hSenid Business Solutions (hBS) reported yet another favourable earnings result for the period ended 30 September 2022, with strong growth across the key business segments and regional operations. Net profits for the quarter came in at LKR 58.0 million, compared to a profit of LKR 15.3 million in the corresponding quarter of the previous financial year, recording an LKR 0.21 earnings per share. For the first half, net profits came in at LKR 260.4 million compared to LKR 22.6 million in the previous year.
Growth in the quarter was supported by the PeoplesHR Cloud offering, accounting for majority of company revenues, whilst also recording above-average recurring revenues. The segment also accounted for nearly 60% of the new deals secured during the quarter.
Regionally, both Sri Lanka and APAC contributed actively to quarterly revenues, with the Sri Lankan market featuring heavily for new deal closures during the quarter. The company utilized a further LKR 38.1 million of the equity raised via the IPO during the second quarter, primarily for product and market development.
CEO Sampath Jayasundara, commenting on the results noted that “we are pleased to report yet another quarter of strong results, driven by improvements in operations across all segments. Our PoeplesHR Cloud product in particular continues to drive company earnings, followed by PeoplesHR On-premise, our enterprise offering. Our investments in PeoplesHR Turbo in India, market development in Bangladesh have also seen positive momentum during the quarter. We also hope to begin the second phase of the Ugandan Government project in the second half of FY23”.
Commenting on the outlook, Founder and Chairman Dinesh Saparamadu noted: “we remain committed to our long-term strategic objectives of carrying out product and market development initiatives. Results in the first half of FY23 indicates that whilst our business remains resilient, that we are also on the right track with our investments both in our products and talent.”
With over 25 years of experience, hSenid Business Solutions PLC is a multinational Human Resource Information System (HRIS) based business solutions provider, operating in the Software-as-a-Service (SaaS) space. Operating from 6 countries, hBS is an indigenous multinational enterprise software company, serving over a million users in 1,400+ organizations, from 20+ diversified industries and across 40 countries.