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Tag: Revenue Growth

Industry-focused specialist IT / ITES firm eClerx posts 14.2% operating revenue growth in Q1 FY2024-25

Mumbai, 14th August 2024: Mumbai-based eClerx Services Ltd. has announced its quarterly financial results for the period ending June 30, 2024. The company reported a sequential and Y-o-Y growth in revenue numbers. The Indian IT / ITES firm continues to build on its strong delivery track record and remains focused on pursuing organic growth opportunities across key international markets.

Key highlights from the consolidated financial results reported for the quarter ended June 30, 2024

eClerx’s USD operating revenue increased to $93.3 million vs. $83.9 million posted in Q1FY2023-24, an increase of 11.1% YoY and 1.5% QoQ. EBITDA stood at INR 187.3 crore for the quarter and grew 7.0% compared to INR 175.0 crore recorded in Q1 of the previous fiscal. EBITDA margin decreased from 25.3% in the corresponding quarter to 23.3 % for the current quarter.

  • Profit before tax increased to INR 147.9 crore and grew by 5.2 % Y-o-Y, against INR 140.6 crore in last year. Net Profit in this quarter rose by 5.0 % to INR 111.6 crore.
  • Basic earnings per share (EPS) for Q1 FY24-25 has improved to INR 23.1; representing a 4.6 % growth when compared with INR 22.1 clocked in Q1 FY2023-24.
  • Total delivery headcount was maintained at a similar level to that in the preceding quarter, expanding to 17,628 at the end of the June quarter.

Commenting on the firm’s performance, Mr. Kapil Jain, Managing Director and Group CEO at eClerx said, “We announced our 4-year strategic roadmap last quarter, and I am pleased to note that the early signs are encouraging. Deal pipeline is strong, we are working on several cross-sell initiatives, and our value proposition continues to resonate with clients. We are confident that our strategy will deliver results in the coming quarters.”

The Mumbai-based firm counts many Fortune 2000 companies amongst its list of clients. The company has also continued with its trend of winning awards and recognition for its product and service innovation, notable examples of which are noted below

Key developments, initiatives and recognitions

  • eClerx’s GenAI360 Platform won the Silver winner for AI Innovation at the 19th Annual 2024 Globee® Award for Technology in a hotly contested category that saw more than 1,700 nominations
  • eClerx Services Ltd also won two Gold Asia-Pacific Stevie® Awards for its pioneering approach in human resources management and technological innovation.

Salam Kisan Achieves 11X Revenue Growth in FY 2024, Totaling INR23.61 Crore

13, August, 2024: Salam Kisan, a pioneering agri-tech platform, has recorded a remarkable 11X growth in revenue for the fiscal year 2023-2024, reaching an impressive total of ₹23.61 crore. This exponential growth showcases the company’s success in leveraging its operational efficiency in drones and technological capabilities to boost overall sales and profitability.

Offering services across 35 districts in Maharashtra, Salam Kisan covered 41,000 acres in drone spraying that generated a revenue of ₹2.41 crore. The success of their drone services and real-time crop calendar with agri-input recommendations has boosted Salam Kisan’s agri-input sales, which recorded a significant ₹5.41 crore. Additionally, the company’s buyback program for farmers using the Salam Kisan platform and services throughout the agricultural cycle offered linkages worth ₹15.225 crore in FY 23-24. By onboarding over 80 FPOs, Salam Kisan makes their advanced agricultural technology accessible to a wider spectrum of farmers.

Salam Kisan is a multi-stack precision farming platform that helps farmers in making informed decisions. They provide an array of services that leverage technology and data insights to empower modern farming practices. These services include an AI-enabled crop calendar for tailored crop management, precision agriculture guidance, customized fertilizer dosage recommendations, drone rental for fertilizer and seed spraying, farm mapping, input product marketplace, farmers community, government convergence, agriculture news, traceability solutions, and guaranteed output procurement.

Over the past year and Q1 24-25, Salam Kisan, under its parent company PRYM Group, has invested ₹9.1 crore in developing agricultural drones and precision farming software. These advancements enhance the company’s technological and operational capabilities, enabling farmers to use drones and advanced analytics to optimize crop yield and soil health. This investment significantly boosts farmers’ productivity and profitability. The company deployed over 50 drones and pilots in Maharashtra, saving at least 70 lakh liters of water through optimized drone-based spraying.

