It gives me great pleasure to welcome you all to the 28th Annual General Meeting of Accelya Kale Solutions Limited. The Director’s report, Auditors report and audited accounts with notes thereon have been with you for some time and request your kind permission to take them as read.
This year Accelya Kale had its own set of challenges and opportunities. Overall we have been able to maintain our revenues and earnings to last year’s levels.
1. Consolidated Net sales for FY 2014 stood at Rs. 315 crores.
2. Consolidated Net profit was at Rs. 86 crores.
The marginal increase in revenues and profit at consolidated level is achieved despite the loss of a significant sized customer contract which was partly made up by new customer acquisition.
For FY 2014, we will be paying out a sum of Rs.49 per share (including the proposed Rs. 22 per share) as dividend to our shareholders. This reflects our ability to generate free cash on an on-going basis and is in line with our policy of returning extra cash to the shareholders in the form of dividend.
I am pleased to share that this year we have accomplished a major enhancement of our flagship product REVERA®. The advanced version called – REVERA NEXT, sets new benchmarks in Revenue Accounting on accuracy, speed and intelligence – across passenger and cargo.
It will also increase overall productivity and quality of the Revenue Accounting process. REVERA is now ready to meet the demands from airlines, including Low Cost Carriers, for the years to come. It will also help in creating further differentiation vis-a-vis our competitors.
I am also delighted to share that during the year Accelya Group was acknowledged ‘IT Company of the year 2014’ by Air Transport News Awards and ‘Information Technology for the Air Cargo Industry 2014’ at the ACW World Air Cargo Awards 2014. These awards are testament to the value delivered by our Group to our customers and the airline industry.
To conclude, we have been able to continue on our journey of innovation and winning new customers and are on track to achieve our vision of becoming a leader of integrated suite of financial and business intelligence solutions to airlines.
And finally, I would like to record my appreciation for the efforts of all my colleagues at Accelya Kale for their dedication and hard work.
Accelya Kale Solutions Limited