The last two years have not been particularly satisfactory for us at AGC. While it is afact that there were strong headwinds in the macro-economy that aggravated the situationwhat is important to accept and understand is the fact that we could not capitalize onopportunities.
An opportunity is good only if it is capitalized upon and the capability to leverage itis available. At AGC we have done a careful in-depth analysis aligning our strengthsremapping and re-managing opportunities at a global level. We have also taken variousmeasures to ensure we build an organization that can manage risks more effectively.
Today we are ready for an opportunity called challenge.
We take the opportunity to start the New Year with a stronger balance sheet by taking aprudent and conservative accounting approach and have provided for doubtful debts and / orwritten off certain assets. We have realigned our market focus on four key geographies:USA Middle East / Africa Australia / New Zealand and India.
Our timely investments in the USA in FY 2012 followed with the acquisition of thebusiness of Transcend United Technologies (TUT) as well as establishment of CustomerExperience Center have paid rich dividends for us in that market. From a loss in Year 1we have turned in a marginal operating profit in the USA this year. We were alsosuccessful in winning a multi million dollar services contract from a Top 10 Bank in USA.We have got two new high-margin contracts whose benefits will accrue in the coming year.We continue to leverage our position as a leading Solutions Integrator in this key marketconnecting with our strong presence in India to offer compelling advantages to clients inthe USA.
We continue to leverage our position as a leading Solutions Integrator connecting ourstrong presence in India to offer compelling advantages to clients in the USA.
In the Middle East and African markets we have now started to reap dividends bywinning significant deals. Very recently we won two new large contracts worth over USD 6million. We have stabilized Australia and made AGC a relevant player in the market. Someof the new contracts we won included a large Australian MNC for a fully managed UnifiedCommunications solutions upgrade and support. In addition there were other remarkablewins. Closer home in India we achieved an extended project win in the BFSI space forCheque Truncation Systems (CTS) implementation involving a consortium of bankers.
All these developments signal how AGC is building upon an opportunity called challengeand is poised to rebound and reshape itself positively and accelerate ahead in FY 2015 andbeyond.
We have always been a Company with positive attitude. We continue to be one of theleading Solutions Integrators with proven capabilities in developing customized solutionsthat create compelling value for our clients. With our renewed focused and sharpstrategy we are back on track.
President & Executive Director