Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Listed blockchain and IT development company Yudiz Solutions slipped into the red in the financial year 2023-24 (FY24) with a net loss of INR 2.9 Cr, hurt by a slump in its revenue in the second half (H2) of the fiscal year and a sharp surge in employee cost.

Yudiz had posted a net profit of INR 2.7 Cr in FY23 on an operating revenue of INR 27.3 Cr. The company’s operating revenue fell over 4% year-on-year (YoY) to INR 26.1 Cr in FY23.

It is pertinent to note that the company had reported a net profit of INR 1.33 Cr in H1 FY24. However, it posted a loss of INR 4.2 Cr in H2.

Meanwhile, Yudiz’s operating revenue also declined to INR 10.3 Cr in H2 from INR 15.9 Cr in H1 FY24. On a YoY basis, operating revenue saw a 37.2% decline in H2 FY24.

Founded in 2011, Ahmedabad-based Yudiz specialises in web and mobile app development. It also provides services in areas of emerging technologies such as AR/VR, AI/ML, blockchain, and IoT. Its shares were listed on the NSE SME platform in August last year.

During FY24, Yudiz’s total expenses surged 31.5% to INR 31.3 Cr from INR 23.8 Cr in the previous year. In that, it spent INR 20.4 Cr towards employee benefit expenses, a rise of 21.4% YoY.

The company’s employee cost increased to INR 11.2 Cr in H2 from INR 9.2 Cr in H1 FY24.

Other expenses also jumped over 90% YoY to INR 8.6 Cr in FY24.

Ahead of its earnings announcement on Tuesday (May 28), shares of Yudiz ended Tuesday’s trading session 1% lower at INR 73.05 on NSE.

It is pertinent to note that Yudiz, earlier this month, said that it issued a legal notice to HDFC Bank opposing the freezing of the company’s bank account with respect to IPO proceeds.