innovana thinklabs ltd share price Management discussions

INTRODUCTION:

The Management Discussion and Analysis Report has been prepared in compliance with the requirements of the Listing Agreements and comprises expectations and projections about the Companys vision & growth strategy. Certain statements in the Management Discussion and Analysis Report are forward-looking statements that involve a number of risks and uncertainties that could differ from actual results, performance or achievements. These forward-looking statements are on the basis of any subsequent developments, information, or events for which the Company does not bear any responsibility. BUSINESS OVERVIEW: Innovana Thinklabs Limited (originally incorporated as PCVARK Software Pvt. Ltd.) is a software and application development company headquartered in Jaipur. Founded in 2015 by Mr. Chandan Garg and Mr. Kapil Garg, the company is engaged in creating cutting-edge products that help optimize system performance, enhance system security and significantly improve the user experience. Innovana became an established name in the IT sector by developing turnkey products for Mac, Windows, Android & iOS for audiences all across the globe. Our products have registered their presence in over 126 countries in 13 different languages. With 1.5 million downloads and nearly 10 million unique visitors every month, our products have gained immense popularity globally owing to their performance, functionality and usability.

Our extensive product portfolio consists of applications and software such as ITL Total Security, ITL Driver Updater, Ad-blocker, Disk Cleanup, Tarot Life & Anytime Astro among many others. Innovana Thinklabs got converted from Private Limited to Public Limited, after getting shareholders approval in the Extra Ordinary general meeting of the company held on 14/06/2017. Further, the Company got listed on NSE EMERGE platform of National Stock Exchange of India Limited on 12/12/2017. Our success stems from the excellence of our people and our unwavering commitment to our clients. And, we consistently strive to provide unmatched services and design products that add value to our customers. FUTURE BUSINESS PROSPECTS: As technology continues to advance at an exponential rate, the demand for innovative and cutting-edge software solutions is only expected to grow. From small startups to large corporations, organizations would require Software to improve efficiency, enhance customer experience, and streamline processes. This reliance will continue to drive the demand for software development services. AI, or artificial intelligence, is a rapidly expanding area that holds immense potential and as a core Software Development Company, we are increasingly leveraging this technology to create Applications in Metaverse, enhance decision-making, and improve overall efficiency of our existing products & processes. Cloud computing, mobile app development, IoT (Internet of Things), and blockchain are among the key areas that are bound to shape the future of software engineering and we are well ahead in terms of the usage and implementation of these technologies in our Company. OPPORTUNITIES AND THREATS: India has become a global hub for IT outsourcing, with many companies worldwide choosing to outsource their software development projects. This presents ample opportunities for software development companies in India to gain clients and establish long-term business relationships. Moreover, the Indian government has implemented various initiatives to promote and support the IT industry. This includes providing tax incentives, setting up technology parks, and implementing favorable policies, which create a conducive business environment for software development companies. Intellectual property theft and copyright infringement have been a concerning issue in India. We have adopted many adequate measures to protect our intellectual property rights and maintain client trust. Despite having a large pool of talented IT professionals, retaining skilled employees can be a challenge for software development companies. There is often a high demand for experienced professionals, leading to potential attrition and increased recruitment costs.

INTERNAL CONTROLS AND THEIR ADEQUACIES:

An internal control system requires proper documentation of policies, procedures, and controls implemented within the organization. This helps ensure consistency, clarity, and visibility of controls to relevant personnel and external stakeholders. They have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance of corporate policies. We adopt a comprehensive approach that addresses various aspects like segregation of duties, authorization processes, physical safeguards, IT controls, risk management, documentation, and compliance which is crucial for the effective implementation of internal controls within organization. OUTLOOK: The outlook of the Company is promising as we strive to lead the way in software development and application development in the coming years. Innovana Thinklabs Limited is committed to staying at the forefront of technological advancements and creating unique solutions for our customers. We anticipate a significant rise in the adoption of emerging technologies such as artificial intelligence, which would present opportunities for us to develop highly customized and transformative software solutions for our customers. There are no major risks and concerns except economic fluctuations, increasing demand for IT personnel leading to higher recruitment costs and growing competition. With appropriate risk-mitigation strategies and measures in place, the Company will continue to have a stable standing in the market which is to be supplemented by business plans and review mechanisms. RISKS AND CONCERNS: Data breach and privacy Increased competition from local and big players. New technology changes. Changes in government policies and other regulations. Talent retention & recruitment HUMAN RESOURCES DEVELOPMENT: We place great importance on the development of our human resources. We believe that continuous learning and growth are crucial for both individual employees and the overall success of our organization. We offer a wide range of training programs to enhance employees technical skills, leadership abilities, and professional development. These programs are designed to address both immediate and future needs and are frequently updated to keep up with the evolving industry trends. Also, we provide access to various learning resources, such as online courses, webinars, and conferences, to encourage continuous learning and professional growth. Employees are encouraged to stay updated with the latest industry trends and technologies to excel in their respective roles. We have a robust performance management system in place that includes regular feedback, goal setting, and performance evaluations. This helps employees identify their areas of growth and improvement and provides them with the necessary support and resources to reach their full potential.

Date: 05/09/2023	For and on behalf of the Board of Directors
Place: JAIPUR	FOR INNOVANA THINKLABS LIMITED
Registered office:	CHANDAN GARG	KAPIL GARG
Plot No. D-41, Patrakar Colony,	Managing Director	Whole Time Director
Near Jawahar Nagar Moti Dungri Vistar Yojna,	DIN: 06422150	DIN: 07143551
Raja Park-302004, Jaipur, Rajasthan