investing

144 Pages·2017·5.47 MB·English

INVESTING
IN THE
FUTURE
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REGISTERED OFFICE: |T i
RR Towers IV, Super A, 16/17, TVK Industrial Estate, UC
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Guindy, Chennai - 600 032, Tamil Nadu, India O
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CIN: L22122TN1970PLC005795 MPS LIMITED
W: www.adi-mps.com
T: [phone] | F: [phone] A
47th Annual Report 2016 - 17
KEY INFORMATION
Chairman
Mr. Nishith Arora
Vice Chairman & Independent Director
Mr. D. E. Udwadia
Independent Director
Mr. Vijay Sood
Independent Director
Mr. Ashish Dalal
Chief Executive Officer & Whole Time Director
Mr. Rahul Arora
Non-Executive Director
Ms. Yamini Tandon
Chief Financial Officer
Mr. Sunit Malhotra
Company Secretary
Mr. Hitesh Kumar Jain
Auditors
BSR & Co. LLP
Building 10, 8th floor, Tower B
DLF Cyber City, Phase II
Gurugram 122 022, Haryana
Bankers
BNP PARIBAS
Salarpuria Windsor, Ground Floor, No.3, Ulsoor Road, Bengaluru – 560 042, Karnataka
Kotak Mahindra Bank Limited
Kotak Aerocity, Asset Area 9, 1st Floor, Corporate Banking, Ibis Commercial Block, Hospitality
District, IGI Airport, New Delhi - 110 037
Corporate Office
C-35, Sector-62, Noida-201 307, Uttar Pradesh
Registered Office
RR Towers IV, Super A, 16/17, Thiru-vi-ka Industrial Estate, Guindy, Chennai – 600 032
Other Offices
• HMG Ambassador, 137 Residency Road, Bengaluru – 560025, Karnataka
• 340 Udyog Vihar, Phase IV, Gurugram, Haryana 122016
• 33, IT Park, Sahastradhara Road, Dehradun - 248001, Uttarakhand
USA
1717 NE 42nd Avenue, Suite 2101, Portland, Oregon 97213
Subsidiaries
MPS North America LLC
5750 Major Blvd., Suite 100, Orlando, Fl 32819
MagPlus Inc.
404, Fifth Avenue, New Yory, NY, 10018, USA
Mag+AB
Master Samuelsgatan 17, P.O. Box 1432, SE 11184, Stokholm, Sweden
Registrar and Share Transfer Agent
Cameo Corporate Services Limited
Subramanian Building, 1 Club House Road, Chennai – 600002
02 Corporate Identity 44 Corporate Governance Report
04 CEO’s review 59 Standalone Financial Statements
06 Our business model 93 Consolidated Financial Statements
11 Management Discussion 128 Notice
and Analysis : FY 2016-17 137 Attendance Slip and Proxy Form
16 Directors’ Report
The global publishing industry is
witnessing a structural shift.
Publishing is marked by an
unprecedented transformation in
the way we read on the one hand
and technology changes on the
other.
This reality threatens the existence
of incomplete players. Interestingly,
this reality also represents
unprecedented opportunity for the
competent.
At MPS Limited, we believe that
there is only one way to address this
opportunity:
By understanding needs with
clarity, responding with speed,
proactively building capabilities and
competencies, and preparing for
outperformance.
By investing in the future.
LIMITED
MPS Limited is one of the most exciting players in
the global content technology and solutions market.
At a time when vendors are losing customers as a
result of consolidation, MPS is adding to its clients and
evolving its personality from a publishing solutions
vendor to a platforms and content solutions partner.
At a time when others are engaged in short-term
tactics to manage headwinds, MPS is investing in long-
term strategies to build sustainable margins.
Making MPS one of the most dynamic and
technology-driven partners in the global content
technology and solutions market.
