Dear Shareholders
2021 was another year of extraordinary global turbulence, with the
recovery from COVID-19 painting a mixed picture across the globe. During this
unprecedented crisis, we remained proactive in our decision-making to build team
resilience, preserve business continuity and reinforce customer- centricity. Throughout
this period, we ensured the wellbeing of our people and supported our customers and
communities. The undeterred spirit of our colleagues has been exemplary, and I am
extremely proud of how we have all come out of 2021.
The overall Indian economic activity and output has recovered gradually
since then and surpassed the prepandemic levels. As per projections from the International
Monetary Fund, the Indian economy is expected to deliver a growth of 8.2% in FY2023 and
6.9% in FY2024. These estimates have pegged India as one of the fastest growing major
economies in the world. We are cognisant of the headwinds brought in by global
geo-political tensions, elevated commodity prices, supply chain disruptions and rising
inflation, and are confident to remain nimble to changes and steer through these muddy
waters.
In the last fiscal, we revalidated our business model. We took stock of
some of the challenges we faced, especially the volatility regarding the asset quality. We
have set up mechanisms which shall provide early warning signs to enable us to take timely
action. We will continue to leverage digital tools and data intelligence to drive scale,
stable asset quality, cost effectiveness and customer experience.
We are currently in the process to drive a multi-year transformation
agenda which shall enable us to scale profitably. For this, we have built plans to invest
significantly in technology and the right talent. Armed with these resources, we plan
double digit growth in our vehicle book. We have witnessed early successes in our new
growth engines, including SME, Leasing and Digital FinCo, wherein we shall deploy
incremental capital. We believe the strength to reach out to our large customer database
enables us to improve our current cross-sell ratios.
We continued to build on our culture of excellence, that revolves
around customer-centricity, diversity and inclusivity, to meet our aspirations of
delivering high- performance. The diversity of our people, our collaborative culture and
our long-standing relationship with our partners have successfully created value for all
our stakeholders. ESG is a key focus area for the Group and your Company has demonstrated
its resolve to achieve Carbon Neutrality by 2040. Our CSR initiatives are aligned to
transform rural lives and drive positive change in the communities around us, with
Healthcare, Education & Livelihood and Environment as our key CSR thrust areas. We
take pride in our Governance standards wherein transparency and performance are rewarded.
I am further glad to convey that Mr. Siddhartha Mohanty, Managing Director of Life
Insurance Corporation of India has joined our Board. I remain thankful to your
Company's Board of Directors for their continued guidance.
With our resilient operating model, experienced and strengthened
leadership team, strong capital adequacy, comfortable liquidity position, and robust risk
management processes, we are confident of pacing ahead to a better future. We remain
well-equipped to leverage the growing opportunities in the Indian financial services
sector and can stay ahead of the changing industry dynamics.
Regards,
Dr. Anish Shah
Chairman