Dear Shareholders,
As we close the financial year ended 31st March, 2024, I am pleased to
present to you our 36th Annual Report. This year has been one of significant efforts and
accomplishments, reflecting our commitment to sustainable growth and value creation
despite a challenging economic environment. Together, we will navigate the evolving
landscape of our industry, leveraging our collective expertise and innovative spirit to
drive sustainable growth and deliver exceptional value to our stakeholders.
Our focus will remain steadfast on strengthening our core business
while also exploring new avenues for expansion and diversification. We will continue to
invest in cutting-edge technologies, foster a culture of collaboration and creativity, and
empower our talented team to reach new heights of excellence.
Financial Performance 2023-24
Our consolidated net revenue from operations for the year stood at Rs.
406.14 crore, down from Rs. 436.52 crore in the previous year. This reduction highlights
the challenging market conditions we have navigated. However, we have managed to maintain
a healthy bottom line with a consolidated profit before tax of Rs. 12.10 crore and a
profit after taxes of Rs. 11.34 crore On a standalone basis, the company generated net
revenue from operations amounting to Rs. 377.64 crore, a slight decrease from Rs. 382.69
crore in the previous year. Standalone profit before tax was Rs. 11.03 crore, and profit
after taxes was Rs. 10.34 crore. The Earnings Per Share (EPS) for the consolidated and
standalone results were Rs. 7.67 and Rs. 7.00, respectively.
Strategic Initiatives and Operational Highlights
In an ever-evolving industry, our ability to anticipate and adapt to
changes is critical. This year, we focused on several strategic initiatives to strengthen
our market position and enhance our service offerings. We invested in advanced
technologies and digital solutions to streamline our operations and deliver greater value
to our clients.
Our commitment to employee development remains a cornerstone of our
strategy. We have implemented comprehensive training and development programs to ensure
that our workforce is equipped with the latest skills and knowledge. This investment in
our people is essential for maintaining our competitive edge and delivering high-quality
services.
Sustainability is integral to our business philosophy. We are dedicated
to promoting sustainable practices within our organization and the communities we serve.
Our efforts include initiatives to reduce our carbon footprint, enhance resource
efficiency, and support social responsibility programs. We believe that a sustainable
approach not only benefits the environment but also contributes to the long-term success
of our business. As you all know, as a part of CSR activity, we have been in a
collaboration with Saifee Hospital since 2021. This collaboration is an ongoing process
where we reimburse the OPD charges for treating deserving patients in emergency situations
who are unable to afford the cost of investigations and medications. Saifee Hospital
provides medicines and investigations at subsidized rates and treats the patients in their
free OPD with specified investigation and treatment on a selective basis. Initially, the
deserving patients receive the necessary care. The Company is truly grateful to Saifee
Hospital for their interest and commitment to this noble cause.
In addition to Saifee Hospital, we have entered into two new
collaborations:
1. Sankalptaru Foundation: As part of our Rural program, we
will plant a tree for every deputee. We are gifting saplings to farmers, fostering
sustainable growth. Over the years, these plants will not only contribute to a greener
environment but also empower farmers by generating income through the sale of fruits. A
small step for us, a giant leap for Mother Earth.
2. Shree Kasturba Stri Vikasgruh: Aarvi has joined hands
with Shree Kasturba Stri Vikasgruh, Jamnagar, for the repair and renovation of the
existing children's home for girls building (Bal Pratisthan). We are committed to
supporting this cause by donating to the organization in a phased manner over two years.
These initiatives reflect our unwavering commitment to sustainability
and our dedication to making a positive impact on the environment and the communities we
serve. Together, we are paving the way for a brighter and more sustainable future.
Future Outlook
As we look to the future, we are optimistic about the opportunities
that lie ahead. The human resources industry is poised for growth, and we are
strategically positioned to capitalize on emerging trends and demands. Our focus will be
on expanding our market presence, enhancing our service portfolio, and leveraging
technology to deliver superior client experiences.
We are very serious about our international presence, with offices in
the UAE, UK, Qatar, Indonesia, Oman, and now in Saudi Arabia. We aim to generate at least
20% of our revenue from the international market, which will help us to improve our profit
margins. We are committed to driving sustainable growth and creating value for our
shareholders. Our strategic priorities include further investment in digital
transformation, exploring new market opportunities, and fostering a culture of continuous
improvement.
Acknowledgements
I would like to express my sincere appreciation to our employees for
their dedication, hard work, and passion. Their contributions have been instrumental in
our success. I also extend my gratitude to our Directors, Clients, partners, and
shareholders for their continued support and trust.
In conclusion, while the past year has presented challenges, it has
also reinforced our resilience and ability to adapt. We are confident that with our
strategic initiatives and strong foundation, we will continue to achieve sustainable
growth and success in the years to come.
With best wishes, Your Sincerely
Sd
Virendra D. Sanghavi Managing Director