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Birlasoft achieves a 52-week high as net profit jumps 23% QoQ

Jul 27, 2023

By: BlinkX Research Team

Birlasoft shares soared 9% on July 27, reaching a 52-week high of Rs 411.70 after the company posted spectacular quarterly results.

The company's net profit increased roughly 23 percent QoQ to Rs 137.5 crore, up from Rs 112.2 crore the previous quarter. Revenue increased by 3% to Rs 1,262.7 crore.

Revenue increased by 2.7% in constant currency terms. Furthermore, the operating margin increased by 168 bps sequentially to 15.3%.

Among verticals, BFSI and Manufacturing led growth in the June quarter. Top clients also supported growth throughout the quarter, according to the company's investor presentation.

During the financial year ending June 30, Birlasoft signed contracts worth a total of $146 million.

Cash and cash equivalents rose to Rs 1,312.3 crore at the end of Q1 FY24, up from Rs 1,127.8 crore the previous quarter.

The Pune-based company is involved in computer programming, consulting, and other related operations. It primarily serves customers in Banking, Financial Services and Insurance, Life Sciences and Services, Energy Resources and Utilities, and Manufacturing with software development and IT consultancy.

Source: Media Reports