Birlasoft, a Pune-based IT services company, recorded a 23 per cent sequential rise in profits at ₹137.5 crore in Q1. On a year-on-year (YoY) basis, profits spiked by 14 per cent.
Revenue from operation stood at ₹1,263 crore, up by 9.3 per cent YoY. On a quarter-on-quarter (QoQ) basis, revenue was up by 3 per cent. Revenue and earnings during the quarter reflect the receipt of $2 million for disengagement services that the company’s wholly-owned subsidiary, Birlasoft Solutions Inc. (BSI), had entered into with Invacare Corp (Invacare) during Q1 FY24, it noted.
Growth during Q1FY24 was driven by BFSI and manufacturing among verticals, and by both emerging tech and enterprise solutions, including Infrastructure and ERP, among service lines, said the company.
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Angan Guha, CEO and MD, Birlasoft, said, “Our quarterly revenue has crossed the $150 million mark for the first time, increasing 3.1 per cent sequentially to $153.6 million during Q1 FY24. Our growth-led performance during the quarter reflects our focus on execution during a period that has been characterised by a high degree of macro-economic uncertainty.”
The EBITDA margin stood at 15.3 per cent. During the quarter, signed deal TCV stood at $146 million. TCV of new deal wins was $80 million and renewals were $66 million. Workforce strength was at 12,235 as of 30th June 2023, and attrition improved further to 18.8 per cent during Q1 FY24 from 22.1 per cent a quarter ago and 27.9 per cent a year ago.
Birlasoft is also establishing a Generative AI Centre of Excellence, in collaboration with Microsoft. This strategic initiative aims to accelerate value creation and foster innovation in the adoption of Generative AI, to deliver cutting‐edge enterprise solutions across industries, said the company.