Hinduja Global Solution | Q3FY22 Mumbai/UNI: Hinduja Global Solutions (HGS) reported a nearly two-fold rise in consolidated net profit for the quarter which ended on December 31, 2021 at Rs 163.75 crore on the back of higher revenues, a statement said on Sunday.
The company reported a consolidated PAT of Rs 75.37 crore in the corresponding quarter last fiscal. Its revenues for the October-December period stood at Rs 802.93 crore as against Rs 657.52 crore of Q3 FY2021, registering a growth of Rs 22.11 per cent.
"HGS continued its strong growth in the third quarter of FY2022, led by robust performance in our UK, digital, and healthcare businesses in a growing BPM demand market," its Executive Director and Group CEO Partha DeSarkar said.
He further said the company posted a strong rise of over 117 per cent in PAT to Rs 163.75 crore, which is its highest-ever quarterly profits.
In Q3 FY2022, the Retained Business (CES, HRO, and Digital) grew 22.1 per cent, while the recently-divested healthcare business grew 18.3 per cent as compared to the corresponding quarter last year.
During the quarter, the capital expenditure was Rs 46.2 crore.
The company stated that there was a reduction in gross debt of Rs 1,36.5 crore in Q3 FY2022, while the net cash stood at Rs 463.2 crore as on December 31, 2021.
The company further stated that it has completed the divestment of its healthcare services business in the first week of January 2022.
"This transaction is a recognition of the kind of path-breaking work that HGS has been doing in the last two decades in building its domain capabilities and unlocks significant value for the shareholders," it claimed.
HGS has also signed definitive agreements for the acquisition of Diversify Offshore, an Australian BPM company as well as agreed in principle to acquire the digital business of NXTDIGITAL.
"We believe these acquisitions will help us to expand into new client markets with already established clientele, strengthen our domain capabilities in digital and media verticals while opening up a direct-to-consumer practice in India. Today, enterprises are looking for a partner who can help them innovate, grow and optimize their business through digital-led transformation," DeSarkar said.
In line with this, HGS is making significant investments in developing digital solutions to deliver superior customer experiences for clients and their customers, he noted.
"We will continue to build HGS 2.0 through proactive solutioning and acquiring digital capabilities across automation, analytics and AI and cloud even as we look at geographic expansion," DeSarkar added.
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