Citiport Financial Services Reports Stellar Q1 Performance with 104% Revenue Surge
Citiport Financial Services Limited announced impressive Q1 financial results. Revenue increased by 103.85% year-on-year to ₹18.51 lakhs. Net profit surged by 1092.31% to ₹7.75 lakhs. Profit before tax rose by 1104.65% to ₹10.36 lakhs. Total expenses decreased marginally to ₹8.16 lakhs, with employee benefits expense reduced to ₹2.40 lakhs. Earnings per share reached ₹0.25. The results were approved by the Board of Directors on August 9 and reviewed by NSVR & Associates LLP, finding no concerns.
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Citi Port Financial Services Limited, a player in the financial services sector, has announced impressive financial results for the first quarter, showcasing substantial growth across key metrics.
Revenue Soars
The company reported a remarkable 103.85% year-on-year increase in revenue, reaching ₹18.51 lakhs, up from ₹9.08 lakhs in the corresponding quarter of the previous fiscal year. This significant jump in top-line performance underscores the company's strong market position and effective growth strategies.
Profit Surge
Citiport Financial Services witnessed an extraordinary surge in profitability. Net profit stood at ₹7.75 lakhs, representing a staggering 1092.31% increase from ₹0.65 lakhs reported in the same quarter of the previous year. This exponential growth in bottom-line figures reflects the company's improved operational efficiency and robust financial management.
Operational Efficiency
The company demonstrated enhanced operational efficiency, with profit before tax (PBT) climbing to ₹10.36 lakhs, up from ₹0.86 lakhs in the previous year, marking a 1104.65% increase. This substantial improvement in PBT highlights the company's ability to effectively manage its costs while driving revenue growth.
Cost Management
Citiport Financial Services showcased prudent cost management strategies. Total expenses decreased marginally to ₹8.16 lakhs from ₹8.21 lakhs year-on-year, despite the significant increase in revenue. Notably, the company achieved a reduction in employee benefits expense, which decreased to ₹2.40 lakhs from ₹3.60 lakhs.
Financial Highlights
| Particulars (in ₹ lakhs) | Q1 Current | Q1 Previous | YoY Change (%) |
|---|---|---|---|
| Revenue | 18.51 | 9.08 | 103.85% |
| Net Profit | 7.75 | 0.65 | 1092.31% |
| Profit Before Tax | 10.36 | 0.86 | 1104.65% |
| Total Expenses | 8.16 | 8.21 | -0.61% |
| Employee Benefits Expense | 2.40 | 3.60 | -33.33% |
Shareholder Value
The company's strong performance translated into improved shareholder value, with earnings per share (EPS) reaching ₹0.25 for both basic and diluted calculations.
Management Approval
The unaudited financial results were reviewed by the Audit Committee and subsequently approved by the Board of Directors in a meeting held on August 9. The meeting, which commenced at 2:30 p.m. and concluded at 3:00 p.m., was presided over by Enjamuri Pardha Saradhi, the Chairman and Managing Director of Citiport Financial Services Limited.
Auditor's Review
NSVR & Associates LLP, the company's statutory auditors, conducted a review of the financial results in accordance with the Standard on Review Engagements (SRE) 2410. The review found no cause for concern regarding the financial information presented by the company.
Citiport Financial Services Limited continues to operate as a single reportable segment in the financial services sector, focusing on delivering value to its stakeholders through robust financial performance and strategic growth initiatives.
Historical Stock Returns for Citi Port Financial Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.99% | +0.79% | -30.98% | -19.30% | -2.96% | +36.55% |
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