Q1FY24 Quarterly Result Announced for Ksolves India Ltd.
IT Consulting & Software company Ksolves India announced Q1FY24 results: In Q1FY24, Consolidated Revenue from Operations grew 44% YoY (Rs 23.79 crore vs Rs 16.51 crore), QoQ growth of 4.6% QoQ (Rs 23.79 crore vs Rs 22.74 crore) In Q1FY24, Profit After Tax (PAT) increased 43.5% YoY (Rs 7.59 crore vs Rs 5.29 crore). QoQ growth of 3.5% (Rs 7.59 crore vs Rs 7.34 crore) has an adverse base effect from the non-operating income of Rs 0.43 crore last quarter. Q1FY24 Earning per share of Rs 6.40 vs Rs 4.46 last year same quarter. Slowdown in QoQ revenue growth driven by a one-off delay in project onboarding of a few recent wins. The business development cycle is becoming longer as the client mix is increasingly tilting towards enterprise clients. The company expects to quickly bounce back to a higher growth trajectory from Q2FY24 onwards. Operating margins improved QoQ as cost rationalization & increased utilization levels have offset the annual salary hike cycle in Q1FY24. Upcoming cost pressure from various business initiatives such as international business travels of key project leads will be offset via various cost synergies. The company expects to maintain a high margin profile in the near to mid future. Client base continues to be diversified with 45+ IT services clients across 15+ countries with top5 client’s contribution of 30% and top-10 at 46%. Key geographies of the USA and India saw strong traction. The business development focus remains on increasing the revenue share of Europe, Canada, and Australia. Key new deal wins include a USA-based Automotive Heavyweight, a large Australian Digital Marketing firm, and a UK-based, Global commercial real estate services company. New project win includes a Big Data Project distinguished banking institution in the Middle East. Result PDF17-07-2023