Majesco zooms 5% on strong Q3 earning; Logs PAT of Rs28cr in the third quarter

Standalone revenue stood at Rs38.4cr in the quarter compared to Rs4.7cr a year ago same period.

Jan 19, 2021 02:01 IST India Infoline News Service

Majesco registered a standalone net profit of Rs27.8cr for the quarter ended December 2020 (Q3FY21) period against Rs0.9cr in the corresponding period of the previous year. Standalone revenue stood at Rs38.4cr in the quarter compared to Rs4.7cr a year ago same period.

Majesco in its audit report said, " During the current quarter we completed the share buyback and disbursed the balance free reserves as dividend to the shareholders. The total revenue during the quarter reflects the income earned on the invested funds and the lease rental on the Mahape property."

Farid Kazani, Managing Director, Majesco Ltd said, “This has been an extremely busy quarter with the completion of share buyback and disbursement of record dividend to shareholders within committed timelines. During the quarter, we were able to maximize the interest income earnings on the funds parked in fixed deposits and mutual funds."

Kazani said, "We are seeking necessary advice on the next steps to be able to distribute the balance cash to shareholders in an optimal manner and would keep the investors/shareholders updated of the developments.”

At around 2.11 pm, Majesco was trading at the upper price band of Rs28.70 per piece up 4.94% on Sensex. 

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