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Ontrack Systems Ltd.

BSE: 532607 Sector: IT
NSE: N.A. ISIN Code: INE426B01033
BSE 05:30 | 01 Jan Ontrack Systems Ltd
NSE 05:30 | 01 Jan Ontrack Systems Ltd

Ontrack Systems Ltd. (ONTRACKSYSTEMS) - Chairman Speech

Company chairman speech

ONTRACK SYSTEMS LIMITED ANNUAL REPORT 2011-2012 CHAIRMAN'S REPORT Dear shareholders, The business scenario in India and other parts of the world where we operate continues to be very challenging. Despite the uncertainties your company has managed to post consolidated revenues of Rs. 1,125.86 million and a PAT of Rs. 20.01 million. Despite a healthy order book position of your company, some of our customers deferred execution of projects due to negative market sentiments and various other factors. Though our Indian operations have shown top line growth, payment cycles in India continues to be very sluggish and margins are under severe pressure due to intense competition. Our overseas operations in 2011 -12 have not shown signs of improvement and we have not taken up new initiatives in the overseas markets due to the recessionary trends that are still prevailing. Operational costs have gone up significantly which has forced us to take a fresh view of the business and the service and product offerings that we deliver to our customers. People and talent continue to be the core drivers and assets of our business. Our employees have once again shown tremendous commitment towards the customer and the company. We are strengthening our employee strength by recruiting new professionals and we are well prepared to take up the challenges in the market place. Your company is now 24 years young and as we enter the silver jubilee year, we once again reiterate our commitment to deliver value to our shareholders, customers and employees. I take this opportunity to thank our members, directors, customers, vendors, employees, partners, bankers, advisers, government agencies and all our well wishers for their continued support. I look forward to your continued guidance and support in the years to come. With warm regards, B. Hari Chairman & Managing Director Date : 13 August 2012 Place: Kolkata, India.