The board of eClerx has approved a proposal to buyback upto 9,46,875 equity shares of the company at a price not exceeding Rs 3,200 each, aggregating to Rs 303 crore.

The buyback price of Rs 3,200 each is at a premium of 47.30% compared with the scrip's closing price of Rs 2,172.40 per share recorded on Friday (13 August 2021).

The board took note of the intention of members of the promoter and promoter group including the person in control of the company to participate in the proposed buyback.

As on 30 June 2021, the promoter and promoter group held 53.81% stake in the company, 44.02% stake was held by public shareholders and the remaining 2.18% stake was held by Employee Benefit Trust (ESOP Trust).

The board of eClerx Services has also approved its earnings for the quarter ended 30 June 2021. The company reported a consolidated net profit of Rs 91.3 crore in Q1 FY22 as against a net profit of Rs 51.8 crore in Q1 FY21, an increase of 76.4% YoY.

Operating revenue for the quarter ended 30 June 2021 was Rs 486.3 crore as compared with Rs 336.6 crore in the corresponding period last year, YoY increase of 44.5%.

In USD terms, operating revenue increased by 44.3% to $64.7 million as compared to $44.8 million in the corresponding period last year.

Total revenue, including other income, for the period was Rs 494.40 crore, YoY increase by 42%. EBIT for the period was Rs 132.5 crore, a growth of 70.8% YoY.

The total delivery headcount as of 30 June 2021 stood at 12,740, an increase of 50% YoY.

eClerx Services (eCx) provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies.