Managing Directors Message
Dear Valued Shareholders,
As I put down these words, the world as we know it is in the midst of the biggest financial, social and health crisis we may witness in our lifetime.
The toll that COVID -19 pandemic has taken is making economies plunge into a recession like never before. While the return to any sort of normalcy rests solely on concerted efforts globally towards creating a vaccine, our journey till then is one of caution which follows mandated protocols and common sense.
Having lived through economic crises before, most of us have adapted and evolved as individuals, organisations and as a country. I am sure, like we have risen and overcome adversities in the past, we will overcome the COVID-19 catastrophe and while the next few months are precarious and uncertain, it will favor organisations who reengineer, rebuild, and recreate long term sustainable business growth models.
The acquisition of Weizmann Forex in 2019 not only provided economies of scale but also broadened our target audience by tapping into the existing market and allowed us to acquire a larger share of this market, the consolidation of businesses saw EBIXCASH’s airport foreign exchange business operate from 75+ counters across Delhi, Mumbai, Chennai, Hyderabad, Goa and Kolkata international airports and from over 130+ branches in 69 cities and presence at 12 seaports conducting a total of $4.8 billion in gross transaction value per year and the inward remittance business of approx. $5 billion gross annual remittance makes us the undisputed leadership position in India.
The infusion of new ideas, products and business processes has transformed the organization setting it on a path of expansion and innovation, we will be introducing new ways of doing business that will give us a distinct identity and allow us to consistently achieve and maintain an edge with regards to our research, innovation and progress.
On behalf of the Board of Directors, I am pleased to share that for FY20, the Company earned net profit of Rs. 3919.06 Lakh as compared to loss of Rs. 1363.52 Lakh in FY 2019. However, the total income of the Company - is Rs. 591581.62 Lakh as compared to FY 2019 total income of Rs. 918937.12 Lakh.
I would like to take this opportunity to thank the members of the Board and the Management for their priceless insights, and the dedicated employees for their contribution towards creating industry benchmarks and building the brand to where it stands today.
I would like to thank all the stakeholders for their continued support in achieving this feat for the company, which I am confident, is only going to gain pace in the years to come.
With best wishes,
Guruprasad T. Chandrashekaran