<img alt="" src="https://secure.ruth8badb.com/159247.png" style="display:none;">

Dear Shareholders,

It gives me great pleasure to welcome you all to the 33rd Annual General Meeting of Accelya Solutions India Ltd. The Directors’ report, Auditors report and audited accounts with associated notes were circulated to you and I request your kind permission to take them as read.  

Accelya works with the airline industry which is growing and is core to the modern world. Travel, whether for business or leisure will always be required. To remain competitive, airlines need to evolve their business models, find new and better ways to target their customers and leverage technology.   

Airlines are increasingly looking at transforming the distribution landscape and becoming eretailers.  IATA’s NDC and ONE Order initiatives are being leveraged to help them realise this vision.  

We see Accelya playing an important role here. We are well positioned to partner with airlines and help them successfully navigate this change.   

- We are actively participating in NDC and ONE Order forums. Our accounting solutions are NDC and One Order certified and capable of handling customer processes in the new distribution world. We are also working with airlines to simplify their order to settlement process.   

- We are leveraging the rich and accurate data generated by our solutions to provide key financial and commercial insights to our customers.  

- We are constantly embracing new technology developments and have been building artificial intelligence and machine learning capabilities to align with our customers’ goals.   

I am happy to share that our solutions are doing well and we continue to maintain our leadership position in revenue accounting. We have migrated many of our existing customers to the new version 20 and Qantas Airways recently went LIVE on this version as well.  

Our financial performance during the year has been encouraging.  Our total revenue grew by 13% to Rs. 4,330.25 million, and our net profit after tax (PAT) by 19% to Rs. 1,063.78 million over the last year. We continued to reward our shareholders with dividends. This year, the total dividend was Rs. 32 per share including an interim dividend of Rs. 17.  

We are committed to our stakeholders and strongly believe in nurturing a motivated and efficient workforce.  We will begin the year 2020 in our brand new office in Mumbai. The new facility is in line with international workplace standards and will enhance employee experience.    

I wish to take this opportunity to thank our employees, customers, shareholders and partners for their support and trust in the company.   

I am confident that we will see further success and growth in the next year. 

 

Thank you!

Neela Bhattacherjee

Chairperson for the meeting, 
Accelya Solutions India Limited

Dear Shareholders,

It gives me great pleasure to welcome you all to the 32nd Annual General Meeting of Accelya Kale Solutions Limited. The Directors’ report, Auditors report and audited accounts with associated notes were circulated to you and I request your kind permission to take them as read.

Financial Year 2018 was primarily dedicated to innovation and strengthening of our product portfolio. Following the combination of Mercator into the Accelya Group, we integrated the revenue accounting platforms of the two companies into a single system, launching a fully integrated version 20 of our combined revenue accounting platforms. This has already been implemented for 11 customers. Other implementations are underway and will be a key focus throughout this year.

We have continued to invest in our ‘Finesse’ cost management portfolio during the year, with over 30 airlines today benefiting from our miscellaneous billing, cost management and flight profitability solutions, of note:

  • WOW Air, a rapidly growing European Low Cost Carrier (LCC) selected the Company’s cost management solution to streamline their supplier management and maintain tight cost control;
  • Qantas Airways Group went live with Aviation charges, allowing stronger control of ATC and Airport charges;
  • American Airlines went live with the Company’s SIS compliant billing management solution, streamlining their interline settlement process and providing greater visibility to their airline partnership agreements;
  • Singapore Airlines went live with the Company’s cost management and budgeting solution, streamlining their supplier management processes and increasing the efficiency and accuracy of their budgeting process.

 A significant achievement during FY18 was the successful renewal of the company’s contract with IATA to maintain and support their Simplified Invoicing & Settlement (SIS) platform until the end of 2027. This secures the company’s long term strategic partnership with IATA.

We take data protection very seriously and have specific programs to address any concerns around this, the company fully complies with the European GDPR regulations. We have also further invested in our staff, via the introduction of the Coursera program, providing access to e-learning from some of the world’s top educational institutions.

