TAC Infosec’s FY24 Profit Rises 23% To INR 6.3 Cr

SUMMARY

TAC Infosec, which listed on NSE Emerge last month, saw its operating revenue zoom 17% to INR 11.84 Cr from INR 10.09 Cr in FY23

Profit rose to INR 4.4 Cr in profit in H2 FY24 from INR 1.92 Cr in the first half, while operating revenue also jumped 30% to INR 6.59 Cr in the second half of the year

The startup offers risk-based vulnerability management and assessment solutions, and other SaaS cybersecurity solutions to enterprises and small businesses

SaaS cybersecurity startup TAC Infosec reported a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23.

The startup, which listed on NSE Emerge last month, also saw its operating revenue zoom 17% to INR 11.84 Cr during the year under review from INR 10.09 Cr in FY23.

Total expenditure for the fiscal stood at INR 5.49 Cr, a 10% jump from the INR 4.97 Cr it spent in the previous fiscal. The major contributor in its expense was employee benefit expenses, which jumped to INR 3.68 Cr during the year under review from INR 1.28 Cr in the previous fiscal.

The increase in profits was more skewed towards the latter half of the fiscal year, as the company raked in INR 4.4 Cr in profit in H2 FY24 as against INR 1.92 Cr in the first half of the year. Its operating revenue in the latter half also jumped 30% to INR 6.59 Cr from INR 5.02 Cr in H1 FY24.

In a statement, the company attributed this growth to new client additions and better efficiencies in operations.

“We are delighted with our robust financial performance for the year, which reflects our strong market position and the growing demand for our cybersecurity solutions. The significant increase in net profit and operating income underscores our commitment to delivering exceptional value to our stakeholders,” TAC’s founder and CEO Trishneet Arora said.

Founded in 2016 by Arora, the startup offers risk-based vulnerability management and assessment solutions, and other SaaS cybersecurity solutions to enterprises and small businesses.

The company listed on NSE’s SME platform on April 5. Its initial public offering (IPO) received an overwhelming response from investors, closing with a 392.5X oversubscription.

Its shares were listed at INR 290, a premium of 173.6% on the issue price of INR 106. The startup raised INR 29.9 Cr through the IPO, which comprised a fresh issue of 28.29 Lakh equity shares.

The startup declared its financial results on Friday (May 24). Its shares ended today’s trading session 3.16% higher at INR 488.3.