The management discussion and analysis present the industry overview, opportunities and threats, the companys initiatives and overall strategy of becoming a market-driven Service Provider with various offerings. The company is optimistic about capturing a substantial share of the global and domestic market amid the threats faced due to the liberalisation and increased competition from well-established companies from India and abroad.
01 Industry Structure And Developments
Global Economic Outlook
Global economic growth has slowed down due to reduced investment, high inflation, and interest rates, as well as disruptions caused by the Russia-Ukraine conflict. To combat inflation, countries worldwide have implemented tight monetary policies. Many countries have also experienced inflation due to currency depreciation against the USD and tight labor market conditions. The challenging global conditions have made it harder for countries to manage their debts, leading to concerns about debt sustainability. In the United States, there is an expectation of a significant slowdown in growth due to an aggressive monetary policy tightening cycle. The Euro area has faced additional challenges such as energy supply disruptions, price hikes, and inflation. The growth of emerging economies is projected to remain stable in 2023, with Chinas growth offsetting the decline in other emerging economies. Financial vulnerabilities are a major concern, including those in financial institutions, housing markets, and low-income countries. Although headline inflation has started to decline, it remains high and may persist for some time.
While entering financial year 2023-24, the tech companies will have to grapple with potential economic slowdown by trimming costs, increasing efficiency and staying agile and innovative to build a strong competitive position. Access to funds will remain selective as capital tries to find resilient companies which will be able to grow profitability. Amid this scenario, Gartner forecasts worldwide IT spending to grow by 5.5% in 2023.
However, there have been positive developments in early 2023 that have improved economic activity and sentiment. The decline in energy and food prices has played a key role in this improvement. Additionally, the earlier-than-expected reopening of China is anticipated to have a positive impact on global activity by reducing supply chain pressures and boosting international tourism. The decrease in energy prices can be attributed, in part, to a mild winter in Europe, which helped maintain gas storage levels and reduce energy consumption in many countries. Goods inflation has also started to decline in most countries as demand for goods gradually returns to normal in the post-pandemic scenario and global supply chain bottlenecks ease.
India
While the global economic scenario might appear grim, the Indian economy continues to push forward steadily, growing at 6.8% in 2022, nearly double the 3.4% growth witnessed at a global level. Agencies worldwide have projected India as the fastest-growing major economy in the year 2022 and 2023. Despite several challenges in the global environment, the Indian economy remained quite resilient, with the PMI-Manufacturing remaining in the expansionary zone for 18 months since July 2021. According to India Development Update from the World Bank, the Indian economy continues to show strong resilience to external shocks. Notwithstanding external pressures, Indias service exports have continued to increase, and the current-account deficit is narrowing.
The Union Budget for FY24 sought to complement macroeconomic growth with a focus on all-inclusive welfare, promoting digital economy and fintech, technology-enabled development, energy transition and climate action, and kickstarting a virtuous private investment cycle, crowded in by public capital investment. Fundamentals and medium-to-long-term prospects remain stable for Indian equities, but, in the near term, they face possible headwinds from oil prices, inflation, interest rates, and fund flows. The ongoing domestic demand revival story remains a key pillar of strength. The expectation of a record rabi harvest bodes well for the easing of food price pressures, while there are early indications of softening wheat prices, helped by supply-side interventions from the government. The impact of recent unseasonal rains in some parts of the country, however, needs to be monitored.
As for the currency movement, the Indian Rupee witnessed its sharpest decline in nearly a decade. This is largely attributed to the Feds aggressive monetary policies to combat inflation resulting in a strong dollar. This currency movement has been a net positive for export-oriented companies.
Industry review
For the IT industry, FY23 was a year of continued revenue growth, with a focus on strengthening industry fundamentals and building on trust and competencies. The volatile global economic environment and impending recession continue to support the demand for technology adoption and digital acceleration. Technology, thus, remains a strategic imperative–a critical component of business innovation and transformation, as well as a source of improving operational and cost efficiencies. Indias technology industry has exhibited continued revenue growth and is estimated to have grown by double digits in constant currency terms in FY23. Indias technology i ndustry revenue is estimated to have crossed USD 245 Billion (8.4% year on year growth), an addition of USD 19 Billion over FY22.
