Shares of C.E. Info Systems Ltd. rose over 6% on Monday after first-quarter consolidated net profit beat estimates.
The technology company's net profit rose 32% year-on-year to Rs 32 crore in the June quarter, according to an exchange filing. That compares with the consensus estimate of Rs 28.6 crore of analysts tracked by Bloomberg.
C.E. Info Systems Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 38% at Rs 89.4 crore. (Bloomberg estimate: Rs 82.6 crore).
Net profit up 32% at Rs 32 crore. (Bloomberg estimate: Rs 28.6 crore)
Ebitda up 25% at Rs 37.5 crore. (Bloomberg estimate: Rs 31 crore)
Margin at 41.9% vs 45.98%. (Bloomberg estimate: 37.53%)
Shares of C.E. Info Systems were trading 4.12% higher at Rs 1,600.50 apiece, compared to a 0.14% gain in the benchmark NSE Nifty 50 as of 10:57 a.m. The stock gained as much as 6.90%, the most since July 14.
The stock has risen nearly 31.64% year-to-date. The total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index at 80, indicating the stock may be overbought.
All four analysts tracking C.E. Info Systems maintain a 'buy' on the stock, according to Bloomberg. The average of 12-month analyst price targets implies a potential downside of 8.3%.
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