Yudiz’s Profit Plummets To INR 5K In H1 FY25

Blockchain and IT development company Yudiz Solutions reported a standalone net profit of INR 5,000 for the first half of the financial year 2024-25 (H1 FY25) as against a profit of INR 1.34 Cr in the year-ago period.

The company had reported a net loss of INR 4.21 Cr in the preceding six-month period ended March 2024.

If not for a tax credit of INR 75.14 Lakh in H1 FY25, the company would have posted a loss in H1 FY25.

Operating revenue fell 23% to INR 11.15 Cr during the period under review from INR 15.87 Cr in H1 FY24. However, it increased 6% from INR 10.28 Cr in H2 FY24.

Including other income of INR 1.35 Cr, the company’s total revenue for the first half stood at INR 12.50 Cr. 

However, Yudiz managed to trim its expenses. Its total expenditure declined 5% to INR 13.24 Cr in H1 FY25 from INR 13.95 Cr in the year-ago period. Expenditure also decreased 24% from INR 17.37 Cr in H2 FY24.

On a consolidated basis, Yudiz reported a net loss of INR 11.34 Lakh on an operating revenue of INR 11.14 Cr.

As the company formed a new subsidiary in H1 FY25, the consolidated numbers are not comparable. 

Yudiz acquired a 51.01% stake in ABCM App Pvt Ltd to set up a new subsidiary – Insightly Dataworks Pvt Ltd – in September this year.

ABCM is a SaaS startup that designs and develops financial software and mobile applications for fintech companies. Yudiz acquired the company to get access to its financial clients, opening pathways for cross-selling of its gaming, blockchain and artificial intelligence solutions.

Founded in 2011, Yudiz specialises in web and mobile app development while providing services in areas of emerging technologies such as AR/VR, AI/ML, blockchain and IoT. 

Along with the announcement of its financial results, the company also intimated the bourse that its company secretary and compliance officer (CSCO) Raveena Bohra tendered her resignation with effect from October 30. Prerana Joshi replaced her as the CSCO, effective from November 1.