This Indian IT firm announces a record-breaking share buyback date; information for investors

Updated: Jul 17

A well-known firm in the IT industry, Birlasoft Ltd., has announced the buyback of up to 7,800,000 fully paid-up equity shares with a face value of Rs. 2 per share, or up to 2.79 percent of the total number of equity shares in the company's paid-up share capital, for Rs. 500. The record date for share buybacks has been set by Birlasoft Ltd's board of directors as July 15, 2022.

"This is in continuation to the intimations made by Birlasoft Limited ("Company") regarding approval of the Board of Directors and the members of the Company for buyback of up to 7,800,000 fully paid equity shares of Rs. 2/- each of the Company, vide letters dated May 23, 2022, and July 1, 2022," Birlasoft Ltd said in a statement to Indian bourses about the record date for share buybacks. "Under Regulation 42 of the Securities andWe wish to inform you that the Company has set Friday, July 15, 2022, as the Record Date to determine the entitlement and names of equity shareholders who are eligible to participate in the buyback under Regulation 9(i) of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.

Buyback of up to 7,800,000 fully paid-up equity shares of the company, each with a face value of INR 2, representing up to 2.79 percent of the total number of equity shares in the paid-up share capital of the company, for INR 500, payable in cash, for an overall amount not to exceed INR 3,900 million, which is 24.97 percent and 16.32 percent of the total of the company's equity and debt outstanding, respectively. the Company's free reserves and fully paid-up equity share capital as of the most recent audited standalone and consolidated financial statements as of March 31, 2022, respectively (which is within the statutory limits of 25%) on a pro-rata basis via the "tender offer" route," according to information on Birlasoft's website.

The stock's NSE closing price was Rs 352.10, a decrease of 0.33 % from its prior finish of Rs 353.25. So far in 2022, the stock has lost 37.90% of its value. As of the day's closing price, Birlasoft Ltd. is trading below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

Birlasoft Financials

In Q4 FY22 compared to Q3 FY22, Birlasoft reported a 16.6% increase in net profit to Rs 132.9 crore on a 2.8% increase in operations revenue to Rs 1,101.4.

The company's net profit and revenue increased 34% and 22%, respectively, when compared to Q4 FY21.

EBITDA increased 7.2% from quarter to quarter and 14.5% from year to year to reach Rs 174.5 crore in Q4 FY22. EBITDA margin increased by 66 basis points over one quarter to 15.8% from 15.2% in Q3 FY22. The margin, on the other hand, fell 103 basis points from the 16.9% reported in Q4 FY21.

The company's revenue for the fourth quarter of FY22 was $146.4 million, an increase of 2.1% quarter over quarter and 18.8% year over year. The business reported that throughout the quarter, contracts for a total of $222 million were inked.

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