The shares of this software company surged 9 percent after announcing strong quarterly results. In six months, the stock has delivered more than 30 percent returns to its stakeholders.
With a market capitalization of Rs. 107 crores, the shares of Edvenswa Enterprises Ltd opened Wednesday’s trading session on a positive note at Rs. 60 compared to its previous close at Rs. 56.62. The share hit a high at Rs. 62, gaining around 9 percent, and currently trading at Rs. 61.39 apiece.
Such a positive movement in the stock was observed after the company announced its June-September results. The company’s revenue increased by 57 percent from Rs. 19 crores in the June quarter to Rs. 20.34 crores during the September quarter. In addition, the net profit magnified by 112 percent from Rs. 1 crore to Rs. 2.12 crore during the same period.
Comparing these metrics on a YoY basis, the revenue increased by 80 percent from Rs. 11.35 crores during Q2 FY23 to Rs. 20.34 in Q2 FY 24. Furthermore, the net profit improved by 46 percent from Rs. 1.45 crore to Rs. 2.12 crore during the same timeframe.
Looking at the important financial ratios, the return on equity was 18.88 percent during FY 22-23, and the return on capital employed was recorded at 20.8 percent in the same time horizon.
According to the latest shareholding pattern, the Promoters have 60.27 percent stakes in the company, the Public or Retail Investors have 39.26 percent of the holding and the remaining 0.48 percent are with FIIs.
Headquartered in Hyderabad, Edvenwa Enterprises Ltd was incorporated in the year 1981. The Company is a technology solutions provider specializing in prototyping and building applications of scale for startups and enterprises. It designs, develops, and maintains software systems and solutions for its customers’ existing software products.
Written By Vaibhav Patil
