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 hSenidBiz records net profit of Rs. 58 mn in Q2

08 Nov 2022

hSenid Business Solutions (hBS) reported a net profit of Rs. 58 million for the second quarter compared to a profit of Rs. 15.3 million in the corresponding quarter of the previous financial year, recording an Rs. 0.21 earnings per share. For the first half, net profits came in at Rs. 260.4 million compared to Rs. 22.6 million in the previous year.    CEO Sampath Jayasundara, commenting on the results, noted: “We are pleased to report yet another quarter of strong results, driven by improvements in operations across all segments. Our PeoplesHR Cloud product in particular continues to drive company earnings, followed by PeoplesHR On-premise, our enterprise offering. Our investments in PeoplesHR Turbo in India, market development in Bangladesh have also seen positive momentum during the quarter. We also hope to begin the second phase of the Ugandan Government project in the second half of FY23.”  Growth in the quarter was supported by the PeoplesHR Cloud offering, accounting for a majority of company revenues, whilst also recording above-average recurring revenues. The segment also accounted for nearly 60% of the new deals secured during the quarter.  Commenting on the outlook, Founder and Chairman Dinesh Saparamadu stated: “We remain committed to our long-term strategic objectives of carrying out product and market development initiatives. Results in the first half of FY23 indicate that whilst our business remains resilient, that we are also on the right track with our investments both in our products and talent.”  Regionally, both Sri Lanka and APAC contributed actively to quarterly revenues, with the Sri Lankan market featuring heavily for new deal closures during the quarter. The company utilised a further Rs. 38.1 million of the equity raised via the initial public offering (IPO) during the second quarter, primarily for product and market development.  With over 25 years of experience, hSenid Business Solutions PLC is a multinational human resource information system (HRIS)-based business solutions provider, operating in the software-as-a-service (SaaS) space. Operating from six countries, hBS is an indigenous multinational enterprise software company, serving over a million users in 1,400-plus organisations, from 20-plus diversified industries and across 40 countries.  

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