Heavy buying witnessed in this multibagger small-cap IT stock; do you own it?

The stock has witnessed significant buying activity, delivering multibagger returns of more than 190 per cent in just three years

On Thursday, shares of Cigniti Technologies zoomed more than 6 per cent, reaching an intraday high of Rs 877.65 apiece on BSE. The scrip witnessed a massive spurt in volume.

In Q4FY23, the consolidated revenue from operations increased by more than 23 per cent compared to the same quarter of the previous year, amounting to Rs 424.97 crore. The reported EBITDA level stood at Rs 68.37 crore, witnessing a surge of over 109 per cent from the March 2022 quarter. The net profit of the company zoomed more than 117 per cent from the corresponding quarter of the previous year, reaching Rs 49.24 crore.

In its financial report for the fiscal year FY22-23, Cigniti Technologies disclosed impressive numbers, with total revenue amounting to Rs 1647.58 crore, a substantial rise of 32.7 per cent from the previous fiscal year. Furthermore, the net profit for the year was Rs 168.32 crore, showing a remarkable increase of 83.5 per cent from the previous year.

The company has achieved the CMMI® Development V2.0 Maturity Level 3 appraisal for its Digital Engineering Services. This milestone underscores Cigniti's dedication to excellence and sets a new standard in the field of digital engineering.

The CMMI is an internationally recognized framework that evaluates an organization's maturity and capability in various process areas. The Level 3 appraisal demonstrates Cigniti's establishment of robust and standardized processes for managing and delivering digital engineering services, ensuring consistent quality and efficiency in their offerings. This certification complements Cigniti's existing CMMI-SVC V2.0 Maturity Level 5 certification for their software testing services.

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Cigniti Technologies Limited is the world’s leading AI & IP-led digital assurance and digital engineering services company. Cigniti has over 4,100 employees who assist multinational corporations in 24 different countries to accelerate their digital transformation journey.

The stock has witnessed significant buying activity, delivering multibagger returns of more than 190 per cent in just three years. Moreover, the stock has rallied over 85 per cent in the past year. Keep a close eye on this trending stock.