According to NASSCOM, the sector is on track to hit USD 500 Billion in revenue by 2030. The share of digital tech in overall technology services revenue has been on the rise-from 26-28% in FY20 to 32-34% in FY23. The industry continues to be a net hirer, adding 2.9 Lakh new jobs and taking the total employee base to approximately 5.4 Million (5.7% year on year growth), strengthening Indias position as the ‘Digital Talent Nation for the world. Further, the sector remains on the top globally in terms of AI skills penetration with a 36% digitally skilled workforce, the second largest in terms of AI/ML BDA talent pool, and the third largest in terms of installed supply of Cloud professionals.
According to the Strategic Review 2023 published by NASSCOM ("NASSCOM Report"), revenue for the Indian IT services sector is expected to witness growth of 8.3% year-on-year in fiscal year 2023, led by IT modernization including application modernization, cloud migration and platformization. Digital revenues are estimated to account for 32%-34% of total industry revenue, growing at 16% annually in fiscal year 2023. IT services contracts will include a significant digital component, led by digital transformation, cloudification, platform engineering, AI, building software-as-a-service ("SaaS") enabled products and associated consulting services.
The IT services industry is expected to accelerate and drive decisions in fiscal year 2024 based on investments made by clients in cost optimization, operational excellence, digital transformation, vendor consolidation, productivity improvement, customer experience programs, innovation in products and services, talent management, future of workplace and workforce, and environmental, social, and governance initiatives.
02 Summary Of Our Business
Ksolves India Limited is an ISO certified software services and product company offering solutions that enables client organizations to rapidly develop powerful applications addressing their strategic business needs. The applications created by us enable organizations to drive digital transformation and competitive differentiation. This may include automation of routine business functions, making them faster, easier and more accurate and increasing the channels or devices through which these functions can be performed. Our Company is basically engaged in software development, enterprise solutions and consulting, providing a range of Information Technology ("IT") solutions to companies across sectors such as Real Estate, E-commerce, Finance, Telecom and Healthcare etc. We design, develop and maintain software systems and solutions, create new applications and enhance the functionality of our customers existing software products.
Ksolves endeavours to bring together creativity and knowledge with positive business strategy to furnish the requirements of diverse customers with an inclusive range of products and services which are comprehensive and cost effective so that the client can focus on their core-competencies to improve or expand their businesses. Ksolves have worked for numerous industries, realized their true potential and scale to global recognition such as for Real Estate - delivered customized solutions like integrating virtual tours of properties, IDX/MLS integration etc. that have helped them serve their customers better; Education and Learning - conceptualizing and delivering a knowledge network to building creative subject specific apps; E-commerce and Retail - delivering customized solutions such as setting up ecommerce stores using requirement appropriate store platforms, delivering innovative supply management solutions and modernizing ERP solutions etc. which improve traffic, retain existing customers and grow their businesses to greater milestones; Social Media and Networking – providing our expertise to help social media and networking firms in maximizing their deliverables across channels; Logistics - devising customized operations management systems to providing decision support and analytics through data consolidation, data warehousing etc.;
Healthcare providing engineering solutions for efficient patients record management to dishing out customized software requirements; Tech & Software – providing product engineering and development services to big data and business analytics related services;
Life Sciences - providing them with top-of-the-line customized solutions that can help them reach their goals better and faster; CRM – providing Salesforce expertise for tracking every sales activity-each lead, customer and opportunity and be up-to-date with latest information and insights that help for better management of customer relationship; Travel - successfully developed a location based on-demand taxi app with full FAC payment integration, Google Map integration and Twilio integration for sending messages to users. Demand environment improving further with Ksolves getting emplaned as official Vendor for many large IT Firms. Supply-side constraints are seen in highly-skilled areas such as big data/ Machine learning and attrition is kept under control by offering good salary hikes/ variables for billability period and flexible work from home environment.
For delivering the best services, company has also stepped into different platforms for tech partnerships like Salesforce, Magento (Adobe), and Odoo. The company is expanding the sales staff and delivery offices across the globe. Domestically, the company currently has set up additional place of business at Indore, India with good infrastructure facilities. Now the company has its domestic offices at Noida and Indore. Talent acquisition drive is ongoing for Sales and service deliveries. The company is constantly adopting new technologies, employing senior resources. This set up has been formed, so the customer can have direct contact with the Company and service professionals. The company is moving from traditional to hot/modern technologies like Big Data, Machine learning, AI and Salesforce. Covid pandemic has increased the acceptance of global delivery model, with smooth transition into virtual framework of client management, project development and delivery. The work from anywhere model has led to higher productivity. In "work from anywhere" model margin % has gone up as cost levers of extra cyber security and equipment costs is getting offset by even higher benefit from lower travel and physical space costs. Ksolves sees hybrid model of "work from anywhere" and "On premise working" as optimal and targeted work model for next 2 years and will closely align with Industry direction on this. With the reduction of the pandemic risk, the company expects an increase in travel cost and facility expense but it will remain well below pre-COVID level.
