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It gives me great pleasure to address you in this Silver Jubilee Year of the Company. I would be privileged to welcome you all at the 25th Annual General Meeting of Inditrade Capital Limited.
During the past few years, Inditrade has undergone considerable
metamorphosis. As you may be aware, our roots go all the way back to 1992, when the business was commenced, and thereafter, in 1994, the Company was incorporated as JRG Associates Private Limited. Then, over a decade ago, in 2007, Baring India Private Equity Fund acquired significant shareholding in the Company and took
management control of the business in 2009, and subsequently renamed the Company, Inditrade Capital Limited. Growing over the years, Inditrade became a multi-product brokerage Company, offering an investment bouquet comprising of equity and commodity brokerage and insurance broking services, besides mutual fund, depository, fund management and other financial services.
However, after consciously considering the future growth prospects and opportunities, we decided to exit our equity broking business and shifted from being a predominantly commodities and stock broking Company into a digitally driven lender that caters to the needs of the financially marginalized. We have strategically prioritized impact lending in our portfolio strategy and are creating relevant ecosystems to take the business to the next level. With the divestment of the equity broking business, we have freed up additional funds to invest in our lending business. Currently, Inditrade has chosen to focus on five verticals, namely, agri commodity finance, microfinance, MSME finance, affordable housing finance and micro lending.
Over the last two years, I am happy to share that the lending businesses of Inditrade have experienced rapid growth. And from here on, we believe that it''s time for us to focus on profitably scaling up all the business verticals. I am convinced that, to achieve a culture of profitable growth, the intention to become profit conscious must percolate from the management right down to the last person in the organization. In fact, we would endeavour to make every branch a profit centre.
Our agri commodity financing business has been undergoing some restructuring and I am happy to note that the business is pivoting in the right direction. We expect this business to significantly ramp up during the current fiscal. The auction support services, which are a part of the agri business, have done well during the last financial year and we expect them to build on the strength and experiences which they have gathered during the last fiscal.
Our microfinance business, which we launched in January 2017, is also progressing very satisfactorily. During the course of this year, there will be roll-out of business in six new States and we expect an accelerated scale up of loan disbursals in this business during the current year.
During the current financial year, i.e., 2019-2020, we will be launching our affordable housing finance business, subsequent to receiving the necessary regulatory approvals, and look forward to scaling it up briskly. In our MSME merchant cash advance business, In Cash, we are exploring expansion of our reach into newer geographies. We are also excited about covering more and more enterprises and helping them on their growth path.
At some stage during the year, we will launch the brick and mortar support structure for our digital micro lending business. We may undertake this expansion of the business in partnership with another entity, to ensure that the ensuing scale-up is more aggressively powered.
Looking ahead, we are excited about the future as we embark on our mission to Finance Progress in India. We believe that financial inclusion has set in motion a great juggernaut, driven by MSME activities and consumption in small towns and rural areas. We are proud to have the opportunity to facilitate this unstoppable force as we focus on financing progress. Being present in five financially underserved segments-agri commodity finance, microfinance, MSME finance, affordable housing finance and micro lending - we have the first-hand experience of this phenomenon. It is this large base of consumers and producers that will drive India''s growth story forward in the short to medium term.
We expect Financial Year 2020 to be a good year, irrespective of domestic or international economic cyclical up-moves and down turns, which could at most destabilize growth temporarily. As long as adequate and suitably crafted finance is available to the large and growing base of consumers and producers at the bottom of the Indian financial pyramid, it will be difficult to derail economic growth, much less topple it. At Inditrade, growth will involve working of all the lending SBUs together as a group, leveraging on individual and collective strengths and striving jointly for higher growth and market share.
We believe that our progress has and always will depend on the efforts and endeavours of our people. I would like to acknowledge their contribution to the Company''s progress this far and extend my heartfelt gratitude to them. On behalf of the Board, I would also like to thank our shareholders, clients, business partners, financial institutions and regulators for their continued support.
We look forward to all your continued patronage, as we pursue our mission to Finance the Progress of our nation.
Thank you, Brij Gopal Daga