GSS Infotech Announces Its Quarterly Results for Q2 FY2020
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Date: 13-11-2019 12:30PM
Source: GSS Infotech
Category: Business/ Finance, Financial Analyst & Investors, General, Information Technology, Business Services, Technology, It & Tech
Location: Hyderabad, India
Business Wire India - Consolidated Profit After Tax decreased from Rs. 1.7 Cr in Q1 to Rs. 1.2 Cr in Q2 Cr, which is a drop of 29.4% QoQ
?GSS Infotech Limited, a global IT services company, today announced its results for the second quarter of FY20, ending September 30th, 2019, on a consolidated and standalone basis.
Financial Highlights - July - September 2019
- Consolidated Revenues were Rs.34.92 Cr. for Q2 FY 20 compared to Rs 37.55 cr. for Q1 FY 20., reporting a QoQ decrease of Rs. 2.63Cr., which is 7% and decreased by Rs. 3.6 Cr. from Rs. 38.52Cr. to Rs. 34.93 Cr. which is 9.3% on YoY basis.
- Consolidated PAT stood at Rs. 1.20 Cr. for Q2 FY 20 compared to Rs.1.70 Cr for the previous quarter reporting a QoQ decrease of 29.4% while the same decreased from Rs. 4.21 cr. a drop of Rs.3.01 Cr. which is 71.4% on YoY basis.
- Standalone Revenues reported Rs. 6.30 Cr. in Q2 FY 20, compared to Rs. 8.48 Cr. the previous quarter, a drop of Rs. 2.18 Cr., which is a decrease of 25.7% on QoQ basis and increased from Rs. 5.65 cr. to Rs. 6.30 Cr. an increase of 11.5% from the same quarter last year (YoY).
- Standalone PAT stood at Rs 0.39 Cr. down from Rs.0.52 Cr. for Q2 FY 2020 and down from Rs. 2.93 Cr from the same period last year. This represents a QoQ drop of 25%.
| Extract of Consolidated Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2019 | | | | (Rs. In Lakhs except share data) | | | | Particulars | Consolidated | | Quarter ended | Half Year Ended | Year Ended | | 30.09.2019 | 30.06.2019 | 30.09.2018 | 30.09.2019 | 30.09.2018 | 31.03.2019 | | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | | Total Income from operations (net) | 3,492.38 | 3,754.63 | 3,852.49 | 7,247.01 | 7,914.49 | 15,786.42 | | Net Profit/(Loss) before exceptional items and tax | 140.00 | 196.19 | 433.41 | 336.19 | 882.90 | 1,231.22 | | Exceptional items | - | - | - | - | - | - | | Net Profit/(Loss) after exceptional items and tax | 120.34 | 170.16 | 421.70 | 290.51 | 840.51 | 1,162.60 | | Total Comprehensive Income for the period (comprising profit/(loss) for the period after tax and other comprehensive income after tax) | 337.08 | 176.83 | 902.91 | 513.91 | 1,742.65 | 1,638.96 | | Paid-up equity share capital | | | | | | 1,693.69 | | Reserves (excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the Previous Year | | | | | | 10,998.25 | | Earnings/ (loss) per share (Face value Rs.10/- per share) | | | | | | | | -Basic | 0.71 | 1.00 | 2.49 | 1.72 | 4.96 | 6.86 | | -Diluted | 0.71 | 1.00 | 2.49 | 1.72 | 4.96 | 6.86 | | | | | | | | | | Key numbers of Unaudited Standalone Results of the company are as follows:- | | | | | | | | | | Particulars | Quarter ended | Half Year Ended | Year Ended | | 30.09.2019 | 30.06.2019 | 30.09.2018 | 30.09.2019 | 30.09.2018 | 31.03.2019 | | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | | Total Income from operations (net) | 630.52 | 848.36 | 565.08 | 1,478.88 | 1,220.49 | 3,086.14 | | Profit Before Tax | 57.63 | 73.25 | 304.58 | 130.88 | 610.65 | 893.47 | | Profit After Tax | 39.06 | 52.55 | 293.32 | 91.62 | 573.58 | 833.34 | | Total Comprehensive income | 39.06 | 52.55 | 293.32 | 91.62 | 573.58 | 836.48 | | Notes: | | | | | | | | 1. The above is an extract of the detailed format of Unaudited financial results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Unaudited financial results is available on the Stock Exchange website (www.bseindia.com) and on the Company's website (www.gssinfotech.com). | | 2. Figures for the previous year regrouped /reclassified wherever necessary | | By order of the Board | | for GSS Infotech Limited |
The results for Q2 FY20 were taken on record at the meeting of the Board of Directors held on November 12, 2019.
During the second quarter, the company had reorganized a couple of its projects that saw a revenue dip due to which the profitability was also affected. This trend would be reversed as the project reorganization would be complete and the project's revenue cycle begins in the coming quarters. This would also show up at the profitability level during the coming quarters. The company continues to believe in its strong business model and that will show financial recovery shortly.
Management Outlook
GSS Infotech stays focused on Digital Transformation, Automation and Security for enterprises and technology providers in key technologies like Application development, Infrastructure management services, Cloud and Security focused on the ME, ASEAN and US region 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 and CEO, GSS Infotech Limited, said, “The reduction in revenues is attributed to delay in renewal of a few existing contracts. We expect to have them completed and add up to our numbers in the coming quarters. In light of successful integration of Nexii labs, the company reaffirms its intent to continue the effort to identify suitable acquisition targets. Additionally, the company is strategizing to strengthen its presence in health care analytics and is actively looking at opportunities.” 
About GSS Infotech
GSS Infotech, established in 1999, is an Information Technology company headquartered in Hyderabad, India. The company specializes in cloud computing, Security and remote infrastructure management services, virtualization solutions and application management services. GSS Infotech has offices in Connecticut, New Jersey and Hyderabad.
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