07 Jan, 11:49 - Indian

SENSEX 78271.94 (0.39)

Nifty 50 23744.45 (0.54)

Nifty Bank 50337.1 (0.83)

Nifty IT 43439.7 (-0.54)

Nifty Midcap 100 56952.55 (1.04)

Nifty Next 50 67254.85 (0.39)

Nifty Pharma 23383.2 (1.34)

Nifty Smallcap 100 18616.8 (1.04)

07 Jan, 11:49 - Global

NIKKEI 225 40083.3 (1.98)

HANG SENG 19362.55 (-1.65)

S&P 6026.25 (-0.10)

LOGIN HERE

companylogo

You are Here : Home > Markets > CompanyInformation > Company Background
BSE Code : | NSE Symbol : | ISIN : | Industry : |


Chairman's Speech

Dear Investor,

Something remarkable has happened since the inception of ITCONS.

The chart represents the number of employees with ITCONS each year. We have grown at a CAGR of 50% since we founded our institution and have been one of the prime drivers in creating employment in a new and emerging India. Today, we are one of the fastest growing private sector employers in India with a headcount of 1600 employees and looking forward to achieve a remarkable growth scale in next 3 years' time.

The previous year has been a year of significant strategic progress with its own set of challenges. We have delivered a strong performance in majority of our businesses. Our IT staffing and recruiting business continues to deliver excellent performance and this year we have added two new sources of revenues and business growth in staffing & recruiting business by means of general staffing and govt projects bidding with help of GEM. We expect these new sources will not just add number the numbers of staffed employees but also multiply the revenue numbers. In addition to this, we are also aiming to do couple of acquisitions of mid to large size staffing/recruiting firm to give boost to our revenue number/PAT and increase our staffed employee base across different Industry domain PAN India basis.

India - A Growth Story

We live in exciting times where India is one of the fastest growing economies. India is projected to grow at about 7.5% in the future which we expect to result in more people joining the workforce. Last year, India moved 23 places to be ranked 77th in the World Bank's report “Ease of Doing Business” owing to the robust economic reforms. This provides us an opportunity, both in terms of skilling and placing the workforce to create value for ourselves and the nation at large.

Business Services

Business services as a percentage of GDP today stands at 2.0% in India which is significantly lower than BRIC nations where it stands at 6.0% or in developed economies where it stands at above 11.0%. As economies mature and grow, the share of business services grows at a faster pace than the rate of growth of the economy itself and should become between 5% & 7% over the next few years.

Formalization of the Economy

The introduction of GST has set in motion the process of formalization and consolidation in the sector. Apart from the incentive for organisations to choose the services of tax-compliant staffing firms, which allow them to claim input tax credit, customers are also driven by the need for superior services and a need to associate themselves with brands that are ethical and compliant with all regulatory requirements. There is therefore, potential to grow in the underpenetrated market for organized players who offer predictability and standardization to their customers.

Solving New Age Problems

Business disruptions in terms of innovative ways of working are emerging each day and we are transitioning from a “traditional job” to a “gig economy” where workforce and services are availed just-in-time. This makes it imperative that we keep identifying and providing critical talent in an efficient manner enabling staffing companies to evolve and become strategic workforce solutions partners.

Digital Transformation

In a disruptive tech world, businesses are evolving to remain ahead of the curve by leveraging technology effectively to improve employee outcomes, enhance customer experience and improve profitability. This year, we are in process of full digitize to improve productivity and efficiency. We are now transforming our core business by optimising, digitising and automating processes. We are in process of deploying newer technologies like digital attendance monitoring etc. to improve our efficiency while providing enhanced user experience to our major stakeholders - employees and customers.

Our Structure

We operate in a decentralized manner yet in centralized manner to support our staffing business by keeping a close watch on Capital allocation, Performance goal setting and Leadership planning. During this year post IPO, we have strengthened our senior/ Middle management leadership by hiring several new leaders. We believe now we now have sufficient strong leadership team who will act as a key catalyst for ITCONS next phase of growth, though our hunt for strong leadership folks is continuously on and will add them in line to growth of business.

