Active Stocks
Tue Mar 19 2024 12:50:50
  1. Tata Consultancy Services share price
  2. 4,020.85 -2.99%
  1. Tata Steel share price
  2. 150.10 0.33%
  1. Bharti Airtel share price
  2. 1,232.40 0.60%
  1. Power Grid Corporation Of India share price
  2. 260.05 -1.87%
  1. ITC share price
  2. 410.00 -1.77%
Business News/ Markets / Stock Markets/  HGS Q4 results: Net income stood at Rs. 1,168 Cr, share buyback offer of Rs. 1,020 Cr to close on June 2
BackBack

HGS Q4 results: Net income stood at Rs. 1,168 Cr, share buyback offer of Rs. 1,020 Cr to close on June 2

Global IT company Hinduja Global Solutions (HGS) has declared its Q4 and FY23 earnings with an announcement of dividend.

HGS reported a consolidated net income of Rs. 1,168.2 Cr during the quarter ended March 2023Premium
HGS reported a consolidated net income of Rs. 1,168.2 Cr during the quarter ended March 2023

Global IT company Hinduja Global Solutions (HGS) has declared its Q4 and FY23 earnings with an announcement of dividend.

“The Board of Directors have also recommended a final dividend of Rs. 2.50 per equity share (25%) (on an equity share of par value of Rs. 10/- each) for FY 2022-23, subject to the approval of the Shareholders of the Company at the ensuring Annual General Meeting (AGM). The dividend, if approved by the Shareholders, will be paid (subject to deduction of tax at source) within 30 days of approval at the AGM. The book closure date will be intimated, separately. Please note that the Company has earlier paid three interim dividends aggregating to Rs. 12.50 per equity share) during the FY ended March 31, 2023. Thus, the total dividend for the year ended March 31, 2023 is Rs. 15 per equity share of Rs.10/- each," said HGS in a stock exchange filing.

HGS reported a consolidated net income of Rs. 1,168.2 Cr during the quarter ended March 2023 whereas the company said its EBITDA was Rs. 134.7 crore; EBITDA margins for the quarter were 11.5%. The company reported a consolidated net profit of Rs. 25.8 Cr during Q4FY23 whereas as on March 31, 2023, its net cash stood at Rs. 5,863.7 crore, HGS said in a statement.

For full-year FY2023, HGS said its total income stood at Rs. 5,023.2 Cr, whereas EBITDA (including Other Income) was Rs. 762.1 crore, up 62.5% YoY; EBITDA margin stood at 15.2% during 12MFY23. HGS said it reported a net profit of Rs. 304.6 crore, compared to a loss of Rs. 39 crore in the previous year or 12MFY22.

Partha DeSarkar, Executive Director and Group CEO of HGS said: “In the face of a rapidly evolving landscape and a volatile economy, HGS has had a transformative year. We have made remarkable progress toward our vision of becoming a digital-first, people-driven customer experience company. During FY2023, total income increased by 12.2% YoY, EBITDA grew by 62.5% while PAT from continuing operations stood at Rs. 304.6 crore, compared to a loss of Rs. 39 crore in the previous fiscal. EBITDA margins for the overall business (including BPM and Digital Media businesses) increased by 470 basis points for FY2023, leading to a substantial growth in PAT. This performance reflects our ability to adapt to market trends, persevere and maintain a strong focus on operational excellence."

“At the end of last fiscal, we acquired Diversify Offshore, that gave us a segue into a new market Australia. We have seen good traction in FY2023 by adding multiple clients and headcount being supported from Philippines. In November 2022, we achieved a significant milestone with the successful acquisition of the NXTDIGITAL business. This strategic move has allowed us to establish a direct-to-consumer practice, capitalizing on the remarkable growth potential within the digital media sector in India. In FY2023, HGS also forayed into Colombia with a center in Barranquilla to support the multi-lingual needs of US-based clients from a near-shore perspective," said Partha DeSarkar.

“Further in March 2023, we acquired TekLink to strengthen our data and analytics expertise. While adding over 275 core technologists and 55+ clients to the HGS family, this acquisition will help us achieve an annual revenue runrate of US$ 100 million for our technology solutions business. Looking ahead, we continue to look at optimizing our costs and expanding our margins. We are exploring market expansion - both in terms of new capabilities and delivery locations. We are committed to continuing to provide exceptional value to our clients while maintaining our competitive edge in the ever-changing business landscape through a combination of organic growth, strategic acquisitions and innovative solutions," Partha DeSarkar further added.

Vynsley Fernandes, Whole-time Director at HGS said “We have several firsts to our credit in the last fiscal. Besides the launch of OneDigital - the first ‘every truly integrated product’, we launched our Enterprise Business Unit that’s focused on creating a portfolio of solutions from Enterprise Broadband Mesh and SDWAN to managed Network-as-a-Service solutions. But the biggest innovation was the roll-out of NXTSkyFi - our Broadband-over-satellite solution. This is a harbinger of things to come as NXTSkyFi provides quality and hi-uptime broadband connectivity on demand, anywhere in India, especially connecting underserved and rural markets - delivering the Government’s agenda of a Digital India."

HGS said its share buyback offer of Rs. 1,020 Cr at a price of Rs. 1,700 per share opened on May 22, 2023 and will close on June 2, 2023.

The shares of HGS closed today on the BSE at 1129.20 apiece down by 2.41% from the previous close of 1157.05.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 29 May 2023, 06:08 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie