Promoters bought 8,48,030 shares: Multibagger IT-stock to keep under radar as company reports 103 per cent jump in PAT, bags order of Rs 4.41 crore & announced dividend!

The is up by 37.5 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 393 per cent in just 3 years.

Dev Information Technology Limited, a global IT services company providing cloud services, digital transformation, enterprise applications and managed IT Services, with products like Talligence and ByteSigner, has announced its Unaudited Financial Results for the Q1 FY25. Here are the details: -

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. DEV IT secures a significant Rs 4.41 crore order from Lilikoi Holdings, Inc. for custom software and IT infrastructure enhancement. The Board of Directors recommended a final dividend of 5 per cent (Rs. 0.25 per equity share) for the year ended 31st March 2024, subject to shareholder approval.

Today, shares of Dev Information Technology Ltd surged 3.77 per cent to an intraday high of Rs 129.35 per share from its previous closing of Rs 124.65 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 122.70 per share, down 1.56 per cent.

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.

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 37.5 per cent from its 52-week low of Rs 94.10 per share and gave multibagger returns of 393 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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