Varanium Cloud Limited, a Mumbai-based technology solutions company, has experienced significant growth in its business operations, total income, and net profit. Company has reported a standalone net profit of Rs. 96.25 crore for six months (H1) of FY23-24 ended September 2023 as against net profit of Rs. 26.37 crore in H1 of FY22-23, growth of 265% Y-o-Y. Total income from operations for H1FY23-24 was reported at Rs. 377.33 crore, higher by 205.4% Y-o-Y as compare to total income of Rs. 123.55 crore in H1 FY22-23. EPS for H1FY24 was at Rs. 22.44 per share.
EVLI Emerging Frontier Fund purchased 4.76 lakh shares in the company through a bulk deal on 11 October and 12 October 2023, investing Rs. 10.45 crore. The company approved the opening of subsidiary companies in the USA and UAE to expand business operations, and appointed Vinayak Vasant Jadhav as Chief Financial Officer. The company completed a Rs. 49.46 crore rights issue to meet working capital requirements and fund expansion plans.
The company plans to issue 40,20,574 fully-paid equity shares of face value of Rs. 5 each, totaling Rs. 49.46 crore, at a price of Rs. 123 per rights share, including a premium of Rs. 118 per equity share, with a rights entitlement ratio of 1:10.