Ksolves will focus on strengthening Indore location to support two location strategy for de-risking operations. It will continue to hire workforce at the bottom of the pyramid and focus on re-skilling and training exercise to address cost and demand dynamics. Existing strategy of "just in time Lateral hiring" post project wins will continue. Any short-term gap specially in niche technologies, will continue to be filed by trusted long term consultants who work as professional contractors on hourly billing basis.
ALLIANCES & PARTNERSHIPS
We have matured partnerships with top names like Salesforce, Odoo, Adobe and RedHat. We share a strong symbiotic relation with our partners and we create innovative solutions for our customers.
HIGH END & NICHE TECHNOLOGY
Ksolves has got a strong presence and highly skilled workforce in high end and niche technology verticals like Big Data, Machine Learning, Artificial Intelligence, Salesforce, Odoo, DevOps, Penetration Testing, etc. We are committed to invest heavily in developing new skills into these and the emerging technology verticals and be ahead of the competition._
During the FY 2022-23, <97%> of our revenue was from the services division and <3%> was from our products division.
The year ended successfully for the company adding on to customers, employee head count, revenue, profit and no. of projects as well.
03 Opportunities & Threats
Customer satisfaction and revenues from long-standing customer relationships
We have long-standing relationships with our customers across the world. This is partly due to the high criticality of our product & services and technical know-how to many of our customers business needs. We establish long-term relationships with our customers for multi-layered engagement with various departments and divisions of the customers organisations. Our broad range of product and service offerings helps us cross-sell to our existing customers and acquire new customers. We also conduct regular senior management reviews with our key customers to engage them for feedback and future opportunities. We combine our comprehensive range of product and service offerings with industry-specific expertise to provide tailored solutions to our customers across business verticals, industries and geographies. Our commitment to customer satisfaction enables us to strengthen our relationships. We offer direct support to our customers and channel partners through an extensive global support and implementation team resulting in a quick turn-around and resolution to issues. Specialised centre of excellence teams has been set up for certain products and solutions to guide and train implementation partners and customers on best practices for effective and quick implementations.
Experienced Promoters and Management Expertise
Our Company is promoted by Mr. Ratan Kumar Srivastava and Mrs. Deepali Verma, who individually have more than 19 years and 9 years experience respectively. Having gained experience and worked with technology companies like Tech Mahindra, Birlasoft (India) Limited, HSBC and Persistent Systems, Mr. Ratan Kumar Srivastava ideated the incorporation of Ksolves in the year 2014. He was aided by Mrs. Deepali Verma, who has vast experience in setting up a business and handling overall finances; our board of directors is supported by a team of well-experienced and qualified personnel. We believe that our management teams experience and understanding of the IT industry, specifically in the Real Estate, E-commerce, Finance, Telecom and Healthcare industry, will enable us to continue taking advantage of current and future market opportunities. It is also expected to help us address and mitigate various risks in our business.
Diversi ed Revenue from Multiple Geographies
Our Company have diversified revenue from multiple geographical reaches across the world, and 100% of revenue is generated from exports sales from various countries. As an IT products & service company, our presence in multiple geographies as a service provider helps us expand our client base and keep ourselves in tune with the latest technological advancements worldwide.
Focused on Driving Innovation
We are focused on driving innovation and adopting solutions in line with rapidly evolving technological trends. Our inherent culture of innovation has enabled us to develop a track record of product innovation, expand the range of our offerings and improve the delivery of our products and services. We have a dedicated team of skilled individuals with a technical background and domain expertise in each industry, focusing on evolving technologies. These teams follow a structured innovation and solutions development process and work with delivery functions to identify the critical concerns of our customers and generate solutions, ideas and concepts to address such concerns.
We believe that our culture of innovation has enabled us to grow and retain our customer relationships and successfully achieve process and productivity improvement for our customers. This has helped us continuously expand and diversify our product and service offerings and maintain our competitiveness.
