GlobalSpace Technologies Ltd reports earnings for Q1FY21

GlobalSpace Technologies Limited, one of the leading HealthTech and EduTech digital platform provider, announced robust results for the first quarter ended on June 30, 2020.

Quarterly Comparisons:

On a consolidated basis, total revenue in the first quarter stood at INR 59.63 Mn, 19% higher than INR 50.31 Mn in the same quarter last year. EBIDTA amounted to INR 34.82 Mn in Q1FY2021 as against INR 19.28 Mn in Q1FY2020 with margins of 58%. Profit after tax (PAT) registered an impressive growth of 77% to INR 20.65 Mn in Q1FY21 from INR 11.66 Mn in Q1FY20 with the margin of 35%.

Commenting on the performance, Mr. Krishna Singh, Founder & CMD, 'We are pleased with our performance during this challenging quarter as we have managed to achieve steady growth despite lockdown and office shut down. The company has registered substantial improvement in profitability led by our product platforms and cost control efforts. Our focussed efforts on two of the key verticals - Healthcare & Education has contributed to the improved performance of the company. We have achieved standalone net profit of INR 20.65 Mn for this period and have posted 19% y-o-y growth in top-line. Moreover, our EBITDA margin has also improved and thus to better profitability. We have seen great traction in both the verticals healthtech as well as Edutech due to this unprecedented time of Covid-19. For our DocExa platform, we have witnessed 28,700 doctor's registration till date and we can foresee a higher demand going forward. We are very proud to say that DocExa is fully compliant with the guidelines of Government of India.'

He further added, 'Going forward, our strategic association with MediApp, a firm step towards truly integrated comprehensive digital healthcare ecosystem, is going to enhance the overall viability of DocExa platform. It will create one of India's largest Digital healthcare network by instantly connecting the Doctor network of DocExa with MediApp's network of over 43000 Pharmacies. With this initiative, DocExa's end customers will have the opportunity to buy generic medicines from Neighbourhood e-Pharmacy. The company's edge in both the verticals is likely to be the major growth driver for the company in coming years. During the quarter, Makebot contributed to the revenues from international markets as well, which we expect to be one of the major contributors to our future growth.'

Major Development done by the company during this quarter:

The company has made strategic tie-up with two marquee logo - Macleods Pharma and Cadila Pharma to its client list. By this DocExa is emerging to be one of the leading Virtual Consultation App, which is first of its kind Artificial Intelligence (AI) enabled. In addition to these, Makebot has introduced National STEAM Olympiad (NSTO) and got students participating from leading school chains like - Euro, Poddar, Vibgyor, DPS, Dhirubhai International/ School, etc. Makebot offers unified solution on experiential learning for students across all grades using STEAM pedagogy of teaching Science, Technology, Engineering, Arts and Mathematics.

Shares of Globalspace Technologies Ltd was last trading in BSE at Rs.85.15 as compared to the previous close of Rs. 89.6. The total number of shares traded during the day was 33984 in over 232 trades.

The stock hit an intraday high of Rs. 93 and intraday low of 85.15. The net turnover during the day was Rs. 2957156.

Source : Equity Bulls

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