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Magellanic Cloud (MCloud) has registered a net profit of ₹22.56 crore in the third quarter ended December 31, 2023, as against ₹17.35 crore in the same quarter last year, showing a growth of 30 per cent.
During the quarter, the company reported revenue from operations of ₹131.37 crore, as against ₹132.76 crore in the comparable quarter last year. Expenses narrowed to ₹80.57 crore (₹99 crore) in the same period.
The company, which is into software development, digital transformation, the DevOps space, and human capital businesses, has about 1,200 employees.
“We set a goal to increase our revenues by about 25 per cent in the current financial year,” the company said in a statement.
“With a robust order book in both IT and e-surveillance segments, we are confident about achieving our ambitious revenue target of ₹600 crore for the year, while maintaining profitability through strategic cost optimisation and efficient resource allocation,” it said.
The company said it was planning to acquire 2-3 companies annually.
“We are actively seeking opportunities in IT, e-surveillance, and drones, with a potential entry into West Asia and the US,” it said.
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