Dear Shareholders,
On behalf of myself and the members of the Board of Directors (BOD), I am pleased to
introduce to you Forty - Second (42nd ) annual report for the year ended 31st March, 2024.
When we first incorporated this company, we had envisioned a long-term strategy and a
vision to become the most trusted brand for our clients and associates in the country. As
a traditional research organization, we have experienced the growth which the Indian
financialindustry has progressed through. As the industry advanced, we too climbed the
ladder of success by adapting to our near-term challenges, which were well-matched with
our increasingly global business needs.
Growing recognition worldwide acknowledged us as a unique Indian brand for research
relating to small- cap and mid-cap companies. Furthermore, it is our dedicated team’s
efforts to meet client deadlines which have supported us to achieve this growth. I want to
thank our BOD and other key management personnel for accomplishing sizeable achievements
during the company’s tenure, despite the challenges and problems faced by the capital
markets worldwide.
During the fiscal year 2024, we continued to strengthen our business segments despite
uncertainty arising due to structural changes in the Indian economy. Our long-term
strategies which are focused towards small and mid- cap companies have primarily supported
us to sustain our near- term business goals. As moderate growth is being witnessed across
the globe, mostly due to changing commodity prices and weak economic growth in advanced
economies, the Indian economy too was affected during the first half of FY 2024. However,
the macroeconomic story of India over the long-term remains strong due to the
implementation of robust economic reforms undertaken by the government of India. Notably,
implementation of the "GST Bill" in July 2018, is expected to increase Indian
government’s overall tax collections. This will lead to greater participation of
retail investors in the capital markets, which would, in turn, help us grow our business.
By the end of the fiscal year 2024, our total revenues stood at Rs. 1042.05 lakh. Most
of our revenue comes from the sale of shares segment. Substantial domestic and foreign
inflows, optimism surrounding improvement in the economy and moderate growth in earnings
of corporates were the main factors behind the rally. Furthermore, significant structural
changes in the Indian economy would have long-term positive effects on the capital
markets, especially in small and medium-sized companies which in turn would be beneficial
to our business. During FY 2024, due to challenging market scenario and slow-down of
Indian economy due to Covid 19 outbreaks was declared a pandemic by WHO in the last
quarter of the financial year, causing social and economic turbulence. We have taken
actions to ensure safety, health and well-being of our CNI family, our Employees. Our
company reported a net profit of Rs. 83.51 lakh. Our long-term strategies to survive even
the most challenging market circumstances has helped us to achieve this profit. We
continue to focus on research and content sale. These segments are likely to remain our
core growth drivers. On the global front, we are considered one of the most trusted brands
for small and mid-cap research and content.
This has enabled us to enter into a content sharing agreement with Thomson Reuters,
Capital IQ
- a division of Dow Jones, TheMarkets.com LLC-USA, Bloomberg, EMIS and many other
alliances in the Indian markets.
Significant efforts have been made by us to improve the corporate governance system of
our company. Enhancement in the company’s corporate governance will not only help us
to augment our internal controls but will also support us in endorsing a higher level of
transparency and disclosures. These efforts would assist us in improving overall
shareholder relations and protect the rights of the shareholders. We have attached the
report on corporate governance for FY 2024 reflecting corporate governance standards
followed by our company.
Finally, on behalf of the Board of Directors and myself, I would like to express my
sincere gratitude to our shareholders for immense support. I am also thankful to our Board
of Directors for their guidance. With your deep help, I believe that our company is well
positioned to maximize shareholder returns over the long-term.
For Cni Research Ltd
Kishor P. Ostwal
Chairman & Managing Director DIN: 00460257
Date: 29/05/2024