Birlasoft Q1 net profit rises 14% to Rs 137.5 cr, revenue rises 9%

Pune-based global IT services provider Birlasoft on Thursday reported a year-on-year increase of 14 per cent in net profit at Rs 137.5 crore for the quarter ended June 30, 2023.

The company had reported a net profit of Rs 120 crore in the corresponding period last year, Birlasoft said in a regulatory filing.

Revenue from operations stood at Rs 1,263 crore, up 9 per cent from Rs 1,154 crore in Q1FY23, the filing said.

Sequentially, the company recorded a 23 per cent rise in net profit in the period under review, as compared to Rs 112 crore in the March quarter.

"I am pleased to note that our quarterly revenue has crossed the USD 150 million mark for the first time, increasing 3.1 per cent sequentially to USD 153.6 million during Q1FY24," Chief Executive Officer and Managing Director of the company Angan Guha said.

Revenue and earnings during the June quarter reflect the receipt of USD 2 million for disengagement of Birlasoft Solutions Inc and Invacare, the company declared.

The company also recorded 18.8 per cent attrition with 12,235 employees, according to the statement.