Birlasoft Q2 net profit up 69% at Rs 69 crore

Birlasoft, part of the $2 billion diversified C K Birla Group, on November 5 reported a 69.3 percent rise in consolidated net profit at Rs 69.1 crore for the September quarter. The IT services company had posted a profit of Rs 40.8 crore in the July-September 2019 period, Birlasoft said in a regulatory filing.

Revenue from operations grew 10.9 percent to Rs 857.5 crore in the period under review from Rs 773.4 crore in the year-ago period, it added. "Our Q2 results are a testimony to the trust that our customers have in our executional capabilities. Despite the challenging times, we have seen a positive outcome across key performance parameters such as profit, margins, utilisation, deal wins, receivables, attrition, among others," Birlasoft CEO and Managing Director Dharmender Kapoor said.

He added that with a consistent and strong record of deal wins in H1 combined with a healthy pipeline, the company is confident about further growth in revenues as it enters the second half of FY21. "We will continue to focus on being a trusted partner to our clients and build long term sustainable growth," he said.

The company signed deals worth $273.9 million in total contract value (TCV) during the quarter, taking the total TCV deal wins for the first half of the fiscal to $454 million. Its active client count was at 310. In dollar terms, the company's net profit grew 60.7 percent to $9.3 million, while revenue was up 5.2 percent to $115.6 million in September 2020 quarter from the year-ago period.

Birlasoft's headcount stood at 10,010 at the end of September 2020 quarter, while the attrition rate was 11.4 percent. The results were announced after the close of trading hours. Shares of the company settled at Rs 185.65 apiece, up 2.09 percent from the previous close on BSE. The results were announced after the close of trading hours.