Hinduja Global Solutions Ltd.
Q1FY23 Quarterly Result Announced for Hinduja Global Solutions Ltd.
Hinduja Global Solutions announced Q1FY23 Result :
- Strong revenue growth of 14.1% YoY
- Net profit of Rs. 732.7 million, a 9x growth YoY
- Interim Dividend of Rs 5/ share
- Hon’ble NCLT has directed to convene the meeting of Equity Shareholders on September 02, 2022 for considering approval of scheme of arrangement for acquisition of the media & digital business of NXTDIGITAL Limited
- Overall revenues for HGS’ digital-enabled CX solutions and HRO/ payroll business stood at Rs. 9,120.46 million, a growth of 14.1% YoY.
- EBITDA for the quarter was Rs. 384.5 million.
- Net profit increased to Rs. 732.7 million, a growth of 867.9 % YoY.
- Capital expenditure for the quarter was Rs. 263 million.
- As on 30th June, 2022, Net Cash stood at Rs. 33,709 million.
- Interim dividend of Rs. 5 / share.
Speaking on the results, Partha DeSarkar, Executive Director and Group CEO of HGS said: “HGS has begun FY2023 on a strong note. Revenue for Q1 FY2023 grew by 14.1% YoY to Rs. 9,120.46 million, while we significantly improved PAT. In a challenging economic environment, we are witnessing strong demand for our customer experience (CX) business across all our geographies. Our offshore delivery in Philippines and India is ramping up significantly; we also launched a new delivery center in Mysore in July to cater to the growing demand. Diversify, which we acquired in Q4 FY2022, has performed well and delivered EBITDA margins of 22.4%.
HGS continues to expand our solutions portfolio across RPA, analytics, AI, cloud and social care, etc., to target fastgrowing micro-verticals. Our focus is paying off as we have signed 28 digital-led engagements with clients in the June quarter. Looking ahead, we are focusing on strong revenue growth and improvement in margins. We plan to strengthen our capabilities, set up new centers and hire significantly to support new client wins as we take forward the HGS 2.0 journey.
The proposed buyback of around Rs. 9,750 million, based on the audited results for FY2022, will be announced at a later date upon completion of requisite approvals and in compliance of relevant provisions of the Companies Act, SEBI Listing Regulations and SEBI Buy-back Regulations. We expect this to take place in second half of FY2023.”