Sahana Systems shares hit upper circuit to new highs on strong earnings

Shares of Sahana Systems Ltd hit an upper circuit on Thursday, hitting its new high, after the company reported a strong performance in the period ended on September 30, 2023. The company announced its earnings on Wednesday through an exchange filing.

The consolidated net profit of Sahana System surged more than 140 per cent on a year-on-year (YoY) basis to Rs 4.52 crore for the six-month ended September 30, 2023. The company's net profit came in at Rs 1.86 crore in the same period previous year, said the exchange filing.

Revenue from operations for the company came in at Rs 24.12 crore for the April-September 2023 period, up 236 per cent on yearly comparison. The operational income came in at Rs 7.19 crore in the same period previous year, it added in the filing.

Following the announcement, shares of Sahana Systems were locked in the upper circuit of 10 per cent to Rs 332.75 on Thursday, hitting its new all time high. The IT services counter had settled at Rs 302.50, up 10 per cent, in the previous trading session on Wednesday.

However, the NSE-listed entity's bottomline stood at Rs 4.35 crore with operations from income at Rs 16.95 crore in the six months ended March 31, 2023. SME-listed companies need to announce their results on a half yearly basis, whereas mainboard companies do it on a quarterly basis.

Shares of Sahana Systems were listed at the SME platform of NSE in June 2023, when the company had raised about Rs 32.75 crore via its initial stake sale. The company issued shares at Rs 135 apiece and the stock is up about 150 per cent from its issue price so far.

Sahana System, incorporated in 2020, is engaged in the business of offering IT services. It provides services including web app development, mobile application development, AI & ML development, ChatBot development, and product prototyping. It is also into graphics designing, UI/UX design, digital marketing, website & application migration, cyber security and outsourcing of IT services.

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