Dear Shareholders,
It gives me great pleasure to present our Annual Report for the year 2023-2024 and it
is with great pride that I reflect on the past year and all that we have accomplished
together. Innovana Thinklabs Limited has witnessed an incredible year in terms of revenue,
growth, as well as expansion. On behalf of everyone at Innovana, I thank you all for your
continued support and trust in the company and its management. This is a momentous time
for us as Innovana enters its 10th year. It has been almost a decade since we began our
journey. And what a journey it has been—a journey of technological breakthroughs,
growth, creative endeavors, and sustained value creation. In the last 10 years, India as a
nation has seen a tremendous shift. Not just geopolitical changes or technological
transformations, but businesses all over the world have also had to navigate the aftermath
of the pandemic. Despite these uncertainties, Innovana has remained committed to creating
value for our stakeholders with our steadfast approach toward creating products and
building solutions that make a difference. As we begin the next phase of our growth
journey, we are driven by a singular purpose: "To lead in technological
advancements within our industry through continuous research and innovation, creating
solutions that add value. "This purpose will guide all the business decisions we
make in the future.
Emerging growth opportunities combined with our commitment to innovation have propelled
our businesses' growth, putting us on the map. Be it software development, fitness, or
real estate, we are excited about the opportunities that lie ahead and are confident in
our ability to navigate any challenges that come our way. Our track record showcases a
commendable CAGR of 6.68% in revenue and 21.61% profit after tax on a consolidated basis.
If I talk about the company's overall performance, FY 24 has been a milestone year for us.
On a standalone basis, Innovana Thinklabs Limited recorded a remarkable growth trajectory
with an overall revenue increase of 25.05% compared to the previous fiscal year. This
achievement reflects our unwavering focus on strategic initiatives and innovative
solutions that continue to set us apart in the industry.
Business Updates
I'm pleased to share the remarkable progress we've made across our various businesses
this year. If I talk about the company's overall performance, FY 24 has been a milestone
year for us. On a standalone basis, Innovana Thinklabs Limited recorded a remarkable
growth trajectory with an overall revenue increase of 25.05% compared to the previous
fiscal year. This achievement reflects our unwavering focus on strategic initiatives and
innovative solutions that continue to set us apart in the industry. Presently we are
working on developing a secure and affordable PDF solution integrated with e-signature
that would simplify editing & modifying all types of PDF documents. We are planning
to roll out our advanced PDF editing tool in the coming year. At Innovana Astro Services,
we've successfully integrated Metaverse experiences into our consultations and Tarot
readings, creating a unique and immersive experience for our clients. Our average turnover
from Anytime Astro, which is a key product of Innovana Astro Services, is approximately
2-3 Crores per month. As we have reduced the cost of acquisition to a great extent, we are
positive about significantly increasing our profit numbers in the next fiscal year. After
successfully running 6 gyms in Jaipur, Innovana Fitness Labs expanded its footprint by
acquiring 9 new gyms across key locations in Gurgaon & Indore. We have also introduced
our own Protein Powder in the name of Protivana. Innovana Techlabs Limited, through its
relentless pursuit of innovation, has developed new apps that are now leading the
industry. These apps have significantly boosted our financial performance in this fiscal
year. Innovana Infrastructure Limited has embarked on premium residential projects that
are setting new standards in luxury and sustainability, reinforcing our stronghold in the
real estate market. In the gaming vertical, Innovana Games has launched engaging games,
each receiving positive feedback and achieving impressive download numbers.
Lastly, our unconventional IT services and solutions provided via Explorate Global have
continued to create endless possibilities for our clients. We have successfully delivered
customized enterprise business solutions while also expanding our offshore operations.
These achievements highlight our unwavering commitment to excellence and our ability to
drive significant growth across all sectors.
Company Performance Review
FY 23-24 has been a year of robust growth and innovation for Innovana Thinklabs
Limited. Our diversified portfolio and strategic investments have ensured that we remain
resilient and continue to deliver value to our shareholders. Our consolidated revenue has
grown by 25.05%, and our profit after tax has seen an impressive increase of 74.49%. These
numbers reflect our strong operational efficiency and the success of our growth
strategies.
Financial Highlights
Our financial performance for the year has been exemplary. We have maintained a healthy
balance sheet with a significant increase in our cash reserves and reduced our debt
levels. Our return on equity has improved to 58%, reflecting our commitment to creating
long-term value for our shareholders.
Employee Development and Culture
Our people are the driving force behind our success. This year, we focused on enhancing
our talent pool by investing in training and development programs that empower our
employees to reach their full potential. We have also launched initiatives to promote
diversity and inclusion within the organization, ensuring that we have a workforce that is
not only skilled but also reflective of the diverse markets we serve.
Corporate Social Responsibility (CSR)
At Innovana, we believe in giving back to the community. Our CSR initiatives this year
have focused on healthcare, and environmental sustainability. Our commitment to social
responsibility remains unwavering, and we will continue to invest in initiatives that make
a positive impact on society.
The Vision
As we look to the future, our vision is clear—to make our place among the Fortune
500 companies by continuing to lead in innovation and creating solutions that make a
difference. We are confident that with our strategic direction and unwavering commitment
to excellence, we will achieve this goal and continue to create value for all our
stakeholders.
In conclusion, I would like to express my heartfelt gratitude to our employees, whose
hard work and dedication have been instrumental in our success. I would also like to thank
our shareholders for their continued trust and support. Finally, I extend my appreciation
to our partners, clients, and the communities we serve, without whom our achievements
would not have been possible. Together, we will continue to reach new heights and create a
brighter future for all.