The share price of the leading IT company fell around 3.2 % to an intraday low price of ₹409 per share on Thursday after the company reported a fall in net profit of 40% year-on-year.
On Thursday, InfoBeans Technologies Ltd shares closed at ₹416 per share, down 1.60 percent from the previous close price on the exchange. The company has a market capitalization of ₹1,010 crore.
InfoBeans Technologies reported a decrease of net profit of 40 percent year on year from ₹9.35 crore in Q3FY23 to ₹5.53 crore in Q3FY24, Similarly, during the same time frame, revenue also fell by 8 percent from ₹97.70 crore to ₹89.10 crore.
In comparison to the previous quarter, operational revenue has declined by 1 percent from ₹90.88 crores in Q2FY24 to ₹89.10 crores in Q3FY24, Further net profit increased by 32 percent from ₹4.21 crore to ₹5.56 crores. The company reported in its exchange filing.
The company’s operating revenue marginally declined due to project completions and holidays in Q3 and an Increase in Other income is on account of reversal of lease liability.
InfoBeans is a global software firm providing Digital transformation and Product Engineering
services. The company has strengthened its position through partnerships with Salesforce, ServiceNow, Creatio, Automattic, and Mendix.
In FY23, the company received 70% of its revenue from the United States of America, followed by 16% from India and 8% from Europe.
The company’s profitability has slightly declined in the recent fiscal year, with a return on capital employed at 14.76 percent and a return on equity at 13.24 percent.
As of the recent shareholding pattern, the promoter holds a 74.18 percent stake in the company, while the retail investor holds a 25.71 percent stake in the company.
Written by Omkar Chitnis
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