Saven Technologies Limited, a software development company, has reported a significant increase in its financial performance for the quarter ended June 30. The company also announced the appointment of a new Secretarial Auditor.

Financial Highlights

Saven Technologies posted impressive financial results for Q1:

The company's net profit saw a substantial year-on-year increase of 100.8%, rising from Rs. 67.74 crore in the same quarter last year to Rs. 136.04 crore this quarter.

Key Developments

Software Development

Saven Technologies completed software development for fintech companies during the quarter. The company capitalized a total of Rs. 180.83 crore in development costs, with Rs. 1.14 crore incurred during Q1.

Other Income Boost

The company's other income surged to Rs. 85.01 crore, which included Rs. 72.02 crore from the redemption of mutual fund units.

Appointment of Secretarial Auditor

In a separate announcement, Saven Technologies' Board of Directors appointed M/s. MKS & Associates, Hyderabad, as the company's Secretarial Auditor. The appointment is for a five-year term from Financial Year 2025-2026 to FY 2029-30, subject to shareholder approval at the upcoming Annual General Meeting.

M/s. MKS & Associates is a peer-reviewed sole proprietorship firm of Practicing Company Secretaries, established in 2008. The firm offers specialized secretarial, legal, and insolvency resolution services to domestic and international businesses.

Annual General Meeting

The company has scheduled its 32nd Annual General Meeting for September 15, to be held via Video Conference (VC) or Other Audio Visual Means (OAVM).

Saven Technologies' strong financial performance and strategic appointments reflect its commitment to growth and corporate governance. Investors and stakeholders will be watching closely to see if the company can maintain this momentum in the coming quarters.

Saven Technologies has announced its unaudited financial results for the first quarter, showcasing robust growth in revenue and profitability. The company's Board of Directors has also made key decisions regarding the appointment of a new Secretarial Auditor and the upcoming Annual General Meeting (AGM).

Financial Highlights

Saven Technologies reported impressive financial performance for Q1:

• Revenue from operations surged to Rs 451.82 lakhs, marking a significant 36.8% increase from Rs 330.28 lakhs in the corresponding quarter of the previous year.
• Net profit after tax rose substantially to Rs 136.04 lakhs, up 100.8% from Rs 67.74 lakhs year-over-year.
• Earnings per share (EPS) stood at Rs 1.25, reflecting the company's strong profitability.

The company's financial results demonstrate its ability to capitalize on market opportunities and drive growth in the software development and services sector.

Key Financial Metrics

Other Financial Developments

• Other income for the quarter included Rs 72.02 lakhs derived from the redemption of mutual fund units.
• The company capitalized Rs 180.83 lakhs for completed fintech software development, reflecting its investment in innovative technologies.

Corporate Updates

Appointment of Secretarial Auditor

The Board has appointed M/s. MKS & Associates, Hyderabad, as the Secretarial Auditor for a period of five years, subject to shareholder approval at the upcoming AGM.

Annual General Meeting

Saven Technologies has scheduled its 32nd Annual General Meeting for September 15. The meeting will be conducted via video conference or other audio-visual means, in line with modern corporate practices.

Management Commentary

Murty Gudipati, Managing Director & CEO of Saven Technologies Limited, stated, "We are pleased with our strong start to the fiscal year. The significant growth in our revenue and profitability underscores the effectiveness of our strategic initiatives and the growing demand for our software development services. We remain committed to delivering value to our stakeholders and look forward to sustaining this momentum in the coming quarters."

Saven Technologies continues to demonstrate its resilience and growth potential in the competitive software industry. The company's focus on fintech software development and its strong financial performance position it well for future success. Investors and stakeholders will be keenly watching the company's progress in the subsequent quarters.