Trigyn Technologies Ltd Management Discussions.
Trigyn Technologies Limited, ("Trigyn" or the "Company") is a leading IT company providing IT solutions & services to global clients. Trigyn delivers end to end quality and cost- effective solutions and services with its operations worldwide. Technology has changed the way organizations run business. Innovation, disruption and managing security and all are a part of running an enterprise in this new technology driven landscape. This has led to an unparalleled focus on the role of IT companies. Trigyns services help its customers integrate business processes with technology and assist operate in a marketplace that is no longer constrained by time and distance, thus providing a sustainable competitive advantage to its customers. Trigyn offers its valuable services to clients of repute in domains of International Organizations, Non Governmental Organizations, State and Local Governments, and the Commercial sector including Financial Services, Pharmaceutical, Manufacturing and Distribution. Trigyn has a comprehensive range of service offerings including Offshore Development and Maintenance Solutions & Services, Staff Augmentation, Managed Services, and Business Process Outsourcing. These services include System Integration Services, Application Development and Maintenance, Reengineering, 24X7 Support Services, Financial Products Support for the Asia marketplace and more. The Company maintains Centers of Excellence in its Offshore Development Center focused on Enterprise Content Management, Enterprise Mobility and Emerging Technologies.
At Trigyn the management and the employees are committed to secure a long-term partnership with customers by providing world class solutions and services that exceed expectations.
We recognize that consistent satisfaction of customer needs is essential to business survival. We diligently work towards securing a long term partnership with each customer and we intend doing this by:
1. Developing a productive work environment and fostering a performance based culture.
2. Continual improvement of processes that will lead to achievement of higher levels of performance.
3. Focusing on managing, leading and developing people resulting in proactive employees, positive management and high performing teams.
4. Ensuring that quality standards are met prior to delivery of all products and services, through appropriate quality control and quality assurance practices.
5. Trigyn has adopted and achieved ISO 9001-2015 and CMMI DEV Version 1.3 Level 5 international quality standards for process definition and improvement. Trigyns offshore development operation is also certified for ISO
27001:2013 standard for security.
6. Trigyn has achieved Capability Maturity Model Integration (CMMI) Level 5 in the previous year. CMMI is a capability improvement framework that provides organizations with the essential elements of effective processes that ultimately improve their performance.
7. An appraisal at maturity level 5 indicates that the organization is performing at an "optimizing" level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.
8. Closing the capability gap and in our effort to strive toward continual improvement, we remain committed to provide world class solutions and services that exceed customer expectations.
Industry Structure and Development
Software and computing technology are transforming business in every industry around the world in a very profound and fundamental way. Trigyn is an innovative solutions provider and systems integrator that has been in business for close to 33 years with over 1500 resources deployed today. We have professionals on board at locations in the United States, Canada, Europe, India, Africa and the Far East - working round the clock to bring cutting-edge technology closer to you.
Trigyn provides IT Staffing, Solutions, Systems Integration, Software Development and Maintenance, Data-Driven Digital Marketing and other services to its clients.
System Integration Services
Trigyn operates a highly effective, efficient and proven Offshore Development Center (ODC) based in Mumbai,
India. Trigyn provides a host of services for its customers from its ODC the key ones include:
Custom Application Development & Maintenance Service
Enterprise Content Management Service
Legacy Modernization / Application Reengineering Service
Mobile Application Development & Enablement Service
Business Intelligence & Reporting Service
User Experience Consulting / Design Service
Independent Testing Service
Business Process Outsourcing Service.
24X7 Helpdesk & Support Services
There is an ongoing endeavor to leverage the Companys quality achievements to add value to its esteemed customers investments and manage services provided by the Company. Trigyn prides itself on having a competency and proven team to oversee the delivery center, along with a highly integrated and automated set of tools to track, manage and maximize its human capital resources, control risk and provide transparency in all its operations to ensure its customers remain satisfied and receive value from its services. To ensure that these objectives are achieved, the Company has adopted and is using the industry leading tools & technologies.
Trigyn has a proven track record in providing large scale Managed Services. Trigyn has delivered large scale engagements globally, across more than 15 countries and has established infrastructure, management resources, and methodologies that ensure success. Trigyn has the experience to meet and exceed the most demanding Service Level Agreements (SLAs) in very challenging environments. Trigyn is able to mobilize and deploy IT resources and offer other logistical services to some of the most remote locations with limited connectivity and infrastructure. Today, Trigyn has over 865 (as on July 31, 2019) skilled resources working in its Managed Services operation, providing services in many different countries.
