Welcome to the 25th Annual General Meeting of your Company. I thank for
your sustained trust, encouragement and support.
Since we had met last scenario in the country has changed. India, the
largest democracy on earth has just undergone a massive popular test.
Such a clear mandate was long awaited and it augurs well for decisive
steps to take the economy forward.
Rapid urbanisation & demographic dividend
India is now having the largest young population in the world and
expected to provide 4 workmen out of every 10, by 2025, as per Dr.
Abdul Kalam, former President of India. This has created an
unprecedented opportunity to educate, train and put them to creating
income and wealth ushering in progress and prosperity to the individual
and economy as a whole. But unless right things are done, they would
be drawn to misery, unrest and be prone to frustration. Another
emerging trend is massive movement of rural population towards cities
and also from one urban cluster to another. This has resulted in large
scale urbanisation and consequent fallout in various aspects in urban
ecosystem (viz. residential accommodation, public utilities and
amenities, urban infrastructure etc.). Such large transition of
population is likely to change the demand pattern of goods and services
and their impact on the economy would be signifcant. With growth and
development the trend is grow further.
Key areas of focus
Investment Banking continues to be the major revenue earning division
of your Company, contributing around 85% to total revenue. Leveraging
our strong relationship with small and mid-sized companies, we have
grown to become a one stop shop for the corporates who need boutique
investment bankers for value added services. Sumedha Fiscal provides
merchant banking, loan syndication, financial restructuring, portfolio
resolution of stressed assets, M&A and equity placements under its
investment banking division.
Despite several adverse factors during the year, Sumedha Fiscal
Services Ltd. has posted revenues of Rs. 1315 lacs during FY14, an
increase of 9.5% over Rs. 1201 lacs recorded last year. Profit before
Tax has grown by 109% to Rs. 484 lacs against Rs. 231 lacs in the
previous year. PAT stood at Rs. 344 lacs compared with Rs. 152 lacs for
FY13, an increase of 126%. Our EPS stood at Rs. 4.31 in FY14, compared
to Rs. 1.90 in FY13.
I would call these fgures satisfactory considering the volatile
economic and political environment of FY14.
The markets and industry have responded to the new government''s early
pronouncements with hope and positivity. However initiative at
individual and organization levels shall determine the milestones we
achieve. Quality of leadership at diferent levels is critical for
growth and success. We are at the stage where our businesses have begun
to scale, rigorous investment in people, product and processes have
been made to enhance operating efciencies.
Our approach would be speed coupled with caution, aggression tempered
with humility, looking to the future with an eye on the lessons of the
past. These are our core strengths-staying focused and balanced in our
Your Company acknowledges your unfaltering faith in our commitment.
I thank you all for standing by us and supporting us.
Ratan Lal Gaggar