Zen Technologies Q1 Results: Net profit jumps multi-folds to ₹47 crore, revenue up 257% YoY
Zen Technologies Q1 Results: Zen Technologies announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 5, reporting a multi-fold jump of 532 per cent at ₹47.08 crore, compared to ₹7.4 crore in the corresponding period last year. The RPG Enterprises Group-company's revenue from operations during the first quarter of current fiscal stood at ₹132.45 crore, registering a surge of 257 per cent, compared to ₹37.07 crore in the year-ago period.
The company's board approved the re-appointment of Shilpa Choudari as the whole-time director of the company for a further period of three years starting from November 1, 2023, subject to the approval of shareholders at its annual general meeting (AGM). The board also approved the re-appointment of Sirisha Chintapalli as the independent director of the company for second term of three years starting from August 8, 2023, subject to the approval of shareholders at the AGM.
In the preceding January-March quarter of fiscal 2022-23, Zen Technologies posted a 508.13 per cent jump in its profit after tax to ₹20.19 crore for the quarter ended March 31, 2023, against ₹3.32 crore in the year-ago period. Ashok Atluri, Chairman and Managing Director had said, "Our investment in R&D reached an all-time high of nearly ₹19 crore, significantly higher than the average of ₹12-14 crore spent in the last five years." ‘’We have placed bids for substantial orders and we expect the results to be out by H1FY24," Ashok Atluri said, adding, "To capitalise on these potential opportunities, we are taking steps to enhance the bandwidth of our key functions, including Supply Chain, Procurement, and Production Planning.'' On August 4, shares of Zen Technologies settled 1.65 per cent higher at
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