hSenid posts Rs. 183.5 Mn net profit for FY 22/23
hSenid Business Solutions (hBS) posted an year-over-year increased revenues of 32.7% for FY22/23 ending on March 31, 2023.
Top line growth was supported by its core Peoples HR Cloud offering, followed by tracking solutions. Recurring revenues accounted for 49 %, driven by PeoplesHR Cloud. Region-wise, APAC and Sri Lanka contributed strongly to topline growth.
Net profits for the year came in at Rs 183.5 million, recording an Rs 0.66 earnings per share.
The company obtained the ISO/IEC 27017:2015 certification related to cloud service security, during the final quarter of FY23. This is in addition to obtaining the ISO/IEC 27001:2013 certification pertaining to information security management systems.
Founder and Chairman Dinesh Saparamadu noted: “While the year was a challenging one, we made headway in a number of areas including our investments in the APAC region, focused on our core Peoples HR products. We also strengthened our senior management team with key hires during the year, particularly strengthening our sales organisation. We believe these investments in talent are critical for the success of our long-term growth initiatives.”
Since the initial public offering, the company has utilised nearly Rs 166 million to-date, or 24% of the total funds raised, in product and market development. Market development initiatives were carried out with a particular focus in South Asia and South-East Asia, while product development focused on new module introductions to the core PeoplesHR product, and revamp of the PeoplesHR Turbo and Marketplace products.
CEO Jayasundara commented: “We believe we have set a clear foundation over the past year with investments in people, processes and our core product, to generate stronger results in the new financial year. Our key focus for FY24 will be to continue our market development activities focused mainly on key select markets in APAC and MEA. This will be coupled with a cost optimisation exercise to review our cloud and infrastructure costs to improve profitability in the long run.”