Latent View Analytics Ltd

Dear Shareholders,

The year 2022-23 saw the world return to normalcy, after the life-altering disruptions caused by the COVID-19 virus. It was around the start of last year that travel opened up again, as did face-to-face interactions and in-person meetings with employees, clients and other stakeholders. It was a welcome return to normalcy and we were grateful for the freedom and confidence to be mask-free. In today's rapidly evolving world, data has become the lifeblood of businesses across industries, new-age or legacy. Organisations that can harness the power of data and derive actionable insights have a distinct competitive advantage and a right to win in today's economy and business landscape. At LatentView, we are at the forefront of the data analytics revolution, helping our clients fortify their businesses, acquire new customers, gain market share, optimise costs, retain and better utilise talent, and become more competitive in an increasingly challenging environment.

In the recent years, we have demonstrated remarkable growth and scalability in our business, exemplified by our operating revenue surpassing the significant milestone of D5,000 million in FY23. In this financial year, we concluded with a total operating revenue of D5,388 million representing a growth of 32% year on year, accompanied by net profits of D1,544 million and a PAT margin of 26%.

5,388million

Revenue from Operations reported a growth of 32% year on year, accompanied by net profits of 1,544 million and a PAT margin of 26%

We did see a bit of sluggishness in the last quarter of FY23 due to the challenging macroeconomic conditions across the globe, particularly in the US. However, the market is showing signs of turning around, and this dip can be viewed as a moderation of the excesses of previous quarters. We are fortunate that the majority of our clients and a significant portion of our business is from Fortune 500 companies based in the Silicon Valley. Their business stability and agility to bounce back from tough situations transcends onto us and helps us keep the momentum going. The potential turnaround in the business cycle looks promising and we are confident of a positive upturn.

Recent industry trends

Speaking of technology and AI, we find ourselves in a time where progress is happening at an unprecedented pace. Artificial intelligence has undergone significant advancements, and we are witnessing the convergence of various technologies that are revolutionising industries. While many of our clients may not be leveraging AI in their operations at present, they are aware of its potential for disruption and innovation. As a forward-thinking organisation, we are already leveraging AI in parts of our work related to descriptive, diagnostic, and predictive analytics. We are actively experimenting with Generative AI and exploring ways to incorporate it into our value propositions, particularly in the data engineering space. This will enable us to unlock new possibilities and drive even greater value for our clients.

There is considerable excitement about AI and its numerous applications. However, the question of its impact on human jobs also seems to be in the air. History has taught us that with each technological leap forward, humanity has demonstrated remarkable adaptability and resilience, ultimately embracing and valuing our collective capacity to evolve alongside innovation. These advancements push the bar of human intelligence, taking care of the largely simpler tasks, freeing up human minds to concentrate on the more innovative ones. We wanted to illustrate this in a way that stays with you. Naturally we turned to a GenAI tool. Here's a limerick created in just a few milliseconds by Bard, an AI-powered experimental, conversational chat service designed by Google to simulate human conversations using natural language processing and machine learning.

"There once was a tool so clever, It could generate words like a weaver. But it did not take Over the human's stake, It was here to help, not to sever.

For Bard knew that humans were smart And could do things that no AI could start. So it worked alongside To help with the grind, And together they made the world a better place, yeah.

With data analytics

They could make sense of all that's manic. And with the human mind They could create things sublime,

For humans and AI are a powerful pair When they work together, there's no telling where. They can create Things that are quite great, And the possibilities are endless, oh dear.

So let's not fear this new tech It's here to help, not to wreck. With humans and AI

We can reach the sky, And create a future that's bright and clear"

Growing significance of our work In the current macroeconomic scenario, characterised by volatility and uncertainty, the need for data-driven decision-making is more crucial than ever. Businesses are grappling with challenges ranging from shifting consumer behaviours to disruptive technologies. This is where LatentView plays a vital role.

Unlike many IT, consulting, or product companies, LatentView specialises in advanced data analytics. Our expertise lies in combining cutting-edge technology, such as artificial intelligence and machine learning, with deep business and industry knowledge to deliver tailored solutions for our clients. We firmly believe that data analytics goes beyond being a mere industry trend or a one-time project; it is an ongoing process of uncovering insights and driving business success. Looking ahead, we remain steadfast in our commitment to invest in growth opportunities, expand our capabilities both organically and inorganically, and create value for all our stakeholders. We remain committed to our vision of being a global leader in data analytics. We believe that by staying true to our core tenets of innovation, client focus, world-class talent, and excellence, we will continue to deliver exceptional value to our clients and drive our own growth.

Finally, we would like to express our gratitude to our shareholders, clients, partners, and our exemplary team, for their unwavering support. The journey so far has been remarkable, and we are excited about the future. We are confident that our unique offering of advanced data analytics, coupled with our unwavering commitment to client success, will continue to set us apart in the market.