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HGS Q3 net profit up 93.7% to Rs 71.1 cr on client wins, health care

The company saw its revenue from operations grow 5 per cent to Rs 1,335.7 crore in the quarter under review as against Rs 1,272.6 crore in the third quarter of 2018-19.

Press Trust of India  |  New Delhi 

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(HGS) has posted 93.7 per cent jump in consolidated net profit at Rs 71.1 crore for December quarter 2019.

logged a profit of Rs 36.7 crore in October-December 2018, it said in a regulatory filing late Friday night.

The company saw its revenue from operations grow 5 per cent to Rs 1,335.7 crore in the quarter under review as against Rs 1,272.6 crore in the third quarter of 2018-19.

"posted a strong revenue growth in Q3 FY2020...The growth was led by demand in both Healthcare and CES (Consumer Engagement Services) verticals across geographies," CEO Partha DeSarkar said.

While CES got a boost from recent client wins and the festive season, the healthcare business saw strong growth driven by a strong Open Enrollment season across the US, Jamaica, the Philippines and India, he added.

In November 2019, HGS had announced its exit from the Indian Domestic CRM market by selling its business to Altruist.

The transaction closed on January 31, 2020.

"This divestment is in line with our strategy to focus on driving profitable and high-value services-led growth. During the quarter, we continued to see traction in partnering with clients, both new and existing, especially for HGS Digital services," he said.

The HGS Digital brand is the culmination of the company's sharp focus on innovation, technology expertise and client centricity, and will be fundamental to growth in the years to come, he added.

The company's board has declared an interim dividend of Rs 15 per equity share for financial year 2019-20.

First Published: Sat, February 08 2020. 16:08 IST
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