(This review contains Managements discussion of the Companys
operational results and financial condition and should be read in conjunction with the
accompanying audited financial statements and associated notes).
Industry Structure, Development and Outlook
Outlook for India in 2023-24
This year began with the anticipation that runaway inflation,
aggressive policy rate hikes, and high commodity prices might topple a few major economies
into recession in 2023. We are halfway past 2023 and, while the world is still in the
woods, the probability of a recession this year has trimmed. Labor markets in several
advanced countries remain tight, while the largest economy, the United States, is seeing a
rebound in consumer confidence and spending. Risk spreads are declining on both sides of
the Atlantic after the recent banking crisis in the United States.
India, meanwhile, enjoys a Goldilocks moment as it sees its economic
activity gaining momentum amid continuing global uncertainties. The last quarters GDP
data was pleasantly surprising but not completely unexpected. The GDP growth in the fourth
quarter has pushed up the full-year GDP growth of FY2022 23 to 7.2%, 200 basis points
(bps) higher than the earlier estimate. The recently released Annual Economic Review for
the month of May 2023 highlighted that the post pandemic quarterly trajectories of
consumption and investment have crossed pre-pandemic levels.
Evidently, economists and analysts are bullish about the Indian
economy. Our growth forecasts for FY2023 24 remain similar to our April forecast, although
higher-than-expected growth in FY2022 23 has raised our base for comparison. That said, we
have raised our lower limit of the range given the buoyancy of the economy. We expect
India to grow between 6% and 6.3% in FY2023 24 and have a stronger outlook thereafter. In
fact, if global uncertainties recede, we expect growth to surpass 7% over the next two
years.
There are multiple downside risks to our forecasts, but we find the
uncertainties around the actions of the central banks of major economies and the oil price
movements this past quarter particularly interesting. In this edition, we highlight the
significance of these developments and their future implications for India.
India grew by 6.1% in the last quarter, which is approximately ~100 bps
higher than what the market had anticipated. While the overall growth was broad-based,
many sectors such as construction and agriculture experienced more-than-expected growth.
In fact, strong growth in manufacturing proved to be a reassuring development as modest
growth in the sector in previous quarters had been a concern for policymakers.
On the expenditure side, exports performed well despite global
headwinds, while imports recorded their slowest growth since December 2020, primarily
because of easing crude oil prices bringing down Indias import bills. Private
consumption, the largest component of Indias final demand, with a modest growth of 7.5%
in FY2022 23, emerged as the weakest link in overall growth. The share of private
consumption in GDP fell in the last quarter and was the lowest in the past seven quarters,
dragged down by weak rural demand. However, things might be changing on that front as
well.
Urban demand conditions have remained resilient, as evidenced by the
sales of mid- to high-end segments of automobiles, the number of UPI transactions, and
domestic air passenger traffic data.
Rural demand, which was lagging, has also been rising lately, as seen
in the sales of tractors, IIP nondurable goods, and Mahatma Gandhi National Rural
Employment Guarantee Act data.
Overall, the first-quarter data of FY2024 instils confidence in the
improving health of the economy. Inflation in the first quarter was 4.5%, the lowest since
the quarter of September 2019. Goods and Services Tax collections remain strong,
suggesting that revenue buoyancy will aid in improving the budgeted fiscal deficit ratio
to GDP. At the same time, Indias external account has been improving, thanks to the
falling import bills as oil prices ease.
What lies ahead:
The first-quarter data points to further building on the positive
momentum in the economic data. We continue to remain optimistic about the economy this
year and expect India to grow between 6.0% and 6.3% during FY2023 24 in our baseline
scenario, followed by 6.6% and 7.2% over the next two years as the global economy turns
buoyant. However, if downside risks weigh on the economic fundamentals and outlook, we may
see a substantial economic slowdown. For more on our optimistic and pessimistic scenarios,
read “Key assumptions.”