Heritage of the business. Additionally, Mr. Nishith Arora Human Capital
MPS Limited was established as an Indian will continue to be part of the Investment The Company had more than 2,800
subsidiary of Macmillan (Holdings) Limited Committee that is empowered by the employees as on 31 March 2017 (globally);
in 1970. Over the years, the Company has Board to consider and evaluate acquisition 98% of the Company’s employees were
reinforced its respect for deep domain insight opportunities. Mr. Rahul Arora continues located in India and 2% across international
and technology competence. The result: to assume all executive responsibilities of operations (USA). 55% of the Company’s
preferred technology and content solutions the business and is supported by a senior senior management was located in India and
provider to the global publishing services professional management team heading 45% across international geographies (USA).
outsourcing sector. strategic business units and key functions.
This team is located out of India and the US.
Credentials
In October 2011, the Company was acquired
by ADI BPO Services Limited from Macmillan MPS Limited has been certified as per ISO
(Holdings) Limited, led by Mr. Nishith Arora, Presence 9001:2008 for quality, ISO/IEC 27001:2005
promoter and the largest shareholder of ADI The Company is headquartered out of for information security as well as PCI Data
BPO Services Limited. Noida in India’s National Capital Region. The Security Standard (PCI DSS) for all its credit
Company’s offices are located across India card payment gateways.
(Bengaluru, Chennai, Gurugram, Noida, and
Management
Dehradun). The Company’s international
Diverse and growing customer
Mr. Nishith Arora transitioned into a Non-
offices are located in the USA (Portland,
Executive Chairman position effective from base
Provo, Effingham, Orlando, Durham and New
May 15, 2017, to reflect the current structure When ADI acquired MPS in 2011, the
York).
02 INVESTING IN
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02 CORPORATE 04 STRATEGIC 15 STATUTORY 59 FINANCIAL
OVERVIEW REVIEW REPORTS STATEMENTS
customer base comprised Science and engage and retain users. Mag+ provides print and digital delivery. Our subject matter
Scholarly publishers in the UK and Europe. tools for creating and delivering designed experts and instructional designers bring
Following the acquisition by ADI, the MPS touchscreen-native documents and issues, their curriculum and classroom expertise to
customer base widened globally. The result news items, real-time notifications, in-app projects across disciplines for Educational
is that 60% of the Company’s revenues messaging, and web content. The acquisition and Professional Publishers.
are now derived from the US, while the of Mag+ enhanced MPS’ platform capabilities
Content and Media Asset Production: The
Educational Publishing Practice has become and extended the Company into new
as large as the Science and Scholarly business publishing markets, including enterprises content and media asset production teams
segments. More recently, MPS opened its and magazine publishers. The enhanced at MPS are spread across facilities in India to
platforms and content solutions to the global platform capabilities position MPS to advise provide end-to-end delivery across all print
enterprise market. The strategic transition and support publishers in existing markets as and digital formats through smart workflows
from publishing solutions to a platform and they define their mobile content strategies. powered by relevant platforms.
content solutions partner will allow MPS to
2017: THINK Subscription is a subscription Learning Solutions: This business unit
diversify its client base.
management software business that provides at MPS develops/supports learning and
publishers with platforms and services to help collaborative platforms, web and mobile
Acquisitions
them manage their subscribers and fulfill applications, interactive e-books, animations,
MPS has completed five acquisitions in the their needs. THINK Subscription was a part of assessment products, and ADA compliance.
last four years. The US-based acquisitions Digital River, a global leader in e-commerce The overarching focus for this business unit
were completed through MPS North America outsourcing. It builds and manages online is to drive engaging and interactive learning
LLC, (MPS North America) a wholly owned businesses for more than 40,000 software products for educational publishers.
subsidiary incorporated in May 2013. Mag+ publishers, manufacturers, distributors, and
AB and THINK Subscription were acquired online retailers. The acquisition will deepen Customer Support and Order Management:
directly by MPS Limited. MPS’ presence in the Science and Scholarly MPS provides complete end-to-end customer
market, provide a strategic position to support and subscription management
2013: Element LLC, based in Orlando (USA),
support customer’s customers, and expand services for print and online products that
specialized in content and media asset
the company’s platform capabilities to order encompass order fulfillment, customer
development for educational publishers,
management and customer support. support and subscription management.
focusing on science and math.