Diversied Business Across Several Industry Verticals
Our customers have used our platform to build diverse applications in many sectors. As of March 31, 2022, applications and software were made on our platform in different industrial verticals. We possess multi-vertical industry expertise and target a broad spectrum of services in our business and product offerings. This has helped us build solution frameworks enriched with domain knowledge from the relevant sector and subject matter experts across several industries. These frameworks have been built on our platform and are scalable and adaptable based on a particular customers unique and constantly evolving business needs.
Scalable Business Model
Our business model is order driven and comprises optimum utilisation of our existing resources, developing linkages with the expertise of our development team and achieving consequent customer satisfaction. We believe this business model has proved successful and scalable in the last few financial years. We can scale by venturing into different sectors where technologically advanced management is required and providing better products and solutions in the industries where we already have a presence. The business scale generation is basically due to the development of new international and domestic markets, innovation in the product range and maintaining the consistent quality of the products and services.
Business Risks & Concerns
After the outbreak of COVID-19 and the resulting work-from-home (WFH) situation, a. employee productivity has been a significant risk and challenge for the IT industry. However, our approach of emerging ahead constantly to implement the business continuity plan and seamless optimised delivery model has helped to overcome this challenge. b. retention of people has been a significant challenge for the entire IT industry. While some of the major IT giants were struggling to keep the attrition rate below 40%, we could keep it below 25% with the help of our people-focused approach and our HR policies. But even this level of attrition continues to be a risk to the business model.
RISK IDENTIFICATION AND MITIGATION-
Retaining top talent and individuals with specialized skills presents challenges for the company. Higher attrition rates can impact the overall cost of operations and harm the companys reputation. Nevertheless, these challenges have been addressed through our people-focused approach and HR policies. The company successfully managed attrition last year by implementing a range of measures.
The implementation of partial work from home arrangements presents potential challenges regarding productivity loss and associated risks in cybersecurity and data protection. The company is actively monitoring productivity issues and security concerns that may arise from the remote work setup. Appropriate policies are in effect to adapt to the evolving business and work models. The company has established systems and processes to address these challenges effectively. Additionally, continuous employee communication and change management efforts are in place to ensure a smooth transition and ongoing adaptation to the new work environment.
Businesses facing challenges and cost pressures may seek to negotiate for more competitive pricing, which can put additional strain on profit margins. Moreover, meeting customer demand within shorter lead times can result in higher resource costs, impacting profitability. Delayed fulfillment of orders can also lead to revenue loss. To mitigate these risks, cost optimization strategies such as cloud deployment, increased automation, offshoring, and adjusting the resource profile may need to be implemented, in consultation with the customer. The business will provide demand forecasts to facilitate proactive supply planning and ensure adequate resource fulfillment. Additionally, the company is leveraging a Hire-Train-Deploy model to address high-volume and new-age skill requirements, while also prioritizing the reskilling and upskilling of existing employees.
There are inherent risks associated with data theft, non-compliance with information security requirements, and cyber attacks. Unauthorized use or disclosure of employee, company, or customer data can result in breaches of customer contracts, regulatory fines/penalties, and damage to the companys reputation. To address these risks, the company has implemented data protection controls such as encryption and data leakage prevention, as well as deployed cyber security tools like firewalls and antivirus software to prevent cyber attacks and data exfiltration. User awareness and supplier risk management practices are rigorously enforced to ensure effective implementation of data security controls. The security controls are continuously monitored and thoroughly assessed. Additionally, the company has implemented mandatory trainings and comprehensive awareness measures throughout the employee life cycle to promote a strong security culture.
Our Competition
We experience intense competition in our services and see a rapidly-changing marketplace with new competitors in new technology areas focused on agility, flexibility and innovation. We typically compete with other players and global technology service providers in response to requests for proposals. Clients often cite our industry expertise, comprehensive end-to-end service capability and solutions, ability to scale, digital capabilities, established platforms, superior quality and process execution, distributed agile global delivery model, experienced management team, talented professionals and track record for awarding us contracts.
In future, we expect intensified competition. In particular, we hope to increase competition from firms that offer technology-based solutions to business problems and incumbent firms in those market segments. Additionally, in-sourcing technology services by our clients technology departments is another ongoing competitive threat.
04 Our Business Strategy
We devised a hybrid delivery model by aiming to open onshore delivery centres in North America and Europe. Covid era posed operational challenges that delayed execution on this front, but it remains a key focus area for the next 12-18 months. Targeting Enterprise Customers by leveraging the techno-functional expertise of senior lateral hires in different industries.
