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Birlasoft drops on reporting net loss of Rs 16 cr in Q3

03-Feb-23 09:42 Hrs IST

The company reported a consolidated net profit of Rs 113.97 crore in Q3 FY22.

Revenue from operations rose 2.5% quarter on quarter and 14% year on year to Rs 1,221.89 crore in the quarter ended 31 December 2022.

Birlasoft posted a pre-tax loss of Rs 6.83 crore in Q3 FY23 as against profit before tax of Rs 147.16 crore in Q2 FY23 and Rs 153.62 crore in Q3 FY22.

EBITDA (excluding one-time provision) was Rs 158.4 crore in quarter ended 31 December 2022, registering a decline of 10.2% QoQ 2.7% YoY. EBITDA margin slipped to 13% in Q3 FY23, down 183 bps QoQ and 222 bps YoY.

In dollar terms, the company's revenue for Q3 FY23 was $148.4 million, down 0.3% QoQ and up 3.5% YoY.

The company said it signed deals of total contract value (TCV) $231 million during the quarter. TCV of new deal wins was $102 million and renewals amounted to $129 million for Q3 FY23.

Active Client Count stood at 299 in Q3 FY23. Of this, count of 'more than $1 million' customers was 83 (up by 6 YoY) and count of 'more than $5 million' customers was 24 (up 3% YoY). Revenue from Top 5, Top 10 and Top 20 clients grew YoY by 12.3%, 9.1% and 8.6% respectively.

Manpower strength was 12,530 as on 31 December 2022, representing a net addition of 585 professionals YoY and net decline of 228 professionals sequentially. Attrition last twelve month (LTM) was 25.5% in Q3 FY23 as against 27.4% in Q2 FY23 and 27.3% in Q3 FY22.

Angan Guha, chief executive officer and managing director of Birlasoft, said, “Our revenues for the quarter have grown 14% year on year and 2.5% quarter on quarter to Rs 12,219 million. Deal wins have also been strong at $231 million TCV for the quarter. We continue to strengthen our position as a domain and enterprise digital capability-led player. The business is fundamentally robust and we are making the investments necessary for future growth, which makes me confident about our outlook going forward.”

Birlasoft, part of the CK Birla Group, provides digital and information technology consulting, services, solutions and products for organizations across industries, worldwide.

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