It gives me great pleasure to present to you your Company's Annual Report for FY17share with you your Company's progress thus far and thoughts for the future.
FY 17 has been a year of structural policy changes and financial reforms. Even thoughthese reforms and changes were perceived as hurdles by some sections India has managed toovercome them with optimism. The country is also moving towards complete technologicalinclusion. This demands an environment in which the transition to digital initiativesempowers our customers to be future ready which at PHL has been the prime focus in 201617.
Clearly the most significant event of the year was the government's decision todemonetise 86% of the high-value currency in circulation in one stroke. This governmenthas implemented many significant reforms but demonetisation has to be counted as theboldest decision this government has taken.
Demonetisation may be remembered for a few years but GST will be remembered for ever.Millions of un-organised business people will register themselves for GST and start payingtheir taxes for the first time as not doing so will make them uncompetitive as they won'tget input credit. For the first time we will become one nation economically it wassometimes easier to import instead of buying from another state of India! When the billwas passed in the Rajya Sabha in August 2016 GST will unify India economically. It's thatbig a moment". That sums up GST's significance for generations.
The smartest decision by this government has to be accepting Aadhaar as the platformfor a new India even if it was initiated by the previous government. The Aadhaar platformhas not only made a digital India possible through e-kyc e-signature and e-payments buthas also helped reduce ghost beneficiaries who were sucking and siphoning what was meantfor the poor. I hope the judiciary sees the merit of making Aadhaar mandatory for availingall government benefits to avoid such siphoning of course with a lead notice period forthe citizens to sign up.
We believe the future is about being smarter and innovative. The world is transformingat a rapid pace with extraordinary innovations designed to make things easier and lifesimpler. Everybody expects to stay connected - families friends organizationsemployees customers etc. Social communities are beginning to evolve digitally and areslowly replacing traditional modes of contact. As we talk more with our customers it isevident that customers' behavioural patterns are changing. We have a mix of customers whowant to do things by themselves and others who prefer personalized interactions.
PHL operates in a dynamic and competitive environment. Competing in this environmentrequires a commitment to customer service excellence and innovation areas where wecontinuously strive to improve.
PERFORMANCE OF COMPANY
I inform you that despite the mid-year temporary slowdown in demand due todemonetization we have managed to perform well in FY 17. Your company earned a Revenue ofRs. 18553137 during 2016-17 as compared to Rs. 17515184 over previous year. TheCompany has posted a record profit after tax of Rs. 183108/- as against Rs. 90178/- overthe previous year.
In this Annual Report we have disclosed forward-looking information to enable investorsto comprehend our prospects and take informed investment decisions. This report and otherstatements written and oral that we periodically make may contain forward-lookingstatements that set out anticipated results based on the management's plans andassumptions. We have tried wherever possible to identify such statements by using wordssuch as 'anticipates' 'estimates' 'expects' 'projects' 'intends' 'plans' 'believes'and words of similar substance in connection with any discussion of future performance. Wecannot guarantee that these forward-looking statements will be realised although webelieve we have been prudent in our assumptions. The achievement of results is subject torisks uncertainties and inaccurate assumptions. Should known or unknown risks oruncertainties materialise or should underlying assumptions prove inaccurate our actualresults could vary materially from those anticipated estimated or projected. Readersshould bear this in mind. We undertake no obligation to publicly update anyforward-looking statements whether as a result of new information future events orotherwise.
I would like to thank all our stakeholders for their continued faith & support. PHLcontinues to focus on empowering customers to be future ready through innovation andbuilding bridges that make business easy and pro-table for all stakeholders.
I thank you for your attention.
(Laxman Singh Satyapal) Chairman & Managing Director
DIN : 00007258