We also aim to maintain a hyper revenue growth path by focusing on non-linear and scalable levers while supporting Industry leading profitability. Continued focus on increasing revenue per employee by upgrading the technology mix of projects and higher billing projects. Ksolves recently had Salesforce partnership status upgraded to Silver (Ridge). This will help in deal momentum in the critical business domain of Salesforce in the coming quarters. Investing heavily in building top-class teams via lateral hires in key focus areas of Data Sciences/Big Data/AI & ML as well as Onshore presence of Sales and Client Management teams.
Expand our Current Business Relationships
Our goal is to build long-term sustainable business relationships with our customers to generate increasing revenues. We plan to continue to expand the scope and range of services provided to our existing customers by continuing to build our expertise in major industries and extending our capabilities into new and emerging technologies. In addition, we intend to continue to develop better solutions and new products for industry sectors which are significantly untapped. We will also seek to support a greater portion of the full product development life-cycle of our customers by offering targeted services for each phase of the software product life cycle. We also plan to assist our customers as they deploy their products to end-users through consulting and professional services that we offer onsite. In addition, we intend to continue to build relationships with various global companies as business partners which can provide us with better benefit by introducing local clients
Attract, develop and retain highly-skilled employees
Our employees are one of our most important assets. We focus on the quality and level of service that our employees deliver by investing in recruitment, development, retention, maintenance of a culture of innovation and by creating both a challenging and rewarding work environment. Our talent development strategy focusses on engaging, motivating and developing a high performing workforce and we aim to create and sustain a positive work-place culture for our employees and benchmark ourselves against our peers. We also have a competency training framework, seamlessly integrated into our business that has been designed for new employees to be "project-ready".
Focus on efficiency
Our goal is to help our customers with our products and solutions, in turn enabling them to deliver their products more efficiently. We have been building products and solution and providing services to leading companies. We have innovated and customized software processes that allow us to monitor and plan the progress of software projects. We have well-trained teams, pre-built frameworks and partnerships with other product companies that allow us to integrate product components and deliver products for our customers efficiently. This helps in reducing time to market and reducing the risk of engineering failures.
Optimal Utilization of Resources
Our Company constantly endeavors to improve our technical process, and will increase service activities to optimize the utilization of resources. We have invested significant resources, and intend to further invest in our activities to develop customized systems and processes to ensure effective management control. We regularly analyze our existing policies to be carried out for our technical and designing process which enables us to identify the areas of bottlenecks and correct the same. This helps us in improving efficiency and putting resources to optimal use.
Invest in infrastructure and technology
Our Company believes in making investments for continuously achieving higher levels of excellence in its products & services and implement dynamic and diverse specifications of our customers. We have invested significantly in equipping our technical team with the latest and specialized infrastructure and modern technology. We want to continue to work towards the upgradation and modernization of our infrastructure and technology.
05 Segment-wise Or Product-wise Performance
*Dev Ops (Kubernetes, OpenShift, Ansible, Docker, CI/CD & Microservices) *Odoo (App Development, Implementation & Customisation) *Mobile Apps (React Native, Flutter, Native Application Development) *Open Source Technologies ( ROR, MERN, MEAN)
06 Threats, Risks and Concerns
The Company is concerned about prevailing exposure norms, financial position, entry of new players in the market, rising competition from new entrants, uncertain business environment, fluctuation in rupee, and likely increase in the cost of capital due to volatile market conditions. Further, the state of business and policy environment in the country also has a cascading effect on the interest-rate regime, cost and availability of human resources.
07 Internal Control Systems and their Adequacy
The Company maintains an adequate system of Internal Controls, including suitable monitoring procedures to ensure accurate and timely financial reporting of various transactions, the efficiency of operations and compliance with statutory laws, regulations and Company policies. Appropriate delegation of powers and guidelines for accounting have been issued for uniform compliance. To ensure that adequate checks and balances are in place and internal control systems are in order, regular and exhaustive Internal Audits are conducted by the in-house Internal Audit Division and external professional audit firm. The Internal Audit covers all significant areas of operations, including identifying critical/risk areas, as per the Annual Internal Audit Programme. The Audit Committee of Directors periodically reviews the significant findings of different Audits, as prescribed in the Companies Act, 2013 and in the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
08 Financial And Operational Performance
Standalone Performance:
In the past year, your company achieved significant growth in revenue from operations, reaching Rs. 7,711.65 Lakhs compared to Rs. 4,534.58 Lakhs in the previous year, marking a growth of 70.06%. This growth was the result of well-planned and executed business expansion operations. For the year ending March 31, 2023, the profit before tax amounted to Rs. 3,299.31 Lakhs, compared to Rs. 2,029.03 Lakhs in the previous year. The total net profit for the year is Rs. 2,487.03 Lakhs, an increase from the previous years net profit of Rs. 1,543.95 Lakhs.
