PeoplesHR Cloud business supports hSenidBiz 1Q FY23 earnings; expansion in APAC region continues.
Daily FT: hSenid Business Solutions (hBS) has reported yet another favourable earnings result for the period ended 30 June 2022.
Net profits for the quarter came in at Rs. 202.4 million, compared to a profit of Rs. 7.3 million in the corresponding quarter of the previous financial year, recording a 73 cents earnings per share.
Growth in the quarter was supported by its PeoplesHR Cloud solution, which recorded above-average recurring revenues. The segment also accounted for over 50% of the new deals secured during the quarter. Growth was also supported by the Tracking Solutions and PeoplesHR On-Premise operations.
Regionally, both Sri Lanka and the APAC region contributed to quarterly earnings, particularly via the company’s extensive global partner network. The company also utilised a further Rs. 35 million of the growth capital raised at the IPO in December 2021, primarily for product and market development.
CEO Sampath Jayasundara said: “FY23 started out on a positive note with our key segments, in particular the Cloud business, performing well. We also continue to reap benefits from our investments in the partner network and new product initiatives such as PeoplesHR Turbo, particularly in the APAC region. For the remainder of FY23, we are committed to our long-term strategic objectives of carrying out product and market development initiatives.”
Founder and Chairman Dinesh Saparamadu said: “Our 1Q FY23 result is a clear indication that our business remains resilient, and that continued investments in our product portfolio and talent – both local and overseas – continue to reap benefits for our company.” With over 25 years of experience, hSenid Business Solutions PLC is a multinational Human Resource Information System (HRIS) based business solutions provider, operating in the Software-as-a-Service (SaaS) space. Operating from six countries, hBS is an indigenous multinational, serving over a million users in 1,400+ organisations, across 20+ diversified industries and 40 countries.
OSL take:
Sri Lanka’s expanding economic activities and growing businesses have created the need for the uplifting and development of several sectors including ICT and digital infrastructure development sectors. With the country working towards becoming an emerging business destination in the South Asian region, the growth and business potential in the country have presented business/investment opportunities in Sri Lanka. Local businesses engaged in the ICT and digital infrastructure development sectors have also posted impressive profits along with the overall growth in these sectors. Given the expansion in the country’s ICT and digital infrastructure development sectors, foreign businesses/investors could explore the growing opportunities in these sectors in Sri Lanka. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in these two fast expanding sectors.
| Article Code : | VBS/AT/16082022/X_2 |