hSenid Business Solutions (hBS) reported its results for the period ended 31March 2023, with revenues up 32.7 percent year-over-year for FY23. Top line growth was supported by its core PeoplesHR Cloud offering, followed by Tracking Solutions.
Recurring revenues accounted for 49.0 percent, driven by PeoplesHR Cloud.Region-wise, APAC and Sri Lanka contributed strongly to topline growth. Net profits for the year came in at LKR 183.5 million, recording an LKR 0.66 earnings per share.
The company obtained the ISO/IEC 27017:2015 certification related to cloud service security, during the final quarter of FY23. This is in addition to obtaining the ISO/IEC 27001:2013 certification pertaining to information security management systems, which guarantees the protection of client information assets. hBS expects the implementation of these systems to add value to both its product and service offerings, particularly within the enterprise segment in overseas markets.
Commenting on the year, Founder and Chairman Dinesh Saparamadunoted: “While the year was a challenging one, we made headway in a number of areas including our investments in the APAC region, focused on our core PeoplesHR products. We also strengthened our senior management team with key hires during the year, particularly strengthening our sales organisation. We believe these investments in talent are critical for the success of our long-term growth initiatives.”
Since the initial public offering, the company has utilised nearly LKR 166 million to-date, or 24 percent of the total funds raised, in product and market development. Market development initiatives were carried out with a particular focus in South Asia and South-East Asia, while product development focused on new module introductions to the core PeoplesHR product, and revamp of the PeoplesHR Turbo and Marketplace products. hBS also invested in digital marketing activities during the year in its key markets to accelerate customer acquisition efforts.
Looking towards the new financial year, CEO SampathJayasundara commented: “We believe we have set a clear foundation over the past year with investments in people, processes and our core product, to generate stronger results in the new financial year. Our key focus for FY24 will be to continue our market development activities focused mainly onkey select markets in APAC and MEA. This will be coupled with a cost optimisationexercise to review our cloud and infrastructure costs 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 in1,600 organizations, from 20+ diversified industries and across40 countries.