hSenid Business Solutions drives growth in 2Q FY23

hSenid Business Solutions (hBS) reported another favourable earnings result for the period ended 30 September 2022, with strong growth across the key business segments and regional operations. Net profits for the quarter came in at LKR 58.0 million, compared to a profit of LKR 15.3 million in the corresponding quarter of the previous financial year, recording an LKR 0.21 earnings per share. For the first half, net profits came in at LKR 260.4 million compared to LKR 22.6 million in the previous year.

Growth in the quarter was supported by the PeoplesHR Cloud offering, accounting for majority of company revenues, whilst also recording above-average recurring revenues. The segment also accounted for nearly 60% of the new deals secured during the quarter.

Regionally, both Sri Lanka and APAC contributed actively to quarterly revenues, with the Sri Lankan market featuring heavily for new deal closures during the quarter. The company utilized a further LKR 38.1 million of the equity raised via the IPO during the second quarter, primarily for product and market development.