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Network People Services Q1 FY24 Net Revenue at Rs 5,885.34 Lakh
Network People Services Technologies Limited reported a strong Q1 FY24, with net revenue rising to ₹5,885.34 lakh and net profit increasing to ₹1,561.57 lakh.
by Damodharan N
Updated Jul 24, 2024
Table of Content
Network People Services Technologies Limited has announced its financial results for the first quarter of FY24, ending June 30, 2024. The company's net revenue for the quarter was ₹5,885.34 lakh, marking a significant increase from the ₹2,447.74 lakh reported in the same period last year.
The total income for Q1 FY24 stood at ₹6,019.28 lakh, up from ₹2,487.52 lakh in the corresponding quarter of FY23. This rise in total income is attributed to the growth in revenue from operations and an increase in other income, which amounted to ₹133.94 lakh.
Expenses for the quarter were ₹3,913.27 lakh, up from ₹1,866.82 lakh in Q1 FY23. Key expenses included cost of project expenses at ₹2,199.67 lakh and employee benefit expenses at ₹1,278.10 lakh. Despite higher expenses, the company achieved a profit before tax of ₹2,106.01 lakh, a notable increase from ₹620.70 lakh in the previous year.
The net profit for Q1 FY24 was ₹1,561.57 lakh, compared to ₹515.43 lakh in Q1 FY23. Earnings per share for the quarter were ₹8.06, up from ₹7.98 in the same period last year.
In addition to the financial results, the company's Board of Directors held a meeting on July 22, 2024, where they approved the unaudited financial results, the Board Report, and the Management Discussion and Analysis statement for the year ended March 31, 2024.
They also recommended the regularization of Mr. Ram Nirankar Rastogi as an Independent Director and appointed Ms. Kala Agarwal as the Scrutinizer for the upcoming Annual General Meeting (AGM).
The Board also approved the Notice for the 11th Annual General Meeting, scheduled for August 26, 2024, and decided to close the Register of Members from August 19, 2024, to August 22, 2024. Furthermore, a new Risk Management Committee was constituted, with Panchi Samuthirakani as Chairman.
Overall, Network People Services Technologies Limited reported a strong performance in Q1 FY24, demonstrating significant revenue growth and improved profitability despite increased expenses.
Source:Here
Network People Services Q1 FY24 Financial results
Network People Services Technologies Limited reported robust financial performance for Q1 FY24, with revenue from operations rising to ₹5,885.34 lakhs. Despite a significant increase in income, the company faced higher expenses but achieved a notable rise in net profit and earnings per share.
Revenue and Income
- Revenue from Operations: ₹5,885.34 lakhs in June 2024, up from ₹2,447.74 lakhs in June 2023, indicating a significant increase.
- Other Income: ₹133.94 lakhs in June 2024, compared to ₹39.78 lakhs in June 2023, showing a substantial rise.
- Total Income: ₹6,019.28 lakhs in June 2024, up from ₹2,487.52 lakhs in June 2023, reflecting strong overall growth.
Expenses
- Cost of Project Expense: ₹2,199.67 lakhs in June 2024, up from ₹711.24 lakhs in June 2023, indicating higher project costs.
- Employee Benefit Expenses: ₹1,278.10 lakhs in June 2024, an increase from ₹680.34 lakhs in June 2023, showing higher employee-related costs.
- Other Expenses: ₹391.82 lakhs in June 2024, compared to ₹163.03 lakhs in June 2023, showing a rise in miscellaneous expenses.
Profitability
- Profit Before Tax: ₹2,106.01 lakhs in June 2024, compared to ₹620.70 lakhs in June 2023, indicating improved profitability.
- Net Profit: ₹1,561.57 lakhs in June 2024, up from ₹515.43 lakhs in June 2023, reflecting a significant increase in net profit.
Earnings Per Share
- Earnings Per Share: ₹8.06 in June 2024, compared to ₹7.98 in June 2023, showing a slight improvement.
- Diluted Earnings Per Share: ₹8.04 in June 2024, compared to ₹7.98 in June 2023, indicating a small increase.
Here is a comparative table showing the financial results for the quarters ending June 30, 2024, and June 30, 2023:
Particulars |
30th June 2024 |
30th June 2023 |
Revenue From Operations |
₹5,885.34 lakhs |
₹2,447.74 lakhs |
Other Income |
₹133.94 lakhs |
₹39.78 lakhs |
Total Income |
₹6,019.28 lakhs |
₹2,487.52 lakhs |
Expenses |
||
- Purchase |
- |
₹117.30 lakhs |
- Change in Work-in-Progress (WiP) |
(₹65.68) lakhs |
₹25.30 lakhs |
- Cost of Project Expense |
₹2,199.67 lakhs |
₹711.24 lakhs |
- Employee Benefit Expenses |
₹1,278.10 lakhs |
₹680.34 lakhs |
- Finance Costs |
₹0.37 lakhs |
₹0.82 lakhs |
- Depreciation & Amortisation |
₹108.99 lakhs |
₹168.79 lakhs |
- Other Expenses |
₹391.82 lakhs |
₹163.03 lakhs |
Total Expenses |
₹3,913.27 lakhs |
₹1,866.82 lakhs |
Profit Before Tax |
₹2,106.01 lakhs |
₹620.70 lakhs |
Net Profit |
₹1,561.57 lakhs |
₹515.43 lakhs |
Earnings Per Share |
||
- Earnings Per Share |
₹8.06 |
₹7.98 |
- Diluted Earnings Per Share |
₹8.04 |
₹7.98 |
Overall, the company showed strong growth in revenue and total income in June 2024 compared to June 2023, despite higher expenses. The increase in profit before tax and net profit highlights improved financial performance.
