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Birlasoft’s Q3 Revenue up 14% YoY to ₹ 12,219 M

              Signed TCV deal wins of $ 231 M

Strong cash flow generation with highest ever quarterly collections


Birlasoft, a part of the USD 2.8 billion diversified CK Birla Group, reported its unaudited consolidated financial results for the third quarter ended December 31, 2022.

Mr. Angan Guha, Chief Executive Officer and Managing Director, Birlasoft, said, “Our revenues for the quarter have grown 14% year-on-year and 2.5% quarter-on-quarter to Rs 12,219 million. Deal wins have also been strong at $231 million TCV for the quarterWe continue to strengthen our position as a domain and enterprise digital capability-led player. The business is fundamentally robust and we are making the investments necessary for future growth, which makes me confident about our outlook going forward.”

Key Financial highlights for Q3 FY23

Note: The Company has received intimation that Invacare Corporation, a customer in the US, has filed a petition for relief under Chapter 11 of Bankruptcy Code in the United States Bankruptcy Court, on 01 February 2023. While the implications and options are being analysed further, the Company has, as a prudent accounting practice, created a provision amounting to INR 1,510.14 million against the outstanding receivables and contract assets as on 31 December 2022.

Other highlights

  • Signed deals of TCV $ 231 M during the quarter

o   TCV new deal wins of $ 102 M

  • Active Client Count at 299 in Q3

o   > $ 1 M customers at 83, up by 6 YoY

o   > $ 5 M customers at 24, up by 3 YoY

o   Top clients led growth – Revenue from Top 5, Top 10 and Top 20 clients grew YoY by 12.3%, 9.1% and 8.6% respectively

  • Cash & Cash equivalents of $ 121.1 M in Q3 FY23 versus $ 97.7 M in Q2 FY23

o   In ₹ terms, cash and cash equivalents at ₹ 10,015 M vs ₹ 7,947 M; up ₹ 2,068 M QoQ due to best ever quarterly collections reflecting the quality of services the company has been delivering

  • DSO continues to be best-in-class at 55 days
  • Manpower strength of 12,530 as at 31st December 2022 versus 11,945 a year ago

o   Net addition of 585 professionals YoY and net decline of 228 professionals QoQ

Deal wins for the quarter

  • Chosen by a leading US Energy & Utilities company for for renewal of Application Managed Services (AMS)
  • Selected by a US-based global engineering major for AMS and global support
  • Awarded business for a transformation program by a US customer in the Manufacturing vertical
  • Received a renewal from a Lifesciences & Healthcare customer for Governance Services
  • Awarded new business by a European design & manufacturing organisation for Cloud migration

Awards & Recognitions

  • Recognized by Microsoft as a Solution Partner for Infrastructure and Cloud workloads (Azure) and for Azure Data and AI
  • Recognized for Employee Transport Award at 7th Edition of the iNFHRA Workplace Excellence Conference & Awards 2022 – 23
  • Birlasoft’s Project Shodhan conferred with CSR Project of the Year at India CSR Summit 2022
  • Conferred with BTX Top Enterprise Award 2022 Asia at BTX Roadshow and Transformation Awards 2022 Asia
  • Birlasoft identified as a “Rising Star” in the Digital Business Enablement and ESG Services 2022′ ISG Provider Lens™ Study – U.S.
  • Birlasoft identified as a “Leader/Rising Star” in the ‘Oil and Gas Industry – Services and Solutions 2022’ ISG Provider Lens™ Study – North America, Nordics
  • Birlasoft recognized as a “Product Challenger/ Challenger” in the ‘Oracle Ecosystem 2022’ ISG Provider Lens™ Study – US, Brazil
  • Birlasoft recognized as a “Major Contender” in Everest Group’s SAP Business Application Services PEAK Matrix® Assessment 2022 – Global
  • Birlasoft recognized as a “Disruptor” in Avasant’s Hybrid Enterprise Cloud Services 2022-2023 RadarView™
  • Birlasoft positioned as “Challenger” in Avasant’s Blockchain Services 2022-2023 RadarView study
  • Birlasoft positioned as a “Product Challenger” in ISG Provider Lens study ‘Healthcare Digital Services 2022’


About Birlasoft

Challenge The Norm


Birlasoft combines the power of domain, enterprise and digital technologies to reimagine business processes for customers and their ecosystem. Its consultative and design thinking approach makes societies more productive by helping customers run businesses. As part of the multibillion dollar diversified The CK Birla Group, Birlasoft, with its 12,500+ professionals, is committed to continuing its 161-year heritage of building sustainable communities. For further information, visit www.birlasoft.com.


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