Tecnotree Reports Strong Financial Result for H1 of 2021

HELSINKI, Aug. 16, 2021 /PRNewswire/ -- Tecnotree, the global Digital Business Support Systems (BSS) provider, announced its 2021 second quarter and half-year results. With the growth in all the parameters, the company reported an increase of 16% in net sales and a remarkable growth of 60% in the net profit for H1 2021 as compared to H1 of 2020. Looking ahead, Tecnotree expects to leverage the competitive advantage for sustainable long-term growth and capitalize on new opportunities related to 5G & IoT technology.

Consolidated highlights of the half-year result:

• Net sales increased to EUR 27.9 million with the growth of 16% for the same period in 2020
• Net income registered an increase of 60% y-o-y with EUR 7.7 million
• Cash & equivalent's position continues to get better with an increase of 33% with EUR 10.7 million at the end of H1 2021 as compared to end of 2020
• Highest in 8 years, Order Book is reported at EUR 55.0 million at the end of H1 2021, a whopping growth of 71% in comparison to the end of 2020
• The market capitalization almost doubled at the time of this announcement versus end of 2020

Tecnotree CEO, Padma Ravichander, said, "After having demonstrated our resilience in last several quarters and one of the best Q1 performances in the company's history, we have been able to continue our growth journey in the second quarter. I am pleased with what we could achieve together despite the Covid-19 delta variant challenges in India where we have our largest development center located."

Padma further added, "Tecnotree's Digital BSS Suite 5 continues to generate healthy excitement across markets, leading to a record order book in the last 8 years. I am confident that our focused approach in 5G, IoT, and AI/ML enabled systems will continue to win the confidence of service providers."

Some of the other notable business achievements in the first half include:

• Company won Commercial Excellence Supplier Award from MTN
• MTN Group selected Tecnotree for digital transformation of their operations in five countries in Africa
• Recognized as a finalist in two categories in the prestigious TM Forum Excellence Awards - 'Customer Experience & Trust', and 'The Human Factor'
• Met all delivery commitments remotely with its unique zero-touch deployments      
• Launch of Tecnotree DiWa, a Digital Wallet which is set to reshape and modernize payment methods
• Tecnotree Moments, an innovative B2B2X commerce platform was introduced which is getting incredible response from the market already.

Being called 'A well-performing phoenix' by Inderes, a leading financial analyst from Finland was the cherry on the top for a great performance.

Contact Tecnotree at [email protected] to know more.
+358 9 804781

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SOURCE Tecnotree