Trigyns Managed Services offerings provide a host of benefits to our clients, including:
Improved service levels, security and availability
Extended capabilities with optimal resource management
Ability to manage change with agility & excellence
Ability to align IT with business strategy
Staff Augmentation Services
Trigyn operates a highly refined, mature and integrated staff augmentation business which provides qualified and reliable resources to its customer over a broad range of technologies and in diverse geographic locations. This operation is headed by a team of industry veterans with extensive industry knowledge and staffed by seasoned recruitment specialists both in the USA and in Mumbai, India. The Company has invested in human capital and tools to ensure that this sector of its business can respond to the highly competitive nature of this business and has achieved significant success measured by the growth in its base of esteemed customers. At the core of this offering is a fully integrated Resource Management System (RMS), which allows for the seamless integration of opportunities from around the globe to be sourced by the most cost effective means and managed from multiple locations. The Company continues to enjoy much success from its continued focus on the diversification
Augmentation business. The Company continues to add to its portfolio of clients in the International Governments, Non-Governmental, State and Local Governments and Commercial sectors. Most of the resources placed fall into the following areas or domains:
Project Management and Business Analysis
Architecture, Design, Development and Quality Assurance
Helpdesk and Network Support
Network & Infrastructure Design
ERP Technical and Functional (SAP & Oracle)
UX/UI and Usability
Trigyn is committed to understanding and reducing the environmental impact of the Company and its employees in all geographies where we provide services. We are committed to improving the lives of our employees and those in the communities where we operate. Trigyn continues to be engaged in various "Green Energy" initiatives with its customers.
The Management of Trigyn follows the Organizational Strategy and Roadmap to implement a series of initiatives to streamline and refocus the Company to achieve certain objectives. A number of these objectives include:
Enhanced integration of the Companys US subsidiary, Trigyn Technologies Inc., with e-Government and related initiatives being pursued across other geographies by the Company.
Continued focus on consolidating overhead to least costly geographies, to realize savings and enhance service offerings as a result of further integration, automation, knowledge transfer and training.
Reevaluation of initiatives in geographies where economic conditions are no longer favorable for continued expansion efforts and such geographies can be serviced through partnerships or from other locations. This activity would be carried out subject to obtaining requisite statutory approvals from the concerned authorities.
Focus on the retention and development of existing talent through the offering of incentives such as stock options, optimum compensation structures, training and promotion from within.
Ensure strict compliance of all laws and regulations in all regions where we operate and identify and bring to the fore all issues of non-compliance.
The Indian IT-BPM sector continues to be the largest employers in the country. Trigyn is well positioned to continue to grow along with the industry.
It has also been widely reported in the past from several multi nationals with multi-country operations as well as syndicated analysts comparing the various sourcing locations that India offers the best "bundle" of benefits being sought by the global sourcing industry.
Trigyn has established partnership with the leading technology companies like Microsoft, EMC2, TIBCO and IBM. Trigyn believes in a partner ecosystem that creates value for its clients through innovative solutions focused on making a difference, and in assisting its clients in achieving their vision, goals and organization objectives. The industry alliances provide a robust foundation to provide the best-of-the-breed solutions to cater to the increasing demands from clients for value added services around the software and solutions from OEM vendors. Trigyn shall focus on partnering with emerging software solution vendors who wish to establish base in the India sub-continent and tap the potential in niche areas. Furthermore, Trigyn is an evangelist for open-source and promotes these solutions to clients where these deliver value and unique proposition.
Opportunities and Threats
Trigyn is well positioned to leverage the expanding human capital at its disposal through its unique global footprint anchored by its Offshore Development Center (ODC) in Mumbai, India. Trigyn has made impressive progress over the past few years on a number of fronts to ensure its continued growth. Trigyn has a stable operating management team which averages over 5 years with the Company and 15-20 years of industry experience. It has tenaciously and deliberately moved to ensure that its business is derived from multiple sources including Offshore Development, Managed Services and Staff Augmentation, as well as across diverse geographies such as the US, Europe, Africa and Asia. It has worked hard to ensure that a number of the critical business functions are serviced by resources in its ODC and has integrated the cultures across its operations.
The business revenues are sourced predominantly from the US market. Given the prolonged economic impact in this market, Trigyns business could be adversely impacted. This impact could also be felt by the State and Local Governments, as these entities are negatively impacted by a loss of tax revenues and institute budget cuts for resources and postpone or cancel projects. Another area of concern for the Company is the increasing level of competition across the IT services industry. With a shrinking number of client dollars and more competitors chasing these dollars, the threat to revenue and equally as significant, profit margins, become ever more likely.
