hSenid Biz accelerates sales and customer acquisition efforts in 1Q

hSenid Business Solutions (hBS) reported its results for the period ended on June 30, 2023, with revenues up 16.3 percent year-over-year. 

Top line growth was supported by its core PeoplesHR Cloud offering. Recurring revenues accounted for 52.0 percent, driven by PeoplesHR Cloud. Region-wise, APAC and Sri Lanka contributed strongly to top line growth. Company earnings, however, were impacted during the quarter due to investments in talent, marketing initiatives and higher project implementation costs. 

Commenting on the results, CEO Sampath Jayasundara noted, “Having revamped our sales organisation, we are now focused on accelerating our sales efforts in key APAC and MEA markets to generate a stronger deal pipeline. These efforts have been coupled with investments in go-to-market activities in its key markets to support customer acquisition efforts. In addition, we are also rolling out repricing and cost optimisation programmes during the first half of the financial year to help stabilise margins.” 

The company utilised a further Rs.77 million of its IPO funds during the quarter, in product and market development, particularly focused on the South Asia and South East Asia markets and module introductions to the core PeoplesHR product. To date, the company has utilised ~34.0 percent of the funds raised through the IPO.
Commenting on the strategic focus for the year, Founder and Chairman Dinesh Saparamadu noted, “With our investments in talent now in place, our key focus for the year includes developing select markets in the APAC and MEA regions whilst strengthening our core PeoplesHR product. With preference for Software-as-a-Service (SaaS) products on the rise globally, we continue to see increased demand for our PeoplesHR Cloud offering, which bodes well for both recurring revenues and margin stability. As a result, we expect to maintain a strong growth trajectory in our PeoplesHR Cloud business.”