The total revenues for FY 2018 stood at Rs. 3,859.24 million (386 Crores) and the net profit after tax was at Rs. 891.79 million. (89 Crores). We continue the practice of rewarding our shareholders with dividends, this year the total dividend is Rs. 46 per share, including Rs. 32 per share recommended as final dividend.

I am encouraged by the performance of the company and how it positions the company for future growth. On behalf of Accelya Kale, we look forward to a continued open, transparent, and mutually rewarding relationship with our shareholders.

Thank you.

John Johnston
Chairman, Accelya Kale Solutions Limited

Dear Shareholders,

It gives me great pleasure to welcome you all to the 31st Annual General Meeting of Accelya Kale Solutions Limited and my first as Chairman. The Directors’ report, Auditors report and audited accounts with associated notes were circulated to you and I request your kind permission to take them as read.

FY’17 has been a positive year for the group as whole and in particular for Accelya Kale. With improved productivity and new contracts won in the face of stiff competition. I’m especially pleased to see the continued strong performance of our Revera Revenue Accounting platform and traction in the market for some of our newer products and services.

I am happy to announce that the company’s revenue accounting platform, REVERA, surpassed 1 billion transactions this year. This is a significant achievement and a testament of our customer’s trust coupled with the hard work and commitment of our employees.

Our investment in the company’s product based outsourcing model over the last years continues to deliver pleasing results. I can assure you, we will maintain our investments in these systems, further improving productivity and expanding the scope of the services to exceed our clients’ expectations.

To sustain future growth, we partnered with new clients. El Al, the national carrier of Israel, partnered with us on our REVERA platform for their passenger revenue accounting. Revera has also been selected by a Tier 1 carrier in the Asia Pacific region and another carrier in the United States, with final contract negotiations in progress. We have witnessed good traction for our cost management and flight profitability solutions. Biman Bangladesh signed a fresh contract with us for Finesse flight profitability solution and Singapore Airlines has signed for our Finesse Cost Management solution.

I am also delighted to share that for the third year in a row your company was featured in the International Association of Outsourcing Professional (IAOP) Global Outsourcing 100 List.

This continued performance in the market has translated into the consolidated net sales rising to INR 378 Crores, which is an 8.25% growth over the previous year, and the consolidated profit reaching INR 91.3 Crores, an increase of 10.02% over FY’16.

Therefore and continuing the practice of rewarding our shareholders, we will be paying out as dividend this year, a total of INR 51 per share, including INR 40 per share recommended as final dividend.

2017 has been a critical year in the continued progression of the group. We transitioned the ownership from Chequers Capital Partners to Warburg Pincus. Warburg Pincus is one of the world’s largest private equity firms focused on investing in growth.

Warburg Pincus acquired majority shares in the Group and also holds majority shares in Mercator, a global provider of software platforms and product-enabled solutions to the travel and transport industry. This combination of industry leaders envisioned a broadened product portfolio for the customers and new solutions development for the travel and transport industry. The product and services portfolios of Accelya and Mercator are entirely complimentary, with the only overlap being in Revenue Accounting. We have already put the Revenue Accounting teams of the two companies together under the leadership of Accelya Kale with the objective of combining the solutions into a ‘best of breed’ solution which will be delivered to our clients in January of 2018.

Accelya and Mercator have formally integrated as a combined entity under the new Accelya brand. The launch of the new brand took place at IATA’s World Financial Symposium, Dublin on 25th September 2017. I encourage all of you to visit our new website WWW.ACCELYA.COM to see the new branding and to explore the group’s unparalleled portfolio of products and services.

In summary, I am very satisfied that the company is on a good trajectory and the management remains committed to long term sustained growth.

Thank You,

John Johnston
Chairman, Accelya Kale Solutions Limited

Dear Shareholders,

It gives me great pleasure to welcome you all to the 30th Annual General Meeting of Accelya Kale Solutions Limited. The Directors’ 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.

