Majesco Q1FY21 Operating Revenue at Rs 311.0 crore; up 20.1% YoY

Majesco Ltd. (MJCO), (BSE: 539289), (NSE: MAJESCO), a global provider of software, consulting and services for insurance business transformation, announced today its financial results for the first quarter FY21 ended 30th June 2020.

- Product Revenue at Rs 149.1 crore, 47.9% of total revenue; up 34.6% YOY
- Q1FY21 Adjusted EBITDA at Rs 46.7 crore; up 39.3% YoY
- Total Order Backlog at Rs 1,917.8 crore (US$ 254 Mn)

Other highlights:

- Majesco's Total order backlog on June 30, 2020 was Rs 1,917.8 crore (US$254 million). Previously the company was reporting a 12 month executable backlog only.

- 11 successful Go-Lives during the Q1FY21
- Added 2 new customer and 1 customer signed up to migrate from On-Prem to Cloud
- The Company successfully acquired Inspro Technologies, a Philadelphia based insurance software business. This transaction closed on April 1, 2020.

Commenting on Q1FY21 Performance, Adam Elster, Chief Executive Officer of Majesco, said: "Q1 FY21 was a record quarter for Majesco across all our key performance metrics of Total Revenue, Product Revenue, New Sales and Margin. Companies of all sizes are turning to Majesco to partner with on their digital transformation journey and the team demonstrated excellent performance against our cloud product-based strategy. Our relentless focus on delivering innovation and customer success has fuelled our growth and solidified our leadership."

He further added, "We remain confident in our strategy, committed to its execution and believe we have the right platform in place to handle the near-term challenges associated with COVID-19, while continuing to pursue long-term growth opportunities. We are extremely excited to partner with Thoma Bravo, a firm with an established track record working with companies transitioning to the cloud."

Farid Kazani, Managing Director & Group CFO, Majesco Ltd said: "I am happy with the strong quarter performance primarily driven by the inclusion of Inspro business and product revenue growth of 34.6% on year over year basis. Despite the macro economic challenges, our total order backlog stood at US$ 254 million which demonstrates our focused execution, resilience business model and strong customer relationship. We have successfully completed the acquisition of Inspro business. We are well positioned to navigate pandemic crisis and make the most of future growth opportunities."

Shares of Majesco Ltd was last trading in BSE at Rs.776 as compared to the previous close of Rs. 782.8. The total number of shares traded during the day was 15880 in over 1105 trades.

The stock hit an intraday high of Rs. 802.95 and intraday low of 761.1. The net turnover during the day was Rs. 12342318.

Source : Equity Bulls

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