IT stock which is one of the leading IT Solutions providers specializing in facilitating digital transformation through Digitalization, Modernization, Cloudification, Automation, and Intelligence jumps 6 percent in the day’s trade upon receiving a work order worth Rs. 111 Crores
With a market capitalization of Rs. 326.15 Crores, the shares of Canary’s Automations Limited were trading at Rs. 58.05, up 4.41 percent from its previous day’s close price of Rs. 55.60.
Canary’s Automations Limited’s wholly-owned subsidiary Canarys Corp has received a work order for a consideration of $13.3 million or Rs. 111 Crores from Simplify Healthcare based in Illinois, USA, to provide solutions and services in relation to cloud migration, FinOps Management, and managed solutions for a period of three years.
Commenting on the order, Mr. Sheshadri Srinivas, Chief Executive Officer, Canarys Automations Limited said “This is a significant engagement that marks a strategic advancement in our expansion efforts, particularly in the Health Care domain and the North America region.
The solutions and services provided in this engagement are closely aligned with Canarys expertise in the cloudification segment, reinforcing our commitment to delivering innovative technology solutions. This demonstrates Canarys commitment to its growth trajectory and aim to acquire more global enterprise customers, showcasing its dedication to evolving along the solutions journey. Overall, it is a promising step forward for the company.”
Canaries Automations Limited is one of the leading IT Solutions providers that specializes in facilitating digital transformation for businesses through its software solutions in Digitalization, Modernization, Cloudification, Automation, and Intelligence.
The solutions provided by the company cater to various industry sectors, including BFSI, Retail, Healthcare, Pharmaceutical, and Manufacturing, with a primary focus on enhancing operations, improving customer experiences, and staying competitive
Its Revenue from operations grew by 42.32 percent from Rs. 51.8 Crores in FY22 to Rs. 73.73 Crores in FY23, accompanied by profits of Rs. 4.31 Crores to Rs. 9.38 Crores.
It has reported a return on equity (ROE) of 61.39 percent, a return on capital employed (ROCE) of 56.25 percent, and a debt-to-equity ratio of 0.12.
Written by: Bharath K.S
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