Magellanic Cloud (MCloud) has registered a net profit of ₹22.56 crore in the third quarter ended December 31, 2023, as against ₹17.35 crore in the same quarter last year, showing a growth of 30 per cent.
During the quarter, the company reported revenue from operations of ₹131.37 crore, as against ₹132.76 crore in the comparable quarter last year. Expenses narrowed to ₹80.57 crore (₹99 crore) in the same period.
The company, which is into software development, digital transformation, the DevOps space, and human capital businesses, has about 1,200 employees.
“We set a goal to increase our revenues by about 25 per cent in the current financial year,” the company said in a statement.
“With a robust order book in both IT and e-surveillance segments, we are confident about achieving our ambitious revenue target of ₹600 crore for the year, while maintaining profitability through strategic cost optimisation and efficient resource allocation,” it said.
The company said it was planning to acquire 2-3 companies annually.
“We are actively seeking opportunities in IT, e-surveillance, and drones, with a potential entry into West Asia and the US,” it said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.