GSS Infotech, announces its First Quarter FY22 Unaudited financial results

GSS Infotech Limited, a global IT services company, today announced its Unaudited results for the First quarter of FY 22, ending June 30, 2021, on a consolidated and standalone basis.

Financial Highlights

April 2021-June 2021

- Consolidated Revenues from operations were Rs. 29.48 Cr. for Q1 FY 22 compared to Rs 28.01 cr. for Q4 FY 21., reporting a QoQ increase of Rs. 5.24% from the previous quarter.

- Consolidated PAT stood at Rs. 1.31 Cr. for Q1 FY 22 compared to Rs. -0.85 Cr. for the previous quarter reporting a QoQ increase of Rs. 255% from the previous quarter.

- Standalone Revenues reported Rs. 4.19 Cr. for the first quarter compared to Rs. 4.23 Cr. for the previous quarter, a decrease of Rs. 0.04 Cr., which is a decrease of 2.83% on QoQ basis.

- Standalone PAT reported Rs. 0.31 Cr. an increase from Rs. - 1.04 Cr. for Q4 FY 2021 reporting an increase of 130% over the previous quarter.

The Audited results for Q1 FY22 were taken on record at the meeting of the Board of Directors held on today 13th August 2021.

During the First quarter, the company experienced a growth in its deliveries resulting in an increase in the Revenues & PAT and maintaining its business in terms of revenues at the standalone level. Our clients have been showing signs of recovery from pandemic hit businesses while the company has ensured that deliveries have been fulfilled. The business has largely been stable in terms of contracts, while deliveries are being made collections have improved from clients and the cashflow situation has been seemingly better. On the expenses front, the company has made cost cutting measures that yielded better results at PAT and hope to maintain the same momentum.

GSS Infotech stays focused on Digital Transformation, Automation and Security for enterprises and technology providers in key technologies like Application development, Infrastructure management services, Cloud and Security focused on the ME, ASEAN and US region having its global delivery centre in Hyderabad.

GSS continues to strengthen its proven expertise in Application development, Infrastructure Management and IT services while adding Automation capabilities.

Speaking on the company's performance, Mr. Bhargav Marepally, Founder and CEO, GSS Infotech Limited said "the quarter has been reasonably better, and we are pleased with the quarter result. While we are cautious about the recovery path, we still see our clients being conservative in expansion efforts resulting in slow recovery in some of our business lines. We are reviving our efforts to identify inorganic growth opportunities in the digitization space."

Shares of GSS Infotech Ltd was last trading in BSE at Rs. 68.8 as compared to the previous close of Rs. 66.5. The total number of shares traded during the day was 15835 in over 461 trades.

The stock hit an intraday high of Rs. 69.55 and intraday low of 66.55. The net turnover during the day was Rs. 1081488.

Source : Equity Bulls

Keywords