GlobalSpace Technologies posts results for the quarter ended September 2020

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

Quarterly Comparisons:

On a consolidated basis, total revenue in the second quarter stood at INR 68.97 Mn, 7% higher than INR 64.41 Mn in the same quarter last year. EBITDA was at INR 36.37 Mn, up by 22.9% YoY. EBITDA margin stood at 53%, up by 678 bps YoY. Profit after tax (PAT) grew by 76% to INR 22.67 Mn in Q2FY21 as against INR 12.87 Mn in Q2FY20 with the margin of 33%.

Half-yearly Comparisons:

On a consolidated basis, the Company has achieved six-month revenue of INR 128.59 Mn which is an increase of 12% from the same period last year, of INR 114.72 Mn. EBIDTA amounted to INR 71.2 Mn in H1FY2021 as against INR 32.37 Mn in H1FY2020 with margins of 55%. Profit after tax (PAT) registered an impressive growth of 561% to INR 43.32 Mn in H1FY21 from INR 6.55 Mn in H1FY20 with the margin of 33%.

Commenting on the Company's performance for Q2FY21, Mr. Krishna Singh, Founder & CMD, '"This has been a very strong quarter for us where we have managed to achieve significant improvement in revenue and profitability. The growth in profitability is as a result of lower product development cost which were there in the earlier years. We have achieved a consolidated net profit of INR 22.67 Mn for this period and have posted 76% y-o-y growth. We have achieved success faster than that of predicted in both the verticals due to the pandemic situation. Being fully compliant with the guidelines of Government of India, DocExa has been adopted by many Doctors across medical fraternity. At the end of second quarter of fiscal 2021, DocExa has 56,021 Doctors registration. We feel very proud to see notable achievement. Moreover, we have seen a major rise in demand for STEAM learning in Indian markets considering the recently announced 'National Educational Policy' by Government of India. We are already established in India and have also forayed in International market which will help us significantly to increase our presence.'

He further added, 'Within this period of epidemic, the platform has gained significant response in online consultation. The traditional belief has been changed and that led to a greater adoption. The presumption of Doctors that nothing can replace the percussion and stethoscope has been compromised amid this prevailing pandemic across the Globe. Moreover, strategic association with MediApp has enhanced the viability of DocExa platform. This has helped in connecting the Doctor network of DocExa with MediApp's network of over 43000 Pharmacies. 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. We remain confident on the long-term prospects of the Company.'

Shares of Globalspace Technologies Ltd was last trading in BSE at Rs.68.5 as compared to the previous close of Rs. 70. The total number of shares traded during the day was 27432 in over 34 trades.

The stock hit an intraday high of Rs. 71.85 and intraday low of 68. The net turnover during the day was Rs. 1919943.

Source : Equity Bulls

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