The shares of this AI stock hit a 5 percent upper price band of Rs.190.55 per share after receiving a Rs.13.61 crore order from the Punjab Government for developing agricultural credit societies.
Share Price Variation
On Tuesday, Enfuse Solutions‘ share price hit a 5 percent upper circuit limit of Rs.190.55 per share, up from the previous close of Rs.181.50 apiece. The stock has since retreated to Rs.188 per share.
The company’s share has delivered an impressive 95 percent return over the past five months.
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What is the news
Enfuse Solutions’ share price surged following the announcement of a new contract with the Punjab Government. The company will digitize Primary Agriculture Credit Societies (PACS) in Punjab under a Rs.13.61 crore contract. Revenue from this contract will be recognized over the project’s duration, according to the agreement’s terms.
Winning this contract from the Punjab Government strengthens Enfuse Solutions’ position as a top provider of digital solutions in agriculture and financial services. Successfully executing this project could attract additional contracts from other states aiming to digitize their PACS networks.
International Footprint
The company operates both in India and internationally, with a significant presence in various markets. Enfuse Solutions has clients and projects in countries such as the USA, Ireland, the Netherlands, and Canada. Enfuse has completed over 1,000 projects, demonstrating its extensive experience and global operational reach.
Product Diversity
Enfuse Solutions specializes in data management and analytics, focusing on data accuracy and governance. It also develops custom e-commerce platforms, including SEO and digital marketing services.
The company offers AI (Artificial Intelligence) and ML (Machine Learning) solutions to boost efficiency and data utilization. In the EdTech sector, Enfuse provides proctoring and review services to improve educational assessments.
Financials
The company reports financial statements on a half-yearly basis. Enfuse Solutions Ltd’s revenue from operations increased by 65.3 percent to Rs.24.83 crore in H2FY24, up from Rs.15.02 crore in H1FY24.
The Profit After Tax (PAT) surged by 111.3 percent to Rs.3.76 crore in H2FY24, compared to Rs.1.78 crore in H1FY24.
While the company’s operating cash flow of Rs.3.59 crore is currently 0.67 times its reported net profit of Rs.5.36 crore, the PACS project will generate additional cash inflows that can be used for working capital, and investment activities.
About the Company
Enfuse Solutions Ltd offers a wide range of services and products, specializing in digital solutions across various domains. The company operates from two delivery centers in Thane and Vikhroli, both located in Mumbai.
Written by – Siddesh S Raskar
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