2014: Electronic Publishing Services Inc. The Business Platforms and Related Services
(EPS), a leading US-based content services
Platform Development and Technology
provider to the higher educational and STM Publishing Solutions
Services: MPS has an in-house platform
publishing markets. Content Creation and Development: The
development and technology division for
content creation and development teams at
2015: TSI Evolve (USA), specialized in content publishers powered by 300+ experience
MPS North America partner with publishers
development and media asset development developers and client support teams that
to create and develop engaging content for
for educational publishing, focusing combine technical expertise with publishing
on Reading, Language, Arts, and World domain knowledge. This group enjoys a rich
Languages. history of developing and implementing
The content and media
All these acquisitions have been neatly various software and technology services
integrated under MPS North America, asset production teams at programs with some of the world’s leading
including streamlining of operations and MPS are spread across the publishers. The recent acquisitions of
structuring under one leadership. The Mag+ and THINK have helped diversify the
facilities in India to provide
combined entity has been the fastest customer base and enhance the Company’s
growing business unit at MPS for the past end-to-end delivery across platform capabilities.
two years. Additionally, the subsidiary has
all print and digital formats
been able to cross-sell offerings from other Listing
business units in India such as learning through smart workflows
MPS Limited shares are listed and actively
platforms and content production services.
powered by relevant plat- traded on the National Stock Exchange of
2016: Mag+ provides a complete ecosystem forms. India Limited and BSE Limited. The market
for creating and distributing content to capitalization of MPS Limited for listing on
apps on the 1 billion+ mobile devices in the NSE was B1,282.15 crore and on BSE was
world. Mag+ apps are content hubs that B1,275.45 crore as on 31 March 2017.
ANNUAL 2016–17 03
REPORT
LIMITED
CEO’S REVIEW
“We made significant investments in our
business in FY 2016 -17 that should translate
into attractive sustainable growth”
Rahul Arora, Chief Executive Officer, analyzes the Company’s FY 2016 -17 performance
Were you pleased with the performance Content production for Science and Two, we were pleased with the throughput
of the Company during the year under Scholarly journals accounted for a third that we generated from MPS North
review? of our business. The market has been at America. MPS North America grew at a
the cusp of disruption; MPS was able to considerably higher growth rate than the
FY 2016 -17 was a transformative year for MPS.
lead the disruption in FY 2016 - 17. The corporate average. More importantly, a
We continued our steady revenue growth
Company secured single-vendor status with large proportion of the growth in these
albeit at suppressed margins. Looking ahead,
one of the largest publishers in the space. revenues was value-added in nature with the
I am pleased with our ability to manage
This selection was a win for DigiCore that possibility of generating spillover revenues
macro headwinds in the IT sector, navigate
automated the largest part of their content for our other business segments.
the turnaround of Mag+, and absorb upfront
price discounts for longer-term revenues in production workflow. We entered an Three, the fact that we efficiently concluded
our Journals production business. All these agreement with the publisher that provided competitive acquisitions that operate in the
challenges resulted in some short-term price discounts upfront before the volume platform space (Mag+ and THINK), speaks
came into MPS, in exchange for long-term highly of our business standing: the ability to
pain for the Company that is reflected in
revenue. Additionally, we transitioned end- be part of a prominent global deal flow, the
suppressed margins in FY 2016 - 17.
to-end production processes for Journals insight to appraise targets and the capacity
How do you see this playing out in FY from Bengaluru to Dehradun. Previously, to conclude deals, a Balance Sheet to fund
2017 - 18? Dehradun would perform stages of the these acquisitions, and the managerial depth
content production workflow for Journals. to integrate the acquisition seamlessly into
Much of the heavy lifting was completed
These transitions were drawn out longer the MPS ecosystem.
