I am ceased of the reality that we need to make every day count... Accomplish onedifficult task or making one decision every day. And I am sure when we sum up this dailyprogress it would transform into huge accomplishments by the year end.
It is my privilege to pen down this piece at a time when as the world is caught up in apandemic the likes of which had never been seen before; one which has not only changedour working style but has made it imperative to alter our mindset with the prevailingcircumstances and align our business strategy and operating model accordingly.
As is customary I would first reflect on the previous year before throwing some lighton how we intend to align with the vastly changed environment in our new world.
Fiscal 2019-20 was one of the better years in our journey. It was extremely satisfyingbecause all the growth levers contributed to organisational progress. Moreover we moved afew steps further in our digital journey.
We pruned costs and tightened our processes. We enhanced our asset quality and businessprofitability.
We registered our highest bottomline in history only three years after demonetisation.
The high point of 2019-20 for the microfinance industry was adoption of the Code forResponsible Lending (CRL) which brings all microfinance practitioners to a level playingfield and among other things protects and prevents over-leveraging by the customers.Namra (our microfinance arm) was an early adopter of the CRL and was recognised as a'responsible lender' for adopting and adhering to the CRL. It showcases our determinationand discipline to remain committed to the long-term health of the industryrisk-mitigation self-regulation and ethical business practices.
As we entered 2020-21 we stepped into a new world one which is full of greatuncertainty. Suddenly our annual blueprint broken down into quarterly targets and monthlygoals simply went out of the window. All that mattered was TODAY. It's what we did in thewaking 16 hours of every day that became so very critical. For the organisation. For ourfamily.
For ourselves. Life suddenly translated into a phrase One day at a time!
The challenges brought down by the Covid-19 pandemic were so overwhelming at first thatthe only correct strategy was dealing with one problem at a time One day at a time!
I am ceased of the reality that we need to make every day count. As an individual weneed to accomplish one difficult task or making one decision every day. And I am surewhen we sum up this daily progress it would transform into huge accomplishments by theyear end.
At Arman we put this philosophy into practice... moving ahead one by one by onebuilding up success very small victories one brick at a time focusing not only on theultimate goal but on the task at hand.
During the months of the lockdown the entire team worked diligently each day to stayin touch with our customer base. The results are heartening to say the least. In July2020 we collected more than 81% of the scheduled amount across all our verticalscombined. What is even more heartening is that a larger section of our customers has notopted for the moratorium. I'm also happy to report that Arman is flush with liquidity andwe are excited to continue supporting our customers through disbursements which shouldreturn to some semblance of normalcy by the third quarter of fiscal 2020-21.
Where will we end up at the close of fiscal 2020-21
I would not hazard a guess.
But I am certain about one thing that we will sail through this year and persevere aswe have done so on numerous occasions in our 28-year history. Our financial numbers couldbe subdued but our zeal to make each day count will be higher. And when this mayhem isover which will take some more time Arman will emerge even more alive and agile tosectoral realities and business opportunities.
In closing I take the opportunity to thank my colleagues on the Board for theirguidance in drawing the contours of the longterm vision of the Company. I thank ourleadership team for translating our Board Room strategies into on-ground realties. Iexpress my heartfelt gratitude to the entire Arman team especially our field force fortheir unending passion and unwavering dedication in uplifting the organisation.
I also place on record my appreciation to all our stakeholders and government agenciesfor believing in our vision and partnering us in our growth. Finally I thank you ourloyal shareholders for placing your trust in our abilities for driving your Companyahead. I continue to solicit your faith to take your Company to the next orbit of success.