring compliance in all aspects of our operations.
These values are embraced and embodied by every member of our team, helping us build and
sustain growth.
I extend my heartfelt gratitude to Team WSFx, our loyal customers,
dedicated partners, creditors, bankers, regulatory bodies, and, most importantly, esteemed
shareholders, for their unwavering support and faith in our transformational journey. Your
continued support and trust inspire us to work diligently, creating long-term value for
each and every one of you.
Thank you, and let us together embrace the future with optimism and
determination.