Indo-City Infotech Limited is a **BSE-listed** Non-Banking Financial Company (**NBFC**) incorporated in **1992**. Originally established to serve the Information Technology sector, the company has undergone a strategic pivot to the **finance and investment industry** to escape high competition in the tech space. Today, it operates as a specialized credit provider, focusing on niche funding solutions and corporate deals. --- ### **Strategic Pivot and Corporate Identity Realignment** The company is currently in the final stages of a structural reorganization to align its corporate branding with its core financial operations. * **Business Transition:** The company has shifted entirely from **IT services** to **finance activities**, operating under the strict regulatory oversight of the **Reserve Bank of India (RBI)**. * **Proposed Name Change:** To reflect its new mission, the company is transitioning its name from **Indo-City Infotech Limited** to either **Always First Finance Limited** or **Indo-City Finance Limited**. * **Regulatory Approvals:** The company has already received a **No Objection Certificate (NOC)** from the **RBI** for this name change. Furthermore, a **Special Resolution** was successfully passed by shareholders at the **27th Annual General Meeting (AGM)** to authorize the rebranding. * **Growth Objective:** The strategy focuses on scaling the finance business "strength by strength" by deploying a **dedicated team of professionals** to target **last-mile funding** for both small and large-scale projects. --- ### **Regulatory Framework and Compliance Status** As a financial institution, the company adheres to a rigorous compliance framework: * **RBI Registration:** Registered as a **Non-Deposit Taking NBFC** since **October 16, 2000** (Registration No. **B-13.00577**). * **Statutory Adherence:** Fully complies with the **Reserve Bank of India Act, 1934**, and all subsequent RBI circulars and prudential norms for non-deposit taking institutions. * **Accounting Standards:** Financial reporting is conducted in accordance with **Indian Accounting Standards (Ind-AS)** as per Section 133 of the Companies Act, 2013. * **Public Deposits:** The company does **not accept public deposits** under Section 73 of the Companies Act, 2013. --- ### **Financial Performance and Earnings Volatility** The company’s financial trajectory reflects the challenges and costs associated with its ongoing restructuring and the volatile nature of investment income. | Fiscal Year | Total Income (₹ in '000s) | Profit After Tax (₹ in '000s) | Status | | :--- | :--- | :--- | :--- | | **FY 2024-25** | **82,368.59** | **(12,590.78)** | Net Loss | | **FY 2023-24** | **210,135.02** | **3,877.69** | Net Profit | | **FY 2022-23** | **180,971.30** | **(1,230.31)** | Net Loss | | **FY 2021-22** | **93,563.80** | **(285.72)** | Net Loss | *Note: The company reports only finance-related income and does not maintain separate business segments.* --- ### **Capital Structure and Liquidity Management** The company maintains a conservative capital base, prioritizing a low cost of capital and a healthy gearing ratio. | Component (₹ in '000s) | Oct 2025 | Mar 2024 | Mar 2023 | | :--- | :--- | :--- | :--- | | **Total Borrowings** | **2,530.77** | **-** | **1,768.02** | | **Cash & Cash Equivalents** | **(793.82)** | **(913.43)** | **(106.81)** | | **Net Debt / (Net Cash)** | **1,736.95** | **(913.43)** | **1,661.20** | | **Equity Share Capital** | **104,000.00** | **104,000.00** | **104,000.00** | | **Other Equity** | **9,841.39** | **22,432.19** | **-** | * **Funding Mix:** Liquidity is maintained through a combination of **internal accruals, bank loans, and unsecured loans**. * **Capital Management:** The Board retains the authority to adjust the capital structure through **dividend payments** or the **issuance of new shares** to ensure compliance with financial covenants. --- ### **Risk Mitigation and Internal Controls** The company operates under a formal **Risk Management Policy** to safeguard assets and ensure the stability of the "going concern" status. * **Credit Risk:** Managed via the **Ind-AS 109 Expected Credit Loss (ECL)** model. The company uses a **provision matrix** based on historical data and market credit information to monitor trade receivables. * **Interest Rate Risk:** The company is exposed to fluctuations in interest rates, particularly as its **variable rate borrowings** increased to **₹2,530.77 (000's)** in FY 2024-25 from zero in the previous year. * **Liquidity Risk:** A **liquidity planning tool** is utilized to balance funding continuity. Management currently views working capital as sufficient for operational needs. * **Internal Audit:** Property, plant, and equipment (PPE) are physically verified on a **2-year phased cycle**, and share inventories are regularly reconciled with demat statements. --- ### **Governance and Shareholding Pattern** The company emphasizes transparency and regulatory compliance through its governance structure. * **Board Composition:** **50%** of the Board consists of **Independent Non-Executive Directors**. * **Related Party Transactions:** All such transactions are conducted at **arm’s length** and require prior **Audit Committee approval**. * **Human Resources:** The company maintains a lean staff; notably, no employee received remuneration exceeding **₹10,200 per annum** in the latest reporting period. * **CSR Status:** Corporate Social Responsibility provisions are currently **not applicable** to the company. **Shareholding Pattern (as of March 31, 2024):** The company has a total of **10,400,000** equity shares. | Category | No. of Shares Held | % of Shareholding | | :--- | :--- | :--- | | **Promoters** | **6,281,000** | **60.39%** | | **Public - Individuals** | **3,993,710** | **38.41%** | | **Private Bodies Corporate** | **66,512** | **0.64%** | | **NBFCs (RBI Registered)** | **40,000** | **0.38%** | | **NRIs / OCBs** | **18,778** | **0.18%** | | **Total** | **10,400,000** | **100.00%** | *Note: Shares are mandated for settlement in dematerialized form. As of March 2024, only **125,125 shares** remain in physical form.*