Birlasoft net profit up 69% at Rs 69 crore for September quarter

Birlasoft, part of the USD 2 billion diversified C K Birla Group, on Thursday reported a 69.3 per cent rise in consolidated net profit at Rs 69.1 crore for the September quarter.

The IT services company had posted a profit of Rs 40.8 crore in the July-September 2019 period, Birlasoft said in a regulatory filing.

Revenue from operations grew 10.9 per cent to Rs 857.5 crore in the period under review from Rs 773.4 crore in the year-ago period, it added.

"Our Q2 results are a testimony to the trust that our customers have in our executional capabilities. Despite the challenging times, we have seen a positive outcome across key performance parameters such as profit, margins, utilisation, deal wins, receivables, attrition, among others," Birlasoft CEO and Managing Director Dharmender Kapoor said.

He added that with a consistent and strong record of deal wins in H1 combined with a healthy pipeline, the company is confident about further growth in revenues as it enters the second half of FY21.

"We will continue to focus on being a trusted partner to our clients and build long term sustainable growth," he said.

The company signed deals worth USD 273.9 million in total contract value (TCV) during the quarter, taking the total TCV deal wins for the first half of the fiscal to USD 454 million. Its active client count was at 310.

In dollar terms, the company's net profit grew 60.7 per cent to USD 9.3 million, while revenue was up 5.2 per cent to USD 115.6 million in September 2020 quarter from the year-ago period.

Birlasoft's headcount stood at 10,010 at the end of September 2020 quarter, while attrition rate was 11.4 per cent.

The results were announced after the close of trading hours. Shares of the company settled at Rs 185.65 apiece, up 2.09 per cent from the previous close on BSE.

The board of directors has approved an interim dividend of Re 1 per equity share for the financial year 2020-21. The record date has been fixed as November 13, 2020.