in FY 2016 - 17 and this momentum of
because of the complexity of the stages
rationalizing costs will carry forward in the Four, we strengthened our management
being transitioned and a relentless focus
first half of FY 2017 - 18. The true positive bandwidth to support scale through a
of quality and delivery at MPS. We expect
impact will be evident in the second half of decentralized structure. Our management
content production business for Science
FY 2017 - 18. The suppressed margins were and Scholarly journals to start reporting high team is aligned to a common purpose and
organization culture.
a short-term pain that the Company was margins from the second half of FY 2017 - 18.
required to endure due to a combination
Overall, we are confident that FY 2017 - 18 How is the business landscape evolving?
of factors – macro economic headwinds in
will be a margins recovery year for MPS. The publishing solutions market is getting
the IT sector, unfavorable exchange rates,
There may be some choppiness in how increasingly competitive. Furthermore, value
the acquisition of a loss-making asset in
those margins play out across quarters as creation has displaced wage arbitrage as a
Mag+, and upfront price discounts in the
some of the above initiatives continue to fundamental driver of the market. Publishers
Journals production business in exchange
progress and some of the expected benefits want suppliers to demonstrate how they will
for sustainable longer-term revenues.
will come into play in the second half of the take their businesses ahead today and in the
Mag+ will now enter into a profitable year. future. We are optimistic of MPS’ prospects
zone. Our technical prowess and platform
as the two largest players in our spaces
capabilities served as a strategic asset and What initiatives and developments (considerably larger than MPS) have a wage
allowed us to transition technical operations proved business-strengthening in arbitrage-driven model that we believe will
FY 2016 - 17?
from Sweden to India. The operations in become progressively margins-vulnerable
Sweden have now been wound down. This There were a number of initiatives that across the foreseeable future. The mid-end
transition was executed through most of proved business-strengthening during the level of the market addresses a narrowing
FY 2016 - 17 and had a significant drag on year under review. market segment and will be threatened to
the overall margins. The combined impact of One, the Company reported 14 percent survive; while the long tail is service agnostic,
the employee costs in Sweden, restructuring constant currency revenue growth in responding to fleeting opportunities and
costs and transition costs had the largest FY 2016 - 17, which was more or less in line likely to completely disappear. When one
negative impact on MPS’ margins in FY with our retrospective average. One needs sees the reality from this perspective, it
2016 - 17. The focus will now lie in growing to appreciate this growth when a number of becomes increasingly apparent that MPS
Mag+ and making it an active contributor to our peers actually reported lower revenues holds the potential to endure and excel
the overall margins of MPS. at a time of sectoral change. across the foreseeable future.
04 INVESTING IN
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02 CORPORATE 04 STRATEGIC 15 STATUTORY 59 FINANCIAL
OVERVIEW REVIEW REPORTS STATEMENTS
STEVE JOBS “And you know of all the futuristic magazines..........magazines out there (that)
Popular Science has spearheaded. These guys did something really really
AND MAG+
breakthrough and if you haven’t seen it, it’s really worth taking a look at!”
What makes MPS distinctive in this
rapidly-evolving global space?
There are a number of reasons for optimism.
We are a comprehensive vendor-partner
covering all parts of the value chain, and
run deep at every stage of the value chain.
We are operationally flat, making it possible
to respond with speed to emerging market
opportunities. We represent an effective
complement of strategic direction in the US
coupled with hands-on operations being
driven out of India. Promoter-entrepreneurs
who understand the business strategically,
operationally and financially manage the
Company with relentless passion. And lastly,
there is an ownership consistency, which
is strengthening our speed, appetite and
opportunity-responsiveness.
What are the big opportunities that MPS
could capitalize on?
The Company is investing in its future.
