Varanium cloud on cloud nine: PAT jumps to Rs 87.68 crore; up by 196 per cent YoY!
Once a darling of market participants when it traded in four digits, has once again seized attention, surging nearly 6 per cent.
Wednesday witnessed a triumphant surge for the bulls, with Nifty and Sensex making impressive gains of 0.63 per cent and 0.67 per cent, respectively. Leading the charge in the green were Nifty Metal and Nifty PSU Bank, both boasting a commendable increase of over 1.5 per cent on Wednesday.
Even the broader markets outshone the frontline indices, exhibiting notable buying interest and showcasing a performance that surpassed expectations. In the midst of this buoyant atmosphere, Varanium Cloud Limited, once a darling of market participants when it traded in four digits, has once again seized attention, surging nearly 6 per cent.
What's causing the buzz? In Q3FY24, consolidated Revenue from Operations witnessed a remarkable surge of 260 per cent YoY, escalating from Rs. 109.48 crore in Q3FY23 to Rs. 395.15 crore in Q3FY24. This impressive growth was primarily fueled by expansion into Africa and the appointment of a new distributor for its VoIP services in Latin America.
Similarly, the company’s EBITDA recorded a substantial increase of 205.43 per cent YoY, rising from Rs. 39.60 crore in Q3FY23 to Rs. 120.95 crore in Q3FY24. The Profit After Tax (PAT) for Q3FY24 witnessed a significant rise of 196.32 per cent, from Rs. 29.59 crore in Q3FY23 to Rs. 87.68 crore in Q3FY24, highlighting their ability to translate revenue growth into sustained profitability.
In addition to this financial success, the company has inaugurated a new office and BPO center in Sawantwadi, fortified with ISO 9001:2015 & ISO 27001 certifications. Mr. Harshawardhan Sabale, Managing Director of Varanium Cloud, stated, “The new BPO setup will create over 200 IT job opportunities for the Konkan talent. Going forward, we aim to expand our operations further into non-metro areas, creating sustainable employment opportunities for local talent.”