Birlasoft, a CK Birla group global IT services provider, announced a remarkable YoY growth of 14% in net profit, reaching ₹137.5 crore for the quarter ending June 30, 2023.
The revenue from operations witnessed a positive trend as well, reaching ₹1,263 crore, reflecting a YoY growth of 9%.
In a sequential comparison, the company’s net profit for the reviewed period showed a significant QoQ increase of 23%.
The management of Birlasoft, expressed satisfaction with the company’s performance, highlighting that their quarterly revenue has exceeded the USD 150 million milestone for the first time. During Q1FY24, their revenue increased by 3.1 percent QoQ, reaching USD 153.6 million.
Birlasoft attributed part of its revenue and earnings for the June quarter to the receipt of USD 2 million resulting from the disengagement of Birlasoft Solutions Inc and Invacare.
However, the company also experienced an 18.8% attrition rate with 12,235 employees, as stated in the official statement.
The stock surged more than 3% and closed at Rs.415.90 on NSE on Friday.