The IT sector is going through immense pressure due to spending cuts amid recession fears. This year saw US tech companies laying off people. Even as the downtrend has impacted Indian IT companies as well, the technology sector has shown resilience and delivering strong results.
Indian IT companies like TCS, Infosys, and HCL Tech posted good numbers in the second quarter on the profit front. But they have slashed the guidance, raising concerns about the future growth. Amid this, Ahmedabad-based IT company Sahana Systems has reported a strong performance in the quarter.
The revenue from operations stood at Rs 24.12 crore, which is up 236 per cent on year-on-year. The operational income came in at Rs 7.19 crore during the same period.
The IPO of Sahana Systems had hit the market in May this year. The SME IPO of the IT solutions provider is one of the top-performing public issues this year.
The stock is listed on the NSE Emerge platform. According to exchange data, the stock is listed at a premium of 20 per cent at Rs 163 against the issue price of Rs 135. The IPO has extended its gains since listing and delivered multibagger returns to its shareholders. On Friday, the stock closed at Rs 349.35.
NSE Emerge is an initiative by the National Stock Exchange for small and medium-sized enterprises and startup companies in the country.
Ahmedabad-based IT firm provides new-age computer and communication services like web and mobile app development, artificial intelligence and machine learning development, ChatBot, and others.
According to a PTI report that cited Industry lobby Nasscom, the IT sector directly employs over 50 lakh people in the country, and it was crucial for the post-pandemic recovery of the economy because of the impressive growth in the sector as demand for technology inputs grew.