Spacenet reports 486% surge on PAT year-on-year basis

Hyderabad-based Spacenet Enterprises India Limited (NSE: SPCENET), a prominent global trading entity with substantial operations in Hong Kong and Dubai, has reported an exceptional 486% increase in its consolidated profit after tax (PAT) on an annual basis. 

This significant growth highlights Spacenet's focused strategy on diversifying its investment portfolio by incorporating stakes in pioneering, disruptive technology enterprises. 

Among its key investments are Billmart.com, a fintech innovator offering state-of-the-art financial technology solutions, Pathfinder, a leading generative AI company, and String Metaverse Limited, a forefront runner in the Web 3.0 gaming industry.

In a strategic initiative to strengthen its foothold in the fintech domain, Spacenet announced plans to escalate its investment in Billmart.com, a Mumbai-based fintech start up, demonstrating its commitment to nurturing and scaling innovative technology ventures.

DVS Prakash Rao, Executive Director at Spacenet, articulated the corporation's mission stating, "Our objective at Spacenet is to continuously identify and invest in ground breaking, new-age companies, and thereby consistently amplifying value for our shareholders." This approach underscores Spacenet's dedication to spearheading the adoption of disruptive technologies and fostering growth in the evolving digital landscape.