Innovana Thinklabs reports strong earnings in first half of current fiscal, PAT zooms over 94%

Innovana Thinklabs Limited, an innovative technological solutions provider which was listed on the SME Platform of the National Stock Exchange (NSE), has announced its half-yearly results for the six months ended on September 30th, 2021

New Delhi, November 19, 2021: Innovana Thinklabs Limited (NSE: Innovana | NSE: INE403Y01018), a leading domestic innovative technological solutions provider, has posted unaudited financial results for the first six months of the ongoing financial year. The company has reported strong numbers in the above mentioned period, thanks to higher income and operational efficiency, which reduced the expenses of the company on a proportional basis.

The company has released the consolidated earnings for the April to September 2021 period, which includes as many as six subsidiaries.

Innovana Thinklabs Limited has reported an increase of 94.4 per cent in the profit after tax (PAT) in the first half of the current financial year to Rs 16.41 crore on a year-on-year (YoY) basis, compared to Rs 8.44 crore in the corresponding period the previous year. On a sequential basis, net profit surged over 121.1 percent from Rs 7.42 crore in the H2FY21 period.

The IT solution provider has reported a rise of 32.5 percent on a YoY basis in the total income to Rs. 38.49 crore in H1FY22, compared to Rs. 29.03 crore in H1FY21. On a sequential basis, the total income jumped 21.95 per cent from Rs. 31.56 crore in H2FY21.

The EBITDA of the company increased 61.2 percent to Rs. 19.28 crore in April-September 2021 period from Rs. 11.98 crore in the same period the previous year. The Operation profit zoomed 180 percent on a sequential basis from Rs. 6.89 crore.

The basic and diluted earnings per share (EPS) of the company rose 94.41 percent to Rs 16.02 per share from Rs 8.24 per share on a year-on-year comparison. Sequentially, it jumped 121.27 percent from Rs 7.24 per share.

Innovana Thinklabs reported a net profit of Rs. 15.86 crore in the financial year ended on March 31, 2021, with a total income of Rs. 60.6 crore.

Commenting on the results, Mr. Chandan Garg, Chairman and MD, Innovana Thinklabs said that, “We are highly delighted by the financial performance of the company and willing to perform better in the days ahead. We are completely focussed on serving and expanding our client base, which will add more value to our shareholders.”

“As the digitisation in India is expanding at a rapid pace, the need for innovative and new-age solutions will increase exponentially. The business has a lot of potential and we are committed to delivering on our promises.”

About the company:

Innovana Thinklabs Limited is engaged in the software and application development business which directly provides services to create new applications and enhance the functionality of our users’ existing software products. Our product portfolio consists of applications and software such as Ad-blocker, Disk Cleanup, Space Reviver, File Opener, Privacy Protector, etc. They have developed numerous products and these products have registered their presence and popularity in over 126 countries in 13 different languages. The operations of our company are controlled by our registered office situated in Jaipur, Rajasthan.

The company was originally incorporated as “PCVARK Software Private Limited” on April 13, 2015, under the provisions of the Companies Act, 2013 vide certificate of incorporation issued by the Registrar of Companies, Rajasthan, Jaipur. Further pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on June 14, 2017, our Company was converted into a Public Limited Company and consequently, the name of our Company was changed to “PCVARK Software Limited” vide fresh certificate of incorporation dated June 27, 2017, issued by the Registrar of Companies, Rajasthan, Jaipur. Later the name of the Company was changed from “PCVARK Software Limited” to “Innovana Thinklabs Limited” vide certificate of name change dated August 30, 2017, issued by Registrar of Companies, Rajasthan, Jaipur.