ICICI Direct: Birlasoft Q2 Review - Healthy Execution On Margin, Deal Wins Front
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ICICI Direct Report
Birlasoft Ltd.’s dollar revenues declined 4.6% QoQ mainly due to milestone achievement in large deal won in lifescience segment (which declined 20.5% QoQ), discounts and project deferrals.
However, the company continues to execute well on margins front, which improved 158 basis points QoQ (up 288 basis points YoY) to 13.9% mainly led by rationalisation of selling general and administrative expenses and higher utilisation partially offset by higher onsite revenues.
Net profit increased 22.7% QoQ to Rs 69.1 crore due to higher other income. The company has declared a dividend of Rs 1 per share.
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