Recently listed Orient Technologies shares gained as much as 6 per cent on Monday, September 16, to register an intraday high of Rs 322 per share. The buying interest in the stock came after the company reported its Q1FY25 results after market hours on Friday.
At around 12:12 PM, shares of Orient Technologies were up 3.46 per cent, or ahead by Rs 10.5, at Rs 314 per share. In comparison, the BSE Sensex at around the same time was trading 24.85 points higher at 82,866.09.
How did Orient Technologies fare in Q1FY25?
The information technology (IT) company logged a 30.43 per cent year-on-year growth in profit after tax (PAT) to Rs 9.3 crore in the three months ended June 2024, compared to the PAT of Rs 7.13 crore it posted in the year-ago period.
The company logged a 27.3 per cent year-on-year (Y-o-Y) increase in revenue, at Rs 148.84 crore in the April-June quarter of the current financial year (FY25), from Rs 116.9 crore in the year-ago period.
Its earnings before interest, tax, amortisation, and depreciation (Ebitda) stood at Rs 13.65 crore, compared to Rs 10.62 crore in the corresponding period last year.
“The performance this quarter highlights the resilience of our business model and the strong demand for our diverse services and solutions,” said Ajay Sawant, chairman and managing director of Orient Technologies.
As per its filing, the IT company has secured two major projects in the banking, financial services, and insurance (BFSI) and public sector segments.
Shares of Orient Tech had listed on August 28 this year at Rs 290 on the BSE, logging a 40.77 per cent premium over the upper end of its issue price of Rs 206. While on the NSE, Orient Tech shares opened at Rs 288, resulting in a 39.80 per cent premium over the issue price.
Since its listing, the shares of Orient Technologies have lost 0.31 per cent, compared to the BSE Sensex’s rise of 17.5 per cent during the same period.
Orient Technologies is an IT services provider specialising in innovative cloud and data management solutions for enterprises.
The company’s strategic focus is on expanding its cloud offerings and bolstering data security solutions, which are essential in today’s rapidly evolving business environment.
First Published: Sep 16 2024 | 1:09 PM IST