The shares of the IT-enabled service provider gained up to 7 percent after the company bagged significant contracts to build Power BI dashboards for US-based clients.
With a market capitalization of Rs 373.02 crore, the shares of Dev Information Technology Ltd were trading at Rs 165.90 per share, increasing around 4.44 percent as compared to the previous closing price of Rs 158.85 per share.
Reason for Rise:-
The shares of the company have seen positive after Dev Information Technology Ltd bagged a 9-month contract that has been awarded by an energy sector client in the USA to build Power BI dashboards, providing insights into Employee Information, Payroll Analytics, and Financial Metrics.
Furthermore, The Cloud Business Unit secured three major enterprise closures, marking a key achievement. The first project involves migrating 2,300 SAP BO reports to Power BI for a healthcare client in the USA. The initiative begins with a discovery phase to assess the client’s current SAP BO environment and chart a course for a smooth migration, setting the foundation for future transitions to Power BI.
Commenting on the orders, Mr. Pranav Pandya, Founder & Chairman (DEV IT), said, “We are excited to see exceptional traction and positive responses this December, defying expectations of a quieter month for international sales. The successful closure of three major enterprise projects not only highlights our ongoing growth but also underscores our ability to deliver innovative solutions that meet the diverse needs of our clients globally.”
Financial performance:-
Looking forward to the company’s financial condition, revenue increased slightly by 29 percent from Rs 27.95 crore in Q2FY24 to Rs 35.94 crore in Q2FY25, net profit increased by 388 percent from Rs 1.66 crore to Rs 8.11 crore.
Key Projects:-
The company secured key contracts, including the Kaushal Darpan project for portal integration across polytechnics and ITIs, Rajkisan Sathi portal maintenance (₹5 crore), and a 5-year IT services contract with GSFC (₹1 crore). It also won the IT as a Service Award at MSP India Summit 2024.
Future Outlook:-
The company focuses on expanding into emerging technologies like IoT, cybersecurity, and AI, with plans to establish an AI center of excellence, Dev Labs. Its growth strategy includes
expanding in North America, exploring new markets, and maintaining a client-centric approach to drive efficiency and transformation.
Guidance:-
For FY25, the company projects revenue of ₹170-180 crores and PAT between ₹15-18 crores. In FY26, revenue is expected to exceed ₹200 crores with PAT surpassing ₹20 crores. Future performance will be influenced by new projects and market conditions after the US elections.
Company Profile:-
Dev Information Technology Limited is an information technology (IT) enabled services provider. It operates through the IT & IT Enabled Services segment. Its products include ByteSIGNER and Talligence. ByteSIGNER is a desktop application that allows the digital signing of PDF documents in bulk using a digital signature.
Written by:- Abhishek Singh
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