Begin typing your search...

CIEL HR posts 57 per cent rise in revenue at Rs 815 cr in FY23

Staffing firm CIRL Group posted 57 per cent rise in its revenue Rs 815 crore in the last financial year compared to Rs 520 crore reported in previous fiscal. Company’s revenue growth of 57 per cent was more than three times of industry’s growth rate of 16 per cent during this period.

CIEL HR posts 57 per cent rise in revenue at Rs 815 cr in FY23
X

CIEL HR posts 57 per cent rise in revenue at Rs 815 cr in FY23

Bengaluru, 4 May Staffing firm CIRL Group posted 57 per cent rise in its revenue Rs 815 crore in the last financial year compared to Rs 520 crore reported in previous fiscal. Company’s revenue growth of 57 per cent was more than three times of industry’s growth rate of 16 per cent during this period.

The operating profit (EBIDTA) of the company was at Rs 12.2 crore, a growth of 19 per cent over the previous fiscal.

“The 5 unique digital interventions of CIEL Group helped its revenues grow by about 57 per cent YoY while the industry grew by around16 per cent YoY (as per ISF Report Feb’23). Staffing and recruitment business of CIEL continues to be the largest business of the group with professional staffing as the emerging business of the Rs 814 crore. We continue to expand our operations, both through organic growth and strategic acquisitions. FY24 will be a year of expanding horizons, as CIEL Group aims to disrupt the HR space further,” Aditya Narayan Mishra, MD & CEO of CIEL HR said.

The company is planning to raise Rs 150 crore-Rs 200 crore through private equity (PE) route in the current financial year. The staffing firm is also considering going public to raise another Rs 750 crore from investors to fund its future growth.

“We intend to dilute 20 per cent (from promoters’ holding of 91 per cent) for raising another Rs 750 crore. Filing the draft red herring prospectus during fourth quarter of FY24 is still a possibility,” said K Pandiarajan, Executive Chairperson of CIEL Group in a virtual press meet.

The HR firm eyes a sound growth in its revenues in FY24 through its slew of technology offerings. The company will also look at inorganic growth opportunities through acquisitions.

###

Debasis Mohapatra
Next Story
Share it