Business

Varanium Cloud reports Consolidated Net Profit of Rs 87.68 crore in Q3FY24, growth of nearly 200 per cent Y-o-Y

Feb 12, 2024

PNN
Mumbai (Maharastra) [India], February 12: 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 consolidated net profit of Rs 87.68 crore for the Q3 FY23-24 ended December 2023 as against net profit of Rs 29.29 crore in Q3 of FY22-23, growth of 196 per cent Y-o-Y. Total income from operations for Q3FY23-24 was reported at Rs 401.86 crore, higher by 267 per cent Y-o-Y as compare to total income of Rs 109.48 crore in Q3 FY22-23. EBITDA during the Q3FY24 zoomed by 205 per cent to Rs 120.95 crore from Rs 39.60 crore in Q3FY23.
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.
The company is establishing a new office and BPO centre in Sawantwadi, Maharashtra. The new BPO set-up will create over 200 IT job opportunities for the Konkan talent. Going forward, company plans to penetrate its operations to non-metro areas creating sustainable employment opportunities for local talent.
For nine months ended December 2023, company has reported total income of operations of Rs 779.19 crore, rise of 234 per cent Y-o-Y as compared total income of Rs 233 crore. Net profit and EBITDA too were up 183 per cent and 194 per cent Y-o-Y respectively to Rs 158.63 crore and Rs 220.12 crore respectively. Reserves and surplus as on March 2023 was reported at Rs 91.22 crore and assets at Rs 183.99 crore.
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.
The company has 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.
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