In FY16, we have taken your company to new heights:

The consolidated net sales rose to 350 crores, a 13.4% growth over the previous year, and the consolidated profit reached 83 crores, a surge of 23% over FY15.

We are pleased to see gains in productivity especially in our outsourced model: our last year’s investment is paying off.

I can assure you, your company will keep investing in its systems to further reduce human interventions and as such increase the performance of its solutions.

To sustain our future growth, we signed new contracts. I will mention a few of them. A large Revenue Accounting contract for a period of 7 years with Latam, a major carrier in Latin America, a contract with SN Brussels for cost control (our Finesse offering).

And have renewed and extended the scope for SIS e-invoicing with IATA, to maintain and serve the industry wide interline billing with over 370 airlines participating in the scheme.

The implementation of these contracts has started and will fully materialize in fiscal year 2017.

Still with future growth in mind, we have continued the development of our Low Cost Carrier offering in Revenue Accounting. We now have clients such as Go Air and Vueling.

I am sure you are familiar with Go Air, may be less with Vueling, a successful low cost carrier in Europe, fast growing , and now acting as feeder to long haul carriers such as Iberia and British Airways, the flagships carriers of Spain and United Kingdom respectively.

Vueling is what we call a "hybrid" airline. It is a typical low cost, offering attractive point to point service. But to keep its growth, it is also partneering with networking carriers, especially for long haul destinations. As such it needs a sophisticated system to share its revenue with its partners.

This is exactly what Revera offers to such airlines.

So now we have a wide scope offering in Revenue Accounting, from traditional airlines to Low Cost.

Another growth initiative: to leverage the data we hold from our processing activities for existing clients, we are building our Analytics and Consulting capabilities.

This allows us to reveal to our clients hidden potential revenues in fields like Network Planning, Sales and Marketing and even Alliances or reduce cost coming from interline transactions.

Our first airline client sees great value in this approach and this gives us confidence in the potential for this new line of business.

Continuing the practice of rewarding our shareholders, we will be paying out as dividend this year, a total of Rs.45 per share, including the proposed Rs.30 per share.

I am also delighted to share that for the second year in a row your company was featured in the International Association of Outsourcing Professional (IAOP) Global Outsourcing 100 List.

FY16 was a year of transition. Neela was, at our last AGM appointed as MD. Together with her team she did a great job and achieved excellent results.

Finally, as I step down from my current role as Chairman and Director of Accelya Kale Board, I would like to thank my colleagues for the support they have extended to me during these years. Mr. John Johnston, who currently serves as Non-Executive Director on the Board will take over as Chairman. I am confident that John brings the vision and capability to take Accelya Kale to greater heights while further strengthening synergies between Accelya Kale and Accelya Group.


Thank You,

Philippe Lesueur
Chairman, Accelya Kale Solutions Limited

It gives me great pleasure to welcome you all to the 29th Annual General Meeting of Accelya Kale Solutions Limited. The Director’s report, Auditor’s report and audited accounts with notes thereon have been with you for some time and request your kind permission to take them as read.

Our performance in FY15 has been steady and in line with our expectations:

1. Consolidated net sales for FY15 stood at Rs. 3085 Mn.

2. Consolidated net profit was at Rs. 674 Mn.

Compared to FY14, our revenue has decreased by Rs. 130 Mn coming from the loss of a large client and the impact of the currency fluctuations.

Over the same period, our total expenses went up by Rs.94 Mn explained by increase in staff expenses and the new contribution towards CSR activities.

We have incurred during the year, huge efforts to migrate our clients to our new release of Revera, our passenger revenue accounting product. This new version represents a major enhancement and it helps airlines monitor the work load of their staff and increase productivity. This new release is very well received by our airline clients but during the year it didn’t contribute to any incremental revenue. Nevertheless, we are very confident that by keeping delivering such enhancements will be a tremendous contributor to client retention.