We expect a large part of future organic
growth to be driven by SaaS revenues from
modules of DigiCore and newly acquired
Mag+ and THINK products. Additionally,
the Educational Publishing market segment
continues to look attractive and we are well
positioned to take advantage of the positive
“The acquisition of Mag+
side of this cyclical market expansion. MPS
has enhanced our platform
continues its resilience in the Science and
capabilities and expanded
Scholarly Space by innovating through
our reach into newer pub-
increased automation, re-imagination of
lishing markets including
workflows and rapid speeds in delivery.
enterprises and magazine
Shareholders would want to know where publishers. The enhanced
the Company stands with regard to the platform capabilities will
deployment of its attractive cash corpus. also position us to advise
We can not share any forward guidance and support publishers in
but can share that our acquisition strategy our existing markets as they
has been refined. We are now looking to define their mobile content
acquire healthy, growing assets where we
strategies”
can govern and guide growth, rather than
acquire loss-making assets that we acquire, - Rahul Arora, MPS CEO
turn around and integrate. We recognize
that this may require a stronger war chest of
capital.
ANNUAL 2016–17 05
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LIMITED
OUR BUSINESS MODEL
At MPS Ltd., we believe that the robustness of our accounts grew 7 percent against the Company’s
business model is showcased in the outperformance constant currency revenue growth of 14 percent in
of our numbers against a landscape of sectoral FY 2016-17.
weakness. Even as most global publishing services companies
Even as several global publishing services continue to provide commoditized services, MPS
companies have struggled in the last few years, MPS focused on client production and transformation
has grown revenues by 15% percent compounded through smarter workflows and DigiCore.
in the four-year period ending FY 2016-17. Even as most global publishing services companies
Even as several publishing services companies lost struggled to retain customers and market standing,
ground on account of growing competition, MPS MPS deepened offerings across services, products
increased wallet share of its prominent customers and annuity engagements.
and acquired prestigious clients; MPS’ top 10
Focus Fiscal conservatism Offshoring
MPS is India’s only listed pure-play publishing MPS is marked by fiscal conservatism. The Even as MPS customers are based in North
services company. The Company provides Company financed all capital expenditure America, its service delivery is routed out
platforms and publishing services for the from its depreciation provision; the Company of India. The Company’s offshoring model
has no debt; it parked balance B120.24 crore comprises a US team that markets to new
global publishing industry. Over the years,
from QIP proceeds (March 2015) in liquid customers coupled with a US servicing team
MPS has strengthened its brand as a global
financial instruments including money working with Indian delivery centers. The
specialist, strengthening access to customer
market mutual funds, prioritizing security result: growing revenues, larger customer
projects and acquisition deal flows.
over returns. The Company has aggregated wallet share and graduation from peripheral
all acquisitions (cumulative B47.07 crore, to core vendorship.
Vision
represented just 20% of its aggregate cash
MPS is driven by the long-term objective generation of B240 crore in the three years Core vendor
to emerge as one of the most respected ending FY 2016-17). The Company cherry- MPS is evolving from a peripheral service
publishing services companies worldwide. picked only those parts of the acquired provider to a core vendor for large publishing
This overarching objective has dictated businesses that dovetailed its own. companies. The result is collaborative
virtually every initiative and investment: partnerships and multi-year engagement.
investments in cutting-edge technologies, Customer focus The Company is evolving revenues to
MPS is focused on business from the platforms and related services (income
complementary acquisitions (five since
50 largest global publishing companies derived from licensing).
2011), on-the-ground marketing presence
(volume and value assignments). The
in North America, recruitment of American
Company’s value proposition makes it Productivity
professionals to drive MPS North America,
possible for customers to enhance revenues MPS’ declining realizations in the Journals
and a contrarian decision to back-end
and moderate costs, strengthening their business have been more than offset by
operations out of an Indian Tier 2 city competitiveness. MPS also mines customers larger projects serviced from competitive
(Dehradun). to up-sell and cross-sell services. The locations (Dehradun accounting for 1,082
Company expects to increasingly address of the Company’s 2,810 employees) and
Credibility small publishers as it invests deeper in productivity-enhancing processes.
