189 per cent returns: Multibagger reports stellar Q1FY24 results; do you own it?
The net profit reported Rs 44.56 crore, a remarkable increase of 43.7 per cent.
Starting the day on a positive note, the indices recorded modest gains. The trading session concluded with the Indian stock market finishing on a high, as the Sensex surged impressively by 367 points, reaching a closing level of 66,527.67.
Cigniti Technologies Limited, established in 1998 in Hyderabad, Telangana, specializes in delivering quality engineering and software testing services to clients across diverse industries.
On July 28, 2023, the company reported financial results, details as follows:
Corresponding Year (consolidated):
The revenue surged from Rs 377.97 crore to Rs 439.53 crore, an impressive growth rate of 16.3 per cent. The reported operating profit also witnessed substantial growth, increasing from Rs 44.55 crore to Rs 62.07 crore, reflecting a significant improvement of 39.3 per cent. Moreover, the Profit After Tax (PAT) demonstrated exceptional growth, rising from Rs 31 crore to Rs 44.56 crore, a remarkable increase of 43.7 per cent.
Sequential Quarter (consolidated):
In Q1FY24, the revenue reached Rs 439.53 crore compared to Rs 424.97 crore, displaying a modest growth of 3.4 per cent. However, the EBITDA reported for the quarter slightly declined from Rs 68.37 crore to Rs 62.07 crore, reflecting a decrease of 9.2 per cent. Similarly, the Profit After Tax (PAT) for the first quarter of FY24 declined to Rs. 44.56 crore from Rs 49.24 crore, indicating a reduction of 9.5 per cent.
The company's financial performance remains strong, with significant QoQ growth showing resilience in facing market challenges, reaffirming its commitment to stakeholders and its promising position in the market despite a slight YoY dip.
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The company boasts an impressive track record of Return on Equity (ROE) with a commendable 29 per cent over the past 3 years. Furthermore, the stock has witnessed significant buying activity as it has given multibagger returns of more than 189 per cent in just 3 years.
Today, the shares of Cigniti Technologies Limited plunged 1.13 per cent, the scrip witnessed a spurt in volume by more than 1.40 times. The company's current market capitalization is Rs 2,133.76 crore.
Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.