Dhanashree Mandhani, Founder & CEO of Salam Kisan, said, “Our exceptional growth and remarkable increase in revenue this fiscal year is a clear indication of our commitment to transforming the agricultural sector through innovation and technology. Our crop calendar, drone services, and precision farming tools have not only improved yields but have also redefined farming practices in India. Farmers using Salam Kisan have seen an incremental revenue of at least ₹16,000 and a 30% cost saving each season. As we expand into Uttar Pradesh and Madhya Pradesh, we intend to aid more farmers across India with our advanced agritech solutions.”

Salam Kisan projects an additional ₹16 crore in revenue from drone spraying services and input sales during the upcoming Kharif season, driven by farmers’ increasing adoption of its application. The company has been bootstrapped with positive EBITDA since its inception, and Salam Kisan is expecting to raise its first round of investment to expand its business with drones and increase market penetration.

Additionally, the company’s success in drones has given it the confidence to double down on the potential of drones in precision farming. Salam Kisan is now focused on powering the farmer’s journey on its platform through drones and AI. This expansion is expected to accelerate the company’s growth further and bring its advanced services to a larger agricultural community.

Since its inception, Salam Kisan has transformed the Indian agricultural landscape by engaging with more than 1 lakh farmers through 250+ centers across 7,000 villages. The platform covers 67+ crop varieties, impacting 60,000 acres of farmland with over 200 agricultural input products. This impressive impact underscores Salam Kisan’s commitment to a more integrated and prosperous future for farming communities.

SWREL Continues Growth Streak in Q1 FY25, Attaining 78% YoY Revenue Growth

Hyderabad/Mumbai; July 19, 2024: Sterling and Wilson Renewable Energy Limited (SWREL) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR), a leading home-grown renewable EPC, announced its results for the first quarter of FY25, which witnessed a continued revenue growth of 78% YoY. The company’s strong commitment to excellence, innovation and customer satisfaction is reaffirmed by a strong order inflow of INR 2,170 crore.

Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy

Having witnessed a strong rebound in its revenue in Q4 FY24, SWREL continues its growth trajectory driven by a consistent improvement in financials and overall performance. This is the second consecutive quarter witnessing a positive EBIDTA, PBT and PAT. Post its QIP, the company has regained it’s market standing as the leading solar EPC in India. The financials are also moving in the right direction with net debt improving to INR 97 crore in June 2024 vis-à-vis INR 116 crore in March 2024. SWREL also declared a substantial gross margin at 11%, reinforcing its competent position in the market and continuing to solidify its focused business growth.

Speaking on the quarter results, Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group shared, “Our results reflect our strong business revival, and robust ordering momentum. We are happy to be selected by some of our esteemed customers for some of their large projects and our teams are well geared to meet the massive growth opportunity ahead of us. With a robust project pipeline and strong balance sheet, we are confident of tapping the huge growth and are well-positioned to continue this upward trajectory and deliver enhanced value to all our stakeholders.”

“Sustainability is the future and solar energy will spearhead this transformation towards a cleaner tomorrow. As the world increasingly embraces solar energy, our team’s dedication to delivering high-quality projects and exceeding customer expectations remains unwavering”, he added.

IREDA Q1 Results: Reports 32% Revenue Growth, Net Profit Jumps 30%

Mumbai, 13th July 2024

Indian Renewable Energy Development Agency Ltd. (IREDA) announced its audited financial results for the first quarter of fiscal year 2024-25 today. As the largest Pure-Play Green Financing NBFC in the country, IREDA achieved a new industry standard by publishing its Audited Financial Results within only 12 days. This milestone also marks IREDA as the first Central Public Sector Enterprise (CPSE) to promptly declare results and achieve the fastest publication of Audited Results in the Banking and NBFC space.

IREDA has achieved Profit After Tax of Rs. 383.69 crore, marking an impressive year-on-year growth of 30.25%. The company has successfully reduced its Net Non-Performing Assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the same quarter of FY 2023-24.

During a meeting held today in Bhubaneswar, Odisha, the Board of Directors of IREDA commended the company’s exceptional performance and sustained growth, approving the Audited Financial Results for the first quarter of FY 2024-25. The company’s net worth as of 30th June 2024 has reached Rs. 9,110.19 crore, up from Rs. 6,290.40 crore, reflecting a YoY growth of 44.83%.

