4,280 per cent returns & FIIs increase stake: This multibagger IT company reports stellar Q2FY24 and H1FY24 results, aims for 40 per cent revenue increase in FY24!

The stock gave multibagger returns of 473 per cent in just 1 year and a whopping 4,280 per cent in 2 years.

India benchmark indices were trading in red with BSE Sensex Index down by 0.16 per cent at 65,692 and NSE Nifty-50 Index down 0.11 per cent at 19,710.

Unfazed by the prevailing market weakness, this multibagger Small-Cap IT stock charted a positive course, up 0.11 per cent higher at Rs 462.10 with an intraday high of Rs 462.1 and an intraday low of Rs 460. The stock’s 52-week high is Rs 467 and its 52-week low is Rs 79.05.  

The stock name is Magellanic Cloud Ltd.

Magellanic Cloud Limited (BSE: MCloud) had announced that the company in its board meeting held on November 10, 2023, has inter-alia considered and approved the unaudited financial results of the company for the second quarter ended on September 30, 2023, as one of its agenda. Here are the details:

According to the Quarterly Results, the net sales increased by 70.2 per cent to Rs 154.07 crore and operating profit increased by 6.6 per cent to Rs 41.47 crore in Q2FY24 over Q2FY23. The company reported a net profit of Rs 22.07 crore in Q2FY24 compared to a net profit of Rs 28.66 crore in Q2FY23.

According to the half-yearly results, the net sales increased by 63.9 per cent to Rs 291.84 crore, operating profit increased by 38.7 per cent to Rs 81.05 crore and net profit increased by 5.7 per cent to Rs 40.96 crore in H1FY24 over H1FY23.

In its annual results, the net sales increased by 45.8 per cent to Rs 368.41 crore, operating profit increased by 242.3 per cent to Rs 127.36 crore and net profit increased by 151.6 per cent to Rs 74.10 crore in FY23 over FY22.

Magellanic Cloud is a technology company that is experiencing significant growth and expansion. The company has been included in four segments of the BSE S&P index, and it has recently launched a state-of-the-art Drone Command and Control centre.

Magellanic Cloud has also increased its production capacity five times and it has been enlisted by ICICI Bank to deliver e-surveillance services. In addition, the company has developed a line of agri & cargo drones and it expects to receive the necessary licensing to sell these drones in the near future. Magellanic Cloud is confident in its future growth, and it has set an ambitious revenue target of 30-40 per cent for FY24 compared to FY23.

The shares of the company have an ROE of 39.62 per cent and an ROCE of 32.86 per cent. The stock gave multibagger returns of 473 per cent in just 1 year and a whopping 4,280 per cent in 2 years. FIIs expanded their investment in the company during the September quarter of 2023, adding 2,66,619 shares to their portfolio, resulting in a 0.23 per cent stake. Investors should keep this IT stock under the radar.

Disclaimer: The article is for informational purposes only and not investment advice.