Please share insights on Alankit's financial performance for Q1FY22?
|Sr.no||Standalone||In Crore (INR)|
|2||Profit Before Tax||364|
|3||Profit After Tax||255|
Standalone: During the year, your Company recorded total income of Rs2,508.67cr. The Profit afer tax for the year stood at Rs254.54cr.
|Sr.no||Consolidated||In Crore (INR)|
|2||Profit Before Tax||545|
|3||Profit After Tax||358|
Consolidated: During the year, your Company recorded total income Rs3,454.58cr. The Profit after tax for the year stood at Rs358.20cr.
As every sector was affected by this pandemic, how do you tackle this situation as you are an e-governance service provider, and what all verticals do you see a major demand?
The effect of Covid-19 has been heterogeneous both regionally and locally and the businesses are operating with radical uncertainty at all levels. Serious implications for policy responses and crisis management have been observed from time to time during this ongoing global pandemic.
As an e-governance service provider, Alankit was also compelled to move to the societal changes which have now become the new normal. Alankit looked at technology and digital transformation as helpful means of engaging with customers and allowed workplace flexibility to introduce new ways of automation and faster processes. The shift towards digital operations seized both customer-facing and behind-the-scene roles within all our business modules.
During the lockdown, a record high number of new Demat accounts were opened Pan-India hence, people started showing more interest in learning as well as participating in various investment plans. The major verticals such as Insurance especially Health Insurance, financial services such as Demat Accounts, Equity, Mutual Funds, pension plans such as NPS, and other investment plans experienced high demands during the global pandemic and have grown with India under nationwide lockdown.
Last year Alankit Ltd partnered with UTI for PAN Card Services. So, in recent times how have you been playing a major role in this sector?
The pre-Covid era considered technology as the cost-effective tool for the business but soon it transformed into one of the major necessities to run a business with the outbreak of the pandemic on a global scale. During the lockdown period (both first and second waves), the nation witnessed a rise in the trend of digital transformation. This transformation also offered Alankit tremendous opportunities to innovate and find its way to become the front-runner of their industry.
As far as PAN services are concerned, Alankit is the preferred partner of UTI for issuing PAN card services across India and has made the process of PAN Card issuance modest. It is offering the issuance of Instant PAN Cards online services across India. The market of PAN Card has recently seen stagnation in demand hence the market size for PAN-related services has shrunken than before.
Due to the pandemic, most people faced financial crises so how do you provide financial services to your customers at this time?
The global pandemic Covid-19 has taken roots in almost all countries including India upending the economic, personal, and social lives of the people. During the pandemic and lockdown, the substantial markers of financial wellbeing or health remain dubious. The financial decision-makers of households also reported a fall in income during the pandemic.
Alankit however understood the need to acknowledge the introduction of technology and digital transformation will soon become the necessity of the professional world. Ergo, it quickly implemented the procedure to speed up the process of digital transformation in the company in order to be able to cater to the needs of our customers on time via online transactions.
The Company introduced new online platforms that assisted customers over issues related to various financial services without wasting any time further during the global pandemic. With the introduction of an online platform for investment in U.S. Stocks “World Investing,” we have brought Indian customers close to the concept of global investing or investing beyond the borders.
With the consumer being completely stuck at home due to local lockdown, Alankit made a quick decision to think carefully and come up with the best methods to use the digital capabilities to their maximum potential. Various online portals were created on an urgent basis for platforms like Mutual Funds and Insurance to be able to provide the best quality of service that exists in the industry. Alankit is also associated with Gilded and has come up with new-edge Digital Swiss Gold Buying options for the customers where you can easily buy, own Swiss Gold of premium quality as well as store it digitally in Switzerland.
How do you extend support and help to your employees/partners during this covid-19 pandemic?
While most of the businesses in India were struggling enormously during the difficult lockdown period of the pandemic, trying their best to navigate through the challenging environment- no one was willing to deal with or risk high turnover that could come from low employee satisfaction. Alankit on the other hand took it very seriously and paid attention to the importance of creating a positive digital experience for its employees that has a huge positive impact on the company’s business. It created and shared awareness about the pandemic through various activities for its employees to keep them aware of the situation about the pandemic and the precautions to be taken to keep one safe during these hard times faced together. It took measures to keep the spirits of its employees and partners up and came up with few practices to help achieve it:
- Providing optimum information and guidance.
- Encouraging Breaks
- Emphasizing inclusion through interaction and connection
- Providing access to mental health services
At Alankit, the partners’ well-being was equally important and the company paid a little extra attention to ease the issues faced by our 8000+ partners and provided digital platforms where the partners, as well as, customers could connect with the company with maximum comfort ensured without jeopardising their safety.
As the market is economically low now. Therefore, due to this how does your business get affected?
As the pandemic of COVID-19 has hit across the globe and the discovery of new strains of viruses is constant at almost regular intervals; the market on a global level has seen an unparalleled change in customer behaviour and market risks. Ergo, Alankit has invented new technology-led solutions so as to be able to provide some relief to its partners and clients. Thus, the company and its business have not been affected much as the access to all the major services has been shifted to the online mode. The company is looking across all the possible ways to grow the business and geographically expand it.