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Wall Street Finance Ltd.

BSE: 511147 Sector: Financials
NSE: N.A. ISIN Code: INE549D01012
BSE 00:00 | 18 Oct 21.20 -0.60
(-2.75%)
OPEN

22.10

HIGH

22.10

LOW

21.20

NSE 05:30 | 01 Jan Wall Street Finance Ltd
OPEN 22.10
PREVIOUS CLOSE 21.80
VOLUME 1667
52-Week high 26.74
52-Week low 12.38
P/E
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.10
CLOSE 21.80
VOLUME 1667
52-Week high 26.74
52-Week low 12.38
P/E
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wall Street Finance Ltd. (WALLSTREETFIN) - Chairman Speech

Company chairman speech

It gives me great pleasure to welcome all shareholders to the 33rdAnnual General Meeting of the Company and present the Annual Report for the Financial Year2019-2020.

FY 2020 was a transformational year for WSFx when we made major stridesin our journey to becoming a digitally-enabled Company. We launched our WSFx SmartCurrency Card with a mobile application in partnership with Yes Bank and VISA. In June2020 we also launched our WSFx Smart Forex App that acts as a one-stop solution forconsumers and students and millennial travellers in particular to put through OutwardRemittances and order Forex Cards and Currency at their fingertips.

We ventured out on our digital journey in 2018 with a vision to buildan asset-lite forex tech Company with a comprehensive range of solutions including ourSmart Corporate Platform Smart Agent Platform and now the Smart Forex App and SmartCurrency Card. We've built these solutions to aid our key business segments transact forexefficiently and conveniently and are a pioneer in the industry in this regard.

Our strategic focus has been on the Corporate and Student segments andon digitally-enabled solutions for Outward Remittances and Forex Card requirements forthese segments. Outward Remittances out of India have been growing rapidly. As per RBIstatistics outward remittance under the Liberalized Remittance Scheme (LRS) grewsubstantially to $18.76 billion in FY20 from $13.78 billion in FY19 with studentremittances in particular growing by 40% to $4.99 billion in FY20.

The Covid-19 pandemic has had an adverse impact on the global economy.International travel out of India has come to a virtual standstill with the closure ofinternational borders and nation-wide and local lockdowns. As a result all our businesssegments have been affected since February 2020. However we have seen a gradual recoverywith a modest level of business turnover from outward remittances and forex card reloads.These transactions are predominantly related to university fees and living expenses ofstudents still living overseas. The revival of our Corporate and Leisure travel segmentsdepends on the easing of international travel restrictions into and out of India which isexpected from September 2020.

The pandemic has reinforced the need for organizations to provideinnovative digital solutions for their customers seeking to transact from the safety oftheir homes. Our digital innovations should stand us in good stead in the 'new normal'.The pandemic also required us to take urgent action to reduce costs in part throughaccelerating adoption of technology and streamlining of our branch network. These measuresshould allow the Company to operate much more efficiently as business returns to thepre-pandemic trajectory.

In terms of our financial performance for FY 2019-20 we achieved aturnover of R 3313 Crores representing a growth of 29% over FY 2018-19. Operating profitamounted to R 152.95 Lakhs while we made a loss after tax of R (52.39) lakhs largely dueto impact of the pandemic in the last quarter of FY 2019-20. The Board of Directors haverecommended the final dividend @ 15% subject to approvals from shareholders.

I would like to thank Team WSFx our customers our partnerscreditors bankers regulatory bodies and especially our shareholders for your support andfaith in this transformational journey at Wall Street Finance Limited. We look forward toyour continued commitment as we create long term value for all our stakeholders.

With best wishes

Ramesh Venkataraman

Chairman

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