Financial Year: 2024
ACS Technologies Limited, in a letter dated May 30, 2024, submits its audited financial results for the quarter and year ended March 31, 2024, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The submission includes the audited standalone and consolidated financial results and the Statutory Auditor's Report. The company is also filing these results in XBRL format and making them available on its website. The board meeting to approve these results was held on the same day from 11:30 Hrs to 15:30 Hrs. The company's scrip code is 530745.
Standalone Financial Results:
For the quarter ended March 31, 2024, ACS Technologies Limited reported revenue from operations of ₹2800.48 Lakhs, compared to ₹2478.20 Lakhs in the previous quarter (December 31, 2023) and ₹2800.48 Lakhs for the quarter ended March 31, 2023. Total revenue for the quarter was ₹2797.36 Lakhs. Total expenses amounted to ₹2636.79 Lakhs, resulting in a profit before exceptional and extraordinary items and tax of ₹160.56 Lakhs. Profit for the period was ₹228.00 Lakhs, and total comprehensive income was ₹225.69 Lakhs. Earnings Per Share (EPS) were ₹0.37 (basic and diluted).
For the year ended March 31, 2024, revenue from operations was ₹8079.51 Lakhs, compared to ₹6883.57 Lakhs in the previous year. Total revenue was ₹8089.27 Lakhs. Total expenses were ₹7736.12 Lakhs, leading to a profit before exceptional and extraordinary items and tax of ₹353.15 Lakhs. Profit for the period was ₹419.90 Lakhs, and total comprehensive income was ₹417.59 Lakhs. EPS were ₹0.73 (basic and diluted).
The standalone balance sheet as of March 31, 2024, shows total assets of ₹12,032.18 Lakhs and total equity of ₹9,405.43 Lakhs.
Consolidated Financial Results:
For the quarter ended March 31, 2024, the consolidated revenue from operations was ₹2876.54 Lakhs, compared to ₹2493.18 Lakhs in the previous quarter and ₹2876.54 for the quarter ended March 31, 2023. Total revenue was ₹2873.43 Lakhs. Total expenses were ₹2706.82 Lakhs, resulting in a profit before exceptional and extraordinary items and tax of ₹166.61 Lakhs. Profit for the period was ₹231.75 Lakhs, and total comprehensive income was ₹229.44 Lakhs. Earnings Per Share (EPS) were ₹0.38 (basic and diluted).
For the year ended March 31, 2024, the consolidated revenue from operations was ₹8199.40 Lakhs, compared to ₹6944.98 Lakhs in the previous year. Total revenue was ₹8209.16 Lakhs. Total expenses were ₹7847.11 Lakhs, resulting in a profit before exceptional and extraordinary items and tax of ₹362.05 Lakhs. Profit for the period was ₹426.65 Lakhs, and total comprehensive income was ₹421.03 Lakhs. EPS were ₹0.74 (basic and diluted).
The consolidated balance sheet as of March 31, 2024, shows total assets of ₹12,090.93 Lakhs and total equity of ₹9,419.95 Lakhs.
Auditor's Reports:
Gorantla & Co., Chartered Accountants, issued independent auditor's reports on both the standalone and consolidated financial results. The reports state that the financial results present a true and fair view in conformity with Indian Accounting Standards and the requirements of Regulation 33 of the Listing Regulations.
The auditor's report on the consolidated financial results notes that it includes the results of the subsidiary Iotiq Innovations Private Limited. The report also mentions that the auditor relied on another auditor's report for one subsidiary in the consolidated results, whose financial information reflects total assets of Rs 229.80 lakhs as at March 31,2024 and total revenues of Rs 76.07 lakhs and Rs 119.89 lakhs for the quarter ended and year ended March 31,2024 respectively. Their opinion is not modified in respect of this matter.
Ashok Kumar Buddharaju, Chairman and Managing Director, confirmed that the statutory auditors issued an unmodified opinion on the audited financial results for the 4th quarter and financial year ended 31.03.2024.
Other Information:
ACS Technologies Limited is engaged in the IT/ITES business and has no separate reportable segments. Cancellation and allotment of shares are in process, as per the Hon'ble NCLT order.
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