Data Analytics, Business Intelligence and AI trends in FY 2023-24
As we move into the next year, there are a few key trends that are
shaping the data analytics and business intelligence industry. These trends are driven by
advancements in technology, shifts in consumer behavior, and an increasing demand for
actionable insights that can drive business success. In this blog, well look at the top
trends in data analytics and business intelligence for 2023.Business Intelligence (BI)
trends:
Artificial Intelligence (AI) and Machine Learning (ML)
Progressively relying more and more on Artificial Intelligence and
Machine Learning, modern data analytics and business intelligence. They are used to make
predictions about the future, automate processes, and unearth new insights. Organizations
may implement AI & ML in 2023 to improve decisions and gain a competitive edge.
Businesses find it increasingly challenging to assess and make sense of
the growing amount of data accessible. Insights from unstructured data, such as customer
reviews, comments on social media, and emails, can be extracted by organizations using NLP
technology. In several industries, this technology is currently in use, and by 2023, we
may anticipate seeing it employed even more frequently.
Natural Language Processing (NLP)
Data Storytelling
Data storytelling is the process of leveraging data to tell an engaging
story that stakeholders will find understandable. The use of data storytelling by
enterprises to explain difficult information to non-technical audiences is predicted to
increase in 2023. In order to do this, business intelligence specialists and data analysts
will need to improve their communication abilities and learn how to present data in a more
interesting and persuasive manner.
Augmented Analytics
Augmented analytics enhances human decision-making by design, utilizing
AI. It works by automatically identifying patterns and insights in data and presenting
them to analysts in an easy-to-understand format. In 2023, more businesses to adopt
augmented analytics for faster and accurate decisions.
Cloud-based Data Analytics
As more businesses move their operations to the cloud, we can expect to
see a similar shift in the data analytics and business intelligence industry. Cloud-based
data analytics tools offer many benefits, including increased scalability, faster
deployment, and lower costs. In 2023, more businesses to adopt cloud-based data analytics
for cost-cutting and streamlined operations.
Data Security and Privacy
As data collection and analysis expand, organizations require more data
security and privacy measures to ensure protection. In 2023, we can expect to see
businesses placing an even greater emphasis on data security and privacy as they look to
protect sensitive information and comply with new regulations such as the General Data
Protection Regulation (GDPR).
Predictive Analytics
Predictive analytics is the use of statistical algorithms and machine
learning techniques to identify patterns in data and make predictions about future events.
In 2023, we can expect to see more businesses adopting predictive analytics tools to help
them make better decisions and improve their forecasting accuracy.
Data Visualization
The data visualization involves the use of charts, graphs, and other
visual tools to help businesses understand complex data. The data governance focus to rise
in 2023, as businesses strive for reliable and trustworthy data.
Data Governance
A Data collection, storage, and use within an organization are all
governed by a set of policies and processes known as data governance. Data governance will
be key for businesses in 2023, boosting data reliability and integrity.
Democratization of Data
Finally in 2023, we may anticipate that the democratization of data
will continue to gain momentum in 2023. Increasing data accessibility for non-technical
stakeholders is a current trend. Democratizing data crucial for firms using it as
strategic asset. More so as 2023 nears.
Conclusion:
In 2023, data analytics and business intelligence will undergo major
changes due to tech advancements and changing customer preferences. Data-driven trends and
investments in infrastructure and tech can position companies for success in our
increasingly data-driven world.
The demand for data analytics and Business Intelligence expertise and
professionals is increasing rapidly. With companies in all industries seeking individuals
with skills in data analysis, data management, and data visualization. Datas importance
in decision-making is rising, making data-savvy professionals more vital for extracting
valuable insights.
Top AI Statistics and Trends in 2023
Do Alexa, automated chatbots, robots or self-driving vehicles intrigue
you? If they do, then you must know that they are all based on the technology of
“AI” or “artificial intelligence”. AI is a branch of computer science,
developed on the basis of those computer-based programs which possess the power of
replicating human behavior.
