Birlasoft Q4 PAT rises 16% QoQ; board announces Rs 390 cr buyback

Birlasoft reported a 16.6% rise in net profit to Rs 132.9 crore on a 2.8% increase in revenue from operations to Rs 1,101.4 in Q4 FY22 over Q3 FY22.

As compared Q4 FY21, the company's net profit and revenue jumped 34% and 22%, respectively.

EBITDA in Q4 FY22 stood at Rs 174.5 crore, rising 7.2% quarter on quarter and up 14.5% year on year. EBITDA margin improved 66 basis points sequentially to 15.8% from 15.2% reported in Q3 FY22. ON the other hand, margin declined 103 basis points year on year from 16.9% reported in Q4 FY21.

In dollar terms, the company's revenue for Q4 FY22 was $146.4 million, up 2.1% QoQ and up 18.8% YoY. The company said it signed deals of total contract value (TCV) $222 million during the quarter.

Active Client Count stood at 296. Of this, count of $10 million customers was 13 (up 4%YoY), count of $5 million customers was 25 (up 3% YoY). Top 10 & Top 20 clients grew by 18.4% & 20.4% respectively in FY22.

Employee headcount stood at 12,204 as of 31 March 2022. Attrition rate stood at 34.3% in Q4 FY22 as against 31.4% in Q3 FY22 and 11.6% in Q4 FY21.

On full year basis, the IT company reported a 44.5% jump in the net profit to Rs 463.64 crore on a 16.2% rise in the revenue from operations to Rs 4130.35 crore in the financial year ended 31 March 2022 over the financial year ended 31 March 2021.

Dharmender Kapoor, managing director and chief executive officer of Birlasoft said, We are pleased to report a well-rounded performance with a full year PAT increase of 45% and a 16% growth in the revenues. Birlasoft will continue to focus on capability enhancements across all industry and service lines as we see broad-based demand growth and are prepared to harness it. Having set the foundation with robust performance across key metrics this year, we remain optimistic about our FY23.

Meanwhile, the company's board approved buyback of equity shares for an aggregate amount not exceeding Rs 390 crore at a buyback price of Rs 500 per share. The buyback is subject to approval by the shareholders. The buyback Size accounts for 25% of the eligible net-worth as on 31 March 2022 on standalone basis. The company proposes to buyback upto 78 lakh shares under the offer, which amounts to 2.79% of the total shares outstanding as on date. The said buyback will be undertaken through the tender offer route in accordance with the SEBI buyback regulations.

The board also recommended a final dividend of Rs 3 per equity share for the financial year ended 31 March 2022.

Birlasoft, part of the CK Birla Group, provides digital and information technology consulting, services, solutions and products for organizations across industries, worldwide.

Shares of Birlasoft were trading 0.49% higher at Rs 380.10 on the BSE.

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