Varanium reported exponential growth in business operations

Varanium Cloud Limited  has reported exponential growth in business operations with robust growth in the total income and net profit. As per the release, Company has reported a standalone net profit of Rs. 96.25 crore for six months (H1) of FY23-24 ended September 2023 as against net profit of Rs. 26.37 crore in H1 of FY22-23, growth of 265% Y-o-Y. Total income from operations for H1FY23-24 was reported at Rs. 377.33 crore, higher by 205.4% Y-o-Y as compared to total income of Rs. 123.55 crore in H1 FY22-23. EPS for H1FY24 was at Rs. 22.44 per share.

Recently, EVLI Emerging Frontier Fund has bought a total of 4.76 lakh shares in the company through bulk deal on 11 October and 12 October, 2023. The fund invested a total of Rs. 10.45 crore in the company. In the board meeting dated 9 October 2023 company has approved to open subsidiary companies in USA and UAE to expand business operation. Mr. Vinayak Vasant Jadhav was appointed as Chief Financial Officer of the company with immediate effect. Company has recently completed its Rs. 49.46 crore rights issue successfully to meet the working capital requirements, fund the company's expansion plans and for general corporate purposes.

Company has reported robust financial results for the financial year ended 2022-23. Revenues for the company increased 984% to Rs. 383.37 crore in FY23 as against revenues of Rs. 35.35 crore in FY22. Net Profit too jumped 917% to Rs. 85.46 crore as compared to the net profit of Rs. 8.4 crore in FY22. Reserves and surplus as on March 2023 was reported at Rs. 91.22 crore and assets at Rs. 183.99 crore.

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