Our Journey Transforming Challenges into Triumphs: Wepsol's Inspirational Journey
Dear fellow shareholders,
Last year we embarked on the transformation of our purpose and identity - building on
our past legacy and embracing the new. Our forward-looking vision and future orientation
are strongly anchored in our purpose and identity. Our renewed brand identity centres
around the evolving "modern workplace", infusing a sharper direction,
positioning, and energy into our drive.
Underpinning this strategic stance, are 3 key realities and trends of the modern
workplace:
• With the challenges on account of the pandemic behind us, organizations are
adapting to newer ways of connecting, collaborating and creating impactful outcomes at the
workplace, through the use of technology.
• Flexible workplace is the new reality: return-to-work, hybrid work and remote
work are all co-existent.
• On the technology front, most enterprise applications are moving to the cloud.
The emergence of new technologies including AI-ML, is changing the shape of work
competencies.
As a result workplace technology and services assume higher criticality for our
clients. The 'workplace productivity' shall continue to be an enterprise imperative,
priority and a growth vector in the marketplace. Therefore our acute focus in our
enterprise services business is to help elevate the workplace, workforce and work.
On the products side, we have embarked upon new developmental platforms to poise us for
the future.
• We signed a partnership agreement with Fujifilm Business Innovation. This unique
relationship spans enterprise provisioning, business partner distribution and services.
Fujifilm is a clear market leader in APAC in the premium document printing segment. We are
upbeat about the prospects of this engagement in the Indian geography.
• On our retail product side, we are creating a 'retail ecosystem', to broaden our
offering and cover all aspects of retail operations. Hitherto our coverage was the entry
level of the billing printer segment. While on one hand, we are working to upgrade the
billing printer line, on the other we are adding new and extensive Point-of-Sale products
to the portfolio.
• The surge in Q-commerce and e-commerce and the proliferation of network, cloud
and SAAS technologies are the catalysts of the next growth surge in retail SMBs. This is
further accelerated by the cashless economy initiatives of the government, and the rising
consumption.
• The POS market in India is witnessing exponential growth, with projections
indicating a tenfold increase in the coming years spurred by the major shift in retail
operations and infrastructure.
• By efficiently investing in such opportunities, we shall continually enhance our
offerings and cement our position as a leading and trusted partner for products.
Organizations play a crucial role in the global ecosystem. As a responsible enterprise,
we emphasise sustainable progress in every dimension-economic, social, and environmental.
Our commitment to sustainability remains unwavering as we continue to comply with all
relevant laws, regulations, and codes of practice across our manufacturing
operations."
Recently, we received the ZED Silver certification (Zero Defect, Zero Effect),
reinforcing our unwavering commitment to the highest standards of quality and
sustainability. With ISO 9001:2015 and ISO 14001:2015 certifications for our manufacturing
unit in the Himalayan foothills of Baddi, Himachal Pradesh, we are steadfastly dedicated
to achieving carbon neutrality by 2050, with all processes aligned to this ambitious goal.
In FY24, our Enterprise business saw a robust revenue growth of 11.6%, driven by the
acquisition of new customers and expansion among existing clients. Although revenue in the
Partners business declined, driven by the eclipsing of non-profitable revenue lines, we
maintained consistent profitability throughout the year. Our EBITDA remained stable at Rs.
146 million in FY24 compared to Rs. 149 million in the previous year, while EBIT improved
to Rs. 61.6 million, up from Rs. 55.2 million in FY23. Despite the dip in overall revenue,
our focus on efficiency enabled us to deliver higher profits year-over-year.
I want to thank all our clients, the entire partner community, shareholders, board
functionaries and every member of our wepsol family for their continued trust and support,
enabling us to drive forward.
Ashok Tripathy
Chairman.