Dear Valued Shareowners
It is my pleasure to share with you our 29th Annual Report for the financialyear 2018-19. Growth this year has been challenging but the year has been exciting on manyfronts. As we look ahead to the thirtieth year I am joined by a new leadership team thatis all geared up to lead the Company through the next phase of growth.
I am excited to have Mr. Christopher (Chris) O'Connor take over as the Chief ExecutiveOfficer of the Company. Having worked with Chris for over ten years I am confident thathe will build on the rich heritage of the Company and further establish business brandvisibility and respect for the Company going forward. I am also delighted to welcome Mr.Sandeep Kalra to the leadership team.
During the year our revenue was र 33659.41 Million (USD 480.97 Million) and the netprofit was र 3516.79 Million. In February 2019 we initiated a share buyback plan toacquire shares from the market worth र 2250 Million over a period of six months. On March31 2019 the cash and equivalents were at र 14798.26 Million.
While acknowledging that this was a difficult year we believe that the market for ourservices continues to grow and our differentiated offerings provide us opportunities forsustained growth. In addition to a new leadership team we set up growth and solutionsteams focused on establishing leadership and creating unique differentiation. Theseinitiatives have started to deliver targeted growth for the business.
Digital transformation continues to be the core theme for our customers. Businesses areunder pressure and need to improve efficiency and effectiveness to compete againsttechnology savvy upstarts. Businesses realize that to present a new face to theircustomers they must leverage technology become agile and flexible so that they canrespond decisively amid rapidly changing conditions. By setting up systems that aresoftware driven businesses get the opportunity to present different personalities bysimply reprogramming the components that hold the business together.
Software systems use agile processes and are built and deployed iteratively andincrementally. Incumbents are investing in infrastructure to facilitate the integration oflarge volumes of existing data to intelligently drive actionable insights. Our heritage ofworking on product development for technology companies has provided us an opportunity topartner with technology leaders and bring this technology to our customers. We continue toadd new partners which allows us the flexibility to express different personalities to ourcustomers.
We pride ourselves in being responsive to customer needs and requirements. Ourexperience in product engineering has become relevant to enterprises on the digitaltransformation journey. Our Software 4.0 methodology helps build robust software that canbe deployed in complex and rapidly changing environments. Our work will continue to shapethe future of software driven businesses while we continue to navigate through thetechnology shifts.
Our customers and partners continue to be our coaches and mentors and we appreciatetheir support and guidance. Customers have encouraged us to go beyond technology solutionsto delivering business value. We responded by creating new business models and byextending our growth and solutions teams with domain experts in three industry segments banking & financial services healthcare & life sciences and theindustrial sector. We believe that strong technology capabilities are fundamental todelivering business value and we also continue to invest in technology are as like cloudcomputing data & machine learning and identity & security.
I am proud to share that in May 2019 our total strength crossed 10000. This is asignificant milestone for the Company. With 29% women our global population of 10000 isdiverse and is spread over 18 countries across the world.
Our team is our strength and I am grateful to the hard work and the efforts of our teamthat is dedicated to ensuring that our customers are completely delighted.
The Life at Persistent program that we launched three years back has continued toexpand in scope and substance. We have extended the programs to include families of ouremployees and are focused on helping employees take a holistic approach to careers atPersistent and life beyond.
Our commitment to the community continues to be strong and I take this opportunity tocongratulate the Persistent Foundation team for completing ten years of dedication to thecommunity. Their efforts have enthused employees to participate and contribute to help theless fortunate. They have ensured that the financial contributions made by the Companytowards corporate social responsibility extend beyond the mandatory 2% to make significantimpact in the community. I am proud of what the Foundation has achieved in the firstdecade and I wish them all the best in the future and hope they will continue to be thecatalyst for change.
In my new role as the Executive Chairman I look forward to working closely with Chrisand the new management team. I am confident that the strong foundation that we have builtover the first twenty-nine years will set us up well to launch bold new initiatives thatwill take the Company to new heights.
Finally I thank my fellow shareowners for being part of the Company even through adifficult year. I assure you we will do our best to ensure that your confidence inPersistent is rewarded.
Anand Deshpande Ph.D.
Founder Chairman and Managing Director