Weizmann forex
We are talking about the company that deals with business interests in textile manufacturing and exports, hydro and wind-power generation and also with foreign exchange transactions all being the part of INR 45 billion Weizmann Group.
It is headquartered in Mumbai, Maharashtra serving privately with 1001-5000 employees.
When they got started?
In 1993, the business was started with forex operations having just four branches and gradually they expanded over the years becoming the leading player in the remittance market and foreign exchange.
They are now operating in India with over three hundred locations on the list as an authorized dealer with Category II; a certification that permits them to undertake to deal in foreign exchange for a non-trade current account transaction by Reserve Bank of India.
The company is also the marketing agent for co-branded Citibank World Money card issued by Citibank and Travel Money Card issued by Axis Bank Ltd. It is also working on a subsidiary named Vedang Tours and Travels Ltd. and one joint venture company named Horizon Remit SDN BHD, Malaysia.
What makes them special and important in market?
They offer the best customer service with all easy and reliable access to one’s service of buying and selling foreign exchange online with the quickest turnaround-time on just a few clicks. They have specialties in forex, travel card, travel insurance, Western Union, Student Forex solutions and money transfer.
Aside from all this, they are committed and transparent in their work by offering the best choices with a secure environment for all their foreign exchange needs.
We can say they are the largest independent forex provider in India. In the second half of the fiscal, after demonetization, the Mumbai-based company saw revenues jump to 28 percent and adjusted earnings by 150 percent year-on-year as customers moved to the organised market.
Now with a good online presence, they have 300 branches and have given a growth guidance of more than 25 percent for the coming three years.
What’s their status?
According to the report in the financial year of 2017, Weizmann’s revenue was Rs 5,983 crore with an adjusted net profit of Rs 29 crore and its market capitalization is Rs 970 crore which is further expecting to do Rs 42 crore net profit this fiscal.
References
https://www.weizmannforex.com/about-us
https://www.ndtv.com/business/stock/weizmann-forex-ltd_weizforex/reportshttps://www.indiainfoline.com/company/weizmann-forex-ltd/summary/41315