Whether its AIs effect on productivity, employment and investments,
this new and upcoming world of big data, ChatGPT, robotics, virtual digital assistants,
voice search and recognition has all the potential to shape the future.
AI Global Market Size and Its Forecast
The global artificial intelligence market size was valued at $136.55
billion in 2022 and is expected to grow exponentially in the upcoming years backed by
mounting investments in AI technologies, digital disruption and competitive advantage in
this fast-growing global economy. Lets have a look at some amazing stats:
? The global artificial intelligence market size is projected to
expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. It is projected
to reach $1,811.8 billion by 2030.
? AI has the humongous potential to contribute to the global economy.
AI is expected to contribute more than the current output of India and China combined, to
the world economy by 2030.
? AI is expected to contribute $15.7 trillion to the global economy by
2030, more than the current output of China and India combined.
AI Growth in India
The demand for AI-based tools and systems is rising across India on
account of fast digitization in all the major segments of our economy such as banking and
financial services, healthcare, automobile, telecommunication, as AI simply assists in
automation, minimizing errors and also helps in managing repetitive tasks. Lets have a
look at some of the important projections which show India to be the leader of AI in
future.
? The India artificial intelligence market size reached $ 680 million
in 2022 and further it is expected to reach $3,935.5 million by
2028, showcasing a growth rate (CAGR) of 33.28% during 2023-2028.
? AI expenditure in India surged by 109.6% or $ 665 million in 2018
and is estimated to surge at a CAGR of 39% to reach $ 11,781 million by 2025.
? AI has the potential to add close to $500 billion to the countrys
GDP by 2025.
AI Evolution Led by ChatGPT
ChatGPT has given a glimpse of AI and generated quite a buzz about its
astounding progress to the entire world. This new AI chatbot allows its users to engage in
human-like conversations, which can respond to your questions immediately and helps you
with tasks, such as composing emails, essays, and code. ChatGPT has a huge impact on
employment and productivity as well. Lets have a look at the key figures which clearly
show how big a deal ChatGPT is.
Chat GPT fastest growing app with 100 million active users
? OpenAIs ChatGPT has taken off in record-breaking fashion. According
to OpenAI, even Chat GPT, the most talked about AI tool, surpassed 10 lakh users in mere
five
8 days, after its launch in November,2022.
? If we compare it to its peers, then it took Instagram nearly 2.5
months to reach 1 million downloads and Netflix around 3.5
9 years to reach 1 million users.
? By January 2023, ChatGPT hit 100 million active users, making it the
fastest-growing application in history.
Key Insights and Facts about ChatGPT
? According to Similarweb, openai.com receives nearly 1.8 billion
visits per month.
? Almost 60% of ChatGPTs social media traffic comes from YouTube,
followed by WhatsApp, Facebook, Twitter and others.
? ChatGPT has a bounce rate of 17.33%.
? The most commonly google searched keyword is “chat gpt
login” hitting nearly 6 million searches per month.
Region-Based Statistics of ChatGPT
? The maximum proportion of ChatGPT users reside in the U.S. (15.22%)
followed by India (6.32%), Japan (4.01%) and others.
Chat GPT Boosts Business Productivity and Work Quality
? Worker productivity was boosted by 14% with artificial intelligence
tools such as ChatGPT in one of the tech firms. This research is thought to be the first
major real-world application of generative AI in the workplace which measured productivity
of more than 5,000 customer support agents.
? According to Forbes Advisor, a staggering 97% of business owners
believe that ChatGPT will benefit their businesses. In fact, one in three businesses plan
to use ChatGPT to create website content, while 44% aim to generate content in multiple
languages.
Growth Drivers of the AI World
With the advent of AI and its applications across the globe, AI is
enabling many segments to grow and changing the way we envision the future. The ongoing
technological advancements such as wearable technology and chip market solutions,
self-driving cars or automated medical procedures, have a remarkable impact on market
growth. Lets see how these growth drivers are going to bring in a drastic change in the
years to come.
