In Netcore, the period from last September to December was marked by many changes – both internal and external. We had a few senior members of our management team quit, and we had new regulations from TRAI which saw a sharp drop in the SMS business overnight resulting in immediate losses. Those were tough months as we had to navigate troubled waters with looming uncertainty. When the government starts regulating a business, all bets are off.
In retrospect, we managed it well. We cut costs in our mobility business to align with the new normal. We also focused more on our email marketing business which had quietly grown to good scale over the past couple of years and, quite literally, became the oxygen of our company.
We made profitability our number one objective. Our goal was to ensure that we could sustain and grow it. That would give us the money to make the right investments for the future. We have no external investors in Netcore, so I can make decisions quickly and with a focus on the long-term.
All of this has helped tremendously over the past year. Even as the mobility business has improved, the mailing business has grown from strength to strength. I have a good team in place to handle the challenges going forward. We can now think along multiple time horizons with the added confidence that tomorrow will be substantially better than today.