Atishay Ltd Management Discussions.

Global economy

in 2021, the global economy is anticipated to climb up by 5.6%, as determined by the World Bank—the Fastest postrecession pace in 80 years, largely on strong rebounds From a Few major economies. Among major economies, the US growth is anticipated to be 6.8 % in FY21, due to signiFicant Fiscal support and the easing oF pandemic restrictions. Amidst emerging markets and developing economies, China is expected to contract to 8.5% this year, on the back oF pent-up demand. Developing economies are expected to expand 6% this year, supported by higher demand and elevated commodity prices. Excluding China, the rebound For this group oF nations is anticipated to be a smaller 4.4%. The recovery amidst emerging market and developing economies is expected to moderate to 4.7% in 2022. Nonetheless, the recovery in many countries is being held back by a rise in COVID-19 cases, a lagging vaccination drive, and policy support withdrawal in some instances. Regardless, gains in this group oF economies are insuFFicient to recoup the losses oF the 2021 recession, and output in 2022 is expected to be 4.1% below pre-pandemic projections.

Morgan Stanley anticipates a promising economic revival, with Forecasts For 6.5% global GDP growth For 2021—led by the US economys 7.1% growth—Followed by 4.8% globally and 4.9% For the US in 2022. initially, COVID-19 was diFFerent From the worldwide Financial crisis, which was born out oF excessive private-sector leveraging. The priority For the policymakers remains inclusive growth with the necessary support For businesses to Flourish.

Indian economy

The gross domestic product (GDP) growth oF India will be 11% in FY2022, as anticipated by CRISIL, aFter an estimated 8% contraction this Fiscal year. In any case, the pace oF growth will diFFer in the First and second halves. Although the First halF oF FY2022 will beneFit optically because oF the low-base eFFect, the second halF would see a more broad-based pick-up in economic activity attributable to rising in commodity price, wide-reaching vaccinations, and likely stronger global growth.

The supply disruptions, health crisis, an unparalleled mass migration, and a hostile global environment took a heavy toll on the Indian economy. A periodic slowdown had preceded the pandemic, causing growth to register a sequential deceleration since FY 2018, and Further contraction under the onslaught oF COVID-19. Amidst two weeks oF the World Health Organisation (WHO) declaring it a pandemic, India imposed a strict lockdown. The amalgamation oF demand compression and supply disruption in its wake caused severe debilitating eFFects on the economy in Q1 FY2021. However, India bent the COVID-19 curve, with the seven-day rolling average oF new conFirmed cases dropping a little and them climbing back at a quick pace. However, by the end oF FY2021, the recovery rate was around 94% and the total active cases had surged to 5.8 lakh.

With ease in restrictions and reopening oF the economy, the pace oF contraction moderated in Q2 FY2021 and GDP returned to positive numbers in Q3 oF FY 2020-21. Sensing the recovery, equity markets became proactive,

with the BSE Sensex witnessing a V-shaped recovery and rising over 91% by the end of FY 2021. The outlook for the Indian economy, though impacted by the second wave, remain resilient, backed by the prospects of another optimistic rabi crop season. The momentum will affect multiple sectors of the economy till March, especially housing, road construction, and services activity in construction, freight transportation and information technology (IT).

Industry overview a. Global

Global revenue of the IT industry was US$ 4.8 trillion for the year 2020, anticipated by the research consultancy IDC as compared to their original estimate of US$ 5.2 trillion in 2021. Although the tech sector fared better than many other industries during the pandemic, it had not been resistant to cutbacks in spending patterns and deferment of major investments.

Moving forward, IDC projects that the technology industry is on pace to succeed in US$ 5 trillion in 2021. If this number is consistent, it will represent 4.2% growth, signalling a return to the pre-pandemic trends. Further in the future, IDC expects the pattern to continue, estimating a 5% compound annual growth rate (CAGR) for the industry through 2024.

The report of CompTIAs Cyberstates discloses that the economic impact of the US tech sector, which is measured as a factor of the GDP, exceeds that of most other industries, including notable sectors such as retail, construction, and transportation. Spending is usually correlated with factors like population, GDP, market maturity and much more. In the global regions, western Europe remains a significant contributor, accounting for about one among every five dollars spent worldwide. Although as far as individual countries go, China has established itself as a major player in the global tech market. Theres a twofold effect of closing the gap in categories like IT infrastructure, software, and services, alongside staking out leadership positions in emerging areas like 5G and robotics.

The magnitude of technology spending originates from purchases made by corporate or government entities. A part of the section comes from household spending, including home- based businesses. This makes it challenging to precisely classify certain types of technology purchases as solely business or solely consumer.

