Softsol India Limited to Approve 2023-24 Financial Statement at AGM 

SoftSol India Limited will hold its 34th Annual General Meeting (AGM) on Wednesday, July 17, 2024, at 10:00 a.m. IST via Video Conference (VC) and Other Audio Visual Means (OAVM). The AGM will address several important business items, crucial for the company’s investors and shareholders.

Ordinary Business:

1. Financial Statements Approval:
   • The AGM will receive, consider, approve, and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ending March 31, 2024, along with the reports from the Board of Directors and Auditors.
2. Director Re-appointment:
   • Mr. Bhaskar Rao Madala, retiring by rotation, will be considered for re-appointment as Director.

Special Business:

3. Continuation of Mr. Bhaskar Rao Madala as Whole Time Director:
   • A resolution will be passed to continue Mr. Bhaskar Rao Madala, aged 77, as Whole Time Director, liable to retire by rotation.
4. Re-designation of Mr. Subbiah Srinivasan Battina:
   • The AGM will consider re-designating Mr. Subbiah Srinivasan Battina from Non-Executive Independent Director to Non-Executive Non-Independent Director, effective October 1, 2024, who has attained the age of 78.
5. Appointment of Mr. Rakesh Sri Vankina:
   • The appointment of Mr. Rakesh Sri Vankina as Non-Executive Independent Director for a term of five years, effective from June 19, 2024, to June 18, 2029, will be proposed.
6. Approval of Material Related Party Transactions:
   • The AGM will seek approval for entering into material related party transactions, including an unsecured loan of up to Three Million USD from SoftSol Resources Inc, USA (a wholly-owned subsidiary) to M/s. FDR-2030 LLC, USA.

These decisions are pivotal for SoftSol India Limited’s strategic direction and financial health. Investors and shareholders are encouraged to participate in the AGM to discuss and vote on these significant resolutions.

Read the full Notice and Annual Report here 

Softsol India Limited Annual Report 2023-24 

The financial report covers our financial performance for the year ended March 31, 2024. We will look at key financial metrics to understand how the company has been doing.

Review of Operations

SoftSol India Limited is engaged in the business of information and technology services and infrastructural facilities, including leasing of properties or spaces. During the year ending March 31, 2024, the company recorded a turnover of Rs. 2455.89 lakhs from business activities, compared to Rs. 3152.52 lakhs in the previous year. The net profit for the year was Rs. 1040.89 lakhs, up from Rs. 605.48 lakhs the previous year.

Financial Highlights

Here's the table with the percentage difference for each financial metric between 2023-24 and 2022-23:

Consolidated Financials

Industry Analysis

The software industry is expected to grow significantly, driven by the adoption of cloud-based solutions, artificial intelligence, and data analytics, with an annual growth rate of 10% projected through 2027. The infrastructure industry is also expected to grow, driven by digital transformation and efficient property management systems, with the rental management system market projected to grow at a CAGR of 15% from 2023 to 2031.

Competitive Landscape

The software industry is highly competitive with major players like Microsoft, Salesforce, and Oracle. Similarly, the infrastructure industry is competitive with numerous property management companies and software providers. To stand out, SoftSol India Limited will focus on developing innovative, customer-centric solutions.

Business Strategy

• Product Development: Invest in AI-powered solutions and cloud-based services.
• Customer Acquisition and Retention: Enhance customer support and implement targeted marketing campaigns.
• Revenue Streams: Maintain a diversified revenue stream including subscription-based models, licensing, and services.

Financial Projections

The company projects an annual revenue growth of 12% for the next three years, focusing on maintaining profitability through efficient resource allocation and cost control.

Challenges and Opportunities

• Challenges: Economic downturns and regulatory changes pose potential risks.
• Opportunities: Growing demand for AI and data analytics presents significant growth potential.

Threats

• Software Industry: Cybercrime, ransomware attacks, data breaches, and a shortage of skilled professionals.
• Infra Industry: New competitors, changes in laws and regulations, and economic downturns affecting project financing.

Risks and Concerns

The company has a Risk Management Policy to identify, assess, and mitigate risks to protect its reputation by ensuring high-quality products and services and addressing customer concerns promptly.

SoftSol India Limited

SoftSol India Limited specializes in innovative solutions for transforming data, business processes, and enterprise applications. Leveraging advanced technologies like cloud computing, artificial intelligence (AI), and machine learning (ML), they provide comprehensive services to optimize decision-making, streamline operations, and enhance overall business performance.

Their focus on intuitive user experience (UX) and user interface (UI) design ensures that clients receive solutions that are not only technologically advanced but also user-friendly and effective in driving business growth.