Vakrangee Limited posts increased profit in Q1 FY2023-24

Vakrangee Limited, an India-based provider of e-governance solutions, has unveiled its unaudited financial results for the quarter ended June 30, 2023, showing promising growth.

In Q1 FY2023-24, the company’s total income rose by 14.74% on a YoY basis, reaching Rs. 55.90 crore. The firm’s EBITDA increased by 56.08% YoY, standing at Rs. 6.93 crore. Meanwhile, VL’s Profit After Tax (PAT) made a significant leap of 716.67% YoY, settling at Rs. 0.49 crore.

Vakrangee Limited’s performance during Q1 FY2023-24 indicated a strong start to the fiscal year. It observed a 14.74% increase in revenue on a YoY basis and a 716.67% increase in PAT. The company’s Gross Transaction Value (GTV) for the quarter surpassed Rs. 14,920.74 crores, with the total number of transactions exceeding 3.32 crores.

The company announced a dividend of Rs. 0.05/- (5%) per equity share of Re. 1/- each for FY 2022-23, pending approval from members at the upcoming Annual General Meeting.

During this quarter, Vakrangee Limited appointed Master Franchisees in 292 districts across 28 states. These Master Franchisees will offer operational support to the existing franchise outlets and facilitate new franchise acquisitions. The company plans to achieve complete district coverage by March 2024.

Vakrangee’s profitability has started to show improvement on a YoY basis, and its operating margins have seen a positive trajectory. As the company continues to expand its network, it anticipates that its growth in margins and profitability will persist.

Presently, Vakrangee Limited’s primary focus is to broaden its presence by establishing a Master Franchisee network at the district level across India. This strategy aims to foster robust on-ground operational management and enhance scalability in the future.

In line with its expansion goals, the company has also launched “VISION 2030”. This ambitious plan targets the establishment of more than 3 lakh outlets along with at least 15,000 ATMs by 2030. The company also aims to achieve a revenue target of US$ 1 billion and a Gross Transaction Value of over US$ 150 billion within the same timeline.