Palred Technologies Ltd.
|BSE: 532521||Sector: IT|
|NSE: PALREDTEC||ISIN Code: INE218G01033|
|BSE 00:00 | 24 Apr||80.60||
|NSE 00:00 | 24 Apr||81.15||
|Mkt Cap.(Rs cr)||78|
|Mkt Cap.(Rs cr)||78.42|
Palred Technologies Ltd. (PALREDTEC) - Chairman Speech
Company chairman speech
I take pleasure in presenting the Eighteenth Annual Report of your Company. I use thisopportunity to present the financial performance of the Company in the year and what wesee for the future. After the sale of business in October 2013 the Company has investedinto Palred Online Technologies Private Limited which owns and operates www.LatestOne.comandPalred Technology Services Private Limited a Software Solutions Company focused one-commerce solutions.
LatestOne.com launched in October 2014 is India's only e-tailer specialized in tech andmobile accessories such as Bluetooth devices mobile covers tablet accessories cablespower banks Android TVs headsets smart watches CCTV's etc. It stocks over 10000different products in its inventory and operates through its own fulfillment centers inDelhi and Mumbai. It attracts more than 125000 visitors per day and has already servedmore than 1.5 million unique customers.
LatestOne.com has emerged as No.1 etailer for Tech & Mobile Accessories in 2 yearssince its launch. By combination of superior technology fulfillment centers and digitalmarketing skills LatestOne.com has scaled up from 100 orders per day to almost 5000orders in a day. LatestOne.com has reduced its losses by 60% while revenue has grown by8%. It was also direct cost profitable for full financial year.
Ecommerce industry faced several challenges last year. Even in these difficultsituations we have been able to raise funding from prominent existing and new investors.We will use funding for international expansion and to introduce more product categories.
As always we will update the stake holders investors employees customers vendorsand also keep them posted about the developments from time to time. Your Company hasalways been actively contributing to social causes as a part of its Corporate SocialResponsibility.
On behalf of Management and staff I would like to thank every shareholder of PalredTechnologies Limited for your continued commitment support and confidence. We lookforward to your continued support and encouragement in future as well.
Palem Srikanth Reddy
Chairman and Managing Director