MPS’ business model revolved around technology-based solutions.
governance and credibility. The Company Solution provider
evoked the trust to mobilize B147.8 crore Geographic focus MPS is an end-to-end solutions provider as
MPS intends to grow its marketing presence opposed to piecemeal project delivery. This
(net of issue expenses) through Qualified
in North America and Europe populated by provides clients with convenience should
Institutional Placement (QIP) within just
the world’s largest publishing companies. they select to extend our engagement
four years of acquisition; the placement was
These geographies, marked by rising costs, from one business segment to another
conducted to provide MPS with a corpus
warrant increased outsourcing. Relevantly, without switching vendors. The Company
to respond with speed and acquire global
MPS completed five acquisitions in North assumes turnkey product development
companies. We see this as a validation of America and Europe in four years. MPS back- responsibilities for select products, liberating
our perceived capability at one end and the ended much of its Indian operations in a clients to focus on the development of
attractive unfolding sectoral opportunity on Tier-2 Indian location (Dehradun), a superior marquee products, sales and marketing. This
the other. quality and economy combination. provides MPS with a diverse revenue mix
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OVERVIEW REVIEW REPORTS STATEMENTS
(services, annuity, and products) that
The Evolution
broadbases its presence at the client’s
end.
At MPS Limited, we believe that the cornerstone of our business model
is our ability to mutate with speed in response to changes in the external
Technology emphasis
MPS is investing in cutting-edge environment. In the space of six years since the present management
technologies to help graduate clients assumed control, MPS has evolved its personality:
from conventional print to the
virtual media. The Company created From a publishing solutions vendor > To a content solutions partner
a technology platform to enhance From generic services > To platforms and platform-centric services
scalability (without a corresponding
From an implementation company > To a trusted advisor to our clients
increase in employees), efficiency and
customer management. The Company’s From leading out of India > To leading from the customer’s soil
SaaS (software as a service) suite
From organically driven growth > To organic-cum-acquisition-driven growth
comprises workflow management
(MPSTrak), editing, automated From a back-end assembler > To a front-end technology-enabled product
composition (MPSDigiCore) and developer
business analytics (MPS Insight).
From transactions > To multi-year customer engagements
Acquisitions From a focus on existing areas > To the exploration of outsourcing in new areas
MPS acquired companies with
From a simple delivery of solutions > To core vendorship across diverse areas
complementary capabilities (brand,
technologies, market share, people, From a people-driven growth model > To a platform-driven approach
or customers) to address sectoral
opportunities. The Company acquired
three companies in the three years
ending FY 2015 - 16 and two more in
from 56% of revenues in FY 2011 - 12 to 42%
FY 2016-17. MPS made a QIP of equity The Impact
shares mobilizing B147.80 crore (net in FY 2016-17. As platforms revenues increase,
of issue expense) with the objective to Credibility this proportion is likely to decline even as they
acquire large targets, where longstanding The Company continues to protect its cash would continue to increase for conventional
customers would work with MPS corpus pending investment in large acquisitions service providers.
following acquisition and where the – B120.24 crore as on 31 March 2017.
Company can generate attractive long- Customer focus
Acquisitions
term returns. The Company prefers to The proportion of revenues from the Company’s
acquire only the brand, employee profile The Company’s acquisitions generated B80.4 ten largest customers increased from 75 percent
and customers, insulating the Company crore in revenues in FY 2016 - 17 (28 percent in FY 2013 - 14 to 76 percent in FY 2016 - 17.
from hidden liabilities. of the Company’s revenues in FY 2016 - 17); a
significant part of the revenues derived from Geographic focus
these acquisitions was high value-added and
The Company increased service-based revenues
value-added in nature, making it possible for
driven out of operations in a Tier-2 Indian
the Company to completely vacate the generic
location (Dehradun). The number of employees
services space. This quantum of acquisition-
driven revenues is poised to increase with at Dehradun location increased from 618 to
revenues from two more acquisitions kicking in, 1,082 in the three years ending 31 March 2017.
starting FY 2017 - 18.
