Shares of Infobeans Technologies Ltd., a software development company, surged 20% on Wednesday, July 23, on very strong volumes, in response to its quarterly results.Net profit for the period nearly tripled from last year to ₹23 crore. The growth in profitability was also aided by a surge in other income.
Sales for the period increased by 15.6% on a year-on-year basis to ₹111 crore from ₹96 crore. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the period grew by 52% from the year-ago quarter to ₹22.4 crore, while margins expanded by nearly 500 basis points to 20.18% from 15.31%.
The management of the company stated that demand across all geographies contributed to revenue growth and cost optimisation efforts led to improvement in EBITDA and profit margins.Infobeans signed six new clients during the quarter, of which, three are large enterprise clients.
Sales for the period increased by 15.6% on a year-on-year basis to ₹111 crore from ₹96 crore. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the period grew by 52% from the year-ago quarter to ₹22.4 crore, while margins expanded by nearly 500 basis points to 20.18% from 15.31%.
The management of the company stated that demand across all geographies contributed to revenue growth and cost optimisation efforts led to improvement in EBITDA and profit margins.Infobeans signed six new clients during the quarter, of which, three are large enterprise clients.
As per the company’s shareholding pattern for the June quarter, Mukul Agrawal had a 4.38% stake in the company, down from the 4.6% he owned in March. Other prominent shareholders in the company include the Kotak Mahindra Trusteeship Ltd., who holds a 1.03% stake.
Shares of Infobeans are locked in a 20% upper circuit at ₹538.2. The stock is trading at a 52-week high on Wednesday, having gained 44% in the last one month. The stock is also trading on very heavy volumes with over 4 lakh shares already traded in the stock, compared to its 20-day average of 3,000 shares.
