hSenid Business Solutions (hBS) reported yet another favourable earnings result for the period ended 30 June 2022. Net profits for the quarter came in at LKR 202.4 million, compared to a profit of LKR 7.3 million in the corresponding quarter of the previous financial year, recording an LKR 0.73 earnings per share.
Growth in the quarter was supported by its PeoplesHR Cloud solution, which recorded above-average recurring revenues. The segment also accounted for over 50% of the new deals secured during the quarter. Growth was also supported by the Tracking Solutions and PeoplesHR On-Premise operations.
Regionally, both Sri Lanka and the APAC region contributed to quarterly earnings, particularly via the company’s extensive global partner network. The company also utilized a further LKR 35 million of the growth capital raised at the IPO in December 2021, primarily for product and market development.
Commenting on the results, CEO Sampath Jayasundara noted that “FY23 started out on a positive note with our key segments, in particular the Cloud business, performing well. We also continue to reap benefits from our investments in the partner network and new product initiatives such as PeoplesHR Turbo, particularly in the APAC region. For the remainder of FY23, we are committed to our long-term strategic objectives of carrying out product and market development initiatives”.
Founder and Chairman Dinesh Saparamadu comments: “Our 1Q FY23 result is a clear indication that our business remains resilient, and that continued investments in our product portfolio and talent – both local and overseas – continue to reap benefits for our company”.
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 6 countries, hBS is an indigenous multinational, serving over a million users in 1,400+ organizations, across 20+ diversified industries and 40 countries.