Consolidated Performance:
The company has consistently demonstrated growth and efficiency, as reflected in its net profit performance during the fiscal year 2022-23. Income from sales increased to Rs. 7,831.16 Lakhs from Rs. 4,706.86 Lakhs, representing a growth of 66.38%.
Dividend:
During the year, the company paid a final dividend of Rs. 8 per equity share, resulting in a cash outflow of Rs. 9,48,48,000/-. This dividend was supported by a 1st interim dividend of Rs. 4.5 per share, involving an outflow of Rs. 5,33,52,000/-, and a 2nd interim dividend of Rs. 3 per share, involving an outflow of Rs. 3,55,68,000/-. Following the companys past practices, it expects to continue distributing dividends in the near future.
The companys deal funnel remains strong, and recent project wins are expected to contribute to revenue growth in the second quarter of FY 2023-24, supporting the momentum of growth. The company aims to achieve industry-leading growth in profit after tax (PAT). Going forward, the focus is on delivering sustainable long-term growth and maximizing shareholder value.
09 Human Resources/Industrial Relations
The Company gives utmost importance to the capacity-building and well-being of its employees. The Industrial Relations in the Company continued to be on a cordial note. There are regular interactions between the management and the representative associations on issues about employee welfare. The Company has an atmosphere of trust and cooperation, which results in a motivated workforce and consistent growth in performance. Our clients and people are two sides of the same coin, and both are extremely important.
We have a unique way of hiring and retaining people. Robust technical tests along with aptitude and communication tests give us suitable hires. Fresh graduates are attracted to join us as we provide great projects and substantial learning opportunities. Our packages are at par with the industry.
There is a robust training department and centre of excellence constantly striving for upskilling and multi-skilling our people. Employees get to work on high-end technologies, which helps us contain our attrition. We always encourage our people to upskill themselves with the latest technology trends and help them get certified, which allows Ksolves to stand out in the crowd. Our HR department is always open to listening to suggestions and ideas of our people and constantly working towards making Ksolves a better place to work by implementing various policies like a. Work-Life Balance b. Whistle Blower Policy c. Sexual Harassment Policy d. Hiring for differently abled e. Gender Equality
10 Environment Care, Social Accountability & Quality System
Ksolves is committed to maintaining the highest standards of social accountability & quality standards. Ensuring sound corporate governance is imperative to improve and retain investors trust.
11 ANALYSIS OF SIGNIFICANT CHANGES IN FINANCIAL RATIOS
As per the recent amendments to the SEBI Listing Obligations & Disclosure Requirements (LODR), we give below additional information in respect of financial parameters that are applicable to our company:
Detail of Significant changes (i.e. change of 25% of more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanation therefore as under:
Debtor Turnover Ratio
The Debtor Turnover ratio is zero
Current Ratio
The Current Ratio as on March 31, 2023 is 3.10 times as compared to previous year ended on March 31, 2022 is 3.50 times. The change in the ratio is (11.54) % as compared to Previous Year.
Net Pro t Margin
The Net Profit Margin Ratio as on March 31, 2023 is 31.57 % as compared to previous year ended on March 31, 2022 is 33.77%. The change in the ratio is (6.52)% as compared to Previous Year.
12 Future Prospects of The Company
Looking forward, Ksolves will continue seeking new and improved ways of efficiently delivering our clienteles services. In line with past practices, the company expects the distribution of dividends even in the near future. The company is aspiring to migrate to Main Board and has applied for main board listing its shares in NSE & BSE. The company also aspires to expand globally by opening physical offices in different places. We have formulated a sound corporate vision and long-term management plan while ensuring that we have constantly evolving management and business structures to respond quickly to the market needs & globalisation. We strive to create new avenues for adding more value for the "stakeholders", investors, business partners, employees, consumers, and communities
13 Disclosure of Accounting Treatment
The Company has followed all the treatments in the Financial Statements as per the prescribed Accounting Standards.
Cautionary Note: Certain statements in the "Management Discussion and Analysis" section may be forward-looking and stated as applicable laws and regulations require. Many factors may affect the actual results, which could be different from what the Management envisages regarding future performance and outlook.
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.