Saksoft Shares Defied Market Downturn to Touch the Upper Circuit

17 May 2023
2 mins read
The stock has experienced significant buying activity driven by its impressive performance.
Saksoft Shares Defied Market Downturn to Touch the Upper Circuit

The Indian benchmark indices ended the session significantly lower, weighed down by heavy losses in information technology stocks. The BSE Information Technology index fell 0.79 % as a result. Saksoft Ltd, a smallcap IT software stock, extended its robust uptrend defying the overall downturn and touched its upper circuit at Rs 221.30 per share on the BSE.  

Saksoft Ltd is an information technology company that provides digital transformation services and solutions to clients across various industries. Headquartered in Chennai, India, Saksoft has a global presence with offices in the United States, Europe and Asia-Pacific regions. The company’s services include application development, data analytics, cloud computing and cyber security. Saksoft focuses on mining customers to move them upwards in terms of revenue, with a strategy to target the 100 million to 2 billion market and get customers to a million dollar plus engagement.    

In Q3FY23, the net sales of the company surged by more than 37% from last year’s same quarter to Rs 171.68 crore. The EBITDA level of the company stood at Rs 29.89 crore, witnessing a surge by more than 32 % from December quarter 2021. The net profit of the company zoomed by more than 33 % from corresponding quarter last year to Rs 19.86 crore. The company had previously achieved its highest half-yearly revenue of Rs 312 crore, witnessing a growth of 44 % on YoY basis.    

The stock has experienced significant buying activity, driven by its impressive performance, which has resulted in multibagger returns of over 170% over the last year. Moreover, it has doubled the investors’ wealth in the past six months!  

Keep a close eye on this scrip for the upcoming sessions!