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Mid-tier IT firm Birlasoft reported a 5.5 per cent sequential rise in net profit at ₹145.1 crore. On a year-on-year(YoY) basis, profits rose by 26.1 per cent
Revenue from operations stood at ₹1309.9 crore, a 3.7 per cent rise on a quarter-on-quarter(QoQ) basis, and 9.9 per cent on YoY basis. EBITDA margin expanded 52 bps on a QoQ basis to 15.8 per cent and 111 bps on YoY basis.
Angan Guha, Chief Executive Officer and Managing Director, Birlasoft, said, “Our revenue grew on the back of better account mining and deal ramp-ups. Deal wins too have been strong, led by a very large deal with a TCV of over $100 million secured during the quarter. On the capabilities front, we continue to scale up our emerging tech skill sets and have also augmented our leadership team”.
Birlasoft has inducted Selvakumaran Manappan, a leader with over 29 years of experience in the IT industry, as its Chief Operating Officer (COO) who will oversee Global Delivery and Operations, Service Lines, the CTO/CISO functions, Managed Services, and Business Excellence. He will work closely with the company’s leadership team on transformative initiatives aimed at enhancing customer-centricity.
Growth during Q2 was driven by BFSI and Manufacturing among verticals, and by emerging tech among service lines, said the company. Signed deals of TCV stood at $271 million during the quarter with TCV new deal wins of $167 million and renewals of $105 million. The active client count was 278 in the quarter.
Workforce strength increased QoQ to 12,322 as of 30th September 2023, and attrition improves further to 15.0 per cent during Q2FY24 from 18.8 per cent a quarter ago and 27.4 per cent a year ago. The company is leveraging its Generative AI Centre of Excellence, established in the preceding quarter in collaboration with Microsoft, to train over 12,000 employees on AI tech.
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