Higher internet demand boosts IT firms' half-yearly profits | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
Higher internet demand boosts IT firms' half-yearly profits

Stocks

Salah Uddin Mahmud
18 February, 2023, 09:05 pm
Last modified: 19 February, 2023, 02:43 pm

Related News

  • Internet costs to fall in budget FY26
  • NoC is mandatory in installing Starlink connections: Taiyeb
  • Starlink in Bangladesh: All residential, roaming packages, prices and how to get them
  • Starlink now in Bangladesh: Package starts from Tk4,200 per month
  • Internet price to drop by 20% at ISP, IIG levels from July

Higher internet demand boosts IT firms' half-yearly profits

Salah Uddin Mahmud
18 February, 2023, 09:05 pm
Last modified: 19 February, 2023, 02:43 pm

Nine, out of the ten listed IT firms that have published earnings for the July to December period of the ongoing 2022-23 fiscal year, have posted profit growth year-on-year, and the credit goes to an ever-growing demand for the internet in the country.

According to industry people, IT-enabled services (ITES) in the country are increasing rapidly because of higher demand for the internet, automation of various public and private institutions, and extensive use of IT in financial transactions and educational institutes.

From the pandemic time, companies from pretty much every sector have been leaning more towards automation in order to reduce costs, which has created more business for the IT sector companies.

Even small-scale merchants like coconut sellers, jhalmuri sellers, and cobblers are also turning to cashless transactions. Recently, about 1,200 such merchants in the capital's Motijheel have signed up for digitalisation.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Now coming to the listed IT firms' performances, Aamra Networks reported the highest 161% profit growth in the first half of FY23. The company's earnings per share (EPS) stood at Tk2.35.

During the period, the firm's revenue also increased because of an increase in its IT and software related services, as well as internet sales.

ADN Telecom also posted an impressive 63% profit growth in the July to December period of 2022, compared to the same period a year ago. Its EPS stood at Tk2.01.

The company's Managing Director Henry Hilton told The Business Standard "The demand for internet is increasing by around 30% year-on-year in both enterprise and retail segments. Recently, we started a business in the retail segment and got impressive results from there".

"Besides, we are working on some government projects which are helping us to maintain profit growth," he added.

Besides, IT Consultants, Agni Systems, and Daffodil Computers posted double-digit profit growths of 30%, 21%, and 14% respectively. 

According to Export Promotion Bureau (EPB) data, in the July to November period of 2022, the export earnings from computer-related services – such as bandwidth, International Gateway services, software exports, etc. –  jumped by 38.73% to $231.34 million, from $166.76 million in the same period previous year.

In FY22, it jumped by 94.91% to $592 million, which was $303.76 million in FY21.

Md Mazharul Islam, chief financial officer (CFO) at eGeneration Ltd said companies in various sectors of the country are preferring automation. Even small businesses are becoming increasingly interested in the use of IT.

"Already, the National Board of Revenue has started working on automation and on increasing their capacity, which is engaging more IT companies," he added.

"The country's main export sector – ready-made garments – is also relying more on automation, which is helping to reduce their production costs."

Also, many global IT giants are trying to hire Bangladeshi IT firms and professionals through the Offshore Development Center (ODC) model, he further said.

Non-listed firms like Smart Technology (BD) Limited and Orange Solutions Ltd have also reported growth in their business.

Smart Technologies' Head of Software Business Mirsad Hossain said the IT sector has been growing for several years now. But it grew the most during the pandemic as everything became online. And since then, this sector is seeing growth.

"The main reason behind this growth is the government's positive attitude towards the IT sector. Entrepreneurs are able to launch companies at a relatively low cost, and also avail various benefits including tax," he added.

During the pandemic, not only software, but hardware business also soared by 60% to 70%, he informed.

Most of the private schools in Dhaka have become automated. If a school is closed throughout a year due to situations like the Covid-19, classes can still continue online.

Same is the case for various businesses like shops, restaurants, pharmacies, and supermarkets, where stuff can be ordered online helping the IT sector to grow.

Tanvir Md Ishteaq, managing director of Orange Solutions said, "Our business has grown well after the pandemic. But the customers' confidence in the local IT-related products has not increased much, which is why they tend to buy foreign products of the same quality at higher prices."

"Hence, the competition is mainly with the international software companies," he added.

He believes that customer confidence can increase if the branding of local IT products is done properly.

Top News / Industry

IT Firms / Internet

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • People watch from a bridge as flames from an Israeli attack rise from Sharan Oil depot, following Israeli strikes on Iran, in Tehran, Iran, June 15, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Iran says it will stop 'self-defence response' if Israel halts attacks
  • Representational image. Photo: Mehedi Hasan/TBS
    DSE index rises, but turnover remains low
  • The moment before Abu Sayeed was shot during a clash between police and protesters in front of Begum Rokeya University in Rangpur on Tuesday, 16 July 2024. Screengrab from video
    ICT extends deadline for Abu Sayed murder probe by one month

MOST VIEWED

  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • Fighter jet. Photo: AFP
    3 F-35 fighter jets downed, two Israeli pilots in custody, claims Iranian media
  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Vehicles were seen stuck on the Dhaka-Tangail-Jamuna Bridge highway due to a traffic jam stretching 15 kilometres on 14 June 2025. Photo: TBS
    15km traffic jam on Dhaka-Tangail-Jamuna Bridge highway as post-Eid rush continues
  • Ahsan H Mansur. TBS sketch
    BB governor meets global litigation funders to mobilise $100m for tracing stolen assets
  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel

Related News

  • Internet costs to fall in budget FY26
  • NoC is mandatory in installing Starlink connections: Taiyeb
  • Starlink in Bangladesh: All residential, roaming packages, prices and how to get them
  • Starlink now in Bangladesh: Package starts from Tk4,200 per month
  • Internet price to drop by 20% at ISP, IIG levels from July

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

6d | Features

More Videos from TBS

Iran-Israel conflict heats up at G7 summit

Iran-Israel conflict heats up at G7 summit

1h | TBS World
Is Regime Change in Iran Israel's Goal?

Is Regime Change in Iran Israel's Goal?

1h | TBS World
Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

Ishraque seeks chief adviser's intervention for oath as Dhaka South mayor

3h | TBS Today
Israel asked US to join military campaign against Iran, but US rejects request

Israel asked US to join military campaign against Iran, but US rejects request

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net