Promoters bought 8,48,030 shares: Multibagger IT-stock to keep under radar as company bags new order worth Rs 97,00,000 from Gujarat State Fertilizers & Chemicals Ltd

The is up by 36.1 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 388 per cent in just 3 years.

Dev Information Technology Limited, (NSE – DEVIT, BSE - 543462), a global IT services company providing Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services has announced the acquisition of a strategic order from Gujarat State Fertilizers & Chemicals Limited, a key undertaking of the Gujarat Government. The Rs 97 lakh order represents a major milestone in our ongoing mission to deliver technology solutions across diverse sectors. Securing this contract from a government entity not only strengthens our portfolio but also opens the door to further government partnerships in the future.

This prestigious order entails DEV IT providing comprehensive Managed IT Services for GSFC’s entire Network Operating Centre. Specifically, the company will implement a systematic and strong approach to manage and maintain GSFC’s email solution, ensuring seamless, fail-safe operation of critical communication infrastructure. Furthermore, the company will be responsible for the management and maintenance of Active Directory and Read-Only Domain Controller servers at GSFC, reinforcing the reliability and security of the organization's IT environment.

This achievement further underscores the company’s commitment to empowering businesses with innovative and transformative technology solutions. As the company continues to expand its service portfolio and strengthen its foothold in the IT sector, this partnership with GSFC is a testament to the company’s growing reputation as a trusted provider of reliable and comprehensive IT services.

About the Company

Dev Information Technology, founded in 1997, offers a variety of IT solutions including cloud services, digital transformation, enterprise applications, managed IT services, and application development. They also have their own AI/ML-powered business intelligence solution and a product for digitally signing documents. The company has partnered with major tech companies like Microsoft, Amazon Web Services, and Adobe.

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.

As of June 2024, the promoters of the company bought 8,48,030 shares and increased their stake to 70.20 per cent compared to 67.53 per cent in June 2023. The is up by 36.1 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 388 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. 

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