Birlasoft hits 52-week high as net profit rises 23% QoQ, margin expands

Shares of Birlasoft jumped 9 percent on July 27, hitting 52-week high at Rs 411.70, after the company reported a stellar set of quarterly numbers.

The company’s net profit rose nearly 23 percent QoQ to Rs 137.5 crore as compared to Rs 112.2 crore a quarter ago. Whereas revenue rose 3 percent to Rs 1,262.7 crore.

In constant currency terms, revenue was up 2.7 percent sequentially. Further, operating margin also expanded by 168 bps sequentially to 15.3 percent.

At 2:02 pm, shares of the company were trading 7.9 percent higher at Rs 408.95 on the BSE.

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Growth during the June quarter was led by BFSI and Manufacturing among verticals. Top clients also aided growth during the quarter, the company said in its investor presentation.

Birlasoft signed deals of total contract value of $146 million during the quarter ended June.

Cash and cash equivalents increased to Rs 1,312.3 crore at the end of Q1 FY24 from Rs 1,127.8 crore at the end of the preceding quarter.

The Pune-based company is engaged in computer programming, consultancy, and related activities. It provides software development and IT consulting to its customers predominantly in Banking, Financial Services, and Insurance, Life Sciences and Services, Energy Resources and Utilities, and Manufacturing.

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