eClerx's FY23 Q1 Results: Revenue up 29.4% to INR 639.8 crore, declares 1:2 bonus

eClerx Services Ltd. (eCx), an industry-focused specialist services firm providing data analytics and business process solutions, reported consolidated revenues of INR 639.8 crore, a jump of 29.4% YoY. Net profit over the period rose to INR 99.2 crore, up 8.6% over the corresponding period last year. The Board recommended issue of bonus equity shares in the ratio of 1:2, subject to shareholders' approval.

PD Mundhra, Co-Founder and Executive Director, eClerx Services Limited said "Topline growth in Q1 FY23 was strong, helped by robust growth in the Personiv business and rupee depreciation. Pipeline is at healthy levels and we are confident of achieving double-digit growth for FY23 overall. Over the next couple of quarters, we will get a better picture of the macro-economic environment and its potential impact on FY24 revenues."

Srinivasan Nadadhur, Chief Financial Officer, eClerx Services Limited said, "It was a good quarter overall - revenue growth was strong and EBITDA margin was over 29%, despite higher-than-usual annual increments in April. Growth in Net Profit was impacted by a one-off cost of INR 21.5 crore related to acquisition. We continue to make investments in productized services and expect those to yield results over the next few quarters.

Consolidated financial highlights for the quarter ended June 30, 2022

Operating revenue was INR 617.8 crore vs. INR 486.3 crore in the corresponding period last year, a YoY increase of 27.1%. Operating revenue in dollar terms increased by 22.9% to USD 79.5 Million YoY, and total revenue for the period was INR 639.8 crore, a YoY increase of 29.4%.

- EBIT for the period was INR 162.1 crore, a growth of 22.4% YoY.

- The company took a one-off cost of INR 21.5 crore in Q1 related to its acquisition of Personiv. This led to a net profit of INR 99.2 crore for the current quarter compared with INR 91.3 crore in the corresponding period in the previous year, an increase of 8.6% YoY. Net profit, excluding this one-off cost, would have been at INR 116.2 crore.

- Basic EPS for the quarter was INR 29.97 as against INR 26.84 in the corresponding period last year.

- Delivery headcount as of June 30 was 16,067 - a YoY increase of 26.1%.

- The board has recommended a bonus of 1:2 which will be put up for shareholders' approval via postal ballot.

Shares of eClerx Services Limited was last trading in BSE at Rs. 2219.10 as compared to the previous close of Rs. 2219.45. The total number of shares traded during the day was 2620 in over 545 trades.

The stock hit an intraday high of Rs. 2249.75 and intraday low of 2207.00. The net turnover during the day was Rs. 5815231.00.

Source : Equity Bulls

Keywords

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