Genesys International Reports Turnaround in Q1 2024

Genesys International, a geospatial solutions provider, reported a net profit of Rs 5.38 crore in Q1 2024, reversing a loss from the same period last year. Revenue increased by 61.40% to Rs 55.75 crore. Despite sequential declines, the company expects growth from new product launches and its India map stack.

Genesys International, a leading geospatial solutions provider, has announced a net profit of Rs 5.38 crore for the first quarter of 2024, a significant turnaround from a loss of Rs 5.33 crore in the same period last year.

The company reported a 61.40% rise in revenue, which stood at Rs 55.75 crore for the reporting quarter, compared to Rs 34.54 crore in Q1 FY24.

However, sequentially, both profit and revenue experienced declines of 63.77% and 21.66%, respectively. Chairman and Managing Director Sajid Malik highlighted that the company's India map stack has begun contributing to its performance, and future quarters are expected to benefit from new product launches. Shares of Genesys International rose by 7.60% to Rs 714.90 on the BSE on Friday.

(With inputs from agencies.)