GSS Infotech stock slumps 4.5% after reporting net loss in Q4FY21

During the fourth quarter, the company maintained its business in terms of revenues and profitability despite the pandemic situation.

Jun 10, 2021 09:06 IST India Infoline News Service

Quarterly Results
GSS Infotech Ltd. consolidated revenue for the fourth quarter ended March 31, 2021 showed a marginal increase of 0.71% or Rs0.20cr to Rs28.01cr, from the previous quarter (Rs27.81cr). Revenue declined from Rs32.84cr in Q4FY20.

The consolidated loss was Rs0.85cr in Q4FY21 compared to a profit of Rs0.007cr in Q3FY21 and from a profit of Rs1.46cr in Q4FY20.

Similarly, consolidated full-year revenues from operations were Rs114.93cr down from Rs139.66cr, a drop of 17.71% at a consolidated level. In FY21, net loss was at Rs3.68cr compared to a profit of Rs6.06cr in FY20.

Standalone revenues reported Rs4.23cr in Q4FY21 compared to Rs4.64cr the previous quarter, a decrease of Rs0.41cr, which is a decrease of 8.85% on qoq basis. Standalone loss in Q4FY21 stood at Rs1.04cr down from loss of Rs0.02cr in Q3FY21.

“During the Fourth quarter, the company maintained its business in terms of revenues and profitability despite the pandemic situation. Our clients have accommodated the difficulties while the company has ensured that deliveries have been made on time. The business has largely been stable in terms of contracts. While deliveries are being made collections have improved from clients and the cashflow situation has a been seemingly better. On the expenses front, there company has made undertaken cost cutting measures that would yield results in the coming quarters,” company said.

The company said it stays focused on Digital Transformation, Automation and Security for enterprises and technology providers in key technologies like Application development, Infrastructure management services, Cloud and Security focused on the ME, ASEAN and US region having its global delivery centre in Hyderabad.

GSS continues to strengthen its proven expertise in Application development, Infrastructure Management and IT services while adding Automation capabilities.

“The quarter has been flat for the business while renewed efforts to improve the business are all underway. We are focusing on building the orderbook while adding new dimensions to our offerings emphasizing organic growth while we actively look for opportunities to expand inorganically,” Bhargav Marepally, Founder and CEO, GSS Infotech Limited, said.

During early trade on Thursday, GSS Infotech Ltd was trading at Rs65 per piece down by Rs3.05 or 4.48% from its previous closing of Rs68.05 per piece on the BSE.

Related Story

Open Free Demat Account (Rs699)