Birlasoft Q2 Profit Dips 12% to Rs 127.5 Cr - Business News

New Delhi, Oct 23 (PTI) IT services and solutions provider Birlasoft on Wednesday reported a 12.06 per cent year-on-year decline in consolidated net profit to Rs 127.5 crore for the quarter ended September 30, 2024.

It had reported a net profit of Rs 145 crore in the year-ago period, according to a stock exchange filing.

On a quarter-on-quarter basis, profits fell 15.11 per cent from Rs 150.2 crore in the April-June period.

Revenue for the reporting quarter came in at Rs 1,368.2 crore, an uptick of 4.45 per cent from Rs 1,309.8 crore in Q2 FY24. Revenues rose 3.07 per cent sequentially.

"This (revenue growth) was driven by ramp-ups in some projects that were earlier delayed, better account mining and incremental business from consolidation deals where we have gained wallet share.

"The investments that we have been making to enhance our tech and domain capabilities as well as partnerships, which we believe is key for future growth, have already begun to see some early results reflected in a noticeable increase in the recognitions of our capabilities by leading industry analysts," Birlasoft CEO and MD Angan Guha said.

The CK Birla Group company in a statement said the growth during Q2FY25 was driven by manufacturing, energy & utilities and BFSI among verticals, by digital & data and ERP among service lines, and by Americas among geographies.

Birlasoft signed deals worth total contract value of USD 136 million during the quarter with new deal wins worth total contract value of USD 89 million and renewals of USD 47 million, it added.

Shares of Birlasoft settled 4.17 per cent higher at Rs 600.85 apiece on the BSE.