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Birlasoft declares dividend of ₹4 per share as Q4 net profit zooms 60%

Pune-based global IT services provider Birlasoft Ltd on Monday (April 29) reported a 60.7% year-on-year (YoY) jump in net profit at ₹180 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Birlasoft posted a net profit of ₹112 crore, the company said in a regulatory filing. The company’s revenue from operations increased 11.1% to ₹1,362.5 crore against ₹1,226.3 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 32.7% to ₹221.5 crore in the fourth quarter of this fiscal over ₹166.9 crore YoY. The EBITDA margin stood at 16.3% in the reporting quarter compared to 13.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors of the company has recommended a final dividend of ₹4 per equity share of face value of ₹2 (200%), for the financial year 2023-24, subject to the members’ approval at the ensuing AGM. The date of the AGM shall be intimated in due course, and the dividend, if passed by the members, will be paid within the statutory timelines.

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Angan Guha, Chief Executive Officer and Managing Director of Birlasoft, said, “On a constant currency basis, our revenues have grown 9.1% ex Invacare during FY24 and revenues during the fourth quarter are up 1.6% sequentially.”

The company has signed deals of a total contract value (TCV) of $240 million during the quarter with TCV of new deal wins amounting to $107 million and renewals at $133 million. The active client count was 259 in Q4 of FY24 (compared to 272 in Q3 of FY24 and 288 in Q4 of FY23), reflecting sustained rationalisation of the ‘tail.’

Cash and cash equivalents rose to $209.2 million by the end of Q4 of FY24 versus $203.0 million at the end of Q3 of FY24. In rupee terms, cash and cash equivalents increased to ₹1,744.7 crore at the end of Q4 of FY24 from ₹1,688.7 crore at the end of the preceding quarter.

Also Read: UltraTech Cement Q4 profit jumps 36%, 700% dividend recommended

The results came after the close of the market hours. Shares of Birlasoft Ltd ended at ₹675.80, up by ₹1.50, or 0.22%, on the BSE.

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