IT stock hits 5% upper circuit after company’s net profit increased by 182% in H2FY24

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IT stock hits 5% upper circuit after company’s net profit increased by 182% in H2FY24
Credit: © Reuters.

IT stock that encompass extensive expertise in artificial intelligence (Al) development, Machine Learning (ML) applications, Web and mobile app development, and many more hit 5 percent upper circuit upon posing its Q4FY24 results with a 182 percent jump in Net Profits.

With a market capitalization of Rs. 862 Crores, the shares of Sahana System Limited hit a 5 percent upper circuit at Rs. 1,078.60, from its previous day’s close price of Rs. 1,027.25.

Sahana System Limited was listed on NSE SME on June 12, 2023, at Rs. 160 per share with a premium of 20.7 percent from its issue price of Rs. 135. Since its listing it has delivered multibagger returns of 562 percent.

Its Revenue from Operations half yearly grew by 86 percent from Rs. 24.16 Crores in H1FY24 to Rs. 44.88 Crores in H2FY24 and it grew by 165 percent from Rs. 16.95 Crores in H2FY23 to Rs. 44.88 Crores in H2FY24. Annually it generated a revenue of Rs. 24.14 Crores in FY23 to Rs. 69.04 Crores in FY24, indicating a growth of 186 percent.

Its Net profit half yearly grew by 182.58 percent from Rs. 6.03 Crores in H1FY24 to Rs. 17.04 Crores in H2FY24 and it grew by 143.42 percent from Rs. 7 Crores in H2FY23 to Rs. 17.04 Crores in H2FY24. Annually it generated a Net Profit of Rs. 8.86 Crores in FY23 to Rs. 23.07 Crores in FY24, indicating a growth of 160.38 percent.

Sahana System Limited is an information technology (IT) company offering software solutions that encompass extensive expertise in artificial intelligence (Al) development, Machine Learning (ML) applications, Web and mobile app development, application migration, and tender management, ChatBot development, and product prototyping.

It has operations in the EV sector as well and has been allotted 500 locations in Andhra Pradesh to set up Electric vehicle charging points. At present, a feasibility survey has been completed for 45 locations and the process of procuring the charging stations for 25 locations has begun.

Written by: Bharath K.S

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