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Adam Comsof Ltd.

BSE: 526177 Sector: Others
NSE: N.A. ISIN Code: INE272A01017
BSE 05:30 | 01 Jan Adam Comsof Ltd
NSE 05:30 | 01 Jan Adam Comsof Ltd

Adam Comsof Ltd. (ADAMCOMSOF) - Chairman Speech

Company chairman speech

ADAM COMSOF LIMITED ANNUAL REPORT 2002-2003 CHAIRMAN'S REPORT CHAIRMAN'S STATEMENT Dear Shareholders, The progress of mankind in recent years, has been inextricably linked with the growth and advancement in the information technology sector, which chiefly consists of software and hardware as its key components. IT is the hope for fuelling growth and for fostering the continued well being of man, in the long run. Thus, though the sharp slowdown in the IT industry in the previous year, was a rude shock, it was however, only a temporary blip, in the fortunes of the software industry. The slowdown was more of a logical reaction to the bursting of the tech bubble on the bourses in USA and the unfortunate monstrous event of 9/11, which shocked one and all. The recently announced results of the software majors, which are pregnant with profits, are a confirmation of the inexorable and unstoppable march of technology and the fact that the set backs that it witnessed last year, were a mere short term phenomena. In the backdrop of the slowdown in the industry, during the year under report, the Company's performance and profitability is viewed with a sense of satisfaction. The year also witnessed a distinct trend of change in the IT industry. PC sales remained stagnant worldwide, though they surged in two large markets, viz. India and China, an expression of pent up demand of the past. Sales of servers and internet equipment indicated buoyancy. A radical shift in consumer demand, due to changes in technology is taking place. Tablet PCs, with telephone and internet compatibility or vice versa i.e. mobile phones with computing power are the gizmos of the future. While the global giants like Nokia and Microsoft, slug it out for global supremacy in the quest for the new products, we have been altering our business models, to tailor them for the changed scenario. We have also initiated cost cutting measures, which will impact our long term profits favourably. Due to our inherent and innate strength, we have weathered the slowdown in the sector, with the confidence that these very strengths will help us to chart our course of growth and prosperity in future, successfully. Vinod Hingorani Chairman NE