InfoBeans net profit up 85.4%

IT services firm InfoBeans reported a net profit of Rs 14.3 crore for the quarter ended December 2020, up 85.4% over the corresponding quarter last year and up 203.1% sequentially. Revenues were up 1.7% at Rs 52.72 crore and up 24.5% sequentially.

“The growth is due to all round demand from new and existing customers in all the 3 geographies (USA, UAE and Germany) we operate in,” said Avinash Sethi, co-founder and CFO, InfoBeans. “Post Covid, every business wants to fast forward adoption of technology and hence new projects are trickling in. Our US subsidiary Philosophie signed up a single USD 2.2m contract from a financial services firm,” added.