Op jindal university, Private university in Sonipat, India

Mumbai (Maharashtra) [India], May 9 (/PNN): Mumbai based IT and Cloud Infrastructure rising company Varum Cloud Limited has reported robust growth in its earning reported for the Q4FY2023 and FY2023 owing to its expansion in the cloud technology business and roll out of data centres across the places.Company has reported a net profit of Rs 29.48 crore against Revenue of Rs 150.32 crore in the March quarter. The company reported a nearly 38 per cent increase in sales over the previous quarter, which was driven by its new data centre operations. The company has recorded total sales of Rs 383.36 crore in FY2023 against which net profit has been reported as Rs 82.44 crore. Compared to the previous financial year net profit of Rs 8.40 crore, the profit in FY23 has increased almost 10 times. EBITDA margin stood at 29.48 per cent in the March quarter with EBITDA of Rs 44.32 crore as against 36.17 per cent in the previous quarter, the decline in EBITDA margin was mainly due to depreciation expenses of the data centre which was set up earlier. Annualised EBITDA has been strong at 31.11 per cent this year.Company has declared total dividend of Rs 10 (100 per cent) in Financial Year 2023, in the recent board meeting company has declared final dividend of Rs 7 and Rs 3 was paid during the previous fiscal as a part of Interim Dividend. Company has announced major corporate action and rewarded its shareholders by issuing bonus shares in a ratio of 1:1 ( one equity share for one equity share held). It has also approved the sub-division of one equity share of face value of Rs 10 each fully paid up into 2 equity shares of face value of Rs 5 each fully paid up via stock-split for which 12th May 2023 has been set as a record date.Recently QMS in partnership with MAS (Medical Allied Services), unveiled a cloud-based medical wearable device named "Vyana" on 21 April 2023. Vyana aims to address the growing need for medical wearables that provide timely assistance and is designed to continuously monitor vital parameters and send instant notifications as well as directly contact the user and their emergency contacts in case of significant fluctuations, making it must be used for high risk groups.It has entered into a processing services agreement with Que Processing Services Pvt Ltd to launch Rupe prepaid cards leveraging its physical infrastructure in non-urban markets. As emphasised by the company's management, they will continue to grow at the same revenue run-rate in FY 2024 as well. Apart from that, they expect a new business cable cloud (OTT streaming platform services) to go live in Q1FY24. EaaS (e-commerce as a service) is garnering significant traction and expects this to grow to 20 per cent of total revenue in FY24. The company has stated with much confidence and excitement that the year 2024 could be significant with expansion of Hydra Web Services to 500 seats, full rollout of 10 EDCs, full rollout of 3 more "Edmission" centres, preferential issue, full Fastway acquisition, 10 more clients for EaaS. A major event will be the signing and launch of the cable cloud streaming platform.The Company came out with an SME IPO in September 2022 at an issue price of Rs 122 per share and gets listed on NSE EMERGE platform. In the short span of listing the stock has delivered whooping returns of 12 times on its IPO price, recording an all-time high of 1602 per share in January 2023. Currently stock is trading at around 780 per share.Incorporated in Dec 2017, Varum Cloud Limited is a technology company focused on providing services surrounding digital audio, video, and financial blockchain (for PayFac) based streaming services. Company has diversified set of service offering to its various clients across different domains. In Past Year company has been on the spree of expansion and has made various partnerships with best in class compes to provide solutions in Ed-Tech, Medical Tech, Cloud Services, BPO as well as Data Centres.This story is provided by PNN. will not be responsible in any way for the content of this article. (/PNN)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Op Jindal UniversityFOLLOW

Op jindal university, Latest News

Agartala (Tripura) [India], May 9 : Tripura Chief Minister Mk Saha, while attending the Rabindranath Tagore Jayanti celebrations on ... ...

Mumbai (Maharashtra) [India], May 9 : BFFs Kareena Kapoor Khan and Malaika Arora, on Tuesday, shared glimpses from their ... ...

New Delhi [India], May 9 (/PNN): NAR-India and RICS India have announced the launch of a new Executive Leadership ... ...

By Venkatachari Jagannathan Chennai, May 9 Even though the Wadia group has approached the National Company Law Tribunal ... ...

Bangalore (Karnataka) [India], May 9 (/PRNewswire): Slick App, the social networking platform for GenZ, is disrupting the market and ... ...

New Delhi, May 9 While hearing a bath of pleas for same-sex marriages, Supreme Court on Tuesday queried ... ...

New Delhi (India), May 9 : India reported 1,331 new cases of Covid-19 in the last 24 hours, the ... ...

Mumbai (Maharashtra) [India], May 9 (/PNN): Mumbai based IT and Cloud Infrastructure rising company Varum Cloud Limited has reported ... ...