Automotive Artificial Intelligence Market Size Expands, One in Ten
Vehicles Self-Driving Globally
? The self-driving car market is expected to increase from 20.3
million in 2021 to 13.7 billion by 2030. It is expected that 10% of vehicles will be
driverless by 2030.
? Fully automated cars are expected to contribute some $13.7 billion
by 2030.
? Robo-taxis are projected to become the top use case for driverless
vehicles.
Opportunities, Threats, Risks and Concerns
Goldstone Technologies continues to focus on rapid growth opportunities
in the technology sector. Business analytics domain has been the main stay of GTL for
years. Since the last year we began focusing on the sustainability sector, specific to the
EV Industry which is the next big growth path on technology combining the strengths of
analytics, data and sustainable platforms for zero emission vehicles/fleet.
Electric vehicles are not just the wave of the future, they are saving
lives today.
? Electric vehicles now include cars, transit buses, trucks of all
sizes, and even big-rig tractor trailers that are at least partially powered by
electricity.
? Electric vehicles are saving the climate and our lives.
? Electric vehicles have a smaller carbon footprint than
gasoline-powered cars, no matter where your electricity comes from.
? Through their entire lifetime, electric cars are better for the
climate.
? Electric vehicles can charge up at home, at work, while youre at
the store.
? Planning now by states and utilities to build infrastructure for
charging electric vehicles will go a long way.
? Electric trucks delivering goods from warehouses to homes can make a
big, clean difference. We need more of them.
The vast data collected from the Smart grids and EVs equipped with IoT
devices is potentially a powerful stride in the right direction. The analysis and
processing of the obtained big data (through numerous data analytics) can be utilized to
develop control and energy management strategies for other EVs, plan optimal policies and
siting of new charging stations or relocate the existing ones, design smart charging
policies and algorithms to lower charging times, improve the efficacy and plan optimal EMS
and battery management schemes, improve the EV load handling capacity of the distribution
systems or estimate the new capacity to be added to endure the EV loading burden, improve
power quality and customer satisfaction and determine the market value for EV based
services and products.
Advances and innovations are crucial for a sustainable electricity
system that includes smart grid technologies, renewable energy sources, and greater energy
efficiency. These technologies are often layered on top of the existing infrastructure and
legacy information systems. The management and utilization of the data generated from the
different components of the electrical system are critical for the successful deployment
and operation of this system. This paper reviews the issues and opportunities of the use
of Big Data for electric utilities. Big Data provides the opportunity to better monitor,
correct, and integrate smart grid technologies and renewable energy. At the same time,
data management and utilization must be integrated into organizational operations if the
potentials are to be realized. Electric utilities are conservative, heavily regulated, and
concerned with both system reliability and overall profitability. Thus, technological,
economic, institutional, and policy constraints must all be addressed. After reviewing
these issues and opportunities, we empirically analyze whether these are part of the
discussions about electric utilities with federal policymakers. The results show that
while conversations about electric utilities overall are plentiful, conversations about
data in the context of electric utilities are relatively rare.
The Indian market is responding positively to the growing eco-system of
electric vehicles. Businesses in this sector have found the best time to enter and rule.
Whereas companies like Tata Motors are already coming up with features like Ziptron
technology to provide the best possible experience to the customers.
But, India being a developing country still has a lot to innovate and
develop. As world leaders often say, this decade belongs to India. Moreover, this century
belongs to India. There are a lot of opportunities for businesses in the electric vehicle
sector in India. How do we manifest some of them.
GTL has forayed into the software application and platform development
space, and successfully built multiple applications for cutomers in the zero emissions
space.
Environment and Sustainable solutions are the need of the hour.
Electric Vehicle revolution is going to play a major role in bringing this global change
and India is embracing the concept and solutions at a rapid pace.
