During Friday’s trading session, the shares of an information technology (IT) company engaged in offering digital services globally surged 4.7 percent on NSE, after the company announced securing a contract worth Rs. 18.5 crores from the Punjab Government.
Price Movement
With a market cap of Rs. 228.3 crores, at 12:51 p.m., the shares of Enfuse Solutions Limited were trading in the green at Rs. 258, up by around 1 percent, as against its previous closing price of Rs. 256.
What’s the news
On 26th August 2024, Enfuse Solutions signed a contract worth Rs. 13.6 crores with the Punjab Government for the digitization of Primary Agriculture Credit Societies (PACS) in Punjab.
Building on this agreement, Enfuse Solutions Limited has now been awarded an additional work order as part of the existing contract with the Punjab Government for the digitization of 341 PACS in Punjab, as per the latest regulatory filings with the NSE, dated 7th March 2025.
This project, with a total financial value of around Rs. 18.5 crores, is expected to have a positive impact on the company’s revenue and profitability. Revenue realization is expected to occur throughout the project timeline, as outlined in the agreement.
This achievement not only reinforces the company’s commitment to advancing technology-driven digitization initiatives in the government sector but also strengthens its foothold in the government space, positioning Enfuse Solutions favourably for similar projects in other states.
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Financials
Enfuse Solutions reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 42 percent, rising from Rs. 15.02 crores in H1 FY24 to Rs. 21.3 crores in H1 FY25. Similarly, during the same period, the company’s net profit increased from Rs. 1.6 crores to Rs. 2.32 crores, representing a rise of around 45 percent YoY.
About the company
Incorporated in 2017, Enfuse Solutions Limited is an information technology (IT) company engaged in the business of providing digital services globally. Headquartered in Mumbai, Enfuse Solutions develops and delivers advanced technology and products to meet the discerning needs of a wide range of clientele, from enterprises to carriers across geographies.
Written by Shivani Singh
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