Highlights for the Year FY 2022-23

The financial highlights of the year are as follows: - Revenue grew 55% YoY to Rs. 2820.31 Lakh and EBITDA grew 46.83 % YoY to Rs 264.56 Lakh - EBITDA Margin stood at 9.31 %

PAT stood at Rs. 172.66 Lakh - PAT Margin stood at 6 % - Diluted EPS stood at Rs 5.23

- Cash flow from operations stood at Rs (79.76) Lakh in FY23 (up from Rs. 0.84 Lakh in the previous year) Our general staffing business within the People Services segment continues to deliver impressive performance. We have added about 700 associates during the year thereby further strengthening our leadership position in the market with an overall staffing headcount of over 1600+ associates.

Creating Value for the Stakeholders

As the centre of our business are our customers, we look to explore opportunities to deliver more value to them each day and are in a constant pursuit of customer delight. Adding 100+ employees every month, we have been instrumental in putting individuals to work in our country. Apart from providing them with employment opportunities, we are bringing them into the fold of a formalized economy which promises predictable income, social security benefits, and health benefits among others. Our Shareholders have been pivotal to our business and we are on a constant endeavour to create long term shareholder value through prudent capital allocation that would deliver superior financial outcomes.

Journey Ahead

Since inception, we have built a diverse portfolio of service offerings that have gone a long way to shape ITCONS in its current form. The economic, business and technological disruptions are compelling organizations to evolve continuously. Going forward, we envision ITCONS as multiple platforms enabling us to provide end-to-end integrated services to our customers and to be present across the value chain. In the forthcoming year we will align ourselves into three main platforms: Workforce Management and Tech Services. Workforce Management would comprise of a diverse suite of offerings in the employee lifecycle management space ranging from - training and recruitment to on-boarding and off-boarding employees both in the general staffing and professional staffing businesses. Operating Asset Management would provide a one stop shop for all assets - real estate, industrials and telecom. Tech Services would comprise of business process management, aftersales services and online-recruitment portal. Capital allocation continues to be a key focus area for us. We have an established inorganic playbook of successfully identifying and integrating value accretive acquisitions. We are entering into a phase where we will allocate capital strategically to derive superior financial outcomes for our company. Our focus on Balance Sheet Management has yielded tangible results during the year. We believe in the short to medium term, we should be able to generate higher amounts of operating cash from our business.

Creating a Better Tomorrow

We at ITCONS believe in creating a better world where everyone has access to opportunities and has a right to have a better life. Through our Trust, Mahakal Maharaj Bikaner Sewa Mandir, we are supporting free education of 300+ students in our DiViNiTi Schools. This note will be incomplete without thanking our 100+ clients for the belief entrusted in us, which has enabled the company to grow thus far. I am also thankful to the dedication of our employees who drive the outcomes for our clients and have created a solid foundation for our institution. As we navigate into a new year, we at ITCONS feel a unified sense of purpose and pride in seeing the institution that we have built over the last 16 years. I am thankful to all our shareholders who have steadfastly stood by us and helped us scale this company. I look forward to interacting and meeting you at our annual meet for shareholders.

Best Regards,

Gauravv Mittal

Chairman & Managing Director

ITCONS e-Solutions Ltd

   


Capital Market Publishers India Pvt. Ltd

401, Swastik Chambers, Sion Trombay Road, Chembur, Mumbai - 400 071, India.

Formed in 1986, Capital Market Publishers India Pvt Ltd pioneered corporate databases and stock market magazine in India. Today Capitaline corporate database cover more than 35,000 listed and unlisted Indian companies. Latest technologies and standards are constantly being adopted to keep the database user-friendly, comprehensive and up-to-date.

Over the years the scope of the databases has enlarged to cover economy, sectors, mutual funds, commodities and news. Many innovative online and offline applications of these databases have been developed to meet various common as well as customized requirements.

While all the leading institutional investors use Capitaline databases, Capital Market magazine gives access to the databases to individual investors through Corporate Scoreboard. Besides stock market and company-related articles, the magazine’s independent and insightful coverage includes mutual funds, taxation, commodities and personal finance.

The power of the database is harnessed by our fired-up reporters to generate interesting ideas. The reader-friendly presentation of the idea, supplemented by relevant data and information, can be accessed online through Capita Telefolio and Telefolio Gold. These ideas are used by individual investors as well as institutional investors to do further research and stay ahead.

Copyright @ Capital Market Publishers India Pvt.Ltd

Designed, Developed and maintained by CMOTS Infotech (ISO 9001:2015 Certified)

Site best viewed in Internet Explorer Edge ,   Google Chrome 115.0.5790.111 + ,   Mozilla Firefox 115.0.3 + ,   Opera 30.0+, Safari 16.4.1 +