Vinsys IT Services Profit Surges 53% in FY24

New Delhi, May 16 (PTI) Vinsys IT Services on Thursday posted a nearly 53 rise in its consolidated net profit to Rs 22.92 crore for 2023-24, mainly due to robust business growth in domestic and overseas markets.

Its revenues from operations on a consolidated basis increased by 79.75 per cent to touch Rs 170.49 crore during the year under review against Rs 94.85 crore last year, a company statement said.

According to the statement, Vinsys IT Services India Ltd registered a 52.70 per cent rise in consolidated net profit to Rs 22.92 crore for the financial year ended March 2024 from Rs 15.01 crore in 2022-23.

The company has been steadily expanding its footprint in the international markets by setting up offices in the Middle Eastern countries, it said, adding that the overseas business accounted for nearly 28.79 per cent of its total turnover in 2023-24.

The company's EBITDA grew by 47 per cent to touch Rs 30.06 crore in FY24 compared to Rs 20.41 crore in FY23.

Vinsys CEO and MD Vikrant Patil said, "We have registered nearly 53 per cent growth in our consolidated PAT (profit after tax or net profit) and close to 80 per cent growth in consolidated revenues during 2023-24, backed by a robust growth in the training and software development services as well as our expanding footprint in the international markets".

He added that the company opened two new offices in Qatar and Saudi Arabia last year and also launched Insta Rails – an instant global blockchain payment company in the US market.

The company plans to further fortify its global presence with targeted growth initiatives and by expanding strategically across Oman, Southeast Asia, and Oceanic and African countries, he informed.

As a part of the company's growth strategy in the EU, it is exploring strategic acquisitions and forging powerful collaborations to amplify market presence, Patil said.

Vinsys is a global provider of a wide range of professional services, including technical & business training, IT development & software solutions, foreign language services, digital learning, resourcing & recruitment, and consulting.