FIIs and DIIs increased their stake: This Software company’s net profit surged by 196 per cent in June quarter

Shares of the company witnessed a 6 per cent jump today, following the announcement of stellar quarterly results.

RateGain Technologies, a prominent Software as a Service (SaaS) provider to the travel and hospitality industry, experienced a significant 80 per cent rise in its consolidated revenue in Q1 FY24, reaching Rs 2,144 crore, compared to Rs 1,193 crore in the same period of the previous year. 

During the quarter, the company's operating profit experienced a remarkable 217 per cent growth, amounting to Rs 378 crore, compared to Rs 119 crore in the same quarter the previous year. However, the operating profit margin jumps from 10 per cent to 17.6 per cent. 

The company witnessed a 196 per cent increase in its net profit for the quarter that ended June 2023, reaching Rs 84.2 crore, as compared to Rs 249 crore recorded in the corresponding period of the previous year. Moreover, the net profit margins also improved from 7.1 per cent to 11.6 per cent in Q1 FY24. 

If we bifurcate the revenue by geographic area, we find that 60.8 per cent of the company's revenue comes from North America, 25.9 per cent from Europe, 11.5 per cent from the Asia Pacific, and the remaining 1.8 per cent from other countries. 

The company reported a total customer portfolio of 3057, with an addition of 115 new customers in the last quarter. 

Today, the stock commenced trading at Rs 489.95, 1.3 per cent from the previous day's closing price of Rs 483.50. Finally, the stock concluded today’s session at Rs 513.70. The stock's 52-week highs and lows are Rs 578 and Rs 252.45 respectively. Currently, its market capitalization stands at Rs 5564 Crore. 

Additionally, the stock crosses its all-time high price of Rs 525, which was reached on January 18, 2022. 

Over the past three months, the stock has delivered an impressive return of 30 per cent, while in the last one year, it has generated a return of 82 per cent. 

In terms of ownership, the promoters hold 55.76 per cent of the company's shares, while foreign institutional investors (FIIs) and domestic institutional investors (DIIs) hold 5.33 per cent and 17.78 per cent, respectively.  

Moreover, both the FIIs and DIIs have increased their holding in the company as per the June quarter update.