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Boston Education and Software Technologies Ltd.

BSE: 501469 Sector: Services
NSE: N.A. ISIN Code: INE122C01010
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Boston Education and Software Technologies Ltd. (BOSTONEDUCATION) - Chairman Speech

Company chairman speech

BOSTON EDUCATION & SOFTWARE TECHNOLOGY LIMITED ANNUAL REPORT 2000-2001 CHAIRMAN'S REPORT Chairman's Message Dear Shareholders, 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 overseas markets. 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 completed shortly. 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 trends. 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 Development. 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 Chairman July 20, 2001

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