On behalf of the Board of Directors of Panache Digilife Ltd I welcome you all to the14th Annual General Meeting of Your Company. Like many other businesses your company toohas experienced difficult situation during pandemic - Covid 19 period. I am happy toinform you that even in such difficult times the financial performance of the company wassatisfactory considering the economic slowdown and the Covid-19 pandemic situation.Continuation of the lockdown certainly posed multidimensional challenges to themanufacturing and administrative functions. As you all know your company operates throughInformation Technology which is quite dynamic and ever-changing in nature whichnecessitates quick adaptation of the new ideas processes technology and necessaryflexibility in operations.
The company could successfully adapt to the changes in the style of functioning andmanufacturing due to changed international and domestic environment. The company facedchallenges in areas like business modality operations human relationship and materialsourcing. The pandemic situation raised concerns to be addressed in quite a fewmultidirectional dimensions. I wish to state we could manage the situation competitivelytaking advantages of the concepts of artificial intelligence big data cloud IoT andsmart devices. Successful handling of the adverse situation infused confidence in theoperating team.
Modern technology has paved the way for use of multi-functional devices and therebymade our lives easier faster better with some fun as well. We all have experiencedtransformation of the day-to-day life by the use of digital gadgets through the influenceof new technology. More and more people are now actively using the web through desk PCsmart gadgets and phones. This has resulted in generation of huge volume of information& digital data which is gets shared on social media network. In other words thoughthe pandemic situation created lot many problems in the areas of health environment andsocial behavior but it also resulted in revolutionizing the use of information technologyand the very concept of adaption to the new systems. It is quite clear now that in comingtimes more and more gadgets and systems will be deployed taking advantages and use of therevolutionary Information Technology.
It is also important to note that the use of newer revolutionized gadgets and systemsin the day-to-day life in commercial and social dealings is likely to pose someundesirable challenges. Obviously these too will have to be handled effectively throughInformation Technology and IoT platforms. The increased volumes of the gadgets and spreadof the information technology concepts will require more and well-spread effectivesupport setup which will result in generation of more employment in the sector.
Today we are living in a world connected with each other through billions of physicaldevices around the world via web. Data is collected and exchanged with the help ofconcepts like Artificial Intelligence and Internet of Things which is making the devicestalk to each other. It would not be wrong to say that our digital and physical universehas nearly merged; and this change has made the world around us smarter and moreresponsive.
Ever since inception Panache Digilife Limited has strived to be an innovative playerin the ICT & IoT technology-backed devices manufacturing distribution and servicesspace. We are fully aware and in tune with the changes taking place in the technologyspace. The Company is proud to have taken significant strides in the areas of SmartComputing Devices & Virtualization Smart & Digital Classrooms Retail IOT AV& Display Smart Water and Digital Wellness. Having said that we are still a youngCompany; we have to fathom many more miles. The current situation that we are surroundedwith is the most opportune time for the business development. Panache is very fortunateto be opportune for availing the advantage and being a part of the metamorphoses processthat the industry is going through.
Govt. of India's initiatives like 'Make in India' and concept of 'Atmanirbhar Bharat'are effectively contributing towards making our country a global manufacturing hub. Thesemeasures will facilitate employment generation fostering innovations infusing of moreinvestment enhancing skill development and helping in protection of the intellectualproperty. The new reforms are expected to enhance the ease of doing business boosting oflocal manufacturing development of local markets and tuning-up of local supply-chain. Thechanged environment will also provide an opportunity to Indian Companies be competitiveand transform into global brands.
I wish to state that the migration of Panache's equity stock to NSE Main Board hasresulted increase in floating stock which means larger shareholder participation; moreliquidity better valuation; and wealth creation for all.
The results require no elaboration o Revenue growth of 8.83% o EBITDA growth of 22.77%o PAT growth from continuing operations of 26.54% o Net Debt : Equity of 0.87
The uncertainties imposed by the pandemic compelled us to strategize our business focusand led us to take critical decisions on our operations. We did however continue tore-structure our business and build the skills necessary to address the growingopportunities in Emerging Technologies like IoT Artificial Intelligence (AI) and SmartDevices. We have restored our investment plans in FY22 and will strengthen ourmanufacturing footprint to cover products in Laptops All-in-one Devices Tablets andServers.
Drawing your attention towards our latest product development Lyf-Lyn product range.Post the outbreak of pandemic COVID-19 Health and Hygiene consciousness is likely to bethe new normal of our day-to-day lifestyle going forward. Keeping the cognizance of thesame we are very happy to say that we have contributed in innovating new- age IoT basedproducts for Smart Personal and Community Hygiene Ecosystem with our product range -"Lyf-Lyn" which will revolutionize the way people interact with others as wellas ourselves. This development of IoT based products will address the sanitization processas well as enable creation and maintenance of records.
We are very confident about the sustainable demand of such products going forward as wecan see resurgence towards personal health and hygiene post pandemic. As the worldtransits through these extraordinary times we at Panache through our 'Lyf-Lyn ProductRange' intend to find 'Answers for today's problems and Solutions for tomorrow'schallenges' by integrating technology in new products.
All these are a part of our new plan called "Panache 2.0' post pandemic; and infurtherance of "Making Human Life Easy". The Company has a decent order book andthe management is optimistic about this financial year.
We will continue to achieve deeper market penetration with more unique productsimproving operational and financial efficiency; and constant innovation. These are thevery parameters that has enabled to Company to walk on the desired path which will lead tothe realization of our vision. We look forward to the future with renewed enthusiasm.
I now conclude my address by thanking all those who have stayed connected with PanacheDigilife and supported its endeavors. Thank you for placing your confidence in the Companyand its management; and in Panache's growth potential. I raise a toast to all myextraordinary colleagues who over many years have given this Company of yours thehighest possible levels of commitment dedication and unqualified support. My heartfeltthanks to the Members of Board of Directors whose guidance advice and support has beeninvaluable. We at Panache Digilife eagerly look forward to a year of achieving newmilestones and unlocking shareholders value.
We welcome your advice and feedback. We wish you and your families all the very best.
With warm regards
Mr Amit Rambhia
Chairman and Managing Director.