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eClerx Services Ltd. (BSE: 532927; NSE: ECLERX) an industry-focused specialist services firm managing and improving complex data-driven processes, today announced its results for Q4 and full year FY 2023. eClerx empowers the world’s largest enterprises with intelligent operations and insights, providing core business process solutions and data analytics from its global delivery centres.

Consolidated financial highlights for the year ended March 31, 2023

Operating revenue for the year ended March 31, 2023 was INR 2,647.9 crore vs. INR 2,160.3 crore last year, YoY increase of 22.6%. In USD terms, operating revenue increased by 16.9% to USD 332.7 million as compared to USD 284.6 Million last year. Total revenue including other income for the period was INR 2,713.7 crore, YoY increase by 24.2%.

* EBIT for the period is INR 695.7 crore, a growth of 17.2% YoY.

* Profit after tax for the year ended March 31, 2023 was INR 488.8 crore compared with INR 417.4 crore in the previous year, an increase of 17.1%   YoY.

* Basic EPS for the year ended March 31, 2023 was INR 98.76 as compared to INR 82.54 (adjusted for bonus) last year.

* The total delivery headcount as of March 31, 2023 stands at 16,012 – an increase of 8.2% YoY.

Speaking on the performance, Mr. PD Mundhra, Co-founder and Executive Director at eClerx said, “We continued our strong FY22 performance into FY23 as well, with USD revenues growing to $332.7 MM, up 16.9% over the previous year. We are particularly happy with our Analytics and Automation business, which at $71 MM has grown faster than firm average. Growth has been broad-based across our 3 businesses, and we have been able to grow wallet share with existing clients and add new clients. We expect FY24 growth to moderate, as the economy in client geographies is witnessing a slowdown, and some clients are cutting discretionary spending.”

“We demonstrated strong growth over the last couple of years, growing over 3% qoq in each of the first 3 quarters of FY23, although Q4 was subdued owing to lower discretionary spend and lower Other Income. Margin performance was strong overall, with EBITDA margins of 29.8% for the full year and Net Profit of 488.8 crore at 18% margin. We also returned Rs 300cr to shareholders in Q4 via buyback,” said Chief Financial Officer (CFO), Srinivasan Nadadhur.

* EBIT includes other income and excludes rental interest under IND AS116

Recognitions

* eClerx wins Business Analytics Company of the Year at the 2023 Singapore Prestige Awards.

* Robotic Process Automation (RPA) product, Roboworx by eClerx wins the Big Innovation Awards 2023 in the Technology Products category. The award was presented by the Business Intelligence Group.

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