I am pleased to present to you our company's performance during the year FY2019-20 andI am proud to share with you how extraordinary and significant this year has been for yourcompany.
Despite the challenges faced by the overall economy specially NBFCs in the last yearand a half these results reflect how well our model can perform even in an uncertainenvironment. It's a well-known fact that the real test of a business model is in the timesof adversity. Today the world is facing an unprecedented challenge and the crisis isstill unabated. This crisis has shaken many businesses; brought the economy to completehalt and has affected many medium and small sized entrepreneurs. As a firm we are takingactions to support our people their families and our clients. I am proud of how ourpeople have reacted amidst these circumstances demonstrating the resilience and resolvethey put forth on a daily basis on behalf of our clients.
The significant changes in market conditions have adversely impacted many large andsmall NBFCs as well and has forced many firms to revisit their business models and assesstheir resilience. As the crisis unfolded and we went from one lockdown to another webecame even more confident of our business model.
Going forward technology and teamwork will play an ever-bigger role in drivingbusinesses. If we have received one invaluable lesson from the COVID-19 outbreak it isthat technology can help us stay together inspire each other and move forward despitechallenges. During the year we undertook various digitalisation initiatives towardsautomation of HR customer on boarding and credit decisions.
This crisis has proven that it's not enough to just have a resilient business model itis about having the right culture and being passionate. It was indeed heartening to seeour teams going out of the way to help our clients and customers and address theirconcerns in the best possible way. They truly define the AHL culture and I feel an immensegratitude towards them. While there is no shortage of challenges ahead I am confident inour ability to continue to rise and meet them. We will continue to focus on lifting ourcommunities and will keep providing them with best and timely financial solutions to helpthem bounce back and contribute towards reviving the economy.
We believe in creating value by taking constant efforts towards building capabilitiesand developing our competitive edge over peers with the help of bringing in diversity andtransparency in doing business and would continue to do so in order to become a strongerentity than we were yesterday.
On behalf of the Board I thank the entire team at Arnold Holdings Limited for showingtheir faith by giving constant support and encouragement. I also take the pleasure tothank the employees for their tireless efforts towards achieving our goals.
Munni Devi Jain