NETSOL Technologies has reported a massive profit of Rs. 913 million in the outgoing financial year 2021-2022 which is 377 percent higher than the previous financial year.
According to the financial announcement, the profitability of the company has increased to Rs. 913 million in FY22 as compared to Rs. 191 million reported in FY21.
The growth of the bottom line of the company reflected the increase in export business and the significant exchange gain received by the company during the outgoing financial year.
The company’s revenue surged to Rs. 6 billion from Rs. 4.9 billion whereas the cost of revenue stood at Rs. 4 billion in FY22. On the cost side, due to the massive growth in the IT industry both locally and globally and resultantly increased demand for IT resources, the resources retention cost is increasing significantly for the company.
The earnings per share of the company also increased to Rs. 10.19 from Rs. 2.13. The primary sources of revenue have been licensing, subscriptions, modification, enhancement, and support of their suite of financial applications.
The other income of the company saw an increase of 609 percent to Rs. 1.07 billion from Rs. 151 million, due to the rupee’s devaluation against the US Dollar.
NETSOL’s scrip at the bourse was closed at Rs. 98.99, down by Rs. 2.24 or 2.21 percent with a turnover of 2.07 million shares on Tuesday.
NETSOL’s clients include blue chip organizations, Dow-Jones 30 Industrials, Fortune 500 manufacturers, financial institutions, global vehicle manufacturers, and enterprise technology providers, all of which are serviced by NETSOL’s strategically placed support and delivery locations around the globe.