Annual Report: 2023
The annual report of ESDS Software Solution Limited for the financial year 2022-2023 includes key highlights, financial performance, and corporate governance aspects. The report begins with corporate information including the Board of Directors (Mr. Piyush Somani as Chairman and Managing Director, Ms. Komal Somani as Whole Time Director, and others) and registered and corporate office addresses. Mr. Piyush Prakashchandra Somani is identified as the Promoter, holding 28.91% of the company's equity shares.
Chairman's Message: The chairman, Mr. Piyush Somani, emphasizes relentless innovation at ESDS. Noteworthy achievements in FY 2023 include technological advancement in cloud services, managed services and security services. Infrastructure management product eNlight 3600 secured an India patent to compliment its US and UK patents. Introduction of a cutting-edge Low Code No Code application development platform and launch of data centers in Mohali and Navi Mumbai are some other key achievements.
Financial Results: The financial performance for the year ended March 31, 2023 is summarized. The company's total receipts/ gross sales and operating income stood at ₹2,058.94 million for standalone and ₹2,122.42 million for consolidated. The profit before depreciation, tax, and exceptional items was ₹301.93 million (standalone) and ₹262.26 million (consolidated). However, after accounting for depreciation and amortization expenses, the company faced a loss before tax & exceptional items. The company has received orders over Rs.175 Crores in FY23. Multiple awards and recognitions were received during the year including GovConnect 8th Digital Transformation Conclave Honoured ESDS Software Solution Ltd, "Most Preferred and Trusted Cloud Service Provider" at the ET Achiever's Award 2022, Seceon Networks recognized ESDS Software Solution Ltd. as Most valued MSSP Partner, Komal Somani recognized as one of the 100 Inspirational leaders of Asia, and more.
Business operations revenue increased by 4.21% to ₹2,013.71 million due to increased cloud hosting and managed services. Gross Fixed Assets & Intangible Assets stood at ₹3100.29 Million. Employee benefit expenses increased by 8.73% to ₹739.86 million due to increase in employee numbers, salaries, wages and bonuses. Cash balance decreased to ₹157.72 million. The Authorised Share Capital of the Company stood at ₹460 million. The company had fully pre-redeemed the NCDs on May 25, 2022.
Other/Debt Securities: During FY 2022-23, the company allotted 750 unlisted, secured, 10% Non-Convertible Debentures of ₹10 Lakhs each (amounting to ₹75 Crore) to Piramal Structured Credit Opportunities Fund, managed by Piramal Asset Management Private Limited, on private placement basis. Piramal Trusteeship Services Private Limited is the Debenture Trustee. The Board of Directors has not recommended any dividend on equity shares, retaining profits for project investment.
Other Key Points:
Corporate Governance: The report on Corporate Governance forms an integral part of the report. ESDS is committed to high standards of corporate governance. The composition of the Board of Directors includes Executive, Non-Executive, and Independent Directors. Details on Board meetings, committees, and policies are included. The company has established a Corporate Social Responsibility (CSR) policy and spent over the required amount on CSR activities in FY 2022–23. The Company's statutory auditors are M/s. Shah Khandelwal Jain & Associate. The Company is in compliance with applicable Secretarial Standards, issued by the Institute of Company Secretaries of India. The Company thanks the Government of India, stakeholders, and its employees.
Annexures: The annual report includes several annexures providing further details on financial statements (standalone and consolidated), corporate social responsibility, and secretarial audit.
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