LETTER TO SHAREHOLDERS
As we write this letter the impact of the second wave of the COVID-19 pandemic seemsto be gradually reducing due to mass inoculation. However different parts of the worldare still under varying degrees of lockdown. The pandemic did throw some challenges ourway but we are proud of the grit with which our people handled them.
Fortunately we are a company that caters to overseas clients and are experienced inworking remotely. As a result we have built a business that largely interacts withclients virtually and we hope that this has ensured little disruption in our clients'experience with us.
Our primary focus has been to ensure seamless customer service and the safety of ourpeople during the year. We were and will do everything in our ability to ensure there areno misses in these two areas.
That said we are pleased to present to you the InfoBeans Annual Report 2021.
The year gone by has been a positive surprise for us. With the entire world workingremotely there was a surge in the adoption of the digital which benefited us andprovided tailwinds to the IT industry. Last time this year we were concerned about theramifications that COVID would have on our business. However we are glad that FY 2021 hasturned out to be a good year for us.
Strong financial performance
We exhibited some excellent numbers during the year achieving Rs.180.3 crore ofRevenue from Operations marking a 13% growth compared to Rs.156.5 crore in FY 2020. Inaddition our Total Income stood at Rs.196.2 crore compared to Rs.164.6 croresregistering a growth of 16%. This was coupled with superior growth in EBITDA which stoodat Rs.54.4 crore in FY 2021 compared to Rs.36.2 crores in FY20 registering EBITDA growthof 33% and EBITDA margins of 28%.
During FY 2021 we onboarded 14 new clients compared to 28 in the previous year;additional client onboarding remained a little slow in H1 of FY 2021. At present we caterto 16 Fortune 500 clients which we believe is a remarkable feat compared to just threeat the time of our IPO in 2017. We aim to grow this number further in in the coming years.
We have charted a strategic roadmap to expand our business through organic growth. Wewill focus on the three areas - getting new clients on board expanding our existingclient accounts and enhancing our competencies and skill sets to serve our clientsbetter.
Leveraging the industry trends
Today organisations world over are adapting to a new virtual way of working andadjusting to the new world order. This sudden spurt in demand has led to a talent shortagein the industry and IT companies are competing to hire people with the right skills.InfoBeans is also looking to expand its team strength to cater to the rising demand anddeliver services that exceed client expectations. In fact we have started campus hiringand are grooming fresh graduates and preparing them for the competitive IT landscape.
Navigating the pandemic
Like every other organisation our priority was to ensure the safety and well-being ofour people. We set up an internal helpline to extend support to the affected team membersand their families. We ensured that our people are duly vaccinated against the virus. Ourpeople also stepped up as volunteers helping to ensure availability of beds medicinesand oxygen to those in need.
We extended support outside our organisation to the communities as well. We providedfood to the needy and also arranged to deliver PPE kits and masks to healthcare workers.We will continue to help wherever we can and stand with the world in the fight againstthis pandemic.
Towards a better future
As we look into the future we are hopeful and optimistic.
We will build on the momentum we have created and leverage the industry tailwinds todeliver organic growth while looking for opportunities to grow inorganically.
We want to extend our gratitude to all our stakeholders for your continued faith in us.Our aim will continue to be to create long-term sustainable value for you. And last butnot least we are extremely thankful to our entire team who endeavoured relentlessly todeliver WOW to our customers.
Siddharth Mitesh and Avinash.