We continue to focus on winning opportunities in the USA as it is one of the largest IT markets in the world, emphasized Mridul Maheshwari, Senior Manager, Corporate Development, InfoBeans Technologies Ltd
What is your perspective on the global IT industry? What are the emerging trends you are witnessing after the pandemic?
After the pandemic, the world realized that IT adoption should accelerate. This has created huge demand for digital transformation services around the world. This is clearly seen in the kind of talent crunch that India is witnessing as it is the capital of the IT offshoring world.
All new projects are implemented in the cloud as the demand for automation of business processes increases.
With the growing number of Unicorns coming out in India, the demand for talent is endless right now and it is expected to continue in the next two quarters.
InfoBeans Technologies and PAT revenue for FY22 was at Rs 289 crore & Rs 57 crore; showing steady YoY growth of 47 percent and 54 percent, respectively. What factors have contributed the most to help you outperform?
There are two main factors that contribute to our revenue growth:
- Our ability to land new clients and win new opportunities
- And, our responsibility to extend to current clients by delivering value and cross-selling our wide range of services under digital transformation and product engineering.
We now serve six unicorns and have ten Fortune 500 companies as our active clients. Regarding PAT, certainly, our increased client satisfaction has helped us win better opportunities and profitable projects. Furthermore, we also saved some specific costs on the COVID-19 account. We expect our PAT margins to normalize to 15 percent, going forward.
In FY22, the USA accounted for approximately 80 percent of InfoBeans Technologies ’revenues. What are your plans for further diversifying your income mix geographically?
Our diversity this year is largely due to Indian clients like Ola. India, as a geography, currently generates 10 per cent of our income. Given the accelerated need for post-pandemic digital transformation, we are getting great opportunities.
We continue to focus on winning opportunities in the USA as it is one of the largest IT markets in the world.
What are your main growth triggers?
Landing and expanding on new/existing enterprise clients with strong balance, with long -term need for leading cloud solutions including Salesforce and ServiceNow, Automation, Digital Transformation and AI/ML services.
Also, we continue to invest in building a very strong engineering team to deliver the best solutions.
Since we went public in May 2017, we have focused on growing our top line aggressively while also maintaining the bottom line. We have successfully delivered the command of growth in both organic and inorganic.
We have expanded into three new geographies ie India, UAE, and Germany over the past five years, adding approximately 20 per cent revenue share while the remaining 80 per cent is from our main market in the USA.
We acquired two companies ie Philosophie in 2019, which is a US-based design consulting firm, and Eternus Solutions in 2021 (Pune-based Platinum Consulting Partner to Salesforce).
What are your top three strategic priorities?
Our top three priorities include:
- Grows fast and is sustainable
- People First – focus on developing and growing talent
- Stay on our clients ’critical business path.
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