Progressing with responsible leadership
India has now emerged as the world's fifth largest economy with fast-paced inclusiveprogress that touches the lives of millions of people across the social spectrum. Thestructural reforms undertaken by the Union Government and the states are graduallytranslating into tangible outcomes.
The economy is now on a strong footing with key macroeconomic fundamentals such asfiscal deficit and inflation well under control.
The implementation of Goods and Services Tax (GST) has formalised the economy enhancedtransparency and paved the way towards a One Nation. One Tax' regime. The country'sease of doing business has also improved substantially as evident in the World Bank'sDoing Business 2019 report.
The economy in Australia continues to do well with its record period of uninterruptedgrowth.
When viewed against this operating environment FY19 was a landmark year for the SISGroup. We crossed US$1 Billion in revenues a remarkable milestone in the journey of SISthat started decades back in a small one-room office. With this we further reinforced ourcredentials as one of the leading business services players in Asia Pacific Region (APAC).Our Security Solutions business in India reached the No. 1 spot at the end of the yearwhich is another milestone in our long record of growth.
The Facility Management division has been the standout division in both revenues andprofitability. We ended the year at No. 2 in the industry and garnered close to '1000Crore in revenues. We achieved this in less than 10 years from commencement of thebusiness. All these achievements have been the result of untiring efforts of everyone atSIS - from business leaders to delivery staff.
FY19 is also the year in which SIS crossed 200000 employees.
We continue to be one of the largest private sector employers in India and
I am happy that we are able to provide livelihoods and touch so many lives. As I keepemphasising on every occasion happy employees are the key ingredient for a successfulenterprise; and our talent pool continues to drive our progress. We have grownsustainably without compromising on employee welfare and benefits; and this is crucialfor our ability to hire and retain the best talent. We are gradually improving ourtraining programmes through the help of digital tools enabling us to impart continuoustraining.
FY19 also saw us taking important steps in our mergers and acquisitions (M&A)programme. We made five acquisitions across three geographies showcasing our strongM&A execution engine. These acquisitions are vital steps in our strategy to expandgeographic presence in key markets. The acquisition of Henderson in Singapore is a vitalextension of our presence in Australia. While helping these companies grow we lookforward to learning from them. I am pleased to welcome new partners who are now a part ofour SIS family.
We continue to invest significantly to improve our brand visibility marketingoperations and productivity. As industry leaders we view technology as an opportunity andnot as a threat.
Our technology applications such as iOPS and SalesMaxx are providing valuable insightsto enable us to deliver effective solutions. Our M-Trainer initiative enables us tocontinuously reskill people and improve service quality. We continue to test and rolloutnewer applications to improve both internal productivity and frontline operations.Feedback from customers and internal users has been vital in making regular changes tothese applications.
Our strong organic and inorganic growth strategies have translated into solid outcomesand have created a strong second engine for our growth. We are making impressive progresstowards our Vision 2020 and have become the No.1 in Security Solutions and No. 2 inFacility Management in India. Leadership also entails huge responsibility and we need tomove forward on the strength of our agile business model and the ambition to succeedacross global markets.
While being growth oriented we should not lose sight of ethics compliance corporategovernance and fiscal discipline.
I am confident that the culture of SIS nurtured over many years will continue to aidus as we navigate both opportunities and challenges. On behalf of the Board I would liketo thank all our stakeholders for their continued faith in the SIS story. The foundationfor our future success has already been laid and we are poised to show sustained highgrowth in India as well as Asia Pacific (APAC).
RAVINDRA KISHORE SINHA