During Wednesday’s trading session, the shares of a global IT and ITeS company surged by around 8.7 percent to Rs. 162.45 on BSE, after reporting Q2 FY25 results with a rise in net profit by around 119 percent QoQ and 388 percent YoY.
With a market cap of Rs. 356.6 crores, at 12:11 p.m., the shares of Dev Information Technology Limited were trading in the green at Rs. 158.6, up by nearly 6.2 percent, as compared to its previous closing price of Rs. 149.4.
What’s the news:
The fluctuations in the share prices were observed after Dev Information Technology Limited announced the financial results for Q2 FY25, through the latest filings with the stock exchanges on Tuesday post-market hours.
For Q2 FY25, Dev Information Technology reported revenue from operations of Rs. 35.94 crores, reflecting a marginal growth of around 1.4 percent QoQ from Rs. 35.46 crores in Q1 FY25, and increased by about 28.4 percent YoY from Rs. 28 crores in Q2 FY24.
The company’s net profit for Q2 FY25 grew to Rs. 8.11 crores, representing a rise of around 119.2 percent QoQ from Rs. 3.7 crores in Q1 FY25, and a year-on-year growth of nearly 388.5 percent from Rs. 1.66 crores in Q2 FY24.
Further, the Board of Dev Information Technology approved the payment of the 1st Interim dividend of Rs. 0.25 per equity share at the rate of 5 percent per equity share, having a face value of Rs. 5 each for the FY25, and fixed 26th November as the record date.
Shareholding Pattern:
As per the September 2024 shareholding pattern, the Promoters hold a 68.74 percent stake in the company, while Retail Investors hold 29.82 percent, and the remaining 1.45 percent is held by Foreign Institutional Investors (FII) in Dev Information Technology.
Stock Performance:
The stock has delivered positive returns of nearly 17.3 percent in one year, as well as around 45.6 percent returns in the last six months. So far in 2024, the shares of Dev Information Technology have given negative returns of about 2.2 percent.
About the company:
Founded in 1997, Dev Information Technology Limited is engaged in the business of providing IT-enabled services in the domestic as well as international markets.
The company offers comprehensive end-to-end IT services, including cloud services, digital transformation, enterprise applications, managed IT services, and application development. its products include talligence, business analytics software that transforms tally accounting data into actionable business insights, and ByteSIGNER, a bulk document signing solution.
Written by Shivani Singh
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