ANI PR Wire
17 Nov 2023, 15:02 GMT+10
PNN
Mumbai (Maharashtra) [India], November 17: 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 Arun Kumar Tyagi as Joint Managing Director and Executive Director, Chander Prakash Sharma as in the capacity of Independent Director and Chairman of the company, Vijay Solanki as the Chief Technology Officer (CTO) and Non-Executive Director, and 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.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Get a daily dose of Kolkata Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kolkata Sun.
More InformationGAZA - The home of a doctor working in the emergency room at the Nasser Medical Complex in southern Gaza was struck by Israel Air...
ORLANDO, Florida: For years, Universal Orlando played second fiddle to Disney's sprawling empire in Central Florida. Now, with the...
WASHINGTON, D.C.: The U.S. Transportation Department is expected to say that fuel economy rules created under President Joe Biden went...
WASHINGTON, D.C.: The U.S. Justice Department is investigating Andrew Cuomo, the former governor of New York and a top candidate for...
WASHINGTON, DC - U.S. President Donald Trump re-ignited his trade war on Friday with an extraordinary attack on the European Union...
ATLANTA, Georgia: A judge in Georgia has ruled that Delta Air Lines can continue most of its lawsuit against the cybersecurity company...
KUALA LUMPUR, Malaysia: Airbus is in discussions with Malaysian airlines to introduce its A220 aircraft, the company's Asia-Pacific...
TOKYO, Japan: Nissan is reportedly considering shutting down two car assembly plants in Japan and several overseas factories, including...
New Delhi [India], May 25 (ANI): Over 20 Chief Ministers and 18 Deputy Chief Ministers from various states gathered in New Delhi on...
New Delhi [India], May 25 (ANI): The members of India A squad led by Abhimanyu Easwaran reached England on Sunday ahead of their matches...
Bengaluru (Karnataka) [India], May 25 (ANI): A day after the Bharatiya Janata Party (BJP) unit in Karnataka staged 'Kalaburagi Chalo'...
Ahmedabad, (Gujarat) [India], May 25 (ANI): Fifties from Devon Conway and Dewald Brevis power Chennai Super Kings (CSK) to 230/5 in...