Dear Stakeholders,
I am pleased to announce a promising start to FY 2024-2025, with steady revenue and
profitability growth, driven by our teams' dedication to delivering top- notch customer
solutions. The strategic investments in global events have bolstered our market presence,
attracting existing and prospective customers. We have decided to establish a wholly-
owned subsidiary in the UAE, expanding our footprint.
Continued support from our customers, shareholders, employees, and stakeholders is .
pivotal to our ongoing success.
It gives me immense pleasure to share that the year 2023-24 has been a remarkable one
for Ksolves India Limited, marked by significant growth, expansion and accreditations.
Despite the global challenges we faced, we not only met but exceeded our goals with
extraordinary results.
We reached several significant milestones throughout the year. Our financial
performance has been outstanding, with our revenue surpassing ?100 crores and our profit
figures showing consistent growth. Additionally, we successfully maintained our client
retention ratio while expanding our client base. Notably, we added a Fortune 500 company,
a major telecom client, and the largest bank in the UAE to our portfolio. We also began a
business relationship with Dubai's largest driving school and expanded our association
with the U.S. based shipping giant by securing two additional contracts with them. Other
notable deal wins include an automotive heavyweight from the U.S., a large digital
marketing firm from Australia, and a global commercial real estate services company based
in the U.K. We secured a Big Data project with a distinguished banking institution in the
Middle East. Furthermore, we established an AI Center of Excellence (CoE), focusing on
skilling modules to train employees in generative AI and various large language models
(LLMs).
Our strategic investments in global events have substantially enhanced our market
visibility, attracting both current and potential customers. To align with our growth
objectives, we're pleased to announce the establishment of a wholly-owned subsidiary in
the UAE. This expansion underscores our commitment to global reach and market leadership.
We have also enhanced our capabilities across various platforms through strategic tech
partnerships. Notably, in March 2024, we achieved the prestigious Salesforce Summit
(Platinum) Tier Partner status. Additionally, our company received several awards
throughout the year, a testament to the excellence and dedication we bring to our work.
Elaborating on these achievements, I want to emphasize that throughout the year, we
experienced no loss of productivity. We not only continued to excel in our traditional
areas of expertise but also strategically pursued and acquired projects that leveraged
cutting-edge technologies, aligning with the latest industry trends. This approach allowed
us to demonstrate our grit and determination, positioning ourselves as true partners in
business growth for our customers. As a result, we earned their trust, significantly
strengthening our customer relationships.
We are glad to have successfully retained both our clients and employees, which has
significantly contributed to the overall growth of the company and the well-being of those
associated with it. The hybrid model of work, combining work from home and the office, has
been managed effectively. Over the past year, our employee headcount has grown to over
500. Our Odoo team has expanded to more than 100 members, working on several long-term
projects. Additionally, our client base remained highly diversified, with over 100 clients
across 30+ countries, where the top 5 clients contributed 33% and the top 10 contributed
50% of our revenue.
During FY'24, Ksolves conducted campus recruitment drives and successfully hired 69
candidates. We also continued to invest heavily in building top-tier teams through lateral
hires in key focus areas such as Data Science, Big Data, AI & ML, as well as
strengthening our onshore sales and client management teams.
The challenges posed by rising salary costs, office expansion and renovation expenses,
increased employee engagement costs, and higher business travel expenditures were
successfully mitigated through enhanced utilization rates and gradual billing rate
adjustments for legacy clients. This approach contributed to an improved operating profit
margin.
All these achievements attest to the company's strong track record of successful
delivery and bolster our confidence in future growth.
Dividend
The total interim dividend paid during FY 2023-24 was Rs. 19.50 per share, involving a
total outflow of Rs. 2,311.92 lakhs. Consistent with past practices, the company
anticipates continuing its dividend distribution in the future.
Financial Performance Standalone Performance
In the financial year under review, the company achieved notable standalone
performance. Our company achieved significant growth in revenue from operations, reaching
Rs. 10,807.34 lakhs compared to Rs. 7,711.65 lakhs in the previous year, marking a growth
of 40%. This increased growth came from well-planned and executed business expansion
operations. The total net profit for the year is Rs. 3,422.95 lakhs, up from Rs. 2,487.03
lakhs in the prior year.
Consolidated Performance
The company has consistently demonstrated growth and efficiency, as evidenced by its
net profit performance during the fiscal year 2023-24. Consolidated revenue increased to
Rs. 10,863.73 lakhs, up from Rs. 7,831.16 lakhs, reflecting a growth of 39%.
The company's deal funnel remains robust, and recent project wins are anticipated to
drive revenue growth in the coming year, sustaining the growth momentum. The company is
focused on achieving industry-leading growth in profit after tax (PAT). Looking ahead, the
emphasis will be on delivering sustainable, long-term growth and maximizing shareholder
value.
The year concluded successfully, with notable increases in customer base, employee
headcount, revenue, profit, and the number of projects, as well as an enhanced market
presence.
I would like to take this opportunity to extend my heartfelt gratitude and sincerely
acknowledge the trust and support the company has received throughout the year 2023-24.
This includes the unwavering loyalty of our Ksolves employees to our business ethos, the
invaluable governance inputs from our esteemed independent directors, our valuable
shareholders, and our loyal clients and business patrons. Their support has been a
significant factor in our ability to sustain and progress during the challenging times of
the pandemic. We are actively planning for the next phase of growth.
With this statement full of hope and positive spirit, I am pleased to present the
annual report of the company for the financial year 2023-24 for your kind perusal.
Please do take care of yourself and your family and stay safe.
Wish best wishes Sincerely
Ratan Kumar Srivastava Chairman & Managing Director