Varanium Cloud reports Standalone Net Profit of Rs. 96.25 crore in H1FY24, growth of 265% Y-o-Y
PNN
Mumbai (Maharashtra) [India], October 13: Mumbai based Technology Solutions Company, Varanium Cloud Limited has reported exponential growth in business operations with robust growth in the total income and net profit. Company has reported a standalone net profit of Rs. 96.25 crore for six months (H1) of FY23-24 ended September 2023 as against net profit of Rs. 26.37 crore in H1 of FY22-23, growth of 265% Y-o-Y. Total income from operations for H1FY23-24 was reported at Rs. 377.33 crore, higher by 205.4% Y-o-Y as compare to total income of Rs. 123.55 crore in H1 FY22-23. EPS for H1FY24 was at Rs. 22.44 per share.
Business Highlights:-
* EVLI Emerging Frontier Fund has bought total of 4.76 lakh shares in the company on Oct 11 and 12
* Total Income for H1FY24 grew 205% Y-o-Y to Rs. 377.3 crore.
* Company has approved to open subsidiary companies in USA and UAE for business expansion
* Vinayak Vasant Jadhav was appointed as Chief Financial Officer of the company
* Company has recently completed Rs. 49.46 crore rights issue successful
Recently, EVLI Emerging Frontier Fund has bought total of 4.76 lakh shares in the company through bulk deal on 11 October and 12 October, 2023. The fund invested total of Rs. 10.45 crore in the company.
In the board meeting dated 9 October 2023 company has approved to open subsidiary companies in USA and UAE to expand business operation. Vinayak Vasant Jadhav was appointed as Chief Financial Officer of the company with immediate effect.
Company has recently completed its Rs. 49.46 crore rights issue successfully to meet the working capital requirements, fund company's expansion plans and for general corporate purposes.
In the rights issue, company proposed to issue 40,20,574 fully-paid equity shares of face value of Rs. 5 each at a price of Rs. 123 per rights share (including a premium of Rs. 118 per Equity Share) aggregating to Rs. 49.46 crore. The rights entitlement ratio for the proposed rights issue is 1:10; 1 rights equity shares of Rs. 5 each for every 10 equity shares of Rs. 5 each held by the eligible equity shareholders as on the record date - 15th September 2023.
Incorporated in Dec 2017, Varanium Cloud Limited is a technology company focused on providing services surrounding digital audio and video streaming services. Company has diversified set of service offering to its various clients across different domains. In Past Year company has been on the spree of expansion and has made various partnerships with best in class companies to provide solutions in Ed-Tech, Medical Tech, Cloud Services, BPO as well as Data Centers.
Recently, Varanium Cloud Limited in partnership with QMS MAS (Medical Allied Services), also unveiled a cloud-based medical wearable device named "Vyana" on 21 April 2023. Vyana aims to address the growing need for medical wearables that provide timely assistance and is designed to continuously monitor vital parameters and send instant notifications as well as directly contact the user and their emergency contacts in case of significant fluctuations, making it must be used for high-risk groups.
Company has reported robust financial results for the financial year ended 2022-23. Revenues for the company increased 984% to Rs. 383.37 crore in FY23 as against revenues of Rs. 35.35 crore in FY22. Net Profit too jumped 917% to Rs. 85.46 crore as compared to the net profit of Rs. 8.4 crore in FY22. Reserves and surplus as on March 2023 was reported at Rs. 91.22 crore and assets at Rs. 183.99 crore.
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