Shares of this microcap software company jumped 20 percent today after the company announced they got an order from the Maharashtra government worth Rs. 248 crores.
At 10:47, 23th October shares of Ceinsys Tech Ltd were trading at Rs. 313.55 per share, up by 20 percent from previous closing price of Rs. 261.30.
Such bullish stock price movement were observed after the company on 22 October announced through a regulatory filing on Bombay stock exchange (BSE) that they have secured work allocation order from government of Maharashtra for IoT Deployment including Design, Implementation & Maintenance with Centralised IoT Platform for Jal Jeevan Mission Projects in State of Maharashtra.
The order is worth 248.39 crores and the time period for this project is 2 years for implementation and 5 years for operations and maintenance.
Looking at the financials of the company, revenue increased by 31.2 percent to Rs. 53.82 crores in Q1FY24 from Rs. Rs. 41.01 crores in Q1FY23, in the same time period company’s net profit increased by 63.15 percent to Rs. 8.37 crores from Rs. 5.13 crores.
Moving onto the profitability ratios, the company reported return on equity (ROE) of 17.59 percent and return on capital employed (ROCE) of 16.23 percent in the last financial year.
Ceinsys Tech Limited is a technology-centric company focused on providing solutions in the domains of Geospatial, Enterprise & Engineering, and mobility services to a diverse international client base.
Written by: Vinit Israni
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