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IT Consulting & Software company Ksolves India announced Q2FY24 results:
1. Financial Performance:
- Consolidated Revenue from Operations increased 40.4% YoY (Rs 25.98 crore vs Rs 18.50 crore)
- Consolidated Revenue from Operations increased 9.2% QoQ (Rs 25.98 crore vs Rs 23.79 crore)
- Profit After Tax (PAT) increased 39.1% YoY (Rs 8.23 crore vs Rs 5.92 crore)
- Profit After Tax (PAT) increased 8.4% QoQ (Rs 8.23 crore vs Rs 7.59 crore)
- Q2 Earnings per Share (EPS) stands at Rs 6.94, up from Rs 4.99 in the same quarter last year.
2. Business Expansion:
- 55 IT services clients across 25 countries with top-5 client's contribution of 33% and top-10 at 49%.
- Focus remained on generating revenue per employee by enhancing technology mix and billing rates.
- Expanded team across the organization after the last quarter's expansion in the Noida Office.
- Shifted to a bigger office space in Noida.
- Headcount increased from 413 to 451 along with maximum resource utilization.
- This quarter faced a lower attrition rate.
- Focused on hiring senior-level resources.
3. Investments for Sustained Growth and Business Updates:
- 1st Interim Dividend of Rs 7 per share is declared.
- Cost pressure seen consequent to shifting to bigger office space.
- Few recent business wins augur well for future trajectory.
- The company continues to have a pipeline of leads to sustain Industry growth.
- Increased business travel, marketing expenses, and office re-opening expenses created downward pressure on margins but that's likely to be offset by better operating efficiencies.
- Subdued attrition pressure in recent months is expected to help in sustaining profitability.
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