The shares of a global SaaS solution provider for the retail industry hit a 5 percent upper circuit upon the agreement with a USA based micro lending company.
At 9:55 a.m., on Monday, shares of Virinchi Ltd, a global financial service provider, hit the 5 percent upper circuit of Rs 39.90 apiece on the National Stock Exchange.
As per exchange filing,On July 28, 2023, Virinchi Ltd signed a Multi-Year Agreement with one of the US based Micro lending company,this agreement will add $2 Million to $2.5 Million per year to the Company’s top line moving forward. The initial Term of the agreement is for five years from 28th July 2023.
Virinchi Ltd revenue increased to Rs 80 crore in Q1FY24,compared to Rs 75 crore from the corresponding period of the previous year (Q1FY23).In addition, its net profit climbed to Rs 4 crore in Q1FY24 from net loss of Rs 1 crore in Q1FY23.
The company’s margins have risen slightly, with net profit margin rising from 3.87 percent to 4.07 percent and operating margin increased from 14.92 percent to 17.24 percent.
As per the latest shareholding pattern, promoters of the company hold a 41.32 percent stake, and retail investors hold a 58.26 percent stake in the company.
Virinchi Technologies provides IT products and services to the financial services industry. And it is the world’s leading provider of software services to the Retail Micro Lending and Deferred Presentment industries.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
