InfoBeans posts stellar Q1 results

IT Services company InfoBeans Technologies Limited reported 63 per cent growth in net profit for the quarter ended 30th June, 2020 at Rs 7.6 crore and revenues of Rs 50.4 crore, also up 63 per cent.

Pune (Maharashtra) [India] , Aug 10 (ANI/BusinessWire India): IT Services company InfoBeans Technologies Limited reported 63 per cent growth in net profit for the quarter ended 30th June, 2020 at Rs 7.6 crore and revenues of Rs 50.4 crore, also up 63 per cent. The company's commitment to its people and customers along with fiscal prudence is helping it navigate the unprecedented and challenging times of the COVID pandemic.

"Revenue growth is primarily through acquisition of Philosophie that we made in September 2019. Profit and EBITDA growth is due to cost efficiency measures we undertook during COVID and due to zero travel and reduced facilities cost," said Avinash Sethi, co-founder, InfoBeans. Here are the major highlights of InfoBeans FY 20-21 Q1 results:

Rising Revenue The total revenue of Rs 50.4 crores is a significant rise of 63 per cent y-o-y from Rs 30.9 crores reported in June 2019. In comparison with last quarter, it grew around 5 per cent from Rs 48.2 crores. Note that last year's numbers do not include its recently acquired subsidiary Philosophie Group Inc.

EBITDA shot up EBITDA shot up by 101 per cent percent y-o-y to Rs 14.1 crores as against Rs 7.0 crores in the quarter ending June of 2019.

'PAT' on the back The year-on-year growth in net profit is also 63 per cent, from Rs 4.7 crores in June 2019 to Rs 7.6 crores in June 2020. The company reported a healthy 15 per cent PAT margin, a steep jump from the 3 per cent PAT margin it achieved in the quarter ended March 2020 when it reported Rs 1.4 crores in PAT.

Cost efficiency In the earlier phase of the Covid-19 outbreak, the founders realized the fact that it will impact the company's growth plans, at least in the upcoming quarters. Thus the company proactively took select cost-effective measures and managed to maintain a healthy bottom line that gave it strength to weather uncertain times in future.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)