hSenid Business Solutions (hBS) reported its results for the period ended 30 June 2023, with revenues up 16.3 percent year-over-year. Topline growth was supported by its core PeoplesHR Cloud offering. Recurring revenues accounted for 52.0 percent, driven by PeoplesHR Cloud. Region-wise, APAC and Sri Lanka contributed strongly to topline growth. Company earnings, however, were impacted during the quarter due to investments in talent, marketing initiatives and higher project implementation costs.
Commenting on the results, CEO Sampath Jayasundara noted: “Having revamped our sales organisation, we are now focused on accelerating our sales efforts in key APAC and MEA markets to generate a stronger deal pipeline. These efforts have been coupled with investments in go-to-market activities in its key markets to support customer acquisition efforts. In addition, we are also rolling out re-pricing and cost optimisation programs during the first half of the financial year to help stabilise margins.”
The company utlised a further LKR 77 million of its IPO funds during the quarter, in product and market development, particularly focused on the South Asia and South-East Asia markets and module introductions to the core PeoplesHR product. To-date, the company has utlised ~34.0 percent of the funds raised through the IPO.
Commenting on the strategic focus for the year, Founder and Chairman Dinesh Saparamadu noted: “With our investments in talent now in place, our key focus for the year includes developing select markets in the APAC and MEA regions whilst strengthening our core PeoplesHR product. With preference for SaaS (Software-as-a-Service) products on the rise globally, we continue to see increased demand for our PeoplesHR Cloud offering, which bodes well for both recurring revenues and margin stability. As a result, we expect to maintain a strong growth trajectory in our PeoplesHR Cloud business.”
The company continued to receive recognition from leading software review portals in the APAC region. During the quarter, G2 recognised the company’s core brand PeoplesHR, as a ‘High Performer’ in both Asia and APAC in the Core HR category, in the G2 Summer 2023 Reports. These ratings are a direct reflection of reviews provided by PeoplesHR users and its brand presence across the region.
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. hBS maintains its presence in 6 countries serving over a million users in 1,600 organisations, from 20+ diversified industries and across 40 countries.
Image caption- Sampath Jayasundara, CEO, hSenid Business Solutions and Dinesh Saparamadu, Chairman, hSenid Group of Companies