• Existing services exceed targets; new services contribute significantly to company's growth
• To consolidate and foray into newer geographies in FY'08
  

mjunction services today announced its financial results for the FY'07. Business volume of the company in terms of transaction value (TV) of goods and services, registered an increase of 45 per cent from Rs5,533 crore in FY'06 to Rs8,000 crore in FY'07. The company has consistently been entering new Industry verticals and launching new innovative products and services as a result of which the company's business volume has soared from Rs94 crore in FY'02 to Rs8,000 crore in FY'07 registering a CAGR of 144 per cent.

The company is today India's largest eCommerce company, having eTransacted Rs20,464 crore till date.

Announcing the results, Viresh Oberoi, managing director, mjunction services, said, "Our ability to analyse market and client needs, develop domain expertise, seek out and adapt to new verticals, formulate the right business strategies, enhance operational excellence and foster an ecosystem for innovation in the organisation has ensured continued growth in business volume, revenue and profits for the company."

Sharing his plans for the current fiscal, Oberoi added, "FY'08 would be the year of consolidation. We will strengthen our existing businesses and explore all possible avenues to expand the existing services. As our endeavour has been to transform the supply chains through the innovative use of the Internet and IT, we will constantly evaluate and keep ourselves equipped to serve any supply chain which lends itself to such transformation be it in India or abroad."

Performance Highlights — FY '07:

• During FY'07, metaljunction, the steel eSales business unit, forayed into minerals and metallics segment and sold materials like iron ore fines and lumps, CLO and BF grade lumps for five major Indian producers.
• coaljunction, the coal esales division of the company was instrumental in implementing the new coal eBooking system for Coal India Limited (CIL). Over 5 million tonnes of coal has been sold online using this new eBooking mechanism.
• buyjunction — the eProcurement division of the company — doubled its transaction volume in FY '07. The division launched its sourcing KPO service at Tata Steel, Jamshedpur. The service includes understanding client organisation's spend history and cycles, spend categories and devising a sourcing strategy and implementing a complete end-to-end outsourcing solution for low value buys. With its innovative service buyjunction has been able to substantially reduce sourcing costs and enhance its Client's buying efficiency.
• The company entered a new industry vertical in August 2006 — Automobiles — through its portal www.autojunction.in. autojunction currently offers B2B services for online sale of repossessed vehicles of auto finance companies to dealers of used cars on an as-is-where-is basis.
• The Company forayed in to the B2C segment with the launch of www.straightline.in. straightline with its USP — "Take Control, Buy Smart' — is an online store selling fixed priced branded materials covering a wide range of industries. Starting with Steel (TMT bars and pipes) straightline would also sell materials from various industries like paint, tiles, cement, sanitary ware etc.
• In order to provide its buyer community easy access to finance at competitive rates, and to facilitate their purchases through its portal, the financial services division of the company launched 'Buyer Finance' in association with a leading Bank
• In FY'07, IBM endorsed enterprise procurement system (EPS) developed by the in-house Technology Team at mjunction. EPS is now an integral part of IBM's global marketing program and it has been highlighted in IBMs Partner World Global Solutions Directory section. EPS, a high-end web-based procurement solution for an enterprise has been successfully running at Tata Steel Jamshedpur and SAIL's Rourkela steel plant.
• The content and conference division of the company organised three hi-powered International conferences during FY'07. The division launched two magazines, namely, Steel Insights and Sourcing Insights. It already publishes Coal Insights. Each of these magazines serves to keep its readers abreast of the latest news and developments in the concerned industry and provides them with valuable research and analysis of market trends.