BOSTON EDUCATION & SOFTWARE TECHNOLOGY LIMITED
ANNUAL REPORT 2000-2001
I take great pleasure in communicating to you, our extended family, the
fiscal results for the year 2000-01. In a period, generally characterized
by a buoyant demand for IT services, Boston had beaten the industry growth
rate, by clocking an increase in revenues by over 50%. This was made
possible by expanding the Company's educational outlets across all the
major cities in India from about 115 the previous year to 185 today. By
constantly raising the bar of advanced technology courses, and honing our
competitive advantage by setting new quality standards. Today Boston stands
apart as a Quality Software Training Provider because it not only imparts
quality education to its students, but continuously upgrades the skills and
capabilities of its employees through on-going development programmes.
Along with their sterling efforts, Boston has made a successful foray, into
marketing its Multimedia based CBT and thereby entering the vast market of
products for the formal education sector. These, and other initiatives,
have led to our strong growth rate.
On other fields, other global opportunities
In India, as you know, we arc a significant player in the Low end, High
end, & Professional segments. Besides pioneering the finishing school
concept by its Software Application Engineering program, Boston had also
innovated the concept of Cyberkid IT-Education for the next generation
that's growing up from 3 to 12 years. This edutainment concept has proved
so popular with parents and children that it has now found acceptance in
Boston has opened two centres in Nepal and will shortly be opening centres
in Middle East.
In Software we play hardball
We have successfully carried out software development projects
including some prestigious projects; such as the one for the White House,
U.S.A., other projects were for companies such as Economic Times,
Identitech Inc., etc. to name just a few. We have also consolidated our
position in U.S.A by acquiring Infinity Software Inc., a Florida based
company which gives us' a tremendous advantage in tapping the Fortune 500
companies for offshore as well as onsite projects This acquisition will be
The headlines highlight for slowdown
There is no denying the fact that IT capital spending has slowed to a trot
in developed and developing countries. Profit warning and projection
cuttings are the announcements of the day But it s like a "Is the glass
half full or half empty" story A careful analysis of the slowdown in tech
spends and the layoffs amongst software professionals reveal that the
shakeout will leave only the best of breed standing. which is where we
believe Boston has the advantage.
Specialised focus niche marketing cost cutting
Boston's strategy is in compete where it functions best. For starters, it
has recently launched two portals to provide a complete portfolio of
products - "testvarsity.com" and IT skill testing portal and
"eduunlimitd.com" an online education portal. This is a testimonial of our
strong R&D capabilities and constant monitoring of consumer behaviour & IT
Specialised courses on Embedded technology and IT enabled services are to
be launched soon
Boston intends to enter the areas of providing specialised software
services in vertical like Banking, Finance and Insurance, Embedded software
training and other specialised areas.
Obviously this thrust into growth areas will need a careful eye on the
bottom-line. So we are re-engineering our business processes and
rationalizing our cost structure.
By 'sticking to our knitting' and innovating according to emerging trends,
we will reinforce our Value Offerings in Software Education & Software
Differentiation will he our key value proposition in all the products &
services we offer and our image as a High-end training provider will tide
us through these turbulent times.
In sum, streamlining business processes, continuous innovation, systemizing
operations and cost rationalization should eventually pay off for your
Company and for you, our shareholder in the times ahead.
Dr. Arvind A Shah
July 20, 2001