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Recordsdata Edge climbs over 2% post Q1 results


India

Recordsdata Edge climbs over 2% post Q1 results

NEW DELHI: Shares of Recordsdata Edge climbed over 2 per cent in Tuesday’s trade after the corporate reported a consolidated accumulate profit of Rs 93.66 crore for the quarter ended June 30. It had reported a shortage of Rs 187.58 crore in the same period last twelve months. The scrip traded 2.35 per cent increased…

NEW DELHI: Shares of Recordsdata Edge climbed over 2 per cent in Tuesday’s trade after the corporate reported a consolidated accumulate profit of Rs 93.66 crore for the quarter ended June 30. It had reported a shortage of Rs 187.58 crore in the same period last twelve months.

The scrip traded 2.35 per cent increased at Rs 3,369 on BSE.

Consolidated income of the corporate, however, declined 10.85 per cent YoY to Rs 285.05 crore. Total taxes also declined to Rs 195.32 crore against Rs 243.03 crore on YoY basis.

Commenting on the outcomes, Chintan Thakkar, CFO of Recordsdata Edge, stated, “We proceed to think the unfolding situation of the pandemic. Develop cash working from home and enterprise continuity thought is working satisfactorily. The billings are down by 43.9 per cent in Q1FY21 on YoY basis as a results of the nationwide lockdown. Nonetheless, the instantaneous impact on the income tends to be lower as we glance the income over the tenure of the contract. As a combined discontinue, working margin is at 37.3 per cent for the quarter as in contrast to 32.3 per cent for the same quarter outdated twelve months.”

Axis Capital maintained ‘Add’ rating on Recordsdata Edge with a tag target of Rs 3,570, citing better-than-expected margins.

“We just like the management protection of incubating contemporary ventures. Investments like Zomato and PolicyBazaar would possibly per chance furthermore extra drive its valuation given there is aloof runway for growth. We glance extra upside led by a increased valuation of newest ventures in funding rounds and bargain in cash burn for contemporary ventures led by Zomato,” the brokerage stated.

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