Birlasoft share price hit a fresh 52 week high after the firm reported a 35% rise in net profit for the quarter ended June. Share price of Birlasoft rose 19.12% intra day to Rs 149.2 against previous close of Rs 125.25 on BSE.
The stock has gained 17.2% in two days. Birlasoft share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 14.56 lakh shares changed hands amounting to turnover of Rs 20.43 crore on BSE.
Market cap of the firm rise to Rs 3,974 crore. Later, the share closed 14.53% or Rs 18.20 higher at Rs 143.35 on BSE. The share has gained 92.81% in one year and risen 102% since the beginning of this year. In a month, the share has gained 58.33%.
Birlasoft, a part of the $2 billion diversified CK Birla Group reported consolidated net profit of Rs 56.3 crore for the June 2020 quarter against Rs 41.8 crore for April-June 2019.
Revenue from operations rose 17.7 percent to Rs 914.6 crore in Q1 from Rs 777.2 crore in the year-ago period.
"Our Q1 results were better than what we had expected at the beginning of this pandemic quarter. Our healthy deal wins of $179.7 million and good pipeline across verticals and horizontals, coupled with strong cash collections is a testimony to the trust shown in us," Birlasoft Managing Director and CEO Dharmender Kapoor said.
He said one of the major reasons for the rise in net profit was the drop in other income. "Our other income has gone down because we moved our cash and money onto more safer instruments and because of that the impact is coming up," Kapoor added.
Birlasoft Ltd is an India-based enterprise digital and information technology (IT) services company. The company provides software development and IT consulting services. Its service categories include digital, enterprise technologies and services and application and infrastructure.
The company serves various markets, such as automotive, banking, manufacturing, capital markets, insurance, media and entertainment and utilities.