Yudiz Solutions reported a net profit of INR 1.33 Cr in H1 FY24. However, it posted a loss of INR 4.2 Cr in H2
Operating revenue declined to INR 10.3 Cr in H2 FY24 from INR 15.9 Cr in H1 FY24. It also plunged 37.2% on a year-on-year basis
Yudiz had posted a net profit of INR 2.7 Cr in FY23 on an operating revenue of INR 27.3 Cr
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.
