[ formerly known as CESC Ventures Limited ]
Our company was incorporated on February 7, 2017 as a wholly owned subsidiary of CESC Limited (‘CESC’), a flagship company of the RP-Sanjiv Goenka Group (‘the Group’), engaged in the business of generation and distribution of electricity across 567 square kilometres of its licensed area in Kolkata and Howrah in West Bengal, India. Our Company was incorporated with the objective of engaging, inter alia, in the business of owning, operating, investing and promoting business in the fields of information technology, business process outsourcing and such other ventures (including fast moving consumer goods business) as may be identified by our Board.
Given the diversified business portfolio of CESC and its subsidiaries, holding interests in various sectors including renewable energy (including wind, solar and hydro power stations/projects) business process outsourcing, real estate, entertainment and distribution franchisee businesses, CESC considered it imperative to reorient and reorganize itself to enable a greater focus on each relevant business area. Accordingly, the Scheme was filed with the NCLT. The NCLT approved the Scheme on March 28, 2018 subject to certain terms and conditions. Pursuant to the Scheme, the IT Undertaking has been transferred to our Company and our Company has allotted Equity Shares to shareholders of CESC Limited on the record date specified in the Scheme in the ratio of 10:2.
Pursuant to the Scheme, our core business shall be information technology and information technology related services. Our Company shall, on an arm’s length basis, provide all information technology related routine and expert services to the members of the Group. With an initial focus on servicing the needs of CESC and its subsidiaries our Company plans to gradually expand the scope of its operations and provide such services outside the Group as well. The major operations of our Company will be under the categories of product development, operations and maintenance of existing applications, operation and maintenance of infrastructure and assets relating to information technology including all software and hardware elements, undertaking major IT projects from conceptualization to implementation, furnishing reports and records as required, conforming performance parameters and ensuring business process efficiency.
Further, pursuant to the transfer of the IT Undertaking into our Company and the amalgamation of Spen Liq Private Limited into our Company, certain investments have vested in our Company. In addition, our company proposes to make its own investments including in venture capital funds.
Further, pursuant to the transfer of the IT Undertaking into our Company and the amalgamation of Spen Liq Private Limited into our Company, certain investments have vested in our Company. Firstsource Solutions Limited (“FSL”), a company listed on BSE and NSE and engaged in the business of business process outsourcing, has become a subsidiary in our Company pursuant to the Scheme. FSL is among the leading business process outsourcing companies in India with delivery centres across India, the United States of America, the United Kingdom and Philippines. FSL operates an information technology and BPM business in the areas of customer management, transaction processing and collection service to Fortune 500 and FTSE 100 companies in the US and UK that operate in the telecom and media ("T&M") and banking, financial services and insurance industries ("BFSI"). FSL's consolidated gross revenues for the six months ended September 30, 2018, and the year ended March 31, 2018, was Rs1,876.02 crore and Rs 3,540.68 crore and its profit after income tax on a consolidated basis for the six months ended September 30, 2018, and the year ended March 31, 2018, was Rs 181.41 crore and Rs 326.58 crore respectively.
The additional companies which pursuant to the Scheme, are direct subsidiaries of our Company are: (a) Quest Properties India Limited (“Quest”), which is engaged inter alia in the business of property development, operation of mall and other real estate properties and owns and operates the “Quest Mall” in Kolkata (which inter alia houses shops, retail outlets, an entertainment zone, a multiplex, food court and fine dining. Quest is also in the business of making various investments including in venture capital funds; (b) Bowlopedia Restaurants India Limited (“Bowlopedia”), which operates eleven restaurants in Kolkata, New Delhi and the National Capital Region under the brand names “Waffle Wallah” and “The Chef’s Bowl” ; and (c) Guiltfree Industries Limited (“GIL”), which is engaged in the business of fast moving consumer goods under the brand name “Too Yumm!”. Additionally, GIL has acquired a stake of 70% of the equity share capital of Apricot Food Private Limited, another company engaged in the manufacturing of food products.
For Fiscal 2018 and the six months ended September 30, 2018, the total revenue of our Company on a standalone basis was Rs 2,733.14 lakhs and Rs 8,906.43 lakhs respectively. Further, for Fiscal 2018 and the six months ended September 30, 2018, the total revenue of our Company on consolidated basis was Rs 2,005.55 crore and Rs 2,169.72 crore respectively.
For Fiscal 2018 and the six months ended September 30, 2018, the profit after tax of our Company was Rs 230.36 lakhs and Rs 6,011.13 lakhs respectively on a standalone basis. Further, for Fiscal 2018 and the six months ended September 30, 2018, the profit after tax of our Company was Rs 163.70 crore and Rs127.20 crore respectively on a consolidated basis.