Quicktouch Triumphs with Record Q1 Profit, Strategic Acquisition, and Bold Rebranding
Quicktouch Technologies announced a series of significant developments from its Board Meeting held on August 6, 2024. The highlights included an impressive financial performance, strategic acquisitions, and refreshed brand identity, marking a pivotal moment in Quicktouchs growth trajectory.
Record-Breaking Q1 Financial Performance
Net profit of Quicktouch Technologies rose 146.77% to Rs 1.53 crore in the quarter ended June 2024 as against Rs 0.62 crore during the previous quarter ended June 2023. Sales rose 266.43% to Rs 41.70 crore in the quarter ended June 2024 as against Rs 11.38 crore during the previous quarter ended June 2023.
"The company has smashed all targets by clocking a profit which is almost thrice the corresponding quarter last year," stated Gaurav Jindal, Managing Director of Quicktouch. These results underscore the company's strong market position and effective growth strategies.
Strategic Acquisition of Pinnacle Exim
Quicktouch has acquired a 100% stake in Dubai-based Pinnacle Exim IT Solutions LLC for Rs 145.35 crore. Pinnacle Exim is a prominent player in sectors such as Software Applications Development & Management, Information Technology Network Services, Computer Systems Housing Services, Data Management & Cyber Security Services, and more. This acquisition is poised to significantly extend Quicktouch's reach into international markets, leveraging Pinnacle’s established networks in the Middle East, Singapore, Hong Kong, and beyond.
"This acquisition aligns with Quicktouch’s strategic vision of becoming a leader in technology and digital services. By integrating Pinnacle’s expertise and resources, Quicktouch can enhance its capabilities, offer a broader range of services, and deliver greater value to its clients worldwide," said Gaurav Jindal.
Capital Raise through Preferential Issue
Quicktouch will raise Rs 50 crore through a preferential issue of equity shares at a price of Rs 144 each. This capital infusion will bolster Quicktouch’s financial position and support its ambitious growth plans.
Unveiling of New Logo
In line with its dynamic vision, Quicktouch has unveiled a new logo. The sleek and modern design reflects innovation, growth, and the company’s commitment to excellence. The new logo
embodies Quicktouch’s forward-thinking approach and dedication to leading the technology sector.
(This article is part of IndiaDotCom Pvt Ltd’s Consumer Connect Initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility, liability or claims for any errors or omissions in the content of the article. The IDPL Editorial team is not responsible for this content.)
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