In its first financial statement since going public in August, Yudiz Solutions, a blockchain and IT development company, reported a net profit of Rs 1.33 crore in the first half of the financial year 2023-24.
In the same period last year, the startup clocked net loss go Rs 54 lakh. Revenue from operations increased by more than 45 per cent, reaching Rs 15.87 crore in the first half of this year compared to Rs 10.91 crore in the same period last year.
Total income, including other income, rose by 47 per cent to Rs 16.18 crore in the first half of this year. Meanwhile, expenses increased by 18 per cent to Rs 13.95 crore, with the biggest chunk of costs coming from employee benefits at Rs 9.17 crore. Moreover, other expenses also rose by 91 per cent to Rs 3.62 crore.
Founded in 2011, Yudiz is an IT consulting firm specialising in web and mobile app development, as well as emerging technologies like AR/VR, AI/ML, blockchain and IoT.
In a recent meeting, Yudiz’s board of directors appointed Pranita Singh & Associates as the new internal auditor for the current financial year. Yudiz went public on the NSE SME platform on 17 August, with the shares listed at a 12 per cent premium to the issue price. However, the stock price has fluctuated significantly in the past three months, ranging from a high of Rs 213.8 to a low of Rs 140. As of 9 November, the shares closed at Rs 156.85, with a market cap of Rs 156 crore.
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