SaaS cybersecurity startup TAC Infosec has showcased robust financial performance in the fiscal year 2023-24 (FY24), registering a significant 23% surge in net profit to INR 6.33 Cr compared to INR 5.12 Cr in FY23. This positive momentum was accompanied by a commendable 17% increase in operating revenue, which soared to INR 11.84 Cr from INR 10.09 Cr in the previous fiscal year.
Financial Highlights
Total expenditure for FY24 stood at INR 5.49 Cr, marking a 10% rise from the previous fiscal’s expenditure of INR 4.97 Cr. The substantial growth in expenses was particularly notable in employee benefit expenses, which surged to INR 3.68 Cr from INR 1.28 Cr, reflecting the company’s strategic investments in human capital.
Growth Trajectory
The uptick in profitability was more pronounced in the latter half of FY24, with TAC Infosec recording INR 4.4 Cr in profit during H2 FY24 compared to INR 1.92 Cr in H1 FY24. This growth was underpinned by an impressive 30% increase in operating revenue during the latter half, reaching INR 6.59 Cr from INR 5.02 Cr in H1 FY24. The company attributed this success to a combination of new client acquisitions and operational efficiencies.
CEO’s Perspective
TAC Infosec’s founder and CEO, Trishneet Arora, expressed satisfaction with the company’s financial performance, emphasizing its strong market positioning and the escalating demand for its cybersecurity solutions. Arora underscored the company’s unwavering commitment to delivering exceptional value to stakeholders.
Market Debut and Investor Response
Having debuted on the NSE’s SME platform on April 5, TAC Infosec’s initial public offering (IPO) garnered substantial investor interest, closing with an impressive oversubscription rate of 392.5X. The IPO, which included a fresh issue of 28.29 Lakh equity shares, raised INR 29.9 Cr for the startup. TAC Infosec’s shares were listed at INR 290, marking a notable premium of 173.6% over the issue price of INR 106.
Market Performance
Following its IPO, TAC Infosec shares have witnessed positive market performance, with the company’s stock ending the latest trading session 3.16% higher at INR 488.3.
