HGS Q1 Net Profit Drops To Rs 16.63 Cr Due To Declining Other Income
As compared to the same quarter last year, Hinduja Global Solutions’ net profit more than halved to Rs 16.63 crore, impacted by a decline in other revenue.
at the first quarter that concluded in June 2023, the total income was Rs 1,247.6 crore as opposed to Rs 1,321.33 crore at the same time last year.
The EBITDA margins (which include other income) increased from 11.5 percent in the fourth quarter of FY2023 to 15.3 percent in the first quarter of FY2024.
Executive Director and Group CEO of HGS, Partha DeSarkar, stated: “The results for the first quarter of the fiscal have been solid and reflect our transformative ability to adapt in a fast-changing macro-business environment.”
The operational revenue for the business process management division increased by 7% compared to Q4 FY2023, and margins significantly improved.
Despite an increase in operational performance, PAT (profit after tax) for the first quarter of FY2024 is lower than the first quarter of FY2023, principally because of a decline in other revenue.
Although there are still economic worries worldwide, we are cautiously hopeful about the next year. With our technology-led, people-driven strategy, we are certain that we can overcome the obstacles and grab our possibilities, according to DeSarkar.
We will also keep on with our cost-saving efforts, including further real estate rationalization, he said.
