Q2 & H1 FY24 Financial Results & Business Updates
Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO), announced its unaudited financial results for the quarter and half-year ended 30th September, 2023. The Company has posted strong YoY performance and the Company remains on track to meet the guided performance targets for FY 24.
Results Highlights:
- Revenue for the quarter stood at INR 211 Cr, a growth of 37% on a YoY basis
- EBITDA for Q2FY24 stood at INR 46 Cr as compared to INR 35 Cr in Q2FY23, a growth of 32% on a YoY basis. EBITDA margins for the quarter stood at 21.82%
- PAT for Q2FY24 stood at INR 34 Cr, which is a growth of 36% on a YoY basis. PAT margins for the quarter stood at 16.10%
Operational Highlights:
Banking & Fintech
- Integro, an Aurionpro subsidiary, announces prestigious win in the Philippines market for license, implementation and maintenance of Smart Lender Commercial (SMLC) LOS to one of the largest banks in Philippines.
- Aurionpro receives major orders for the upgrade and enhancement of iCashpro+ from large existing customers
- Aurionpro announces acquisition of Interact DX, the leading digital engagement platform for Banking and Insurance industry
Technology Innovation Group
- Aurionpro Transit Pte. Ltd., announces an order win for the rapid transit bus project in the city of Merida, Mexico
- Aurionpro bags order from one of the largest non-banking auto-finance companies based in Philippines for cloud managed services
- Aurionpro with Webwerks begins implementation of phase 2 of DC Build projects in Bangalore and Hyderabad.
- Aurionpro continues to secure multiple projects to enable various digital and automation initiatives of the Central and State governments in India.
Management Commentary
Mr. Ashish Rai, Vice-Chairman & CEO said
“We are very pleased with the continued growth momentum in H1 across all the major business lines. These results and the exceptionally strong demand pipeline provides great validation of our chosen long term strategy to create a differentiated, global products and platforms player. The revenue for H1 FY24 stood at INR 410 crores and PAT at INR 66 Crores, an increase of 37% and 34% respectively compared to the corresponding period last year. This strong business performance gives us the ability to keep stepping up our investments in ground-up R&D as well as selective M&A, while maintaining industry leading EBITDA and PAT margins of 22% and 16% respectively.
This strong business performance is largely the result of an exceptionally disciplined execution from our 2000+ team members who have really raised the bar on what it means to be an innovative, R&D led tech organization that creates value through products which can compete and win globally. Our sales channel expansion over the last 4 quarters is already exceeding expectations, with some truly exceptional sales talent choosing Aurionpro to come and do their best work. We also continue to lead Indian tech industry in creating new and unique solutions jointly with global Fintech providers by licensing Aurionpro technology to work together with other industry leading products and platforms. These collaborations set us up very well to influence the direction our industry evolves in while driving our growth sustainably over the long run.
We are quite happy to see all our 4 major growth bets accelerating at the same time, and we are scaling up both the organizational framework as well as the capacity to support this growth well into the future. This involves significant new investments in talent to support our R&D ambitions as well as the increased delivery pipeline. We will continue to supplement this organic growth with highly focused acquisitions where we find complimentary products and talented management teams who prefer to partner with Aurionpro to accelerate our combined journeys. We announced the acquisitions of Interact DX and Omnifin in the last two months and both these acquisitions fit perfectly in terms of filling identified gaps in our offering portfolio as well as scaling Aurionpro’s talent base with exceptionally talented specialized teams which are the best in their respective business. What’s more important for us is that we have the opportunity to partner with exceptionally high-quality management at these firms who share our aspiration of creating a truly global products and platforms provider that can lead the industry. We are very confident that we will be able to significantly scale both these businesses globally and they will allow us to deepen our relationship with our existing clients.
We will continue to capitalize on the great demand environment for our offerings while being selective in taking on new business so that we can keep scaling the organization methodically at our chosen growth rates. We feel we are comfortably placed to achieve our growth guidance for FY24 and continue our growth trajectory into the next year”.