Electrification is also bringing in a major change in the way
automobile industry is being perceived, with technology on wheels becoming a norm. In
line with this GTL is ramping up in building data solutions and application platforms on
EVs, with the cutting-edge Analytics and Data Science solutions on the offer.
Analysis of financial performance of the company and Segment wise
performance:
There is an increase of 52.59% in GTL Consolidated revenues for the
current FY2022-23 i.e. INR 929.61 Million as against the previous FY 2021-22 revenue of
INR 609.21 Million. Also, there is an increase of 36.33% in the GTL Standalone revenues
for the Current FY2022-23 INR 748.60 million as against of INR 549.09 million of previous
FY 2021-22. The Consolidated Net Profitafter Tax for the current FY 2022-23 is INR 4.56
million, 0.48% against Consolidated Net (Loss) of INR 5.08 million, 0.83% during the
previous FY 2021-22. The GTL Standalone Net Profit after Tax in the current FY 2022-23 INR
26.49 million, 3.49% as against INR 9.70 million, 1.77% in the previous FY 2021-22.
Segment-wise performance: In GTL Standalone Financials, there is an
increase of 36.26% in the revenue segment - Data Analytics Software License Sale in the
current FY 2022-23 INR 586.31million in comparison to INR 430.28 million in the previous
FY 2021-22. Also, in the revenue segment Information Technology / Software Services there
is an increase in revenue 36.60% i.e. in current FY 2022-23 INR 162.29 million in
comparison to INR118.81million in previous FY 2021-22. Whereas in GTL Consolidated
Financials, there is an increase of 36.04% in revenue segment - Data Analytics Software
License Sale in the current FY 2022-23 INR 587.76 million in comparison to INR 432.06
million in the previous FY 2021-22. In the Information Technology / Software Services
segment (both USA and India segments combined together) there is a decrease of (4.93%)
i.e. INR 168.42 million in current FY 2022-23 in comparison to INR 177.15 million in
previous FY 2021-22 due to decrease in Information Technology / Software Services segment
turnover in Subsidiary, Staytop Systems, Inc., USA. Regarding segment profitability, in
GTL Standalone segment profit for Information Technology / Software Services has been
increased by 97.01% i.e. in current FY 2022-23 INR 40.84 million in comparison to INR
20.73 million in previous FY 2021-22. The segment profit in Data Analytics Software
Licenses Sale segment increased by >100% i.e. in current FY 2022-23 INR 8.08 million in
comparison to INR(2.44)million in previous FY 2021-22. In GTL Consolidated Financials, the
Information Technology / Software Services segment (both India and US) profit increased
by>100%to INR 37.72 million in current FY 2022-23 from INR 8.98 million in the previous
FY2021-22 due to increase in margin in Information Technology / Software Services segment
in India. Further, the Data Analytics Software License Sale segment profit has increased
by 96% i.e. INR 9.67million in current FY 2022-23 in comparison to INR 4.94 million in
previous FY 2021-22.
During the current financial year 2022-23 the Company acquired 100% of
the Equity Capital of M/s. Wowtruck Technologies Private Limited (Formerly known as
Equitas Technologies Private Limited) for a total purchase consideration of INR 80
million. M/s. Wowtruck Technologies Private Limited became a wholly owned subsidiary with
effect from 4 July, 2022. The transaction was accounted for in line with Ind AS 103
Business Combinations. M/s. Wowtruck Technologies Private Limited (Formerly known as
Equitas Technologies Private Limited)achieved a turnover of INR 173.43 million
(post-acquisition for nine month i.e. From July 2022 to March 2023) and INR 216.74 million
for full FY2022-23. The PBT (Loss Before Tax) has been reported at INR (20.15) million
(post-acquisition for nine month i.e. From July 2022 to March 2023) and PBT (Loss Before
Tax) of INR 40.54 million for full FY 2022-23. M/s. Wowtruck Technologies Private Limited
(Formerly known as Equitas Technologies Private Limited) owns and operates a technology
platform called Wowtruck that connects vehicle owners and customers (Corporate/Retail) to
enable transportation of goods. The Platform provides cost-effective last mile
connectivity to customers and a higher earning potential for truck drivers.
