The shares of the leading software development firm, specializing in core banking software, IT solutions, and ERP implementation for the BFSI sector, jumped to the 5% upper circuit limit after the company secured a ₹3 crore order from an Indian bank.
On Monday, Trust Fintech Ltd‘s shares surged to a 5% upper circuit limit, reaching an intraday peak of ₹231.90 per share. The company’s market capitalization stands at ₹553 crore.
What Happened:
As per an exchange filing by Trust Fintech Ltd, the company has been awarded a contract by Indian Bank’s Digital Business and Fintech Partnership Department (Region II) for the design, development, maintenance, and customization of the PMEGP Portal for the Ministry of MSME. The contract, valued at ₹3 crores, is effective for a period of three years from the Go-live date, which is August 17, 2024.
About the company:
Established in 1998, Trust Fintech Limited is a Nagpur-based SaaS company specializing in Core Banking Software, IT Solutions, and ERP Implementation for the BFSI sector. Known for its expertise in the deployment and implementation of its flagship products, TrustBankCBS and MicroFinS, the company has carved out a prominent niche in the market.
On April 4, 2024, Trust Fintech Limited was listed on the NSE SME platform. The initial public offering (IPO) was priced between ₹95 and ₹101 per share, with a minimum lot size of 1,200 shares. Since its listing, the company’s shares have appreciated by 47%.
The company’s client roster includes notable organizations such as Internet Soft, Gadchiroli DCC Bank, Nabfins Ltd, Bank of Maharashtra, and Chandrapur Dist. Central Co-Op Bank Ltd.
Financials:
The company has achieved a 52% year-on-year revenue growth, increasing from ₹ 23 crore in FY 22-23 to ₹35 crore in FY 23-24. During the same period, net profit surged by 200%, rising from ₹4 crore to ₹12 crore.
Written by Omkar Chitnis
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