There are several taxonomies for depicting the information technology space. Using the prevailing approach, the industry market can be categorised into five top-level buckets. The conventional categories of hardware, software, and services account for 56% of the worldwide total. The next important category, i.e., telecom services, accounts for 26%. Emerging technologies cover the last 19% that either doesnt fit into one of the traditional buckets or span multiple categories, which is the solution for many emerging services involving elements of hardware, software, and services, such as IoT, drones, and many automating technologies.

b. Indian

Indias IT Industry has contributed around 7.7% to the countrys GDP and is predicted to contribute 10% to Indias GDP by 2025. The National Association of Software and Service Companies (NASSCOM) conceded that the Indian IT industrys revenue is estimated to succeed US$ 194 billion in FY2021, a rise of 2.3% y-o-y. This sector offers the largest employment in the private sector. This motion set towards cloud services has boosted hyper-scale data centre investments, with global investments estimated to exceed US$ 200 billion annually by 2025. India is anticipated to gain a significant share in the global market, with the countrys investment expected to hit US$ 5 billion annually by 2025. According to Gartner IT spending in India is estimated to reach US$ 93 billion in 2021 and further increase to US$ 98.5 billion in 2022. Indias IT industry is a preferred destination

for major IT & Business Process Management (BPM). In Budget 2021, the government allocated Rs53,108 Crores to the IT and telecom sector. The IT industry is responsible for 8% of Indias GDP in 2020. Indian IT industry exports are anticipated to increase by 1.9% to reach US$ 150 billion in FY2021. The revenue of the IT and BPM industry is estimated at US$ 194 billion in FY2021, an increase of 2.3% y-o-y. Domestic revenue of the IT industry is anticipated to be US$ 45 billion and export revenue is anticipated to be US$ 150 billion in FY2021.


4.1 What is e-governance

E-governance is an innovative prodigy for redeveloping Indian public administration purely because its objectives are to enhance the quality of government services to citizens, speed up communications through the use of technology, reduce government services expenditure, bring in more transparency, reduce corruption and subjectivity, reduce costs for citizens and make government more accessible and accountable. It is imperative for economic growth in todays world.

4.2 Advantages and benefits of e-governance

a. Advantages

One of the advantages of e-governance is speed i.e., technology enables prompt communication. The internet, smartphones, etc,, have enabled instant transmission of high volumes of data all over the world, Replacing government expenditure of letters and written records with smartphones and the Internet can save crores of money in expenses every year,

The application of e-governance helps make all functions of the business transparent, All the governmental information can be uploaded onto the Internet making it convenient for the citizens to access the specific information they want as per their requirement, Nonetheless, for this to work, the government has to ensure that all data is to be made public and uploaded to the government information forums on the internet, On the other hand, transparency directly links to accountability, The availability of functions of the government can be held accountable for their actions,

b. Benefits

The approachability of an e-government service to citizens irrespective of location throughout the country brings the next potentially biggest benefit of e-government service,

Developing a secure portal online that allows citizens to register their vote would not only give citizens in remote areas the chance to vote from their own home with a click of a mouse which in addition, would allow the general population with busy working lives the chance to vote very quickly during their lunch break at their desk,

One more benefit of implementing an e-government service is the greater transparency of the service provided,

4.3 Common models of e-governance

a. G2G (Government to Government)

The term G2G is the electronic exchange of information and services within the fringe of the government, This can be in two ways - horizontal, i,e,, among various government entities, and vertical, i,e,, between national, state and local government entities and within different levels of the entity, An important agenda of G2G development is to enhance inter-government organisational processes by streamlining cooperation and coordination,

b. G2C (Government to Citizen)

It deals with the interaction between the government and the citizens, It helps citizens to avail government information and services instantly, conveniently, from everywhere, by use of multiple channels, The focal point of G2C is customer-centric and integrated electronic services where public services can be provided based on a one-stop-shop concept, The citizens have the liberty to share their views and grievances on government policies anytime, anywhere,

c. G2B (Government to Business)

Government to business (G2B) is the second major type of e-governance category, G2B brings significant efficiencies to both governments and businesses, G2B includes various services exchanged between the government and the business sectors, Its main intention is eliminating red-tapism, saving time and cost, and establish transparency in the business environment, while interacting with the government.

d. G2E (Government to Employees)

A linkage between the government and its employees only is indicated in G2E. The agenda of this relationship is to serve employees and offer some online services. ICT makes the interaction between government and employees fast and efficient, along with raising their level of satisfaction by providing perquisites and add-on benefits.

4.4 NeGP

Over the last few years, the Indian Government has commenced several initiatives to improve the dissemination of public services to the citizens. The National e-Governance Plan (NeGP) was set in motion in May 2006. The Department of Information Technology (DIT) and Department of Administrative Reforms & Public Grievances (DAR&PG) has devised the NeGP, with a vision: "Make all Government services available to the plebian in his locality, by providing common service delivery outlets and ensuring efficiency, transparency & reliability of such services at affordable costs to realize the basic needs of the common man."

