Q1 FY24 Revenue grows 36% YoY & Net Profit grows 33% YoY
Q1 FY24 Financial Results & Business Updates
Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO), announced its unaudited financial results for the quarter ended 30th June, 2023.The Company has posted strong YoY performance and these results demonstrate the strong growth momentum in the business.
Results Highlights:
- Revenue for the quarter stood at INR 199 Cr, a growth of 36% on a YoY basis and 4% on a QoQ basis.
- EBITDA for Q1FY24 stood at INR 44 Cr as compared to INR 33 Cr in Q1FY23, a growth of 33% on a YoY basis and 10% on a QoQ basis. EBITDA margins for the quarter stood at 22%
- PAT for Q1FY24 stood at INR 32 Cr, which is a growth of 33% on a YoY basis and 19% on a QoQ basis. PAT margins for the quarter stood at 16%
Operational Highlights:
Banking & Fintech
- Aurionpro Payments, a wholly owned subsidiary, receives in-principle approval from the Reserve Bank of India (RBI) to operate as Payment Aggregator
- Aurionpro Fintech, our subsidiary launched Revique Healthcare SAAS platform in US market
- Leading bank in Myanmar has selected our SmartLender Commercial, a market-leading solution partner to digitize and transform its credit origination process
- Leading non-bank financial company in Philippines signs multiple year contract to avail Integro’s SmartLender Commercial on annual subscription basis
- Order win from a leading bank in the Middle-East for the enhancement of the existing transaction banking solution
Technology Innovation Group
- Aurionpro launched its first homegrown EMV Card Type Payment terminal (ECR-one) at the UITP Global Public Transport Summit, the world’s leading conference and exhibition held in Barcelona;
- Aurionpro signs multiple year contract, with the leading transport agency in Canberra, making Aurionpro’s entry into Transit Solutions space in the Australian market.
“We continued our strong growth momentum of the last several years and the businesses delivered another quarter of record growth with revenue and PAT growing at 36% and 33% YoY respectively, while maintaining our industry leading margins. This excellent performance is the result of a good demand environment for both of our core businesses, increasing global competitiveness of our product and platform offerings, and highly disciplined execution from our teams across R&D, Sales and Delivery. Our R&D teams had an exceptional quarter with some significant product launches from TIG as well as the achievement of regulatory approval for payments offering and significant enhancements to three of our core product offerings. We also continue to see highly encouraging results from the sales channel expansion that we have been investing in over the last few quarters. Our chosen strategy to become a Global products and platforms player centered around industry leading IP Assets continues to show its outperformance over our peer group in terms of win rates and ability to drive industry leading growth and margins. The demand environment for our core offerings remains strong and we feel that we are well placed to deliver on our guidance of driving 30-35% growth for FY24. As we go further into the year, we will continue our focus on driving a large part of the reinvested capital into enhancing our R&D spend, as well as continue to invest in expanding capacity to meet the demand from new markets and adjacencies in the value chain. While we will continue to build highly valuable proprietary technology, we are strong believers in collaboration with other ecosystem players, where it creates a significant value for the end client. We will double down our emphasis on building ecosystem partnerships and joint value propositions with other global fintech players to innovate and change the status quo for the industry and end clients. I strongly believe that we are still in the very early stages of tapping into a large global addressable market for each of our strategic bets and we will remain sharply focused on executing with energy and discipline to continue to deliver strong revenue and profit growth in FY24 and beyond.”
Mr. Ashish Rai, Vice-Chairman & Director