Results of Operations
During the year under review on a standalone basis your company achieved Total Revenue of Rs. 12,887.95 lakhs as compared toRs. 6,182.68 lakhs in the previous year. The net profiton standalone basis stood atRs. 397.98 lakhs as compared toRs. 46.47 lakhs in the previous year.
During the year under review on a consolidated basis your company achieved Total Revenue ofRs. 89,464.56 lakhs as compared toRs. 68,451.34 lakhs in the previous year. The net profit on consolidated basis stood atRs. 4,845.27 lakhs as compared toRs. 3,946.97 lakhs in the previous year.
In accordance with Accounting Standard Ind AS 108 Operating Segment, the company is having single reportable segment i.e. "Communications and informationtechnologystaffing . support services"
Risks and Concerns
The revenue growth and profitability of the business of Trigyn is subject to the following:
Changes in the domestic and international economic and business conditions
Commoditization of the Offshore Software Services business
Foreign exchange rate fluctuations
Length of the sales cycle
Success in expanding the global operations through direct sales force and indirect distribution
Economic downturn impacting our customers
Activities of our competitors
Allocation and availability of resources
Based on the preceding factors, the Company could experience a shortfall in revenues or earnings or fail to meet the public market expectations, which could materially and adversely affect the business operations, financial condition and market price of the Companys shares on the stock market.
Internal Control System and their Adequacy
Trigyn continuously reviews its Internal Control system in order to further strengthen and make it commensurate with the size and nature of the business which currently is well defined and commensurate with the scale of operations of the
The CFO certification provided in the Annual Report discusses the adequacy of our internal control systems and procedures.
Material Developments in Human Resource/Industrial Relations front, including number of people employed
The Company believes that effective human resource administration is the best way to ensure that personnel needs are well integrated and amalgamated in to long term organizational goals. Effective employee management tops the priority of the Human Resource Department of the Company.
The human resource (HR) strategy is focused on creating a performance-driven environment in the Company, where innovation is encouraged, performance is recognized and employees are motivated to realize their potential.
HR is the core of the Company,influencingchange, building culture and capabilities. The HR processes are continuously evolving and aligning with the changing business requirements. HR is structured into the specialized business units to enable them respond better to the needs of their customers and get more strategic advantage. The HR organization is equipped with multicultural leaders capable to handle tremendous volatility in the economic, regulatory and cultural sphere around the world.
Some of the initiatives included monthly PoB (Pat on the Back) awards, Spot Peer Appreciation Awards, League of ExtraOrdinary Abled People (LEAP) Awards, along with Service Anniversaries and Stock Options.
Amongst other initiatives, implementation of Rewards & Recognition Program and further improving the HRMS are some of the plans for the next year.
The recruitment strategy of Trigyn helps create a workforce with diverse culture and thinking across all levels which in turn brings in a competitive advantage for the Company.
In FY 18-19, the Company has hired and integrated 27 people into its workforce across the globe. As on July 31, 2019, 376 people were employed with the Company.
Talent development, engagement and retention
The effort is towards developing competencies in technology, domain and processes to meet customer requirements and help our employees to stay relevant and realize their potential.
The Company uses various delivery mechanisms for imparting knowledge to its employees.
Diversity and Gender Equality
Trigyn is committed to diversity across all of the geographic locations where it provides services and solutions to its customers. To this end, the Company continues to enter into contracts with several US based Minority and Women owned businesses. Outside of the USA, the Company has undertaken a number of initiatives aimed at broadening the diversity of its work force, from its operations in India to a number of its work locations around the globe. Trigyn has also taken steps to ensure Gender Equality throughout its operations and has launched specific initiatives to ensure Gender Equality throughout all facets of its operation. Trigyn developed and adopted an Affirmative Action
Plan in the US, to ensure operational compliance with its objectives and values.
The Company ensures compliance of employment, immigration and labour laws in countries of operation. Changes in the applicable regulations are tracked on a global basis.
The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual /Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder for prevention and redressal of complaints of sexual harassment at workplace.
There were no complaints of sexual harassment received during the year.
Some of the statements made in this section may contain certain forward looking statements within the meaning of securities laws and regulations in force. Facts which are not historical in nature and include but are not limited to Trigyn business, financial condition, business strategy, plans relating to products and services, future prospects or any related assumptions thereto should be deemed to be forward looking statements and should be considered as such. These forward looking statements are inherently subject to risks and uncertainties, beyond the control of Trigyn and accordingly the actual results could differ materially from those indicated by the forward looking statements. Trigyn shall not be liable for any loss, which may arise as a result of any action taken on the basis of the information contained herein nor would be under any obligation to update the forward looking statements to reflect the developments of events or circumstances hereafter.