Innovana Thinklabs Results: PAT zooms over 94% in 1st half of FY22

Innovana Thinklabs Limited, a technological solutions provider, has posted unaudited financial results for the first six months of the ongoing financial year. The company has released the consolidated earnings for the April to September 2021 period, which includes its six subsidiaries.

"The company has reported strong numbers in the above mentioned period, thanks to higher income and operational efficiency, which reduced the expenses of the company on a proportional basis," a company statement said.

Innovana Thinklabs Limited has reported an increase of 94.4 per cent in the profit after tax (PAT) in the first half of the current financial year to Rs 16.41 crore on year-on-year (YoY) basis, compared to Rs 8.44 crore in the corresponding period previous year. On a sequential basis, net profit surged over 121.1 percent from Rs 7.42 crore in H2FY21 period.

The IT solution provider has reported a rise of 32.5 percent on YoY basis in the total income to Rs. 38.49 crore in H1FY22, compared to Rs. 29.03 crore in H1FY21. On a sequential basis, the total income jumped 21.95 per cent from Rs. 31.56 crore in H2FY21.

The EBITDA of the company increased 61.2 percent to Rs. 19.28 crore in April-September 2021 period from Rs. 11.98 crore in the same period previous year. The Operation profit zoomed 180 percent on a sequential basis from Rs. 6.89 crore.

The basic and diluted earnings per share (EPS) of the company rose 94.41 percent to Rs 16.02 per share from Rs 8.24 per share on a year-on-year comparison. Sequentially, it jumped 121.27 percent from Rs 7.24 per share.

Innovana Thinklabs reported a net profit of Rs. 15.86 crore in the financial year ended on March 31, 2021 with a total income of Rs. 60.6 crore.

Commenting on the results, Chandan Garg, Chairman and MD, Innovana Thinklabs said, "We are highly delighted by the financial performance of the company and willing to perform better in the days ahead. We are completely focussed on serving and expanding our clientbase, which will add more value to our shareholders."

"As the digitisation in India is expanding at a rapid pace, the need for innovative and new age solutions will increase exponentially. The business has a lot of potential and we are committed to deliver on our promises."