Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

GSS Infotech Limited announces Q2FY21 results

Posted On: 2020-11-13 11:09:20


GSS Infotech Limited, a global IT services company, today announced its results for the second quarter of FY21, ending September 30th, 2020, on a consolidated and standalone basis.

Financial Highlights - July - September 2020

- Consolidated Revenues from operations were Rs.29.88 Cr. for Q2 FY 21 compared to Rs 29.22 cr. for Q1 FY 21., reporting a QoQ increase of Rs. 0.66 Cr., which is 2.25% from the previous quarter.

- Consolidated PAT stood at Rs. -1.95 Cr. for Q2 FY 21 compared to Rs. -0.94 Cr for the previous quarter reporting a QoQ decrease of Rs. 1.01 Cr. while the PAT margin stood at - 6.54%.

- Standalone Revenues reported Rs. 3.69 Cr. in Q2 FY 21 compared to Rs. 4.11 Cr. the previous quarter, a drop of Rs. 0.43 Cr., which is a decrease of 37.30% on QoQ basis.

- Standalone PAT stood at Rs - 2.13 Cr. down from Rs. - 0.56 Cr. for Q1 FY 2021 while the PAT margin stood at - 57.90 % for the current quarter.

The results for Q2 FY21 were taken on record at the meeting of the Board of Directors held today 13th November 2020.

During the second quarter, the company maintained its business in terms of Revenues and profitability despite the pandemic situation. Our clients have accommodated the difficulties while the company has ensured that deliveries have been made despite a few delays. The business has largely been stable in terms of contracts, but for a couple of contracts that were moderately effected. While deliveries are being made Collections from clients are mildly affected, due to which the cashflow situation has a direct impact. On the expenses front, there company has made adequate expense adjustments to maintain healthy cashflow.

Speaking on the company's performance, Mr. Bhargav Marepally, Founder and CEO, GSS Infotech Limited said "the revenue pressure because of global economic scenario continues in the quarter, while we were able to maintain the revenues, the reduction of profit is primarily attributed to the settlement of prior period tax assessments till 2013-14.

The board of the company took note of the disclosure given by the Managing Director, Mr. Bhargav Marepally, that he will potentially be a part of a new SPAC (special purpose acquisition company) in the USA. As a part of this effort he will potentially own a portion of the founder shares of the SPAC. He also mentioned that there will be no conflict of interest with GSS and its current business operation globally.

Shares of GSS INFOTECH LTD. was last trading in BSE at Rs.36.9 as compared to the previous close of Rs. 36.9. The total number of shares traded during the day was 834 in over 43 trades.

The stock hit an intraday high of Rs. 37.55 and intraday low of 35.8. The net turnover during the day was Rs. 30777.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

NMDC Ltd increases prices of iron ore from Dec 2, 2020

Tilaknagar Industries Ltd updates on settlement agreement with Standard Chartered Bank

Larsen & Toubro Signs Agreement to Divest UK Unit Servowatch Systems to Rolls-Royce

Vikas Multicorp Ltd. ventures into new FMCG segment with Cashews Processing Project

TCS' Quartz™ DevKit Adds Ethereum, Now Supports Top 3 Blockchain Platforms

Rolls-Royce and Infosys Announce Strategic Partnership for Aerospace Engineering in India

NCC receives 4 new orders totaling Rs. 3905 crore in November 2020

Adani Ports and Special Economic Zone Ltd announces operational performance for Nov 2020

Cigniti Technologies appoints Ganesh Ramamoorthy as Chief Revenue Officer

Rhizen Pharmaceuticals Announces US FDA Acceptance of its IND Application for RP7214 in SARS-CoV-2 Infection, Phase 1 Clinical Trial of RP7214 Set to Begin Early December 2020

Indian Acrylics Ltd announces 31% MoM increase in sales during November 2020

Burger King raises Rs 364.5 crore from 55 anchor investors at an upper price band of Rs 60 per equity share

UPL Ltd's subsidiary to redeem US$ 410MM of senior notes

Kansai Nerolac Paints Limited invests further in Sri Lanka subsidiary

UPL updates on AgroFresh litigation - USA court reduces award from $31 million to $13 million in a major relief to UPL

Promoters of LKP Finance Ltd propose delisting of company's shares

The Phoenix Mills Ltd signs agreement with GIC affiliate for few assets

Zensar named as a Major Contender in the Everest Group Digital Workplace Services PEAK Matrix® Assessment 2020

RACL Geartech Ltd achieves record monthly sales in November 2020

RITES wins 'SKOCH Gold Award' for Response to Covid-19

Dr. Reddy's and RDIF commence clinical trials for Sputnik V vaccine in India

ICRA A1+ rating assigned to Godrej Industries Limited's Commercial Paper Programme

Datamatics: Re-envisioning Finance through Intelligent Solutions - ISG

Hero MotoCorp Ltd reports sales of 591,091 units in November 2020

Smartlink Holdings Ltd Board to consider Buy back of equity shares on Dec 4, 2020

Cochin Shipyard holds steel cutting ceremony of the Anti-Submarine Warfare Shallow Water Crafts for Indian Navy

Royal Enfield Motorcycles register 6% YoY increase in November 2020 sales

TVS Motor Company sales in November 2020 grows by 21%

KILPEST India Ltd has sold 6,10,100 Covid19 RT-PCR tests in November 2020

SML ISUZU Ltd reports 1% drop in November 2020 sales

Confidence Petroleum India Ltd awarded first MRU for distribution of CNG in Pune City

Eicher Motors Ltd reports 3.2% YoY increase in November 2020 sales of commercial vehicles

V S T Tillers Tractors Ltd reports 72.37% YoY growth in sales of power tillers

Atul Auto Limited's November 2020 sales fall 62.74% YoY

Ashok Leyland Limited reports 5% YoY increase in November 2020 sales

Lupin receives approval for Penicillamine Tablets USP

Capacit'e Infraprojects Limited receives order from Raymond Limited's Realty Division

LT Foods Europe expands its operational capacity with new packaging lines in Rotterdam, The Netherlands

Mahindra's Farm Equipment Sector Sells 31,619 Units in India during November 2020

TCS' Supply Chain Solution Powers New Government Initiative to Double India's Covid-19 Testing Capacity

NGL Fine-Chem Ltd updates on rating from CRISIL

PNC Infratech receives LoA from Andhra Pradesh Water Resources Department for an EPC Project of Rs. 1000.72 crore

Rajratan Global Wire Ltd sanctioned IPA by MP Industrial Development Corporation Ltd

Wockhardt hosts visit of Prime Minister of United Kingdom

Mindtree Partners with Databricks to Offer Advanced, Cloud-Based Data Intelligence

LTI Selects Temenos to Launch Digital Banking Platform in the Nordic Market

Divi's Laboratories Ltd commences construction of Unit-III near Kakinada

SeQuent announces launch of inhouse developed Halofusol® in EU

Mahindra Auto Sector sells 42,731 vehicles in November

Maruti Suzuki reports sales of 153,223 units in November 2020



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019