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Religare Technova Global Solutions Chairman's Speech > Engineering - Heavy > Chairman's Speech from Religare Technova Global Solutions - BSE: 530619, NSE: N.A
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Religare Technova Global Solutions

BSE: 530619|ISIN: INE603B01029|SECTOR: Computers - Software Medium & Small
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Religare Technova Global Solutions is not listed on NSE
Mar 08
Chairman's Speech (Religare Technova Global Solutions) Year : Mar '09
Dear Shareholders
 
 The company was as impacted by the financial markets downturn globally
 as one would have envisaged. However, due to the inherent strong
 relationships built over the years with our customers and the
 commitment of our promoters to this business we could weather this
 storm elegantly. Whilst everyone was reeling under cash flow pressures
 we chose this as an opportune time to attract talent and build a robust
 delivery organization preparing ourselves for the next bull run. The
 new product Fast Trade was impacted by the low sentiments in the market
 and hence the company chose to augment the features in the product to
 make it more competitive by enhancing development focus on the same.
 
 The evolving landscape of the Information Technology business helped us
 realign our thinking to the emerging needs of the customer. The play in
 the services business and product development required independent
 focus and thus the management thought about restructuring our entire
 business. Your company has decided to focus purely in the product play
 encompassing all needs of the BFSI sector. As a result of this new
 strategy your company has acquired Olive Rays, a boutique company with
 an excellent CRM product offering targeted at the Institutional
 Investor. Your company is now preparing to launch this product globally
 by leveraging its existing customer relationship and the benefits of
 this will be evident to you in our next annual report.  This new
 strategy has created loads of excitement within the team internally and
 the company is now targeting to enhance its product portfolio by adding
 solutions for Treasury /Asset Management and Content/ Knowledge
 Management to address the needs of the Financial Services and Insurance
 sectors.
 
 Your company had embarked on a mission last year to consolidate its
 development capabilities in Melbourne, Mumbai and Bangalore under a
 state of the art office complex based out in NOIDA, UP. I am happy to
 inform you that we have been able to complete the same effectively. The
 credit for this goes to the employees who worked day and night to
 ensure that this shift happens without impacting the support to our
 customers. This was an achievement in itself. Here onwards, the company
 will be able to develop products from this state of the art center and
 will be able to distribute the same globally.
 
 The information business in the company has been able to grow in this
 year inspite of the adverse circumstances. A large part of its growth
 has emerged from the repeat orders from our customers clearly
 reflecting upon the quality of service rendered by the team in this
 division.
 
 In short, this year has been a trying year for us as far as revenue
 growth is concerned. However, this year has provided the much needed
 time and space for your company to consolidate its operations bond
 stronger with the employees and build management depth by hiring senior
 professionals from the industry. Currently the company is poised to
 provide better products and services to the market and I am confident
 that this consolidation will make your company a leading provider of
 products in the BFSI space.
 
 Sanjay Padode
 Managing Director - Religare Technova Global Solutions Ltd.
Source : Dion Global Solutions Limited
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