We don't develop courage by being happy everyday. We develop by surviving difficulttimes and challenging adversity"
- Barbara De Angelis
Dear valued Stakeholders
I sincerely hope that you and your family are safe and healthy. It gives me profoundpleasure to present to you the 23rd Annual Report for FY 202021 of CeinsysTech Limited.
Last year was one of the most difficult and challenging with Covid-19 pandemicspreading exponentially across all geographies. It goes without saying that these areextraordinary times has impacted our lives in unforeseen ways. Just as our hearts go outto everyone affected by Covid-19 I am grateful to all our frontline workers medicalprofessionals government officials non-profit organizations and various otherinstitutions who are risking their lives to keep us safe their determination and effortsto help humanity to tide the crises needs to be applauded.
On the business front while the fear of unknown gripped the world your company withproactive preparations and prompt adoption of digital technologies to meet the requirementof the times weathered the pandemic and was able to bounce back quickly. With gradualnormalization over time your company was able to achieve satisfactory results during theyear. I am incredibly proud of the team for their undeterred grit dedication agility andunwavering commitment demonstrated during these tough times.
Your company quickly adapted and continued to enhance its focus and exhibited greatresolve in understanding customer needs during this crises situation and addressed thesame through improved offerings with a strong value proposition for our customers.
I am also happy to inform you that by making the safety of our employees as well ascreating a safe workplace for business continuity as an area of our topmost priority andconcern your Company has proactively and seamlessly embraced and transitioned to the newnormal. With a wide canvas of geospatial engineering and information technology solutionsand offerings your company is well positioned to capitalize on the emerging opportunitiesin the digital transformation space. As your company is moving ahead we are continuing tolay very strong foundations for the next decade of growth.
The pandemic has affected several businesses both large and small. Similarly yourcompany's operations were impacted by the pandemic induced lockdowns and subsequentsignificant slowdown of the economy. Despite these unprecedented challenges and our strongdetermination to achieve growth in spite of all odds your company was able to maintainthe operations during the financial year 2020-21 and was able to manage revenue at similarlevels though the profitability is severely impacted as compared to previous year.
Your company achieved revenue of Rs. 18740.96 Lakhs in 2020-21 at Standalone basis asagainst revenue of Rs. 20140.68 Lakhs in year 201920 registering decline of 6.59%. Theprofit before tax at standalone basis showed decline of 90.46% and is at Rs. 320.85 Lakhsfor year 2020-21 due to severe restrictions on operations due to COVID-19. Despite thechallenging situation company is able to reduce overall debt level by Rs. 1003.64 lakhsduring the year leading to improvement in the debt equity ratio to 0.88x. It gives meimmense pleasure to announce that with continuing the practice of rewarding ourshareholders your company has proposed a final dividend of Rs. 2.25 per share for thefiscal year 2020-21.
Your company is designed to enhance value for all its stakeholders in a rapid safe andsustainable manner. Thus your Company's focus in the current financial year is to embarkon a business transformation with the aim of driving accelerated growth. I am extremelyexcited about the tremendous business opportunities lying ahead and the vast years ofexperience with the unmatched skills will help your Company to navigate better and reachbetter heights at a faster pace in the years to come. It will be our constant effort tofortify the company through investments in new technologies and skills to be a dominantplayer in the Indian IT Geospatial and Engineering space and with above stated commitmenttowards creating value for all stakeholders.
I would like to take this opportunity to thank each and every Employee as well as thosewho work with us across the value chain for their generous support and hard work in theservice of your Company. I would also like to thank each and every Stakeholder as well asBoard Members for their continued trust in the business and would like to express mygratitude for their continuous support and encouragement. I do hope that you will continueto repose your faith in us and help us address business challenges with agility anddeliver astounding results year after year.
Best Regards SagarMeghe
Non-Executive Non-Independent Director