Exploring new frontiers
14th August, 2008
PSI, the IT business of the Aditya Birla Group, set its sights three years ago to focus on serving the financial services ecosystem with end-to-end IT, product engineering and business assurance services as a best-in-class IT solutions company. Despite the turmoil during FY 2007-08 in the financial services market - a key vertical - it continued to attract blue chip clients based on its focused, best-in-class model which is driven by deep domain insight, global track record of business partnership. PSI posted consolidated income of Rs.1,028 million, in FY 2007-08 crossing the Rs.1,000 milestone for the first time. It thus delivered its third consecutive year of growth in revenue (up 9.4 per cent) and profitability (up 66 per cent), clocking PAT of Rs. 25.4 million in the last fiscal.
PSI's solution delivery track record leverages cutting edge technologies, which are built and strengthened in its Centres of Insights. These centres are working in the areas of SOA-BPM, business assurance, financial supply chain and ERP - delivering and consolidating several components to strengthen PSI's existing solutions portfolio. Its full-suite financial supply chain and trade solution for banks, labelled the PSI Trade Finance Universe was launched in SIBOS 2007 and was recognised by NASSCOM in its shortlist of Top100 Innovators.
The company also added new domains to its expertise in insurance, specifically for supporting insurers with channel and distribution management solutions. PSI also delivered a large scale workflow automation product, developed on behalf of a global leader in payment solutions. The sophistication of the solution in terms of its ability to meet business challenges was appreciated by the client and end users alike. Solving business issues for clients by leveraging on its solid domain and technology competence helps PSI clearly differentiate itself to its customers and deliver superior value that underlie its tagline: where Insight drives Value. While the global economic downslide and corporate cost control measures have been making their presence felt across the industry, PSI remains committed to pursue its best-in-class business model.
Beside its domain strength and value delivered, PSI believes in being a partner to its clients. It successfully expanded existing client relationships in the last fiscal, and added 18 new clients from its strategic focus markets. Mr. Sampath (Sam) Iyengar, CEO explains PSI's strategy saying, "PSI's performance last year (2007-08) showed the inherent soundness of our focused strategy. Our continued good performance in Q1 2008-09 is even more heartening as the industry is facing tough market conditions, especially in the financial services market. We believe this is because we have been steadily building PSI's offerings, capabilities and differentiation in our mission to be a best-in-class partner to our clients delivering superior, value adding solutions."
The war for talent remains competitive and PSI innovates continuously in sharpening its human capital. PSI has been launching intensive employee engagement initiatives that are directed at delivering powerful business outcomes through talent orientation. To meet the imperatives of operating in an industry where knowledge and expertise is key, the company has designed a comprehensive, customised training and knowledge sharing program covering the financial services domain, relevant technologies, soft skills and leadership development for PSIans to hone their skills. It also has an internal communication and several outreach programs running as part of its strategy to attract and retain best-in-class talent.
PSI recently extended its business development endeavours to Canada and is growing its Asia Pacific business. While continuing to build great software and deliver superior value, PSI is clearly geared to surmount stiffer challenges and explore newer frontiers with confidence.