In term of new sales, we did well, essentially signing contracts for additional products to existing clients like;

  • Revenue Analytics, our new business intelligence offering to an existing Revenue Accounting client
  • Cargo Revenue Accounting to an existing Passenger Revenue Accounting client
  • Fare filing services to an existing Passenger Revenue Accounting client
  • Finesse, our cost management offering and IncentivePro, our agent
    incentive tracking service to an existing Passenger Revenue Accounting
    client

We have also converted a Passenger Revenue Accounting licensed client into a
Hosted solution client and leveraged a merger between two large airlines,
extending our proration solution to the entire group.

Implementations of these services may take some time and the full impact of
these will be seen in the coming years.

With these perspectives in mind, we shall continue to reward our shareholders.
This year we will be paying out a sum of Rs.36 per share (including the proposed
Rs. 25 per share) as dividend.

As part of a succession plan there have been changes in the Accelya Leadership
team:

  • I would like to introduce my successor to head the Accelya Group, Mr.John Johnston who has recently joined as the Group CEO of Accelya. John is well known and highly respected in the airline industry. John has held a number
    of senior management positions in the industry, including airline CIO and has a successful track record of providing IT services to the global airline industry. Most recently, John was the Chief Executive Officer of CHAMP
    Cargosystems responsible for creation and growth of CHAMP Cargosystems into the world’s largest dedicated IT services provider to the Air Cargo Industry. John joins us on the Board of Accelya Kale as an Additional
    Director.
  • Effective today, Mr. Vipul Jain steps down as the Managing Director of Accelya Kale and Ms. Neela Bhattacherjee takes over from him. Neela has been with the company for over 15 years and has been responsible for
    strategy, sales and customer relationships. I am confident that Neela brings the vision and capability to take Accelya Kale to greater heights.

I would like to thank Vipul for his immense contribution over the last three decades in building Accelya Kale as a global leader in the airline finance solutions. Vipul will continue on the Accelya Kale Board as Non-Executive Director and I look forward to his support as an advisor to the Accelya Group.

I am delighted to share that Accelya Group was awarded as the ‘Readers Choice Company 2015’ by Air Transport News (ATN) Awards. Accelya received the highest number of votes by airline professionals across all nominating categories under the ATN Awards. Accelya was also featured in the prestigious ‘IAOP 2015 Global Outsourcing 100® List’. These accolades are testament to the value delivered by the Group to our customers and the airline industry.

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.

Thank You,

Philippe Lesueur
Chairman, Accelya Kale Solutions Limited

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.

Thank You,

Philippe Lesueur
Chairman, Accelya Kale Solutions Limited

It gives me great pleasure to welcome you all to the 27th Annual General Meeting of Accelya Kale Solutions 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.

This year has been a period of significant growth for your company for both revenues and profit:

1. Consolidated Net sales for FY 2013 grew 39% over the previous financial year standing at Rs. 304 crores.

2. Consolidated Net profit was at Rs. 84 crores, more than double compared to last financial year.

The revenue growth was facilitated by new customers going into production during the year as well as increased transaction volumes from existing customers. The increase in profitability is due to our transaction-based business model, supported by the strengthening of dollar against the rupee.

Airline business is very complex and competition from other service providers is intense. Therefore, we continue to focus on innovation, increased productivity and quality. I am pleased to share that we are on track to achieve our vision of becoming a leader of integrated suite of financial and business intelligence solutions to airlines.

For FY 2013, we will be paying out a sum of Rs.70 per share (including the proposed Rs. 40 per share) as dividend to our shareholders. This reflects our ability to generate free cash on an on-going basis and, as a matter of policy, if there are no better avenues for investment we shall keep returning the cash to the shareholders in the form of dividend.

Your company once again got featured in the prestigious list of Forbes Asia’s 200 ‘Best under a Billion’ Companies, 2013. Only 19 Indian companies made it to the list out of a total of 15,000 Asian listed companies analyzed.

To conclude, this again has been a good year all around and we hope to continue the momentum in the coming years.

I thank our stakeholders – Clients, Colleagues and business partners for the constant encouragement and support throughout the year. I also like to record the appreciation for the efforts of all the colleagues at Accelya Kale for their total dedication and hard work.

