Latent View Analytics Ltd, the Chennai-based digital analytics consulting and solutions firm, reported a 72 per cent increase in net profit to ₹37 crore for the second quarter ended September 30, 2022 as against ₹22 crore for the corresponding period last year. Revenue was up 40 per cent to ₹132 crore (₹95 crore).

The company’s CEO Rajan Sethuraman attributed the better results in the second quarter to the company’s performance that was broad-based and led by growth across key verticals.

Robust demand

“Despite global macroeconomic concerns, we are seeing robust demand for our services across a range of business segments. The investments we made over the years to build capabilities, assets and accelerators have now started showing results. We witnessed healthy client additions, of which two are Fortune 500 companies,” he said.

During the second quarter, the company crossed the 1,000 mark in employee headcount to end with 1,050. It onboarded 102 campus hires during the quarter, he told newspersons.

Ample funds

According to CFO Rajan Venkatesan, the company’s cash and investments (excluding proceeds from the IPO) as of September 30, 2022, stood at ₹687 crore.

The company that went public a year ago is yet to utilise the ₹157 crore raised from the IPO proceeds for funding inorganic growth acquisitions. “We identified two potential acquisitions during the quarter but it was called off at the last minute as they did not meet our expectations,” he said.

The company has appointed a US-based mid-size bank and a India-based start-up to scout for potential acquisition. “We are hopeful that we will close the deal by the end of the fiscal year,” he said.

LatentView’s share price on Thursday on the Bombay Stock Exchange closed at ₹389.75, up by 2.99 per cent.