Productivity
Value-addition Per employee monthly revenue increased
MPS North America generated a sharp increase from B55,400 in FY 2011 - 12 to B72,100 in
in revenues from high value-added and value- FY 2015 - 16 to B81,000 in FY 2016-17.
added segments – from 15 percent aggregated
in FY 2015 - 16 to 22 percent aggregated in Technology emphasis
FY 2016 - 17. The Company is evolving its
The proportion of revenues from technology-
revenues to platforms and related services
enabled services increased from 9 percent in FY
(income derived from licensing).
2015 - 16 to 16 percent in FY 2016 - 17, marked
Employee costs by employee costs considerably lower than in
The Company moderated employee costs the other segments, strengthening profitability.
ANNUAL 2016–17 07
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LIMITED
OUR PRODUCTS AND OFFERINGS
Publishing solutions Platforms and Services
l Content creation and development l DigiCore
l Content production and transformation l Mag+
l Learning solutions l Think
l Fulfillment services and customer support l Platform-related services
PUBLISHING SOLUTIONS creation across platforms • Making educational content engaging
1 Content Creation • MPS global leader in content • Comprises content development, editorial,
transformation and project management full-service project management, and page
and Development
services (author-to-reader publishing composition services
Comprises authorship, the foundation of the value chain) focusing on print and online
• Addressing growing needs of the world’s
publishing business publishing
leading educational, scientific and
• Solutions delivered out of three locations – scholarly publishers
Overview
Dehradun, Bengaluru, and Chennai
• Provides the Company with an opportunity • Business conducted from Noida, Dehradun,
• Scientific publishing, the fastest growing
and Chennai (India) and three US locations
to engage in product co-development
sub-sector insulated from market volatility
with the client (Orlando, Portland, and Durham)
• Comprises the business of North American Journals strengths
Books strengths
subsidiaries • Four-decade domain experience of
• More than 35 years of experience
working with multiple global publishers
Highlights, FY 2016 - 17 • Partnerships with educational and
• Extended from US-based programs (US • One of the largest in the Indian publishing professional publishers
services space
language) to UAE clients (English and
• Technology-enabled workflows resulting
Arabic) • Technology-enabled content production
in process efficiency
• Extended from science and mathematics with compatible design
• Proprietary editorial and project
to language and arts • High use of automation and innovative
management skills; upstream integration
• Expanded STM coverage (from nursing to processes
with content development services;
medicine) • Respected for zero-error workflow and
downstream integration with e-learning
• Graduated from low and mid-end to error-free product delivery services
medium and high-end assignments • Research-led development of state-of-
• Global presence, resource scalability,
• Increasing investment in products the-art publishing tools (DigiEdit and
and delivery; flexibility to assume large
DigiComp)
• Integrated the team under one Product projects without compromising quality or
• Competitive Dehradun costs
Development head timeliness
• Selective recruitment of professionals who Journals highlights, FY 2016 - 17 • Full-service project management and
previously worked on the publisher side • Graduated from semi-automated to fully editorial capabilities
• Strengthened team; all Directors with automated solutions
teaching and publishing experience Books highlights, FY 2016 - 17
• Short-term margins and revenue erosion
• Transitioned some operations from Noida
2 Content Production and • Reallocating projects from Bengaluru to
to Dehradun
Transformation low-cost Dehradun
• Delivered digital products through
Comprises the businesses of Journals, Books, • Dehradun addressing entire workflows
publisher and third-party platforms
and Digital Services
Books overview • Expanded scope of digital deliveries based
Journals overview
• Services bridge gaps between instructors on publishers
• Largest business segment; focuses on
and learners - school, higher education, • All print and digital products delivered
larger, quicker, and cheaper content
academic, and STM simultaneously
08 INVESTING IN
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