Thank You,

Philippe Lesueur
Chairman, Accelya Kale Solutions Limited

It gives me great pleasure to welcome you all to the 26th Annual General Meeting of Accelya Kale Solutions 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. This year has been a period of significant change and growth for your company and I would like to highlight some of these.

Starting with financial and business highlights, I am happy to share that your company has delivered positive results during the year.

1. The company’s revenues and profits have grown substantially.

  • Net sales for FY 2012 stood at Rs. 2,174 million, a growth of 22% over the comparative twelve month period of FY 2011.
  • Net profit was at Rs. 408 million, up by 173 % over the comparative twelve month period of FY 2011.

2. Your company further consolidated its position as the leading solutions provider to the airline industry and signed over 13 new contracts, including major airlines like LAN, Etihad, and COPA to name a few

Moving on to the changes during the year:

As you are aware, Accelya Holding World S.L. acquired the shareholding of the company founders Mr. Narendra Kale and Mr. Vipul Jain and thereby became the new promoters of your company. The company also completed a buyback of its shares during the year. Accelya Holding World S.L. now holds nearly 75% in your company, close to the maximum permissible under existing regulation and listing agreements.

Kale Consultants Limited was renamed as Accelya Kale Solutions Limited. This is to facilitate your company to operate under a single global brand, “Accelya”. Together as a Group, we have more than 200 airlines as customers, over 2000 professionals in 10 countries and over $110m in revenues.

As we all know, airlines today face a complex operating environment and are looking at ways to control cost, simplify their business processes and make them efficient and agile. To address this challenge, we have worked together to articulate the common mission, vision and values applicable to Accelya.

Our mission is “to provide solutions to our customers that will help them improve the efficiency of their financial processes and give them insights to better manage their business performance”.

We believe that we are well placed to enable our customers to transform their financial processes to “industry best practices” in a quick and cost effective manner. Our expertise in technology, domain knowledge and services enables us to deliver this powerful value proposition to our customers.

Our vision for the Group is – to be the leader of integrated suite of financial and business intelligence solutions to airlines.

During the year, Accelya and Accelya Kale aligned their processes and interfaced their solutions and systems. Airlines can now expect a stronger business partner with a wide portfolio of solutions that will help them overcome complexities and make their financial processes more efficient. The wider solution portfolio today spans many critical airline financial processes. We are already recognized as the leader in revenue accounting.  Our miscellaneous billing solution FinesseMBS and decision support solution EverestAir, launched last year, are already getting traction in the market. To add further value to our customers’ business, all our solutions (hosted and BPO) are offered on pay-per-use business model and help airlines avoid upfront capital investments.

In keeping with the new beginning, your company launched its new global brand identity with the new tag line “Complexity Simplified”. This reinforces our value proposition for the airline industry.

With this focus and current success in the market, we are confident of realizing the vision we have set for ourselves.

To conclude, this has been a good year all around. Moving forward, despite the challenging economic environment of the airline industry, I am confident your company will continue to do well.

I thank all of our stakeholders- clients, colleagues and shareholders for the constant encouragement and support throughout the year. I also like to record my special appreciation to all my colleagues at Accelya Kale for their total dedication and hard work. I am sure the future holds new challenges and opportunities for your company.

Thank You,

Philippe Lesueur
Chairman, Accelya Kale Solutions Limited  

It gives me a great pleasure to welcome you all to the 25th 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. As you know I have become Chairman of the Board as a result of the acquisition that Accelya did of Kale Consultants Limited.

I think that it is therefore appropriate that I use this opportunity to share with you a little about Accelya and also our plans for Kale.

Accelya is a business that has been working for the airline industry for the last 30 years. As you know airlines sell their tickets through travel agents all over the world. IATA started a settlement service between airlines and travel agents called “ Bank Settlement Processing” or BSP. With this service, the airline gets payment for all tickets sold by hundreds of travel agents as a single cheque every month. Similarly, travel agents need to pay a single cheque for their dues to all airlines. BSP does the work of settling the accounts of the travel agents on one hand and airlines on the other.

