DQ Top 20:#38 Glodyne Technoserve: Embracing Degrowth

CEO: Annand Sarnaaik www.glodynetechnoserve.in

FY13 turned out a struggling year for the company like any other company involved in government projects. Glodyne's growth trajectory came to halt and witnessed degrowth of 21%. The company became the victim of cash flow and suffered losses. It clocked revenue of `2,090 crore against `2,652 crore last year. Not only the topline declined, but also the bottomline pangs emerged.

In addition, its acquisition of US based companies DecisionOne and Comat Technologies did not seem to pay off, depriving the growth it was riding on for the last few years. With more than 1,600 employees in North America, DecisionOne is still not integrated with Glodyne, an issue hurting its revenue.

While there was no valuable addition to customer portfolio in FY13, the revenues came largely from long-term contracts. It had successfully completed ‘E-Shakti' labor management project in Maharastra last year. The company's social and financial inclusion projects are still a benchmark which continued to pay.

Highlights

• It registered degrowth of 21% in FY13
• DecisionOne merger is still pending