Dear Shareholders,
It is with great pleasure and a sense of accomplishment that I address you through this
16th annual report of Synoptics Technologies Limited. Reflecting on the past fiscal year,
I am immensely proud of the milestones we have achieved and the progress we have made in
advancing our mission of innovation and excellence in the ever-evolving technology
landscape. As the Chairperson of this remarkable organization, I am thrilled to share some
heartfelt insights regarding our journey and our future aspirations.
First and foremost, I want to express my sincere gratitude for your continued support
and trust in the company. Your commitment as stakeholders has been instrumental in our
success, and I assure you that we remain fully dedicated to maximizing value for all
involved.
The year 2023 was a thrilling journey filled with challenges, intense efforts, and
significant milestones. The Financial Year 2023-2024 has been a compelling illustration of
Synoptics' Successful and progressive trajectory. We have demonstrated our robust and
crisis-resistant business model, achieving remarkable growth and solidifying our market
position. As we step into the new Financial Year 2024-2025, I am excited to share that it
holds even greater promise.
The past year has been exceptionally momentous for Synoptics Technologies Limited. Our
Listing on the NSE Emerge platform marked a significant milestone, one that has been Met
with enthusiastic response. The oversubscription of our Initial Public offer by more Than
2.66 times is a testament to the confidence you place in us. This year signifies a
Brilliant beginning to a new chapter of growth, in a field often characterized by
volatility Indecision, intricacy, abstruseness and complexity these achievements are
indeed extraordinary.
The Macro Picture
The Indian IT & business services industry is expected to grow to US$ 19.93 billion
by 2025. Spending on information technology in India is expected to reach US$ 144 billion
in 2023. By 2026, widespread cloud utilisation can provide employment opportunities to 14
million people and add US$ 380 billion to India's GDP through widespread cloud utilization
by 2026. A survey conducted by Amazon Web Services in 2021 anticipates a nine-fold
increase in digitally skilled workers in India by 2025.
India has firmly established itself as the premier offshoring destination for IT
companies worldwide. Having demonstrated our capabilities in delivering both on-shore and
off-shore services to global clients, emerging technologies are opening up an entirely new
spectrum of opportunities for leading IT firms in India.
Business performance of the Company:
As we step into another year, we are witnessing a shift from the extraordinary demand
and talent scarcity to a more normalized demand and stabilized talent availability. Our
heightened focus on strengthening our capabilities in niche areas continues, and we remain
vigilant in the face of evolving market dynamics. The demand environment remains stable,
and we are prepared to adapt our strategy as circumstances change.
As we reflect on the past year, I am pleased to report that Synoptics has made
significant strides in in IT services and solutions. Despite the challenges posed by
macroeconomic uncertainties, we have demonstrated resilience and adaptability, leveraging
our diverse geographical presence and comprehensive service offerings to drive growth and
innovation. I am pleased to share some key highlights of our Company's performance for the
year ending March 31, 2024. Our total revenue, including other income, stood at ^ 4341.66
Lakhs, compared to ^ 5124.05 Lakhs in the previous financial year 2023. Furthermore, our
Profit After Tax for the financial year 2024 reached ^ 600.68 Lakhs, compared to ^ 663.09
Lakhs in the financial year 2023.
Looking forward we anticipate growth to pick up more in next financial year and we are
ensuring that our infrastructure & expansion is in line to benefit from the growth in
our industry. We are also working to expand our portfolio of services which may bring more
stability & growth to revenues.
We take immense pride in our 780 team members of Synoptics. Their excellence and sense
of ownership towards Synoptics is inspirational. Building and strengthening the team at
all levels of the organization remains a top priority for us. We are preparing them for
new technology developments along with hiring and training fresh graduates to build a
formidable workforce that contributes to the country's digital transformation agenda.
We extend our gratitude to all our stakeholders who have supported us and believed in
our vision, ethics, and our commitment to long-term value creation within our ecosystem. A
special thank you to our esteemed board members for their guidance in upholding governance
standards. To our clients and partners, we appreciate your trust in our capabilities,
which empowers us to deliver services that are unmatched in value. Finally, we wish to
express our heartfelt thanks to every member of our team whose unwavering dedication has
been instrumental in creating value for our clients and fellow team members, thus
contributing to the development of a robust business.
| Yours Sincerely |
| Sd/- |
| Jatin Jagmohan Shah |
| Managing Director |