Network People Services
Network People Services Technologies (NPST) is dedicated to driving digital transformation in the evolving tech landscape. They specialize in Digital Payment Solutions, serving a range of clients from banks and fintechs to various merchants, big and small.
NPST operates through two main areas: Technology Service Provider (TSP), which focuses on delivering digital payment solutions like Mobile Banking and UPI to financial institutions, and Merchant Payment Service Provider (TPAP), which supports seamless transactions for merchants of all sizes through their digital platform.
Their mission is to simplify and enhance business operations through innovative technology.
Network People Services Q1 FY24 Net Revenue at Rs 5,885.34 Lakh - FAQs
1. What was Network People Services' revenue from operations for Q1 FY24?
For Q1 FY24, the company's revenue from operations was ₹5,885.34 lakh.
2. How does Q1 FY24 revenue compare to Q1 FY23?
The revenue in Q1 FY24 increased significantly from ₹2,447.74 lakh in Q1 FY23, highlighting strong growth.
3. What was the total income for Q1 FY24?
The total income for Q1 FY24 was ₹6,019.28 lakh.
4. How did total income in Q1 FY24 compare to Q1 FY23?
The total income in Q1 FY24 saw a substantial rise from ₹2,487.52 lakh in Q1 FY23, reflecting overall growth.
5. What was the other income for Q1 FY24?
The other income for Q1 FY24 was ₹133.94 lakh.
6. What was the other income in Q1 FY23?
In Q1 FY23, other income was ₹39.78 lakh, indicating a significant increase this year.
7. What were the total expenses for Q1 FY24?
The total expenses for Q1 FY24 amounted to ₹3,913.27 lakh.
8. How do Q1 FY24 expenses compare to Q1 FY23?
Expenses increased from ₹1,866.82 lakh in Q1 FY23, showing a rise due to higher operational costs.
9. What was the cost of project expense in Q1 FY24?
The cost of project expense for Q1 FY24 was ₹2,199.67 lakh.
10. How did the cost of project expense in Q1 FY24 compare to Q1 FY23?
The cost of project expense increased from ₹711.24 lakh in Q1 FY23, reflecting higher project costs.
11. What were the employee benefit expenses for Q1 FY24?
Employee benefit expenses for Q1 FY24 were ₹1,278.10 lakh.
12. How did employee benefit expenses in Q1 FY24 compare to Q1 FY23?
Employee benefit expenses rose from ₹680.34 lakh in Q1 FY23, indicating higher employee-related costs.
13. What were the other expenses for Q1 FY24?
Other expenses for Q1 FY24 totaled ₹391.82 lakh.
14. How do other expenses in Q1 FY24 compare to Q1 FY23?
Other expenses increased from ₹163.03 lakh in Q1 FY23, reflecting higher miscellaneous costs.
15. What was the profit before tax for Q1 FY24?
The profit before tax for Q1 FY24 was ₹2,106.01 lakh.
16. How does the profit before tax in Q1 FY24 compare to Q1 FY23?
The profit before tax saw a significant increase from ₹620.70 lakh in Q1 FY23.
17. What was the net profit for Q1 FY24?
The net profit for Q1 FY24 was ₹1,561.57 lakh.
18. How did the net profit in Q1 FY24 compare to Q1 FY23?
The net profit rose considerably from ₹515.43 lakh in Q1 FY23.
19. What was the earnings per share for Q1 FY24?
The earnings per share (EPS) for Q1 FY24 were ₹8.06.
20. How does the earnings per share in Q1 FY24 compare to Q1 FY23?
EPS increased slightly from ₹7.98 in Q1 FY23.
21. What was the diluted earnings per share for Q1 FY24?
The diluted earnings per share (DEPS) for Q1 FY24 were ₹8.04.
22. How did the diluted earnings per share in Q1 FY24 compare to Q1 FY23?
DEPS increased from ₹7.98 in Q1 FY23.
23. What were the finance costs in Q1 FY24?
Finance costs for Q1 FY24 were ₹0.37 lakh.
24. How do finance costs in Q1 FY24 compare to Q1 FY23?
Finance costs decreased from ₹0.82 lakh in Q1 FY23.
25. What was the depreciation and amortisation expense for Q1 FY24?
The depreciation and amortisation expense for Q1 FY24 was ₹108.99 lakh.
26. How did the depreciation and amortisation expense in Q1 FY24 compare to Q1 FY23?
The expense decreased from ₹168.79 lakh in Q1 FY23.
27. What was the change in work-in-progress (WiP) for Q1 FY24?
The change in work-in-progress (WiP) for Q1 FY24 was (₹65.68) lakh.
28. How does the change in WiP in Q1 FY24 compare to Q1 FY23?
The change in WiP improved from ₹25.30 lakh in Q1 FY23.
29. When did the Board of Directors meet to discuss these results?
The Board of Directors met on July 22, 2024, to approve the financial results.
30. What is the date of the company's 11th Annual General Meeting?
The 11th Annual General Meeting is scheduled for August 26, 2024.