Birlasoft Q1 PAT down 9% QoQ to Rs 121 crore

Birlasoft reported 9.2% fall in net profit to Rs 120.7 crore despite a 4.8% increase in revenue from operations to Rs 1,154.4 crore in Q1 FY23 over Q4 FY22.

As compared with Q1 FY22, the company's net profit and revenue are higher by 6.2% and 22.1%, respectively.

EBITDA was Rs 169.8 crore in Q1 FY23, down 2.7% QoQ but up 12.4% YoY. EBITDA margin was 14.7% in Q1 FY23, down 114 bps QoQ and down 127 bps YoY.

Profit before tax in Q1 FY23 stood at Rs 162.4 crore, down 6.5% QoQ but up 7.4% YoY.

In dollar terms, the company's revenue for Q1 FY23 was $148.6 million, up 1.5% QoQ and up 15.8% YoY.

The company said it signed deals of total contract value (TCV) $185 million during the quarter. TCV of new deal wins was $112 million and renewals amounted to $73 million for Q1 FY23.

Active Client Count at 300 in Q1 FY23. Of this, count of 'more than $1 million' customers was 82 (up 5% YoY) and count of 'more than $5 million' customers was 25 (up 3% YoY). Revenue from Top 5, Top 10 and Top 20 clients grew YoY by 16.5%, 22.7% and 21%, respectively.

Manpower strength was 12,565 as on 30 June 2022, representing a net addition of 1,057 professionals YoY and and 361 sequentially. Attrition (LTM) was 27.9% in Q1 FY23 as against 29.4% in Q4 FY22.

Dharmender Kapoor, managing director and chief executive officer, Birlasoft, said, New fiscal year has begun well for us with a 22.1% YoY INR revenue growth, coupled with robust deal momentum, our new deal signing was up by 19% YoY. Our strong revenue growth has been led by top customers which continue to grow at a healthy pace.

Our expertise in driving digital transformation for clients is driving good growth for Business and Technology Transformation services, which recorded a growth of 20.7% YoY. Going forward we will strive to help clients navigate through new age technologies to derive maximum benefits of digital transformation.

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 advanced 2.41% to end at Rs 342.60 on the BSE today.

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