Accelya started providing this service on behalf of IATA in Belgium in 1976. Since then we have grown every year and today provide BSP services to 104 countries (out of 171 worldwide). Approximately 180 million tickets are settled by us representing 40% of agent ticket sales globally. Over time we have also added many additional services and solutions for the airline and travel industry, the main one being Sales Audit – very similar to Zero Octa, one of Kale Consultant’s subsidiaries. We also provide credit card management, electronic invoicing and business intelligence solutions.

We saw in Kale a company similar to Accelya – focused on airline and travel industry, very knowledgeable about the industry and well respected in the airline community. We found a value system that was similar to ours. We found the product and service portfolio to be complementary and synergistic with us. For all these reasons, we have joined hands with Kale to build a brighter and better future for all of us.

I am very aware of the valuable contribution of Mr. Kale and Mr.Vipul Jain in founding and building this company. I would like to put on record our appreciation for their contribution. Let me assure you that I will work with Mr. Jain and the management team to take the company to the next level.

I see a big future ahead for Kale Consultants Limited. We are slowly but surely being recognized as the leaders in revenue accounting. We are entering new but related fields – Miscellaneous Billing and Commercial Decision Support are two such examples. We are integrating Kale’s portfolio with Accelya’s portfolio to provide a comprehensive solution to the financial and decision support needs of an airline. We are also orienting the company towards Software as a service ( SaaS) and Services generally as a business model. I believe that all of these efforts will give results in greater annuity revenues, robust and steady growth and enhanced profitability.

During the year, we have taken some steps towards aligning Kale with Accelya’s processes and systems. Thus, we have changed the financial year from 1st July to 30th June. We have also fine tuned some of the accounting policies so that they are better aligned to international standards. These have reflected in a one time impact which is included in the results for the financial year 2011.

Moving forward, I believe that you will see good financial performance on both top line and profitability. We believe that there is huge scope for both growth and better margins and will work on strategies to improve both.

I would like to thank the outgoing Board members for their contribution and support and welcome the new members of the Board. I would also like to thank all of our stakeholders- Clients, business partners, Bankers, RBI 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 the future holds some of the best and brightest moments for the company.

Thank You,

Philippe Lesueur
Chairman, Kale Consultants Limited  

Ladies and Gentlemen,

It gives me a great pleasure to welcome you all to the 24th 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.

Coming year 2010-11 we enter the silver jubilee year for your company. It is time to reflect, rejoice and re-dedicate ourselves for the future. This is the time to give a BIG thank you to the corporate stock holders, colleagues and clients for being our partners in this exciting journey.

Reflecting on our past when we started we had a dream – to put India on world software map. We had this dream in our eyes, fire in our belly and passion in our hearts and very little else! We do realize now that for successful ventures you really require anything else. Once we are committed to the cause, your colleagues make your dream their own and help it propel into orbit of reality before you know it.

Your company is very fortunate to have dedicated teams of professionals working in harmony to make extraordinary things happen! Achievements which people thought impossible or skeptics thought improbable but this band of fired up colleagues knew in their heart it was inevitable. Your company is proud to have significant achievements to its credit. Be it recognition by clients, professional bodies, government, colleagues and society at large. Our DNA has ingredients that separate us from rest- pioneering spirit, innovation and quest for excellence. This is what makes us tick and makes “Kale” a proud place to create a bright future together.

Significant operational highlights of the year under review are

Financial:

  • Revenue growth by 23% to Rs. 1274 Mil
  • Profit after tax by 89% to Rs. 191 Million
  • EPS from 7.4 to 13.52
  • Growth for the annuity type of revenues to Rs. 1045 Million and
  • Growth of number of clients to 120+ clients

This surely is a stellar performance by any standards and with your support the future does look promising.

Your company’s quest of continuous innovations, client focus and great value proposition is evident in these numbers. Your company is a partner of choice to the customers in the offerings of its products and services. Our plans for future include moving up the value chain to become the one-stop shop for all our customer needs. This is evident in bagging the orders from new customers like LOT, JET and others while strengthening the ties with the old clients and partners like IATA.

