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18 Aug 2019, Edition - 1496, Sunday

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GSS Infotech, Announces Its Quarterly Results for Q3 FY2019 Reporting an Increase in Revenues of 78 Percent QoQ and 64.4 Percent on YoY Basis for the Standalone Entity

by businesswireindia.com

Business Wire India
  • Similarly, Consolidated entity reported top line increase of 6.7% on QoQ basis and 10.1% on YoY basis.
  • Standalone PAT decreased by 39.5% on a QoQ basis while Consolidated PAT decreases by 49% largely due to foreign exchange losses.
GSS Infotech Limited, a global IT services company, today announced its results for the third quarter of FY19, ending December 31, 2018, on a consolidated and standalone basis.

Financial Highlights
  • Sept – Dec 2018
    • Consolidated Revenues were Rs.41.09 Cr. for Q3 FY 19 compared to Rs 38.52 cr. for Q2 FY 19., reporting a QoQ increase of 6.7% and 10.1% on YoY basis.
    • Consolidated PAT stood at Rs. 2.14 Cr. for Q3 FY 19 compared to Rs.4.21 Cr for the previous quarter reporting a QoQ drop of 49% but grew from Rs. 1.77Cr. to Rs. 2.14Cr. showing about 20.9% on a YoY basis.
    • On a standalone basis, the Revenues reported were Rs.10.13 Cr. in the Q3 FY 19 up from Rs.5.65 Cr. the previous quarter and from Rs. 6.14 cr. from the same quarter the last year, representing a QoQ growth of 78.7% and YoY growth of 64.4%.
    • Standalone PAT stood at Rs 1.76 Cr. down from Rs.2.93 Cr. for Q2 FY 2019 and up from Rs. 0.08Cr from the same period last year.
The results for Q3 FY19 were taken on record at the meeting of the Board of Directors held today.

During the current quarter, the revenue growth has been encouraging and operationally the company has been showing strong performance, but the profitability has been effected due to foreign exchange losses from that of the previous quarter. We foresee the strong performance for rest of the year.

Management Outlook

GSS Infotech enhances its current focus on Digital transformation and Automation for enterprises and technology providers in key technologies like Application development, Infrastructure management services, Mobility, Cloud and Security focused on the ME, ASEAN and US region and having its global delivery centre in Hyderabad.

GSS continues to strengthen its proven expertise in Application development, Infrastructure Management and IT services while adding Automation capabilities.

Speaking on the company's performance, Mr. Bhargav Marepally, Founder CEO, GSS Infotech Limited said, “Our revenue growth has been strong owing to adding new contracts and performance of the acquisition. Operationally, the company has strengthened by optimizing the costs but the forex losses have been the main reason for the drop in profitability.”

“We are further strengthening by inviting two more directors to join the Board, Mr. Rambabu Kaipa and Mr. Saikiran Gundu.

Mr. Rambabu Kaipa, comes with 25 years of global experience in delivering IT services globally for large clients managing in excess of USD 150 Million in revenues. A post graduate in Computer Science from NIT, Warangal, has spent 25 years with Infosys Limited, building their global delivery model working from the Chairman’s office and currently is spearheading their CSR initiatives “The Akshaya Patra Foundation.

Mr. Saikiran Gundu has strong global experience in IT infrastructure and Automation and has rolled out many products and services to address key problem through automation. A post graduate in computer applications, Sai is passionate about solving business problems through automation. He combines business acumen with technical knowledge to create innovative solution to address industry challenges.

Their experience in the IT industry will add significant technology and business capabilities to the organization and will further strengthen our delivery model and explore niche service areas to expand our reach into the market.”
Source: Businesswire