On 12 Sep, 2022 the Company acquired 13,55,976 Equity Shares of M/s ETO
Motors Private Limited (Related Party) @INR50/- per Equity Share (Face Value of INR10/-
per Equity Share) for a total consideration of INR 6,77,98,800/- which is 4.95% of the
total Paid-up Capital of the Investee Company.
Liquidity and capital resources:
The secured loans as at 31 March, 2023 stood at INR0.05million as
against INR37.26 million in Previous year.
The Companys ability to generate funds from operating activities,
including product and service sales, equity funds and debt financing from its banks and
others are expected to provide sufficient liquidity to meet current and future fund
requirements.
Internal Control & Systems and their adequacy:
The Company has proper and adequate system of internal controls
commensurate with its size and nature of operations to provide reasonable assurance that
all assets are safeguarded, transactions are authorized, recorded and reported properly
and applicable statutes & corporate policies are duly complied with, the internal
audit function has been structured to continuously review adequacy and efficacy of the
internal controls. The statutory auditors and internal auditors while conducting the
statutory audit, review and evaluate the internal controls and their observations are
discussed with the Audit committee of the Board.
Human Resource Development:
The Company considers its human capital as the greatest component at
work in the organization. This includes a robust mix of experience and young talent which
provides an all-round point of view to various challenges and development of informed
solutions. Continuous enrichment of knowledge of employees is a core value of the company
and emphasis has been laid on the training and development of the human capital of the
company. The skill levels of the workforce have been honed continuously by conducting
in-house training programs such as effective operating & maintenance of machinery,
which has ensured in high productivity of manpower and low maintenance costs. To enhance
the Positive Team Dynamics at the workplace, Development Programs such as Team Building,
Communication, Super Leadership for Super Success, Effective Management Skills, etc. have
been conducted. Company has successfully resumed working from office, post successfully
battling the COVID period.
Details of significant changes in key financial ratios:
Debtors Turnover: In GTL Standalone Financials, this Ratio has
increased from 4.08 in FY2021-22 to 4.31 in current FY2022-23. The increase in Debtors
Turnover Ratio is 5.60% in comparison to previous FY. The increase in GTL standalone is
due to company strengthened its process to realize the
Accounts Receivable (AR) particularly from the Sale of Software
Licenses during the current financial year. Also in GTL Consolidated Financials, this
Ratio has marginally decreased from 4.78 in FY2021-22 to 4.67 in current FY2022-23. The
decrease in Debtors Turnover Ratio is (2.22%) in comparison to previous FY.
Interest Coverage Ratio: In GTL Standalone Financials - Interest
coverage ratio decreased to 24.05 in current FY2022-23 from 15.89 in previous FY2021-22.
The percentage increase is 51% incomparison to the previous FY. This increase is because
the company improved the margin in the Software License Sale segment. In GTL Consolidated
Financials, this ratio has decreased to 4.84 in current FY 2022-23 from 11.97 in previous
FY 2021-22. The said decrease is because Subsidiary acquired in the current FY2022-23 has
incurred loss. The Decrease in percentage is (60%).
Current Ratio: In GTL Standalone Financials - Current Ratio
increased to 3.17 in current FY2022-23 from 3.84 in previous FY2021-22. The said increase
is (17.52%) due to reduction in the Cash and Cash Equivalents which are used to acquire
100% Equity Stake of M/s. Wowtruck Technologies Private Limited (formerly known as M/s.
