Esconet Technologies Limited, a leading homegrown integrated IT solutions company, announced its financial results for H2FY24 and FY24.
Esconet Technologies reported a 45.23% rise in revenues from operations to Rs 137.48 crore, compared to Rs 94.66 crore in FY23. EBITDA increased by a substantial 53.01% to Rs.9.74 crore in FY24, up from Rs.6.36 crore in the corresponding previous fiscal year.
In H2FY24, the company’s revenue from operations declined to Rs 66.20 crore, down from Rs 71.28 crore in H1FY24, representing a decrease of around 7.13%. The decline in revenue is primarily attributed to the nearby General Elections, which slightly impacted the company’s operations during this period. EBITDA in H2FY24 was Rs.4.53 crore down from Rs.5.20 crore in H1FY24, PAT was Rs.2.25 crore compared to Rs.3.04 crore in H1FY24.
On a consolidated basis, revenue from operations registered a growth of 48.48% to Rs.140.55 crore in FY24 from Rs.94.66 crore in FY23. EBITDA in FY24 grew by 60.56% to Rs.10.22 crore from Rs.6.36 crore. The company reported an EBITDA margin of 7.27% in FY24, an improvement of 55 basis points from 6.72% over the previous year. PAT for the full year stood at Rs.5.43 crore, up by 79.21% from Rs.3.03 over the previous corresponding period.
Commenting on the results, Mr. Santosh Kumar Agrawal, Managing Director, Esconet Technologies Ltd, said, “We are delighted to report robust financial performance for FY24. The significant growth in our revenues and operating profit underscores the success of our strategic initiatives and the strong demand for our IT infrastructure and cloud computing solutions. Despite the challenges in the first half of the year, our team’s dedication and our innovative approach have positioned us well for sustained growth. We are well poised to exceed Rs.300 crore revenues by March 2026 and remain committed to delivering long-term value to our stakeholders.”
The company had successfully raised capital through an initial public offering (IPO) of 33,60,000 equity shares (fresh issue) with a face value of Rs 10 each at an issue price of Rs 84 per share, including a premium of Rs 74 per share, aggregating to Rs 28.22 crore. The equity shares of Esconet Technologies Limited were listed on the National Stock Exchange of India Limited Small and Medium Exchange (NSE Emerge) on February 23, 2024.
