It's a great honour to address you at the 27th Annual General Meeting of InditradeCapital Limited. A hearty welcome to you all!
The Company along with its subsidiaries have been enabling and empowering progress ofall its constituents. Our journey continues in spite of the significant adverse impact ofthe prevailing Covid pandemic both on lives and livelihood. The world has changed in thelast 15+ months and in this short time the pandemic has had a far reaching impactglobally be it the economy society and all aspects of human lives. Yet amidst all ofthis we have seen magnificent examples of human resilience solidarity and innovations.
When the pandemic broke out in March 2020 we had two key priorities safety andthe wellbeing of our people and business continuity for our customers. In retrospect ourfocus on becoming increasingly agile resilient and future ready company has helped us toovercome changing business challenges in the globally disruptive environment. The worldand in particular India continues to reel under the adverse effects of the second wave ofthe pandemic. The ceasing of economic activities over a prolonged period have shatteredeconomies and led to unprecedented rise in unemployment. No economic devastation has everhad such a great and all encompassing consequence on the world economy effecting even theremotest corners of the world.
Gradual return to normalcy by the third quarter of the last financial year brought somecheer but the same did not last long as the second wave hit us very badly towards thelatter half of the fourth quarter of the FY 2021. At this stage it is extremely difficultto comment on the future as there are significant uncertainties about the same. Wehowever remember the famous saying of Nobel Laureate Bishop Desmond Tutu that "Hopeis the one thing that can help us get through the darkest of times and hope is being ableto see that there is light despite all the darkness".
At Inditrade we continue to pursue our vision of being an active participant in nationbuilding by contributing and strengthening various initiatives at grass root level byenabling and empowering customers through variousbusinessesleadingtoapositive impact ontheir lives and livelihood. We continue to work with the weaker segments of the societyhaving limited access to large institutional funds as the Covid pandemic has limited thisaccess even further impacting their economic conditions adversely. All our lendingverticals like Agri Commodity Financing Micro Financing MSME Financing and Micro Loanscater to these aspiring and growing segments of underserved population. We believe that ina post pandemic world our customers' needs will be even more and we have to be ready formeeting their requirements and aspirations in the most efficient manner.
While our various lending businesses have continued to help customers to the extentpossible under the current pandemic induced circumstances we realised the need forfurther empowering and enabling our customers through innovative measures. During the yearwe launched Inditrade Scalerator a new initiative for helping customers to get loans andaccess financial products from multiple service providers including but not limited toInditrade. The rapid growth of this business over the last few months has demonstrated thefact that the need of this segment of customers goes far beyond the financing and orservicing capability of one single organization.
We also launched Inditrade Rural Marketing towards the end of the third quarter duringthe last financial year to assist our customers in sourcing consumer durables and meettheir aspirations and needs. The carefully crafted eco-system not only brought suchdurables to the customers but also facilitated their getting the finance for the same.This business is carried on under the brand Boonbox' and is making rapid strides infulfilling the aspirations of the customers in rural India.
Once the second wave of pandemic subsides we expect the economy to start picking upand hopefully in the third quarter and fourth quarter of the current year we should seethe return to business as usual'. Your company is fully geared up to continue itswork in its chosen fields and contribute in the accelerated growth. Your Company alsohopes to emerge much stronger and competitive in the post pandemic world when thenew normal' sets in. Like the last financial year even FY22 will most probably be ayear of consolidation. At this juncture expansion may not be the top priority but we willcontinue to optimize operational efficiency and upgrade skills. Driven by passionateindividuals we try to make a difference to the lives of customers and communities we workwith.
Inditrade Community Foundation promoted by your Company continues to work with variouscommunities in and around our areas of operations furthering education amongst studentsof economically backward segments of the society and providing relief during naturalcalamities. We will continue to strengthen this Foundation and continue to serve thecommunity.
On behalf of the Board I wish to express my gratitude to our shareholders clientsbusiness partners financial institutions and regulators for their continued support. Iwould also like to acknowledge the support and contribution made by our humancapital' and the management team for their efforts and commitment in making theorganization based on values and empowered through a joint vision for the future.
Thank you and wishing you all the best