I am delighted to present before you the 26th Annual Report of yourCompany. As we traverse through this wonderful journey we take pride in fulfilling needsand aspirations of Indians from every part of the country ethnicity gender andbackground people residing in large cities and small towns salaried and self-employedthe young and the wise people of determination and everyone in between. Our philosophy ofproviding fair and sound researched based advice and enabling our clients in making soundfinancial decisions has successfully helped us create wealth of our clients.
In the current scenario the post-demonetization era there has been afundamental change in behavior of Indians with household savings increasingly shiftingfrom physical assets to financial assets. In FY 2018 India witnessed record demat accountopenings many first-time investors have chosen to invest in the stock market throughmutual funds which have seen record flows and new investor registrations.
India's economy maintained its strong growth in FY 2018 as GDP expandedto 7.4% as compared to 7.6% in the previous year. With "One Nation One Tax" GSTregime being implemented GST collections crossed Rs. 1 trillion figure in April 2018.However in the previous Union Budget the government re-introduced LTCG tax on stocks.Investors will have to now pay 10 per cent tax on profit exceeding Rs 1 lakh made from thesale of shares or equity mutual fund schemes held for over one year.
India today is on the cusp of a transformation - an India more vibrantand dynamic. In this backdrop equities markets have also transformed. ExperiencedInvestors now understand how difficultit is to "beat" or "outperform"the market on a consistent basis. Hence it is apt that investors lay their emphasis onproper planning asset allocation and tax efficiencyall factors that have deliveredsuccess over time and all within every investor's control. We at Arihant recognize andacknowledge these changing times and are realigning our business strategy businessprocesses and honing our team skills to keep ourselves ahead of the curve.
I am pleased to inform you that during the financial year yourCompany's consolidated income crossed Rs. 100 crores a testimony of our relentless work.The total income for the previous year stood at Rs. 102.44 crore and your company reporteda profit aftertax of Rs. 20.66 crore.
Today thanks to technology reaching out to people and making themarkets available to them has become much easier. On the technological front we havecompletely revamped our mobile trading application for our clients and introduced E- KYCpaperless onboarding in 2018. We recognize that in the current era trading and accessingclient information via mobile
devices is extremely important and hence we are betting big on it inthe future. We are humbled at the opportunity to lead Arihant forward in this new"smart" age by innovating and simplifying our technological infrastructure andofferings.
I've always believed in the power of investing. With the rightfinancial provider and active engagement investors can make far better decisions thatbringgreater value to theirfinancial lives.
I will close where I started-with a sincere thank you. Thank you to ourvalued clients our shareholders and all the stakeholders who have helped us to accomplishour goals. Your trust and confidence in Arihant have helped us build a remarkable companythat is set to make a positive impact in the lives of every Indian. I truly believe thebest is yet to come.
"With Our Vision and Strategy in the Right Direction the Value isyet to Unlock and we are Poised for the Growth in the Future"
ASHOK KUMAR JAIN
Chairman & Managing Director