Equitas Technologies Private Limited) and 4.95% Equity Stake purchase in M/s. ETO Motors
Private Limited (Related Party). In GTL Consolidated Financials, this ratio decreased to
3.23 in current FY2022-23 from 4.25 in the previous FY2021-22. The said decrease is
(24.02%) due to the fact that Overdraft Facility Against Fixed Deposits Credit (ODFD)
Facility has been obtained in subsidiary Wowtruck Technologies Private Limited (formerly
known as M/s. Equitas Technologies Private Limited) for INR 59.75 million (utilized INR
59.74 million as at 31-March-2023) and also due to reduction in the Cash and Cash
Equivalents which are used to acquire 100% Equity Stake of M/s. Wowtruck Technologies
Private Limited (formerly known as M/s. Equitas Technologies Private Limited) and 4.95%
Equity Stake purchase in M/s. ETO Motors Private Limited (Related Party).
Debt /Equity Ratio: In GTL Standalone Financials this Ratio has
decreased by 83.30% to 0.06 in current FY 2022-23 from 0.33 in the previous FY 2021-22
because low utilization of Overdraft Facility Against Fixed Deposits (ODFD) Credit
Facility. The utilization of ODFD Credit facility stood at INR 0.05 million as on
31-March-2023 as against a sanctioned limit of INR 78.00 million. Also in GTL Consolidated
Financials, the same Ratio has increased by 29.39% to 0.13 in Current FY2022-23 from 0.10
in the previous FY2021-22. This is due to Overdraft Facility Against Fixed Deposits Credit
(ODFD) Facility has been obtained in subsidiary M/s. Wowtruck Technologies Private Limited
(formerly known as M/s. Equitas Technologies Private Limited) for INR59.75 million
(utilized INR59.74 million as at 31-March-2023).
Operating Profit Margin Ratio: In GTL Standalone Financials this
Ratio has increased by >100% to 3.77% in current FY2022-23 from (1.71%) in the previous
FY2021-22. The said increase in GTL Standalone is due to an increase in margin in Software
License Sale. Also in GTL Consolidated Financials, the same Ratio has increased by
>100% to 0.91% in Current FY2022-23 from (2.27%) in the previous FY2021-22. The said
increase is due to an increase in margin in Software License Sale.
Net Profit Margin (%): In GTL Standalone Financials - there is
increase in Net Profit Ratio by 97% to 3.49% in current FY2022-23 in comparison to 1.77%
in previous FY2021-22 because increase in margin in Software License Sale. In GTL
Consolidated Financials, the Net Profit Ratio in current FY2022-23 stood at 0.48% against
0.83% in previous FY 2021-22 a decrease of (42%) because subsidiary company M/s. Wowtruck
Technologies Private Limited (formerly known as M/s. Equitas Technologies Private Limited)
acquired during the current FY incurred loss. The said subsidiary company incurred a loss
due to termination of advertisement revenue (Web Banner Income of approximately INR60.00
million) contract by ICICI Prudential before acquisition.
Details of any change in Return on Net Worth as compared to the
immediately previous financial year along with a detailed explanation thereof: Net
Profit / Net Worth: In GTL Standalone Financials - there is an increase in this Ratio to
4.66% in current FY 2022-23 in comparison to 1.77% in previous FY2021-22, an increase of
>100% because of increase in margin on Software License Sale. In GTL Consolidated
Financials, The same Ratio in current FY2022-23 stood at 0.66% against 0.75% in previous
FY 2021-22 because the subsidiary company M/s. Wowtruck Technologies Private Limited
(formerly known as M/s. Equitas Technologies Private Limited) acquired in the current FY
2022-23 incurred loss.
Disclosure of Accounting Treatment:
The Company has complied with the appropriate accounting policies and
has ensured that they have been applied consistently. There have been no deviations from
the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013
read with the relevant rules.
Cautionary Statement:
Statements in the Management Discussion and Analysis describing the
Companys Objectives, projections, estimates, expectations may be forward looking
statements within the meaning of applicable securities laws and regulations. Actual
results would differ materially from those expressed or implied. Important factors that
could make a difference to the Companys operations include economic conditions affecting
demand, supply and price conditions in the domestic/overseas markets in which the Company
operates, changes in the Government regulations, tax laws and other statutes and other
incidental factors.
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