It gives me great pleasure to welcome all shareholders at the 31st AnnualGeneral Meeting of your Company. We are in a transformational journey at Wall Street withan objective to enhance value for all our stakeholders.
As you are aware the Company has successfully divested its entire stake of GoldmanSecurities Private Limited (GSPL) to EBIX Software India Private Limited (EBIX) andunlocked value of MTSS business for a consideration of R 47.33 Crores in the month ofOctober 2017. We had also declared an interim dividend of R 4.25 per equity share on 3rdNovember 2017.
Following the sale of MTSS business the Company is exclusively focused on developingits foreign exchange business. The foreign exchange market is a vibrant and global. Weestimate that approximately USD 20-25 bn worth of foreign exchange is transacted everyyear in India in support of inbound and outbound tourism leisure and corporate travel. Inaddition as per data published by the RBI outward remittances from India grew from USD8.17 bn in FY17 to USD 11.33 bn in FY18 driven by the growth in Indian students goingoverseas for education package tour remittances and LRS flows for family maintenance andinvestment purposes.
Your Company's strategy in the forex arena is to transform its business usingtechnology and by taking advantage of the Digital India initiative by the Government ofIndia. High speed connectivity widespread availability of smart phones at affordablecosts and the creation of the 'India stack' for identification authentication and rapidpayments have paved the way for people to easily access various financial products andservices including foreign exchange through digital platforms.
As a symbol of its digital transformation the Company has introduced a refreshedcorporate logo (WSFx - Wall Street Forex) and new brand identity in line with theCompany's vision to become a leading fintech player in the forex and outward remittancespace. The new brand identity reflects a modern and transparent look which identifies theCompany's vision to be a vibrant next generation forex-tech Company.
The Company has identified two major segments retail and corporate businesses as keygrowth drivers for its forex business.
Your Company launched its digital corporate platform on 1st April 2018 acomprehensive solution for corporates to manage their foreign exchange requirements forbusiness travel. This is a unique end-to-end solution for corporate houses from policymanagement to automation of entire forex ordering execution reconciliation audit andMIS along-with end point integration with corporate ERP systems.
Your Company has also launched a digital agent platform a comprehensive solution foragent partners to execute transaction in an efficient and seamless manner for the purchaseof foreign exchange as well as to remit foreign exchange overseas for their customers. Theportal will give real time status updates to the agents and the consumers on whose behalfthe transaction is being processed.
Your Company is in the process of launching a consumer platform for end users todirectly transact for their foreign exchange and outward remittance requirement and alsodeveloping a digital platform for the Wholesale business where all the authorised dealerswill have access to an online platform to deal with the Company for their forexrequirements.
These digital platforms will bring in much needed trust transparency and convenienceto the consumer for their forex dealings and will strengthen the Company's backendprocess internal control systems and compliance.
Your company has also revamped its top management team and is now headed by N.Srikrishna Whole Time Director & CEO who has over 22 year's experience in the Forexindustry and brings expertise and deep understanding of the Forex business and has beeninstrumental in driving the digital transformation of the company.
Moving on to the financial performance in spite of the challenges competition andinstability of rupee in foreign market during the FY 2017-18 the Company has made anoperating profit of R 85.75 Lakhs.
We believe that with this digital corporate agent wholesale and consumer platformsand our investment in the right team the company is moving in the right direction ofcreating an asset-light scalable digital business well positioned to leverage theopportunities the industry offers.
I would like to thank our key management team and all employees partners customerscreditors bankers regulatory bodies and especially our shareholders for theirwhole-hearted support and faith in our journey at Wall Street Finance Limited. We lookforward to your continued support in our growth as we create long term value for all ourstakeholders.
With best wishes