Multibagger IT-Stock In Focus After Winning Two Cybersecurity Contracts Worth USD 2,50,000 From Leading USA Enterprise
The is up by 66 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 685 per cent in just 3 years.
DEV Information Technology Limited (DEV IT) has announced the winning of two substantial cybersecurity contracts from a major US enterprise client. The agreements, valued at USD 2,50,000 (Rs 2 crore) annually, represent a significant boost to DEV IT's revenue stream. The contracts will see DEV IT providing critical cybersecurity services, including compliance guidance to help the client adhere to industry standards like ISO, HIPAA, and GDPR, as well as 24x7 Managed Security Operations Centre (SOC) services leveraging cutting-edge technologies such as Cortex and Azure Sentinel. This win underscores DEV IT's growing prominence in the cybersecurity space and its ability to secure large-scale contracts with prominent international clients.
DEV IT attributes its success in securing these contracts to its strong, multi-layered relationship management, particularly its engagement with the client's new leadership. The company's unwavering focus on delivering high-quality, tailored solutions proved instrumental in securing the client's trust and ultimately winning the business. This accomplishment reinforces DEV IT's confidence in its ability to scale its cybersecurity offerings globally and further solidifies its position as a trusted partner for enterprises seeking to enhance their digital transformation and security posture. The company remains committed to providing cutting-edge solutions that address the evolving security needs of its clients.
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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 many 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.
The company has a market cap of Rs 345 crore. The is up by 66 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 685 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.