IT services firm InfoBeans reported a net profit of Rs 14.3 crore for the quarter ended December 2020, up 85.4% over the corresponding quarter last year and up 203.1% sequentially. Revenues were up 1.7% at Rs 52.72 crore and up 24.5% sequentially.

“The growth is due to all round demand from new and existing customers in all the 3 geographies (USA, UAE and Germany) we operate in,” said Avinash Sethi, co-founder and CFO, InfoBeans. “Post Covid, every business wants to fast forward adoption of technology and hence new projects are trickling in. Our US subsidiary Philosophie signed up a single USD 2.2m contract from a financial services firm,” added.

The company added four new clients during the quarter, including the $2.2 million contract from a financial services firm.

The earnings before tax and after depreciation and amortisation increased 75% at Rs 18.98 crore during the quarter as against Rs 10.84 crore in December 2019. “There is pent up demand which was waiting for the economy to unlock. Also when the world was working from home, most businesses realise that their business must adopt technology to run online,” said Sethi.

The company also received a grant worth Rs 6 crore, provided by the US government to support small businesses and also protect jobs during Covid crisis. The company has accounted for it during this quarter.

The company has over 800 employees Asia, US and Europe.





News Of India

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