Ladies and Gentlemen,
It gives me a great pleasure to welcome you all to the 22nd Annual General Meeting of Kale Consultants Limited. The Director’s report, Auditors report and audited accounts with notes thereon are with you for some time and request your kind permission to take them as read.
The global airlines industry has faced some of the toughest challenges this year including spiraling fuel costs, need to modernize the aging fleet, legacy systems and procedures and demands of the complex customer needs. Fortunately technology is providing answers to some of these issues and your company is closely working with industry bodies to address and find winning solutions in this difficult conditions. Your company is strengthening relationships with IATA and ATPCO two of the widely represented industry forces to arrive at modern and flexible solutions for the industry.
This year your company concluded the acquisition of Zero Octa and cemented the alliance with ATPCO. Now the company has presence from New Zealand to USA with customer base across all the continents of the globe. The professionals strength now has grown to over 1500 talented individuals across the globe.
Your company has helped the industry in implementing some of these initiatives through efficiency improvement offerings as well as enabling them to convert some of the fixed expenditure to revenue based variable expenditure. This combination is a powerful one and our results show this in the year completed.
Significant operational highlights of the year under review are
- Revenue growth to Rs. 872 Mil
- Profit after tax to Rs. 166 Million
- EPS growth to 11.96
- Growth for the annuity type of revenues to Rs. 711 Million
- Number of clients growth to 95 clients.
Now your company is an acknowledged leader in airline revenue accounting space while it has firmly moving towards establishing a solid logistics practice with quite a few key customers already on board. With over 1500+ colleagues in Kale family, it is now quite well equipped to provide quality solutions to over 95 customers including the two largest airline alliances namely -STAR alliance and SkyTeam. You would be quite happy to note that twelve out of top twenty airlines in the world are now amongst the list of prestigious clients of your company.
Quality, growth and innovation are three cornerstones around which the company plans to build its future and has made significant investments and strides in this direction. We would continue to closely partner with our clients to evolve industry standard solutions yet providing the flexibility to cater for custom needs of every customer. Alliances with industry organizations would fuel our growth while adding value to the profitability of our customers. Lastly we would continue to be the first on many innovative ideas and approaches which would provide thought leadership to the airline and travel industry.
Even though lot of new entrants have been focusing on the travel airlines and logistics marketplace your company’s leadership position would be maintained thanks to innovative products, key alliances, established brands and committed professionals. We have no doubts that the future is bright for your company and soon with your support we would cross two cherished landmarks- First of servicing of over 100 customers and then –reaching Rs. 1000 million revenue. These landmarks surely would be stepping stones to higher revenue aspirations and stronger profitability.
I thank all of our stakeholders- Clients, Colleagues and Corporate stockholders, business partners, Bankers, RBI, NASSCOM, and various government authorities for the constant encouragement and support throughout the year. I also like to record the appreciation for the efforts of all the Kale’ites- for their total dedication and hard work. I am sure that with this continued support the company would see more recognition, awards, profitability, partnerships and growth in time to come.
Narendra H. Kale
Kale Consultants Limited