Cressanda Solutions Ltd reports excellent results for Q2FY24; Revenue up 38% Q-o-Q, PAT rise multi-fold to Rs. 5.1 crore

Board of directors has approved to changes name of the company to “Cressanda Railway Solutions Ltd” subject to approval

Mumbai: 17 November 2023: Cressanda Solutions Ltd, a prominent railways concierge service provider company specialised in cutting-edge IT, Digital Media, and IT-enabled services has reported excellent results for the Q2FY24. Company has reported revenue from operations of Rs. 19.49 crore in Q2FY24, 38% growth Q-o-Q as compared to revenue of Rs. 14.13 crore in Q1FY24. Net profit for Q2FY24 rise multi-fold to Rs. 5.1 crore as compared to Rs. 12 lakh in Q1FY24.

Highlights:-

  • Incorporated a WOS – Cressanda Renewable Energy Solutions Ltd on November 9, 2023.
  • Company has entered into a share purchase agreement to acquire 51% stake in Mastermind Advertising Pvt Ltd
  • Company has appointed four new directors to its board of directors w.e.f August 7 2023

The board of directors in the board meeting held on November 10, 2023 has approved to change the name of the company from “Cressanda Solutions Limited” to “Cressanda Railway Solutions Limited”. Subject to approval. The improving operational and financial matrix, together with the strategic roadmap and new name will be game changer for the company in the medium to longterm.

For Full year of FY23 company reported net profit of Rs. 6.08 crore, while in Q2FY24 itself net profit has risen to Rs. 5.1 crore. Company has taken many strategic initiatives in the recent past for the growth and future roadmap of the company.

  • The company recently incorporated a Wholly Owned Subsidiary – “Cressanda Renewable Energy Solutions Limited” (WOS) on November 9, 2023.
  • The company recently secured a bid floated by Eastern Railways, Ministry of Railways, towards provision of advertisement in EMU trains and provision of concierge services along with advertisement in Mail/Express and Premium trains operated with rakes whose primary maintenance is done by Eastern Railway.
  • The Company on 27th September, 2023 has entered into a share purchase agreement to acquire 51% stake in Mastermind Advertising Private Limited

Cressanda Solutions Ltd is a prominent India-based company founded in 1985 and publicly listed on BSE, specializes in delivering cutting-edge Information Technology (IT), Digital Media, and IT-enabled services to esteemed projects within Indian Railways. Over the past year, as a result of significant acquisitions, Cressanda Solutions has extended its horizons, positioning itself to become a major player in the corporate landscape with its innovative approach. Moreover, the company has taken steps to broaden its influence by establishing multiple fully owned subsidiaries.

Company has recently announced the addition of Mr. Arun Kumar Tyagi as Joint Managing Director and Executive Director, Mr. Chander Prakash Sharma as in the capacity of Independent Director and Chairman of the company, Mr. Vijay Solanki as the Chief Technology Officer (CTO) and Non-Executive Director, and Mr. Rajkumar Dinesh Masalia Executive Director to its Board of Directors, effective August 7th, 2023.

With the addition of four new directors, Cressanda Solutions Limited has embarked on an exciting transformative journey aimed at innovation, expansion, and seamless integration of its technology portfolio. This strategic evolution enables the company to effectively cater to broader organizational prospects. These service contracts are anticipated to yield substantial long-term profits, while also fostering significant positive societal change. In pursuit of successful execution of turnkey projects, the company’s new iteration has forged partnerships with industry-leading collaborators and has assembled a team of highly skilled professionals boasting extensive domain knowledge.

In the month of June 2023, company has completed its Rs. 49.30 crore rights issue to meet the working capital requirements and fund company’s expansion plans and for general corporate purposes. The company proposed to issue 2,46,49,2096 partly-paid equity shares of face value of Rs. 1/- each at a price of Rs. 20/- per rights share (including a premium of Rs. 19/- per Equity Share) aggregating to Rs. 49.30/- crore.

In the month of January 2023, company has bagged a prestigious order for in-coach digital advertising in the Kolkata Metro for a period of 5 years. Company is in the process of installing over 700 screens inside Kolkata Metro coaches providing Digital Entertainment along with running digital advertising. Company also has submitted a proposal to Kolkata Metro to provide Wi-Fi in coaches and Content-on-Demand services. Company aims to serve 7-8 lakh passengers daily with an annual target of 15 crore passengers and above. Company is in advance stages for the contract for providing in-coach wi-fi services.

In another important development, Cressanda has also joined hands with Broadcast Engineering Consultants India Limited (BECIL) a Govt. of India MINI RATNA Enterprise under Ministry of Information and Broadcasting and signed a joint consortium to bid for this marquee tender from the Ministry of Railways.

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