LETTER TO SHAREHOLDERS
Founders'
Note
Dear Shareholders,
As we write this letter, the impact of the second wave of the COVID-19 pandemic seems
to be gradually reducing due to mass inoculation. However, different parts of the world
are still under varying degrees of lockdown. The pandemic did throw some challenges our
way, but we are proud of the grit with which our people handled them.
Fortunately, we are a company that caters to overseas clients and are experienced in
working remotely. As a result, we have built a business that largely interacts with
clients virtually, and we hope that this has ensured little disruption in our clients'
experience with us.
Our primary focus has been to ensure seamless customer service and the safety of our
people during the year. We were and will do everything in our ability to ensure there are
no misses in these two areas.
That said, we are pleased to present to you the InfoBeans Annual Report 2021.
The year gone by has been a positive surprise for us. With the entire world working
remotely, there was a surge in the adoption of the digital, which benefited us and
provided tailwinds to the IT industry. Last time this year, we were concerned about the
ramifications that COVID would have on our business. However, we are glad that FY 2021 has
turned out to be a good year for us.
Strong financial performance
We exhibited some excellent numbers during the year, achieving Rs.180.3 crore of
Revenue from Operations, marking a 13% growth compared to Rs.156.5 crore in FY 2020. In
addition, our Total Income stood at Rs.196.2 crore compared to Rs.164.6 crores,
registering a growth of 16%. This was coupled with superior growth in EBITDA, which stood
at Rs.54.4 crore in FY 2021 compared to Rs.36.2 crores in FY20, registering EBITDA growth
of 33% and EBITDA margins of 28%.
Resilient operations
During FY 2021, we onboarded 14 new clients, compared to 28 in the previous year;
additional client onboarding remained a little slow in H1 of FY 2021. At present, we cater
to 16 Fortune 500 clients, which we believe is a remarkable feat, compared to just three
at the time of our IPO in 2017. We aim to grow this number further in in the coming years.
We have charted a strategic roadmap to expand our business through organic growth. We
will focus on the three areas - getting new clients on board, expanding our existing
client accounts, and enhancing our competencies and skill sets to serve our clients
better.
Leveraging the industry trends
Today, organisations world over are adapting to a new, virtual way of working and
adjusting to the new world order. This sudden spurt in demand has led to a talent shortage
in the industry, and IT companies are competing to hire people with the right skills.
InfoBeans is also looking to expand its team strength to cater to the rising demand and
deliver services that exceed client expectations. In fact, we have started campus hiring
and are grooming fresh graduates and preparing them for the competitive IT landscape.
Navigating the pandemic
Like every other organisation, our priority was to ensure the safety and well-being of
our people. We set up an internal helpline to extend support to the affected team members
and their families. We ensured that our people are duly vaccinated against the virus. Our
people also stepped up as volunteers, helping to ensure availability of beds, medicines
and oxygen, to those in need.
We extended support outside our organisation, to the communities as well. We provided
food to the needy and also arranged to deliver PPE kits and masks to healthcare workers.
We will continue to help wherever we can and stand with the world in the fight against
this pandemic.
Towards a better future
As we look into the future, we are hopeful and optimistic.
We will build on the momentum we have created and leverage the industry tailwinds to
deliver organic growth while looking for opportunities to grow inorganically.
We want to extend our gratitude to all our stakeholders for your continued faith in us.
Our aim will continue to be to create long-term, sustainable value for you. And last but
not least, we are extremely thankful to our entire team, who endeavoured relentlessly to
deliver WOW to our customers.
BEST WISHES,
Siddharth, Mitesh, and Avinash.
Chairman