Dear Members,
As you may be aware, your Company, along with its subsidiaries, operates a diversified
business portfolio — consisting of information technology (IT) services, business
process management (BPM), fast moving consumer goods (FMCG), ayurvedic formulations, real
estate and sports. Other than IT services, which constitute its standalone operations, all
other businesses are carried out through various subsidiary companies.
Let me share with you a brief round-up of the various businesses.
First, your Company provides IT consultancy, projects and development, and support
services to entities engaged in electric power generation and distribution.
These include electricity billing, online consumer services, monitoring, MIS reporting
as well as management of generation and distribution assets. Moreover, there are
applications that can be utilised across industries, such as customer relations
management, human resources, treasury management, cyber security, e-services, digital
communication solutions, analytics and cloud computing and many others. In FY 2022-23,
such services were provided to various Group entities including
CESC Limited, Haldia Energy Limited, Dhariwal Infrastructure Limited and the Group's
distribution franchisee in Rajasthan and Maharashtra.
Second, through its subsidiary, Firstsource Solutions Limited (FSL), your Company is
present in business process management. FSL is a publicly listed entity on Indian stock
exchanges, and your Company holds 53.66% stake. FSL works with over 150 global clients and
leading US based hospital networks — including 18 Fortune 500 companies — by
delivering innovative and value-added business process management services through latest
technologies and deep industry expertise.
In banking and financial services, FSL services five of the top 10 US credit card
issuers, two of the top five retails banks in the UK, six of the top 15 mortgage servicers
in the US, and five of top 15 mortgage lenders in the US.
In healthcare, it services seven of the top 10 health insurance / managed care
companies in the US; and over 1,000 hospitals in the US.
It services the UK's largest news and broadcasting company, and two of the top five
telecom and broadcasting company in the US. Plus one of the top three utility companies in
the UK.
FSL has 23,018 employees operating from 39 service facilities spread across the US, the
UK, Mexico, India and the Philippines. During 2022-23, FSL's total income (including other
income) increased by 3.9% to Rs.6,153 crore. Profit before tax (PBT) was Rs.615 crore; and
profit after tax (PAT) stood at Rs.514 crore.
Third, in fast moving consumer goods, your Company, through its 100% subsidiary
Guiltfree Industries Limited (GIL), markets packaged snacks under the brand 'Too Yumm',
which are positioned as 'Tastier and Healthier' snacks. In 2022-23, it entered the Indian
namkeen category; and launched a personal care brand called 'Naturali' GIL also has a 70%
stake in Apricot Foods Private Limited which markets snacks under the brand name 'Evita'.
GIL's total consolidated income (including other income) grew by 21.9% to Rs. 426.5 crore
in 2022-23.
Fourth, your Company is present in the ayurveda industry through its wholly owned
subsidiary, Herbolab India Private Limited. Herbolab has over 100 proprietary ayurveda
formulations across categories such as immunity, weight management, respiratory, women's
health and men's health — all approved by the Ministry of AYUSH. These products are
marketed under the brand 'Dr. Vaidya's', which has become one of India's largest ayurveda
brands in the direct-to-consumer
space. Over 90% of its sales comes from online platforms. Total income (including other
income) of Herbolab grew by 61% to Rs. 30.1 crore in FY 2022-23.
Fifth, in real estate, Quest Properties India Limited (QPIL), a 100% subsidiary of your
Company, launched Kolkata's first upscale shopping mall, 'Quest', in November 2013. Over
the years, it has become an iconic shopping centre brand with pan-India fame, winning
several awards and accolades. Without the yoke of Covid-19, 2022-23 saw considerable
improvement in performance of the mall. Footfalls improved by 36% versus the previous
year. There was a 37% growth in retail sales performance to Rs. 970 crore in
FY 2022-23 — the highest ever sales since its inception.
QPIL is also developing a residential project in Haldia spread over 3.5 acre of land.
The first phase is complete and almost all units have been sold.
QPIL reported creditable financial results in FY 2022-23. Total income grew by about
26% to Rs.140 crore; and PBT increased by about 59% to Rs. 51 crore.
Six, in sports, your Company, through its subsidiaries, is involved in football and
cricket. In football, it is the historically iconic club, ATK Mohun Bagan which will be
known as 'Mohun Bagan Super Giant' from 2023-24 football season. And in cricket, it holds
the right to own and operate Lucknow Super Giants, which is the Lucknow franchisee of the
Indian Premier League (IPL), and the Durban Super Giants, which is the Durban franchisee
of the South Africa T20 League (SA T20). Sports is big, and will only get bigger. So, I am
really excited with these prospects.
Consider this. Your Company, either directly or through its subsidiaries, is into IT
consulting, business process management, fast moving consumer goods, ayurvedic products,
high end malls and properties and sports. Each are great categories to be in. Therefore, I
truly believe that the growth story of your Company has just begun. Properly managed and
funded, each has the opportunity to grow substantially. And with it, your Company. The
game is on!
Thank you for consideration and support. Together, and with your blessings, we will
deliver even more impressive performances.
With my best wishes,
Yours sincerely,
Dr. Sanjiv Goenka
Chairman