Multibagger IT company bags new order worth Rs 12,00,000 from Ports and Transport Department Gujarat
The is up by 66 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 300 per cent in just 3 years.
Dev Information Technology Ltd (DEV IT) has been awarded a substantial contract by the Ports and Transport Department Gujarat to modernize the IT infrastructure of the Gujarat Maritime Board. This project involves setting up, configuring, integrating, and migrating users to the latest technology, coupled with a year of managed support services. The initiative aims to streamline the board's existing operations and enhance its ability to provide regulated and well-planned services for developing multi-purpose port and logistic facilities, as well as supporting the shipping industry. The contract is a domestic one with a fixed cost of approximately Rs 12 lakh and is expected to be executed within a year. This significant order reinforces DEV IT's position as a leading provider of IT solutions and services to government entities in India.
Additionally, the company completed the acquisition of Dhyey Consulting Services, a renowned Microsoft Dynamics 365 solutions provider. This strategic move strengthens DEV IT's capabilities in offering comprehensive ERP and CRM solutions, particularly on the Microsoft Dynamics 365 platform. Dhyey Consulting Services brings a wealth of experience and expertise to DEV IT, with over 300 successful implementations across various industries, including retail and manufacturing. The acquisition allows DEV IT to integrate Dhyey's deep knowledge of Microsoft Dynamics 365 and Power Platform solutions, enhancing its service offerings and solidifying its position as a leader in digital transformation. By combining the strengths of both organizations, DEV IT is poised to provide enhanced service delivery, a wider range of solutions, and innovative technologies to its clients, ensuring their continued success in the digital age.
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About the Company
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.
The company reported net sales of Rs 35.46 crore in Q1FY25 compared to net sales of Rs 60.46 crore in Q1FY24. The net profit skyrocketed by 103.2 per cent to Rs 3.72 crore in Q1FY25 compared to net profit of Rs 1.83 crore in Q1FY24. 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. The is up by 66 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of over 300 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.