Heavy Buying Alert: Multibagger IT Stock Rockets Over 16 Per Cent After Reporting Significant Growth; Q2FY25 PAT Rises by 391 Per Cent
The is up by 80 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 500 per cent in just 3 years.
On Wednesday, shares of Dev Information Technology Ltd surged 16 per cent to an intraday high of Rs 173.45 per share from its previous closing of Rs 149.40 per share. The stock’s 52-week high is Rs 174.10 while its 52-week low is Rs 94.10. At the closing bell, shares of the company were trading at Rs 170.15 per share, up 13.9 per cent with a 4 times spurt in volume.
Founded in 1997, Dev IT has grown from a small-scale software provider to a global IT powerhouse. With a strong foundation in India and offices worldwide, the company offers a wide range of services, including cloud solutions, digital transformation, and enterprise applications. Known for its commitment to innovation and quality, Dev IT empowers businesses with cutting-edge technology. Their products, such as Talligence and ByteSIGNER, provide valuable tools for data analysis and document management. By understanding their client's unique needs, Dev IT delivers tailored solutions that drive business growth and success.
According to the Quarterly Results, the total income increased by 62 per cent to Rs 48.24 crore and net profit increased by 391 per cent to Rs 8.07 crore in Q2FY25 compared to Q2FY24. In FY24, net sales increased by 32 per cent to Rs 163.58 crore and net profit increased by 5 per cent to Rs 9.48 crore compared to FY23.
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Dev Information Technology Limited reported strong performance in Q2 FY25. Key highlights include securing significant orders from RajCOMP for the Kaushal Darpan and RajKisan Saathi projects, totalling Rs 7 crore. Additionally, DevIT won a Rs 97 lakh contract with GSFC for managed IT services. The company's innovative work was recognized with the "IT as a Service" award at the MSP India Summit 2024. Furthermore, DevIT's development of the Single Window IT System (SWIT) for IFSCA, launched by PM Modi, showcases its commitment to driving digital transformation and enhancing India's financial services ecosystem.
The company has a market cap of Rs 383 crore. The is up by 80 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 500 per cent in just 3 years. Investors should keep an eye on this IT stock.
Disclaimer: The article is for informational purposes only and not investment advice.