Key financial highlights for Q1, FY 2024-25 compared to Q1, FY 2023-24 are as follows:

· Profit After Tax: Rs. 383.69 crore as against Rs. 294.58 crore (up by 30.25%)

· Revenue from Operations: Rs. 1.501.71 crore as against Rs. 1,143.50 crore (up by 32.11%)

· Loan Sanction: Rs. 9,210.22 as against 1,892.45 crore (up by 386.68%)

· Loan Disbursement: Rs. 5,325.88 crore as against 3,173.27 crore (up by 67.84%)

· Loan Book: Rs. 63,206.78 crore as against Rs. 47,206.66 crore (up by 33.89%)

· Net-worth: Rs. 9,110.19 crore as against Rs. 6,290.40 crores (up by 44.83%)

· Net NPAs: 0.95% as against 1.61% (reduction by 41.01% in percentage terms)

Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results. He emphasized IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

CMD, IREDA attributed the company’s growth to unwavering trust and support of stakeholders. He extended gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Secretary, MNRE and the Board of Directors for their crucial support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.

Tata Elxsi Sees 2.4% QoQ Revenue Growth in Q1 FY’25

Mumbai, July 11, 2024: Tata Elxsi (BSE: 500408 | NSE: TATAELXSI), amongst the world’s leading providers of design led technology services, announced its first quarter results for the period ending 30 th June 2024. For the quarter ending 30 th June 2024, company reported Rs. 926.5 Cr of operating revenue, a growth of 2.3% QoQ.

Highlights of the Quarter Ended 30 th June 2024:

  •   Revenues from operations at Rs. 926.5 Cr, + 2.3% QoQ, + 9.0% YoY
  •  Operating (EBITDA) Margin at 27.2%; Net Margin (PBT) at 26.3%
  •  Profit Before Tax (PBT) at Rs. 252.4 Cr, +1.6% YoY

Business Highlights:

  •  Transportation grew strongly at 5.3% QoQ CC, aided by deal wins and ramp-up of Software Defined Vehicle (SDV) engagements
  •  Media and Communications grew 0.5% QoQ CC, performing creditably in a difficult environment for the media and telecom industry
  •  System Integration services grew strongly at 8.7% QoQ CC

 Mr. Manoj Raghavan, CEO and Managing Director, Tata Elxsi, commenting on the company’s performance in the first quarter of FY25, said:

“We are happy to report a healthy performance in the first quarter with a top-line growth of 2.3% QoQ and 9.0% YoY. We executed very well on operational excellence and fiscal discipline in this quarter towards bottom-line performance, despite the impact of an exceptional one-off expense in the quarter and an increase in the effective tax rate with the change in SEZ benefits for one of our facilities. Our investments in building the talent pool over the past few quarters provides us with strong levers to power topline growth and manage our bottom line. Coupled with our differentiated offerings, offshore delivery and operational excellence, we are confident of returning to our preferred margin band over the year.

Our Transportation business reported a strong growth of 5.3% QoQ and 20.3% YoY in constant currency, and now accounts for more than 50% of our Software Development & Services business. We believe we are well positioned to capture growth opportunities in the coming quarters as we continue to enable the continued transformation of the automotive industry and Software Defined Vehicles.

Our Media & Communication business has done well in a difficult business environment for this industry, growing 0.9% QoQ in actual currency and 0.5% QoQ in constant currency. We are building on our strong customer relationships, even as we roll out innovative growth and efficiency offerings for this industry. I am especially delighted with the NEURON platform-led deal from a leading North American telecom operator for their network transformation.

Our Healthcare & Lifesciences business reported a decline in topline by 4.3% QoQ in constant currency. This is largely due to delay in renewals of some projects at one of our large customers. We continue to add marquee logos and some exciting start-ups to our customer base, laying the foundation for sustained long- term growth along with next-gen service offerings. I am proud of our association and work with Tata Power trust on the India Neurodiversity Platform which is being rolled out across multiple districts across the country. This is powered by TEcare, Tata Elxsi’s Digital Therapeutics solution.

We are investing strongly in digital, AI and Gen AI technologies across our verticals, targeting efficiency and quality in product engineering, as well as novel applications of Gen AI combined with domain and design expertise to solve complex business, product and engineering problems. A great example is from our healthcare business where we have combined our depth of domain and product knowledge with Gen AI, to pioneer an innovative approach to sustainability and material replacement in medical devices and win a strategic deal with a leading manufacturer.

We step into the second quarter of this financial year with the confidence of a healthy deal pipeline, continued growth in our transportation business, new customer wins and expansion of business with strategic customers across verticals.”