Hinduja Global Solutions Q2 profit plunges 92% to Rs 18.4 crore

Business process management firm Hinduja Global Solutions on Thursday reported an about 92 percent decline in consolidated profit to Rs 18.4 crore in the second quarter ended September 30, 2023. The company had posted a profit of Rs 222.88 crore in the same period a year ago.

Consolidated revenue from operations of HGS (Hinduja Global Solutions) grew by about one percent to Rs 1,179.86 crore during the reported quarter from Rs 1,167.54 crore a year ago. The company, however, saw about an 11 percent increase in profit on sequential quarter basis. The company, however, saw about an 11 percent increase in profit on sequential quarter basis.

"Our focus on technology and offshore, along with real estate rationalization and cost containment measures, helped us post improved margins and modest revenue growth in the second quarter. "Our Canadian and offshore and nearshore businesses performed very well, led by increased client demand for our services. We are now looking to expand into newer geographies such as EMEA (Europe, Middle East, and Africa) to support this requirement," HGS Group CEO and Whole-time Director Partha DeSarkar said in a statement.

He said that the company expects some topline challenges in the second half due to delayed decision-making across clients from different verticals and the ending of short-term projects. "However, we believe our investments in technology and sales will help us navigate these challenges and deliver better results in the future," Sarkar said.