TAKE Solutions’ has reported a 29 per cent jump in annual revenue in FY 2019 as compared with that of the previous year. It marked a significant milestone with its revenue at ₹2,039 crore (₹ 1,587 crore).
Net profit increased by 12 per cent at ₹178 crore (₹160 crore).
“Crossing ₹2,000 crore was a major milestone for us and we are on track of achieving annual revenue of $500 million by 2021,” said HR Srinivasan, Vice-Chairman and Managing Director, TAKE Solutions. The firm operates in the life sciences space providing services like clinical trials, regulatory submissions, and post-market strategy.
For the fourth quarter ended March 31, 2019, the company reported a reduced net profit of ₹27 crore (₹46 crore) on increased revenue of ₹534 crore (₹454 crore).
The drop in net profit was due to a one-time expenditure of $4.83 million incurred in the US on lawyer fee and due diligence to acquire two US-based companies for a total $72 million.
Srinivasan told newspersons that there was also additional expenditure in the final settlement for 52 employees who were laid off in the German subsidiary as part of a restructuring.
Srinivasan said that TAKE Solutions completed the acquisition of data sciences company DataCeutics for $45 million and KAI Research, a health-research company, for $27 million.
“The two companies were integrated with TAKE Solutions from April 1,” he said.
On the Bombay Stock Exchange, the stock price of TAKE Solutions closed at ₹139.35, down by ₹1.95.
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