A word about the recent transaction of Accelya acquiring promoter’s stake would be important at this stage of the company’s growth. The combined entity is poised to become the largest solution provider of back office processes to the airline industry. The continuity to our colleagues and customers is of supreme importance and there is meeting of minds on this aspect with Accelya. What changes is the ownership not the commitment to clients, colleagues and shareholders. There would not be a change in the executive team structure including my long time partner Mr. Vipul Jain continuing as the CEO and MD. I believe that this deal would help the growth of Kale and its reach to the customers in time to come. It is win-win situation for clients, colleagues and corporate stock holders the three cornerstones of our success. Clients would be serviced by the same colleagues as before with the same commitment. Our colleagues would have wider career and growth opportunities and our corporate stock holders would have an option to realize the decade high price for their shareholdings. I want to personally thank all the three entities for providing me the privilege of your trust, confidence and encouragement to take Kale to great heights.

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 the future holds some of the best and brightest moments for the company.

Thank You,

Narendra H. Kale
Chairman, Kale Consultants Limited

Ladies and Gentlemen,

It gives me a great pleasure to welcome you all to the 23rd 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..

This year we have to report that your company has delivered on the promises it made last year. It has now has a customer base of more than 100 clients globally. It crossed revenue level of Rs. One billion and profits of over Rs. Hundred million. These are important numbers that we promised we would deliver on and we did. This is more remarkable in the light of slowdown, recessionary trends and the impact on the travel and airlines sector.

There has been significant negative impact both on the passenger side as well as cargo side of the airlines operations. We had to draw upon every possible source of innovation, imagination and customer relationships to ensure that not only our revenues are protected where possible but also explore and get additional revenue sources. Tough conditions many a times bring with them opportunities in a hidden form. Whether it is to reduce costs or seek imaginative revenue streams and new revenue models. This new determination has seen both revenue and profit growths as well as new customer acquisitions, profit growths as well as new customer acquisitions.

However, the slowdown is for real and we have to trade cautiously, yet optimistically in coming year. A conscious effort by the company has ensured that we are not over dependent on a particular geography there by spreading the risks. The key investments made by the company in IPR as well as platform based BPOs is a critical differentiator for us in the minds of the customer. We are also building stronger relationships with customers due to our flexibility of sharing the risks and rewards with the customer. The SaaS –software as a service is one such example by which we share the customer business changes. 

Significant operational highlights of the year under review are

Financial:

  • Revenue growth to Rs. 1036 Million
  • Profit before tax to Rs. 108 Million
  • EPS to 7.4
  • Growth for the annuity type of revenues to Rs. 857.85 Million and
  • Number of clients growth to 100+ clients.

Your company’s unique ability of offering value proposition as well as flexible revenue model is demonstrated in these numbers. Your company is now making conscious investments in the Logistics practice to enable it to harness opportunities presented in the Indian logistics industry as well as global alliances in the industry.

The spread of Kale customers across five continents and thirty countries is a testimony to your company’s global acceptance and aspirations. Your company has signed multiyear contract with Kuwait’s luxury airline- Watania, Far east giant Cathay Pacific and moved 18 new customers to the APEX solution. Now American, United, AirFrance-KLM, Continental, Delta, Northwest are some of the biggest airlines in the world appear in the list of prestigious clients of your company.

Your company’s plans to focus on the quality solutions have another feather in its cap- PCI DSS- certification from Payment Card Industry Data Security Standards benchmark. We are the first KPOs in India to initiate and achieve this certification. 

All this would not be possible without our colleagues who have taken up our dreams to provide world class pioneering products from India and put them on world software map and made them come true. We admire and salute their spirit and would provide them with an environment fostering innovation, quality and leadership. 

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 prosperity in time to come.

Thank You,

Narendra H. Kale
Chairman, Kale Consultants Limited

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

Financial:

  • 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.

Thank You,

Narendra H. Kale
Chairman, Kale Consultants Limited