It also aims to give policy directions and provide funds for state governments to initiate activities in e-governance and support the setting up of e-governance projects in various states. The government gave authorisation to the National e-Governance Plan (NeGP), which consists of 27 Mission Mode Projects and eight components, on May 18, 2006., Four projects - Health, Education, PDS, and Posts - were introduced in 2011 taking the count of MMPs to 31. It is applied at the central, state, and local government levels. The NeGP, takes a comprehensive view of e-governance initiatives across the country, integrating them into a collective vision, a shared cause. Surrounding this idea, a massive countrywide infrastructure reaching down to the remotest of villages is evolving, and large- scale digitisation of records is taking place to enable easy, reliable access over the Internet.


1. The implementation of e-Kranti: NeGP 2.0, under the Digital India programme, has been planned by the government, with a vision to transform e-governance by transforming governance and keeping in mind the need to utilize emerging technologies such as cloud and mobile platform and focus on the integration of services.

2. e-Pramaan, an initiative that is a national e-authentication service offered by DeitY, provides a simple, convenient, and secure way for the users to access government services via the Internet/mobile as well as for the government to assess the authenticity of the users.

3. GI Cloud Initiative - The focus of this initiative is to evolve a strategy and implement various components including a governance mechanism to ensure the proliferation of cloud in government.

About Atishay Limited

Atishay Limited is a pre-eminent IT-driven company. We aim to potentially enable every Indian to seamlessly enjoy the govt program and avail wider access to basic goods and services. We are recognised for our comprehensive portfolio of services and practitioners approach in delivering innovation. We are all about pushing the boundaries of current business possibilities and also exploring completely new areas. Atishay is emerging as a number one provider of business and knowledge process services. We have evolved a singular framework for identifying and deploying IT applications, which may create a high socio-economic impact by enabling better planning and management. For over three decades, we have been a corporation focused on bringing to life great ideas and enterprise solutions that drive progress for our clients. We recognise the significance of nurturing relationships that reflect firm ethics and mutual respect.

I. Financial highlights

1. Revenue from operations increased from Rs 2,304.82 Lakhs in FY2020 to Rs 2,628.21 Lakhs in FY2021.

2. Earnings before Interest Tax Depreciation and Amortization have increased from Rs 452.94 Lakhs in 2020 to Rs 566.73 Lakhs in FY2021.

3. Profit after Tax (PAT) has increased from Rs 244.49 Lakhs in FY2020 to Rs 247.76 Lakhs in FY2021

4. Finance cost has increased from Rs 36.72 Lakhs in FY2020 to Rs 45.39 Lakhs in FY2021

5. Depreciation and amortisation expenses have also increased from Rs 161.64 Lakhs in FY2020 to Rs 169.84 Lakhs in FY2021.

II. Risks and concerns

Your Company is exposed to a number of risks such as economic, regulatory, taxation and environmental risks as well as sectoral investment outlook. Some risks that may arise in the normal course of business that could impact our ability to address future developments comprise credit risk, liquidity risk, counterparty risk, regulatory risk, commodity inflation risk and market risk. Your Companys strategy of focusing on key products and geographical segments is exposed to economic and market conditions. Your Company implemented robust risk management policies that set out the tolerance for risk. We established a framework and process to monitor exposures to implement appropriate measures in a timely and effective manner.

III. Technology

As a part of technological advancement, we have invested in state-of-the-art infrastructure for handling our data and server processes. We have joined hands with leading technology companies for ensuring a high-quality supply of hardware and high- end workstations for enhanced system performance at an operational level. We deliver our technology services by using cutting-edge technology. We have designed our hardware infrastructure for handling large volumes of transactions.

IV. Human resources

We take pride in the commitment, competence, and dedication shown by employees in all areas of business. We are committed to nurturing, enhancing, and retaining top talent through superior learning and organisational development. This is a part of the Corporate H R function and is a critical pillar to support the organisations growth and its sustainability in the long run.

V. Diversity and inclusion

Your Company leverages the diversity of knowledge, qualification, skill, professional experience, culture and geographical understanding to enhance its competitiveness. In line with this, our hiring during the year under review focused on refreshing and enriching talent pools. We believe in creating an inclusive environment where diverse perspectives can enrich strategic perspectives.

VI. Internal control systems

We have in lieu proper and adequate control systems that commensurate with the character of our business, size, and complexity of our operations. Control systems comprising policies and procedures are designed to form sure the reliability of monetary reporting, compliance with policies, procedures, applicable laws, and regulations, in which all assets and resources are gathered economically, used efficiently, and are adequately protected.

The Internal Auditor monitors and evaluates the efficacy and adequacy of an inside system within the corporate, its compliance with operating systems, accounting procedures, and policies within the least locations of the company, and reports the same quarterly to Audit Committee.

An extensive risk-based programme of internal audits and management reviews assures the Board regarding the adequacy and efficacy of internal controls. For this purpose, properly documented policies, guidelines, and procedures are laid down. The inside system has been designed to form sure that the financial and other records are reliable for preparing financial and other statements and for maintaining the accountability of assets.