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Equity | News | Hot Pursuit
Hot Pursuit
eClerx Services hits the roof as board to mull buyback terms
(10:54, 15 Sep 2021)
On 13 August 2021, the company said that its board approved share buyback plan worth upto Rs 303 crore.

The board approved the proposal to buyback upto 9,46,875 equity shares of the company at a price not exceeding Rs 3,200 each, aggregating to Rs 303 crore.

The board took note of the intention of members of the promoter and promoter group including the person in control of the company to participate in the proposed buyback.

As on 6 August 2021, the promoter and promoter group held 53.81% stake in eClerx Services.

Following the buyback announcement last month, shares of eClerx Services have risen 8.33% from its close of Rs 2172.40 on 13 August 2021. It has soared 206.43% in one year compared with Sensex's 49.73% increase in the same period.

The company reported a consolidated net profit of Rs 91.3 crore in Q1 FY22 as against a net profit of Rs 51.8 crore in Q1 FY21, an increase of 76.4% YoY. Operating revenue for the quarter ended 30 June 2021 was Rs 486.3 crore as compared with Rs 336.6 crore in the corresponding period last year, YoY increase of 44.5%.

eClerx Services provides business process management, automation and analytics services.

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