It gives me great pleasure to welcome you to the 14th Annual General Meetingof your Company and share with you the progress that your Company has made to be thefastest growing HR Company in India.
Global changes are continuing to happen with various economies struggling with negativegrowth to near 1-2% of growth of GDP while India enjoys a great growth story. While thereis a huge global impact of business we have ensured that we have a steady growth andstrong foot on ground to sustain our growth. I am happy to share that our endeavors ofInternational partnerships ensured good pipeline of business in future. We are pioneeringthe efforts for the future of this industry with consolidating the learning andresearching to share knowledge. This year we have built best practices and qualityprograms to ensure the sustainability of the business into future. We continue to investin our People and Technology to be a sustainable organization.
We have achieved some success in this direction the total income of the Company forthe year ended 31st March 2019 was Rs 3282.99 Lacs as against the total incomeof Rs 2286.50 Lacs for the previous year ended 31st March 2018. The Companyhas earned a Net Profit aer Tax of ? 152.65 Lacs for the year against as compared to NetProfit of ? 109.55 Lacs in previous year. Your company has been certified with ISO9001:2015 the scope covers providing HR Consulting HR Operations & HR TechnologyServices.
Being a pioneer in the HR for SME's in India your company initiated a first ever HRSMEsurvey in association with Prof. Biju Varkkey of IIM Ahmedabad and Prof. Niharika of VJIMHyderabad. The survey is to assess the outlook for Small and Medium Enterprises (SMEs) inIndia from the HR perspective. At the end of the survey we would be able to generate andIndustry report and HR outlook for the year 2019-2020. We aim to come up with the best HRpractices in Startups and SME organisation by 2019 & beyond leading to Matured HRrating mechanism similar to that of Financial Rating. As the importance of people isincreasingly the single most business priority in future this rating would help immenselyto rate SMEs growth prospects in future.
We would like to share our Vision & Mission before we talk about the future. Hereis what we believe and all our efforts move In the direction :
We enable Organizations to transform lives by providing effective solutions to managepeople
The Future of HR & Role of Intelligence:
Managing the Millennials in & work force needs a different mindset & ability.Your company is aware of this nature of workforce & taking every step to adopt to thechanging demographics of people who impact business. We foresee the Business owners &HR professionals have to use people data & the deep insights to build practices aroundit in future. That means HR becomes the enabler of business than just being anadministrative function. We understand the change and which fits in our Vision for futureis to "enabling people" for Businesses. The future of HR is in ArtificialIntelligence & Machine Learning to be the most enabling function for businessefficiency. We are learning the nuances of the AI & ML world to invest and integratefor better use in next few years to build a sustainable future. This leads with anopportunity in cloud & collaborative/aggregation of business services in HR would bethe future.
Global Learning & Collaboration :
We no longer live in the boundary-based economy but a boundary less world. That meansa lot more learning and collaboration with the world's best companies. Your company is inthe forefront of this reality and would continue to forge many relationships to improveour reach to talk about India growing story. We currently hold partnerships in businesswith more than 14 companies across the globe in achieving a footprint for 70+ countries.We also hold memberships in worlds best known Collaborative Associations to make ourpresence felt globally. This not only giving us the opportunity to Incoming Indiaopportunity but also helping our clients in India grow globally.
World of Outsource Vs Own Your Source(OYS)/Your Source:
Your company is in the forefront of the future opportunity for India as the world seeus being the knowledge mine. Outsourcing is proving to be the costliest affair even forGlobal giants. With raising real estate people cost and pressures for margin to many ITand Non-IT companies from India are not able to be competitive anymore. We foresee thatOutsourcing is going to fade away and will have impact on such large enterprises in India.We foresee a new business model evolving as "OwnYourSource(OYS)/YourSource"which is pioneered by Husys as part of our PEO (Professional Employer Organization)business model. According to a survey last year the PEOs Revenue reached about USD 21billion in 2017 from USD 14 billion in 2013 all around the world with the CAGR of 11%.India being a new emerging player we see the growth be at least 25% year on year. Yourcompany is right in the sunrise stage and would leverage this opportunity going forward.
Your new signups with our international partners created a great de-risk for businessconcentration and also spreading the opportunity. We continue to leverage theopportunities and build sustainable future in our products and services that we offer. Weare currently rightly positioned with people and technology as levers along with ourpartners. In fact we have few shareholders having expertise in AI & ML helping tobuild prototypes of future.. I am also happy to inform you that Your company has been partof the Stanford Seed Program designed to build the future leaders in India & Africa.We are part of the Cohort 2 among 60 SME companies selected out of 650 applicants based ongrowth potential of these diverse organizations. This program is giving us the access toImmersion weeks for CEO Workshops for Leadership Teams Stanford knowledge pool which ishelping our teams to build a Transformation road map over last one year in building thefuture for Husys. Our newly launched SMEHR research yielding great results and we lookforward for great insights to strengthen our Pioneering Leadership position in future.
We are sure of achieving our future aspirations with our highly motivated teamsexcellent clients committed associates and strong partner team will continue to deliversignificant value to all its stakeholders in the years to come and will achieve ourdreams.
We owe all our success to all our Shareholders Investors Associates (Employees)Franchise Partners Clients Principals and all Other Stakeholders who have always stoodby us. Leading the Way
Gundlapally Ramalinga Reddy
Chairman & Managing Director