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27 Years
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1 Crore +
BPO/KPO company Hinduja Global Solutions announced Q3FY24 & 9MFY24 results:
- 12 new logos were added for digital-enabled CX solutions, and eight for HRO/Payroll Processing.
- The Digital Media business's new enterprise solutions brand, CelerityX, experienced good traction.
- NetX, a solution jointly developed by the digital teams of the BPM and Digital Media businesses, was launched.
- Q3FY24 operating revenue reached Rs 1,203.7 crore, marking a 7.6% YoY increase.
- Operating EBITDA for Q3FY24 amounted to Rs 115.1 crore, reflecting a substantial growth of 39.9% YoY.
- 9MFY24 operating revenue stood at Rs 3,517 crore.
- Operating EBITDA for 9MFY24 reached Rs 289.5 crore, representing a significant 39.3% YoY increase.
- A one-time cost of Rs 6.53 crore related to property exits was incurred in Q3FY24.
- Digital Services (comprising Technology Services and Digital Media) contributed 38.4% of 9MFY24 operating revenue.
Speaking on the performance, Partha DeSarkar, Whole-time Director and Group CEO of HGS said: “Despite a challenging global macro-environment, HGS posted a resilient performance in Q3FY24, continuing to build on our efforts to improve our topline and margins. We saw a strong total revenue increase of 11.2% YoY, led by growth in Canada, TekLink and offshore businesses. Operating EBITDA (excluding other income) grew significantly at 39.9% YoY and 18.1% on sequential basis.
During the third quarter, we added 12 new logos and signed multiple opportunities with 22 existing clients for our digital-led CX services. Our engagements reflect the changes in the market toward more complex, technology arbitrage driven deals for both large and mid-market clients. We are aggressively investing in people and technology to support this demand, including in areas such as Cloud, analytics, generative AI, social care, etc.”
Commenting on the Digital Media division’s performance, Vynsley Fernandes, Whole-time Director of HGS and Head of the Digital Media business said, “Our media division saw robust broadband and digital television growth continuing in Q3 - ending the quarter with a customer base of 5.75 mn connected homes across India. At the same time, we’ve operationalised a primary national long distance network of 4,000 kms, with a resilient back-up of around 2,500 kms in progress. This will further accelerate our broadband growth in Tier 2 & 3 cities whilst providing for a high quality of service. CelerityX, our enterprise business has commenced rolling out innovative solutions and has signed on corporates in the retail, BFSI and manufacturing sectors for NetX, India’s first-of-its-kind platform – connecting enterprises with 18,000 Internet Service Providers pan-India. The NetX solution, jointly developed and deployed by the digital teams of BPM and Digital Media businesses, will significantly change the digital networking landscape.”
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