Dev Information Technology’s Q4 Net Profit Grew By 2,144%!

Dev Information Technology Ltd, a leading Indian IT services company, has announced its quarterly and annual results for the year ending March 31, 2023. Here are the details:  

Quarterly Results: The company witnessed a significant increase in net sales by 40.11% and a remarkable surge in net profit by 2,144%, with an EPS of Rs 1.50 in Q4FY23 compared to Q4FY22.  

Annual Results: Dev Information Technology Ltd recorded a 24% growth in net sales and an impressive 89.88% increase in net profit, with an EPS of Rs 4.06 in FY23 compared to FY22.  

Additionally, the company declared a final dividend of 5% or Rs 0.25 per share with a face value of Rs 5, fully paid.  

Furthermore, the company has informed that they have secured a noteworthy order from Gujarat International Finance Tec-City (GIFT), an undertaking of the Gujarat Government for Microsoft 365 and Azure Infrastructure for organizational data storage. The order is worth Rs 72 lakh approx. and will be completed within 36 months from LOI.    

Dev Information Technology Ltd is recognized as a comprehensive technology solutions provider, specializing in digital transformation through cloud, automation and data technologies. The company has secured multiple orders from clients across the globe.  

On Monday, the shares of Dev Information Technology experienced a plunge of 2.19%, reaching Rs 109 per share. During the day, the stock reached an intraday high of Rs 113 and a low of Rs 107.20.   

Since its listing on BSE and NSE on February 18, 2023, the stock has exhibited a remarkable growth of over 60% and is currently up by 12.25 % in a span of one year. The company boasts a Return on Equity (ROE) of 26% and a Return on Capital Employed (ROCE) of 28%.  

Investors are advised to monitor this IT stock closely for upcoming days.