IntraSoft Technologies slumps 3% despite doing well in E-Commerce sector

The company’s investments in technology have enabled it to grow the business during these challenging Covid-19 times.

Aug 17, 2020 11:08 IST India Infoline News Service

IntraSoft Technologies Limited remained undeterred with Covid-19 impact. The company informed the exchanges Friday that it posted revenue for Q1FY21 is $28.2mn, a growth of ~68% qoq and ~16% yoy.

The company is currently trading at Rs61.90, down by Rs2.1 or 3.28% from its previous closing of Rs64 on the BSE.

“The April-June quarter was a period of strong growth for the company, as we worked hard to service customers who continue to accelerate the online shift of purchase habits. We continue to see great progress in the current quarter (to date) as well,” company said.

The company’s investments in technology have enabled it to grow the business during these challenging times, increasing the dependence of its brand partners on it to grow their business. More than 90% of its brand partners’ warehouses are operational, and more continue to become operational every day.

“With a focus on safety and well-being, our teams, in both India and the US, will continue to work remotely for the foreseeable future. As our technology scales on the cloud, we are well equipped to continue working remotely,” it added.

The company’s primary business is in the area of E-Commerce, carried out by its wholly owned subsidiary in the United States of America. Accordingly, the updates for E-Commerce reflect the consolidated performance of the E-Commerce division only, and not the consolidated operations of IntraSoft Technologies Ltd.

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