Hinduja Global Solutions Q3 FY22 net profit surges by 118% to Rs 163.8cr

Hinduja Global Solutions (HGS) has reported a net profit of INR 16,380 crores for the third quarter of the fiscal year 2022 (Q3 FY22), a growth of 117.8% compared to INR INR 7,518 crores in the same period of the previous fiscal year.

The Indian IT service management company had a net profit of INR 13,650 crores in the previous quarter, that is Q2 FY22.

Its diluted earnings per share for Q3 FY22 were INR 78.32, compared to INR 36.07 in Q3 FY21.

Hinduja Global Solutions‘ revenues for Q3 FY22 were INR 174,840 crores, a 20% growth compared to INR 145,685 crores in Q3 FY21.

The company said that its capital expenditure for the reported quarter was INR 4,620 crores.

During the third quarter, Hinduja Global Solutions had signed 16 engagements with new and existing clients for RPA, digital, analytics and social care services. The quarter also saw the Indian IT service management firm open a new delivery center in Jamaica to take its count of such facilities to 53 around the world.

In Q3 FY22, Hinduja Global Solutions had wrapped up the $1.2 billion sale of its healthcare services business to fully-owned subsidiaries of Betaine, funds affiliated with Baring Private Equity Asia (BPEA).

Last month, Hinduja Global Solutions’ subsidiary HGS International Mauritius had signed a deal to acquire Australia-based Diversify Offshore Staffing Solutions. Prior to that, in the same month, Hinduja Global Solutions’ board of directors agreed in-principle to acquire the digital business of NXTDIGITAL, a related party, via issuance of shares.

Partha DeSarkar — Executive Director and Group CEO of Hinduja Global Solutions said: “HGS continued its strong growth in the third quarter of FY2022, led by robust performance in our UK, digital, and healthcare businesses in a growing BPM demand market.

“Overall revenue for Q3 stood at Rs. 17,484 million, an increase of 20% YoY, while EBITDA grew by 22% YoY to Rs 2,820 million. We posted a very strong rise by 117.8% YoY in PAT to Rs 1,638 million.

“These are our highest-ever quarterly profits.

“In Q3 FY2022, the Retained Business (CES, HRO, and Digital) grew 22.1% on YoY basis, while the recently-divested Healthcare business grew 18.3% on YoY basis.”