From the CEO's desk....
These are exciting times for our Automotive Electronics industry. The pace ofinnovation is breathtaking. Over the next few years the automotive OEMs will race todeploy connected-car technologies all over the globe.
With our commitment to excellence deep domain expertise and a culture of innovationDanlaw occupies a valuable position in the connected-car market place.
According to industry reports the connected- car market is growing at a five-yearcompound annual growth rate of 45% - 10 times as fast as the overall car market. It isexpected that 75% of the estimated 92 million cars shipped globally in 2020 will be builtwith internet-connection hardware.
Connected-car vehicles are out of reach for most car buyers but they will dropsignificantly in the next few years. It is estimated that there will be 220 millionconnected cars on the road globally in 2020.
In US and Europe the operational trials using the VtoV (Vehicle To Vehicle) and VtoX(Vehicle to Infrastructure) communications are in full swing.
In the global automotive industry there are investments being made in these newtechnologies. The investments to build cloud infrastructure data analytics hybrid and EVtechnologies and autonomous driving features are growing significantly.
The R&D Spend is being driven by increased demand for embedded and softwarecontent. There are significant opportunities for technology solutions companies like us toparticipate in the $150+ Billion R&D globalization and services opportunity.
We are confident our strengths will lead to new opportunities with our existing and newcustomers while providing solid performance for stockholders a rewarding environment forour team members.
Summary of financial results:
Total revenue 995 lacs as compared to 956 lacs
Profit after tax of 94 lacs vs. 40 lacs in FY 2013-14
Danlaw Technologies Inc. our US WOS:
o Total revenues of $1076 million o Income from Operations $232 thousand vs. $323thousand USD
In conclusion I would like to place on record the contributions made by all of ouremployees. We certainly thank our customers and partners for the trust they place in us.
I thank the Board of Directors for their continued guidance.
All of us greatly appreciate and thank you the shareholders for the support you giveus to deliver the results.
Raju S. Dandu
Chairman & Managing Director