I had attended CG-VAK AGM23 conducted through VC, following are some notes. –
AGM23
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Negligible revenue from ITeS, 98% from IT services
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Focus in the areas of Mobile, digital transformation
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36 new clients added during the year
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US and Canada – majority business is from these geographies
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Have clients in 10 more countries
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Repeat business from same clients – 96%
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43cr from NA, RoW – 11cr
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Every year some award winning work is delivered by the company
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There is feeling of slowdown – still looks like business as usual – there is cautiousness around decision making
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Growth trajectory to continue
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333 employees – 19 in US
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Don’t create capacity until we have pipeline. Hoping to exit with 360-380 employees in Mar 24.
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Should have started construction for new office. Pandemic changed way – everyone is yet to come back to office. Doing some groundwork. Won’t start construction until majority people are back.
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Order book – 37cr
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Sectors – Healthcare, retail, telecom
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BFSI – some business
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We are into niche market space where ticket sizes are small. These are small/medium businesses which biggies can’t service. Majority of these are owner managed businesses and have high expectations
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Margins dropped due to cost of manpower
Disc – Invested, no transactions for several months, not a buy or sell reco.
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