Birlasoft Q2 net profit up 11.6% to Rs 115 crore

IT company Birlasoft on Friday posted an 11.6 per cent increase in consolidated net profit to Rs 115 crore in the second quarter ended September 30, 2022. The company had registered a net profit of Rs 103 crore in the same period a year ago.

The consolidated revenue from operations grew by 17.8 per cent to Rs 1,192 crore during the reported quarter from Rs 1,011.68 crore.

"Our steady performance continued in the second quarter with revenue growth of 17.8 per cent year-on-year (YoY), led by our manufacturing and BFSI verticals.

"New deal momentum continued to be healthy with a growth of 32.6 per cent YoY and 22.8 per cent sequentially. We witnessed broad-based YoY growth across client buckets as they continue to drive our performance," Birlasoft Managing Director and Chief Executive Officer Dharmender Kapoor said in a statement. He said there was a healthy deal momentum, with total contract value (TCV) of USD 166 million and revenue from the top-20 clients growing by 13.1 per cent.

During the reported quarter, Birlasoft won new deals with TCV of USD 138 million and there were renewals of TCV worth USD 28 million. "We continue to see good traction in our Business and Technology Transformation services, up 17.5 per cent YoY, as we leverage our expertise in driving digital transformation for our clients. As technology investments continue to be part of our imperatives globally, we are well positioned to help clients achieve their digital transformation objectives," Kapoor said.