Yudiz Reports A Profitable H1 FY24, Revenue Jumps To INR 15.8 Cr

In its maiden financial statement since listing in August this year, blockchain and IT development company Yudiz Solutions reported a net profit of INR 1.33 Cr in the first half (H1) of the financial year 2023-24 (FY24). 

The platform had posted a net loss of INR 54 Lakh in the same period of the previous fiscal year. 

Revenue from operations jumped more than 45% to INR 15.87 Cr in H1 FY24 from INR 10.91 Cr in H1 FY23. Including other income, total income rose 47% to INR 16.18 Cr in H1 FY24 as against INR 10.97 Cr in the corresponding period last financial year. 

Meanwhile, total expenses increased 18% to INR 13.95 Cr in the six-month period ended September 2023. Its total expenditure stood at INR 11.82 Cr in H1 FY23. Employee benefit expenses accounted for the biggest chunk of costs at INR 9.17 Cr in H1 FY24, rising sharply from INR 8.71 Cr in the year ago period. 

Other expenses also rose 91% to INR 3.62 Cr during April-September 2023 compared to INR 1.89 Cr a year ago. 

Founded in 2011, Yudiz is an Ahmedabad-based IT consulting firm that 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. 

In its meeting held on November 9, Yudiz’s board of directors also approved the appointment of Pranita Singh & Associates, with immediate effect, as the new internal auditor of the company for FY24. 

Yudiz listed on the NSE SME platform on August 17 this year. The shares of the company listed at a 12% premium to the issue price at INR 185 per share. 

However, the stock has had a bumpy ride since then. In the past three months, its share price has swung wildly, seeing a 52-week high of INR 213.8 and an all-time low of INR 140. 

The company’s shares closed Thursday’s (November 9) session 0.13% higher at INR 156.85 on the NSE SME. Its market cap stood at INR 156 Cr at the end of day’s trading.