The Magma Version 2.0 vision is to grow our company in a decisive and sustainable wayacross the foreseeable future
This is my first communication with you following the induction of a new management atthe company.
I am excited to be the Chairman of your Company as we embark on Magma 2.0 and haveMagma under the Poonawalla aegis. I am confident that as digital India continues to growfinancial services growth will be even more accelerated.
The Indian retail lending market will continue to offer immense opportunities in themedium to long-term and we look forward to being a part of this journey. With thecapabilities that we have now of not just reach and market understanding but also ofcapital and a strong brand we are poised to leverage the opportunities in India's retaillending space.
There were disturbances in the markets due to the pandemic but we believe that thecurrent markets are more of an aberration and that the markets will bounce back fast.
The new management has outlined a focused direction for the Company.
One Magma Fincorp will be a professionally run organization under a new leadershipteam fully supported by the existing leadership.
Two the Company will seek to capitalize on a large capital base and strongparentage.
Three the Company will realign its product and geographic focus.
Four the Company will practice conservative accounting practices addressing assetquality challenges through accelerated write-offs and prudent provision buffers.
Five the Company will develop a robust asset-liability match profile.
Six the Company will continue to invest in best-in-class risk management and dataanalytics.
I am confident that the interplay of these realities should translate into enhancedvalue for all stakeholders associated with our company.
We are driven by the vision of creating India's most trusted financial services brand.
We seek to touch the lives of our customers by integrating into their ecosystems andemerging as a full- stack financial services provider.
We desire to evolve into a consumer- and MSME-driven company two areas marked by agrowing appetite for timely financing.
We are focused on building a digital- led omnichannel presence.
We intend to stay relevant to transforming external realities through a culture ofongoing innovation resulting in best-in-class solutions to our customers.
Time to execute
The year gone by has been tough which has bought us a lot of learnings. Now is thetime to execute; we have on board a strong and committed leadership team which is workingon executing this vision into a reality. We continue to work with a single objective ofbuilding a sustainable business. We are sure that as Covid-19 subsides and the economycontinues on a recovery path businesses with a clear vision strong foundation clearfocus and strong governance will outperform others and your company is one of them. Wecontinue to commit towards creating value for all our stakeholders and adhering to thehighest standards of corporate governance.
Based on these realities our vision is to grow Magma in a decisively sustainable wayacross the foreseeable future.