hSenid Business Solutions (hBS) reported its results for the period ended 31 December 2022, with revenues up 16 percent year-over-year. Topline growth was supported by its core PeoplesHR Cloud offering, followed by Tracking Solutions. The group recorded 51 percent recurring revenues, driven by PeoplesHR Cloud. hBS continued its growth initiatives during the quarter, particular within the APAC region, focused on its core PeoplesHR products, including new initiatives such as PeoplesHR Turbo and Marketplace. The quarter also saw the successful launch of Phase-II of the Ugandan Government project.
hBS was the recipient of a number of industry awards during the quarter. The company secured the top place under the ICT and BPO-related Services (Medium category) at the annual NCE Export Awards for the third consecutive year. The company was also recognised as the Sri Lanka ISV Microsoft Partner of the Year 2022. Additionally, its core brand PeoplesHR was recognized as a ‘Leader’ in both Asia and APAC in the Core HR category in the G2 Winter 2023 Reports. These ratings are a direct reflection of reviews provided by PeoplesHR users and its brand presence across the region.
Commenting on the progress for the quarter, Founder and Chairman Dinesh Saparamadu noted: “We remain committed to our long-term strategic objectives of carrying out product and market development initiatives. To support these initiatives, we are now in the midst of revamping our sales strategy and team at hBS. We are also committed to investments in retaining and recruitment of talent to support our growth story. To this end, the quarter saw hBS strengthen its investments in talent, particularly across the APAC region.”
Net profits for the quarter came in at LKR 29.7 million, compared to a profit of LKR 102.1 million in the corresponding quarter of the previous financial year, recording an LKR 0.11 earnings per share. For the nine months, net profits came in at LKR 287.6 million compared to LKR 116.2 million in the previous year.
CEO Sampath Jayasundara, commenting on the results, noted that “while it was a challenging quarter, we are pleased with the headway made with our growth initiatives. The commencement of Phase-II of the Ugandan Government project in particular, was a key milestone for the company during the quarter. We believe that completion of Phase-I in FY22 is a testimony of PeoplesHR’s robustness and ability to deploy at a very large scale. In addition, we continued to see our efforts in markets such as Bangladesh, Philippines and the Maldives taking shape with stronger deal closures. As the company continues to expand into new markets, we are closely reviewing ways to optimize our cost structure to improve profitability in the long run.”
With over 25 years of experience, hSenid Business Solutions PLC is a multinational Human Resource Information System (HRIS) based business solutions provider, operating in the Software-as-a-Service (SaaS) space. hBS maintains its presence in 6 countries serving over a million users in more than 1,400 organizations, from 20+ diversified industries and across 40 countries.