Quicktouch Technologies posts 146% jump in Q1 net profit, to acquire UAE-based Pinnacle Exim IT Solutions

Quicktouch Technologies reported a 146.77 percent jump in net profit at Rs 1.53 crore in the quarter ended June 2024 compared to Rs 0.62 crore during the corresponding quarter ended last year.  

The company’s sales registered a gain of 266.43 percent to Rs 41.70 crore in the quarter ended June 2024 as against Rs 11.38 crore during the previous quarter ended June 2023. 

In the April-June quarter, its total income was reported at Rs 42 crore compared to Rs 11.41 crore in year-ago period.  

“The company has smashed all targets by clocking a profit which is almost thrice the corresponding quarter last year,” Gaurav Jindal, Managing Director of Quicktouch said.  

These results underscore the company’s strong market position and effective growth strategies, he added. 

The company’s board has also approved acquisition UAE-based Pinnacle Exim IT Solutions LLC. Pinnacle Exim IT Solutions LLC is engaged in various sectors, including Software Applications Development & Management. 

“This acquisition aligns with Quicktouch’s strategic vision of becoming a leader in technology and digital services. By integrating Pinnacle’s expertise and resources, Quicktouch can enhance its capabilities, offer a broader range of services and deliver greater value to its clients worldwide,” said Jindal. 

Quicktouch also disclosed its plans to raise Rs 50 crore through a preferential issue of equity shares at a price of Rs 144 each.  

The company also unveiled a new logo. The sleek and modern design reflects innovation, growth, and the company’s commitment to excellence, it said in a statement.